NPORT-P
    false
    
      
      
        
          0001699360
          XXXXXXXX
        
      
      
      
      
        S000057733
        C000186144
      
      
      
    
  
  
    
      Morningstar Funds Trust
      811-23235
      0001699360
      254900AE65UZA65M0T82
      22 W. WASHINGTON STREET
      CHICAGO
      
      60602
      312-696-6000
      Morningstar Multi-Sector Bond Fund
      S000057733
      254900772SSIIEVNX429
      2021-04-30
      2021-01-29
      N
    
    
      253610014.660000000000
      6894678.850000000000
      246715335.810000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      599900.000000000000
      0.000000000000
      0.000000000000
      
        
          KRW
          
          
        
        
          MXN
          
          
        
        
          PLN
          
          
        
        
          MYR
          
          
        
        
          THB
          
          
        
        
          RUB
          
          
        
        
          USD
          
          
        
        
          ZAR
          
          
        
        
          CNY
          
          
        
        
          BRL
          
          
        
        
          JPY
          
          
        
        
          COP
          
          
        
        
          IDR
          
          
        
      
      
      
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
    
    
      
        Wyndham Destinations Inc
        T4VNTWMFQ7JQB65L7T35
        WYND 3.9 03/01/23
        98310WAL2
        
          
          
        
        245000
        PA
        USD
        248675
        0.1007943017
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-03-01
          Fixed
          3.900000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        QVC, Inc.
        549300WBLU5NKPX5X472
        QVCN 4.45 02/15/25
        747262AU7
        
          
          
        
        10000
        PA
        USD
        10700
        0.0043369821
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-02-15
          Fixed
          4.450000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PIKES PEAK CLO 2019
        2549002NRPBIF0UZPU88
        PIPK 2019-4A E
        72132XAA5
        
          
          
        
        260000
        PA
        USD
        258047.27
        0.1045931211
        Long
        ABS-CBDO
        CORP
        KY
        Y
        
        2
        
          2032-07-15
          Floating
          7.006880100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bausch Health Companies Inc
        B3BS7ACMDUWISF18KY76
        BHCCN 5.25 02/15/31 144A
        071734AL1
        
          
          
        
        250000
        PA
        USD
        257567.5
        0.1043986581
        Long
        DBT
        CORP
        CA
        
        Y
        
        2
        
          2031-02-15
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Range Resources Corp.
        H3Y3WLYCX0BTO1TRW162
        RRC 9.25 02/01/26
        75281ABG3
        
          
          
        
        115000
        PA
        USD
        125325.85
        0.0507977543
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-02-01
          Fixed
          9.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Rp Escrow Issuer Llc
        549300SFTAG2177WUZ08
        RADPAR 5.25 12/15/25 144A
        74969PAA6
        
          
          
        
        65000
        PA
        USD
        67437.5
        0.0273341338
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-12-15
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Endure Digital Incorporated
        N/A
        EIGI 6 02/15/29 144A
        29279XAA8
        
          
          
        
        170000
        PA
        USD
        167450
        0.0678717435
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-02-15
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp.
        2549002X45DR4UI7NA62
        WYNNLV 5.5 03/01/25 144A
        983130AV7
        
          
          
        
        355000
        PA
        USD
        366537.5
        0.1485669704
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-03-01
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cedar Fair LP/ Magnum Management Corporation/ Canadas Wonderland Company
        549300TUVLNQQ6BVKH61
        FUN 5.375 06/01/24
        150191AJ3
        
          
          
        
        100000
        PA
        USD
        100000
        0.0405325432
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-06-01
          Fixed
          5.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Paramount Resources Limited
        549300YKTB12F04EGT95
        VIICN 6.875 06/30/23 144A
        699320AH0
        
          
          
        
        11000
        PA
        USD
        11123.75
        0.0045087388
        Long
        DBT
        CORP
        CA
        Y
        
        2
        
          2023-06-30
          Fixed
          6.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tallgrass Energy Partners, LP and Tallgrass Energy Finance Corp.
        549300IQ3DN0F3VERF65
        TEP 5.5 09/15/24 144A
        87470LAA9
        
          
          
        
        17000
        PA
        USD
        17313.65
        0.0070176627
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2024-09-15
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Transocean Proteus Limited
        5493000CTMQ2LH21VM89
        RIG 6.25 12/01/24 144A
        893829AA9
        
          
          
        
        148800
        PA
        USD
        136896
        0.0554874303
        Long
        DBT
        CORP
        KY
        
        Y
        
        2
        
          2024-12-01
          Fixed
          6.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Asbury Automotive Group, Inc.
        549300JH4DTA7U42GL91
        ABG 4.75 03/01/30
        043436AV6
        
          
          
        
        22000
        PA
        USD
        23137.4
        0.0093781766
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-03-01
          Fixed
          4.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PBF Holding Company LLC and PBF Finance Corp.
        549300TILVIIV9FLL461
        PBFENE 6 02/15/28
        69318FAJ7
        
          
          
        
        70000
        PA
        USD
        40615.75
        0.0164625964
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-02-15
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Blue Racer Midstream, LLC / Blue Racer Finance Corp
        N/A
        BLURAC 7.625 12/15/25 144A
        095796AH1
        
          
          
        
        25000
        PA
        USD
        26453.25
        0.0107221750
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-12-15
          Fixed
          7.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Empire Communities Corporation
        549300JM1L6KK2QFP273
        EMPRCC 7 12/15/25 144A
        29163VAC7
        
          
          
        
        85000
        PA
        USD
        89734.5
        0.0363716750
        Long
        DBT
        CORP
        CA
        Y
        
        2
        
          2025-12-15
          Fixed
          7.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Live Nation Entertainment, Inc.
        5493007B9BM9ZXJINO78
        LYV 3.75 01/15/28 144A
        538034AX7
        
          
          
        
        85000
        PA
        USD
        85637.5
        0.0347110567
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-01-15
          Fixed
          3.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Antero Resources Corporation
        APVBKPOULHUX7YZLKU17
        AR 8.375 07/15/26 144A
        03674XAN6
        
          
          
        
        25000
        PA
        USD
        26380.31
        0.0106926105
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-07-15
          Fixed
          8.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation
        549300T0G4GS0SINS786
        IEP 4.375 02/01/29 144A
        451102CA3
        
          
          
        
        130000
        PA
        USD
        129350
        0.0524288446
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-02-01
          Fixed
          4.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Range Resources Corp.
        H3Y3WLYCX0BTO1TRW162
        RRC 8.25 01/15/29 144A
        75281ABH1
        
          
          
        
        45000
        PA
        USD
        47250
        0.0191516266
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-01-15
          Fixed
          8.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Realogy Group LLC/Realogy Co-Issuer Corp
        LF6PBYTYG3BDVEF4FI12
        RLGY 5.75 01/15/29 144A
        75606DAL5
        
          
          
        
        45000
        PA
        USD
        45956.25
        0.0186272369
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-01-15
          Fixed
          5.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sunrun Incorporation
        54930007SJ77CI66U531
        RUN 0 02/01/26
        86771WAA3
        
          
          
        
        40000
        PA
        USD
        40534.51
        0.0164296678
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-02-01
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Goodyear Tire & Rubber Company
        5493002BI0S2ZQUY3437
        GT 5 05/31/26
        382550BF7
        
          
          
        
        285000
        PA
        USD
        291443.85
        0.1181296043
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-05-31
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DISH DBS Corporation
        N/A
        DISH 7.75 07/01/26
        25470XAY1
        
          
          
        
        310000
        PA
        USD
        338675
        0.1372735906
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-07-01
          Fixed
          7.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wells Fargo Coml Tr 2016-C36
        549300BSYX29G4VVM177
        WFCM 2016-C36 C
        95000MBV2
        
          
          
        
        45000
        PA
        USD
        39120.89
        0.0158566916
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2059-11-15
          Floating
          4.182917100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OZLM XXIII 2019-23
        N/A
        OZLM 2019-23A E
        67112YAA7
        
          
          
        
        260000
        PA
        USD
        260403
        0.1055479584
        Long
        ABS-CBDO
        CORP
        KY
        Y
        
        2
        
          2032-04-15
          Floating
          7.036880000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MPH Acquisition Holdings LLC
        5493002WXOPRPTXWTU06
        MLTPLN 5.75 11/01/28 144A
        553283AC6
        
          
          
        
        180000
        PA
        USD
        178425
        0.0723201902
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-11-01
          Fixed
          5.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQT Corporation
        4NT01YGM4X7ZX86ISY52
        EQT 5 01/15/29
        26884LAL3
        
          
          
        
        10000
        PA
        USD
        10875
        0.0044079141
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-01-15
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Liberty Media Corp Del
        549300ZKUTPIBZLWLL89
        LMCA 0.5 12/01/50
        531229AK8
        
          
          
        
        215000
        PA
        USD
        220611.61
        0.0894194961
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2050-12-01
          Fixed
          0.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Community Health Systems Incorporated
        5493007X5NC5XI1BB106
        CYH 6 01/15/29 144A
        12543DBH2
        
          
          
        
        45000
        PA
        USD
        47812.5
        0.0193796222
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-01-15
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LifePoint Health, Inc
        549300G8ZVHRTBBBSZ90
        RGCARE 5.375 01/15/29 144A
        53219LAU3
        
          
          
        
        230000
        PA
        USD
        231725
        0.0939240357
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-01-15
          Fixed
          5.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Liveperson Inc
        549300IN2P1JZ20G7N40
        LPSN 0 12/15/26
        538146AC5
        
          
          
        
        95000
        PA
        USD
        105843.71
        0.0429011475
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-12-15
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GrafTech Finance Inc
        1Z010BU876CF2HDBIN43
        EAF 4.625 12/15/28 144A
        384311AA4
        
          
          
        
        50000
        PA
        USD
        50625
        0.0205196000
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-12-15
          Fixed
          4.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DISH Network Corporation
        529900U350CWHH15G169
        DISH 0 12/15/25
        25470MAE9
        
          
          
        
        100000
        PA
        USD
        93929.56
        0.0380720395
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-12-15
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQUITRANS MIDSTREAM CORPORATION
        549300RH0NLJNZ5SXU64
        EQM 4.75 01/15/31 144A
        26885BAL4
        
          
          
        
        100000
        PA
        USD
        96538
        0.0391293065
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2031-01-15
          Fixed
          4.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CEMEX S.A.B. de C.V.
        549300RIG2CXWN6IV731
        CEMEX 3.875 07/11/31 144A
        151290BZ5
        
          
          
        
        290000
        PA
        USD
        290435
        0.1177206918
        Long
        DBT
        CORP
        MX
        Y
        
        2
        
          2031-07-11
          Fixed
          3.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARB BondCo PLC
        254900PVA1EU6QM1JN57
        MRFGBZ 3.95 01/29/31 144A
        566007AC4
        
          
          
        
        220000
        PA
        USD
        218900
        0.0887257370
        Long
        DBT
        CORP
        GB
        
        Y
        
        2
        
          2031-01-29
          Fixed
          3.950000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        California Resources Corporation
        5493003Q8F0T4F4YMR48
        CRC 7.125 02/01/26 144A
        13057QAH0
        
          
          
        
        30000
        PA
        USD
        29631
        0.0120101979
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-02-01
          Fixed
          7.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Navient Corporation
        54930067J0ZNOEBRW338
        NAVI 4.875 03/15/28
        63938CAL2
        
          
          
        
        230000
        PA
        USD
        228275
        0.0925256629
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-03-15
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEG Energy Corporation
        5493002WXPTG5ZC1T326
        MEGCN 5.875 02/01/29 144A
        552704AF5
        
          
          
        
        65000
        PA
        USD
        64512.5
        0.0261485569
        Long
        DBT
        CORP
        CA
        Y
        
        2
        
          2029-02-01
          Fixed
          5.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GSRPM Mortgage Loan Trust
        CU46ESEFJB81SUVBJO28
        GSMS 2011-GC5 C
        36191YAJ7
        
          
          
        
        35000
        PA
        USD
        29435.02
        0.0119307622
        Long
        ABS-O
        CORP
        US
        Y
        
        2
        
          2044-08-10
          Floating
          5.376215900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WFRBS Commercial Mortgage Trust 2011-C2
        N/A
        WFRBS 2011-C3 D
        92935VAS7
        
          
          
        
        225000
        PA
        USD
        105890.9
        0.0429202748
        Long
        ABS-O
        CORP
        US
        Y
        
        2
        
          2044-03-15
          Floating
          3.596658400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GSRPM Mortgage Loan Trust
        N/A
        GSMS 2011-GC5 D
        36191YAL2
        
          
          
        
        295000
        PA
        USD
        180430.64
        0.0731331271
        Long
        ABS-O
        CORP
        US
        Y
        
        2
        
          2044-08-10
          Floating
          5.376216000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5
        N/A
        MSBAM 2012-CKSV C
        553514AL4
        
          
          
        
        100000
        PA
        USD
        69249.79
        0.0280687010
        Long
        ABS-O
        CORP
        US
        Y
        
        2
        
          2030-10-15
          Floating
          4.283435200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wells Fargo Commercial Mortgage Trust
        N/A
        WFRBS 2012-C10 C
        92890NAY5
        
          
          
        
        90000
        PA
        USD
        56845.05
        0.0230407444
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2045-12-15
          Floating
          4.361979200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Methanex Corporation
        549300TSJHRXT9QXRD13
        MXCN 5.65 12/01/44
        59151KAJ7
        
          
          
        
        90000
        PA
        USD
        93600
        0.0379384604
        Long
        DBT
        CORP
        CA
        N
        
        2
        
          2044-12-01
          Fixed
          5.650000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Southwestern Energy Company
        EFWMP121W54QV9MGOP87
        SWN 4.95 01/23/25
        845467AL3
        
          
          
        
        155000
        PA
        USD
        162459.38
        0.0658489183
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-01-23
          Fixed
          6.450000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        OXY 4.1 02/15/47
        674599CL7
        
          
          
        
        5000
        PA
        USD
        4137.5
        0.0016770340
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2047-02-15
          Fixed
          4.100000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Boeing Company
        RVHJWBXLJ1RFUBSY1F30
        BA 3.65 03/01/47
        097023BV6
        
          
          
        
        25000
        PA
        USD
        24403.72
        0.0098914483
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2047-03-01
          Fixed
          3.650000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Oil States International, Inc.
        5493004TF4KQJGMYL777
        OIS 1.5 02/15/23
        678026AH8
        
          
          
        
        70000
        PA
        USD
        56477.82
        0.0228918968
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-02-15
          Fixed
          1.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Boeing Company
        RVHJWBXLJ1RFUBSY1F30
        BA 3.9 05/01/49
        097023CK9
        
          
          
        
        120000
        PA
        USD
        122199.5
        0.0495305651
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2049-05-01
          Fixed
          3.900000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Guardant Health Inc
        254900M8C3E5VC8BR186
        GH 0 11/15/27
        40131MAA7
        
          
          
        
        95000
        PA
        USD
        126423.85
        0.0512428016
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-11-15
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Arches Buyer Inc
        N/A
        ACOM 6.125 12/01/28 144A
        039524AB9
        
          
          
        
        40000
        PA
        USD
        41000
        0.0166183427
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-12-01
          Fixed
          6.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Community Health Systems Incorporated
        5493007X5NC5XI1BB106
        CYH 5.625 03/15/27 144A
        12543DBG4
        
          
          
        
        100000
        PA
        USD
        105000
        0.0425591703
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-03-15
          Fixed
          5.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LBM Acquisition LLC
        N/A
        USLBMH 6.25 01/15/29 144A
        05552BAA4
        
          
          
        
        50000
        PA
        USD
        50610
        0.0205135201
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-01-15
          Fixed
          6.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQUITRANS MIDSTREAM CORPORATION
        549300RH0NLJNZ5SXU64
        EQM 4.5 01/15/29 144A
        26885BAK6
        
          
          
        
        55000
        PA
        USD
        53240
        0.0215795260
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-01-15
          Fixed
          4.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Viking Ocean Cruises Ship Vii Limited
        N/A
        VIKCRU 5.625 02/15/29 144A
        92682RAA0
        
          
          
        
        75000
        PA
        USD
        75000
        0.0303994074
        Long
        DBT
        CORP
        BM
        Y
        
        2
        
          2029-02-15
          Fixed
          5.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROCKET SOFTWARE 6.5% 15
        N/A
        ROCKET SOFTWARE 6.5% 15
        77314EAA6
        
          
        
        175000
        PA
        USD
        173855.5
        0.0704680556
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-02-15
          Fixed
          6.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Uniti Group Inc
        549300V3NU625PJUVA84
        UNIT 8.25 10/15/23
        20341WAD7
        
          
          
        
        60000
        PA
        USD
        60816.17
        0.0246503404
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-10-15
          Fixed
          8.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Netflix, Inc.
        549300Y7VHGU0I7CE873
        NFLX 5.375 11/15/29 144A
        64110LAU0
        
          
          
        
        170000
        PA
        USD
        212075
        0.0859593909
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-11-15
          Fixed
          5.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Brookfield Property Reit Inc/Bpr Cumulus Llc/Bpr Nimbus Llc/Ggsi Sellco Llc
        549300K1JD1LDRNBET48
        BPR 5.75 05/15/26 144A
        11284DAA3
        
          
          
        
        285000
        PA
        USD
        296400
        0.1201384580
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-05-15
          Fixed
          5.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lamar Media Corp.
        N/A
        LAMR 3.75 02/15/28
        513075BR1
        
          
          
        
        165000
        PA
        USD
        167726.63
        0.0679838687
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-02-15
          Fixed
          3.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Asbury Automotive Group, Inc.
        549300JH4DTA7U42GL91
        ABG 4.5 03/01/28
        043436AU8
        
          
          
        
        19000
        PA
        USD
        19522.5
        0.0079129657
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-03-01
          Fixed
          4.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Shift4 Payments Llc / Shift4 Payments Finance Subordinated Incorporated
        N/A
        FOUR 4.625 11/01/26 144A
        82453AAA5
        
          
          
        
        70000
        PA
        USD
        72975
        0.0295786234
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-11-01
          Fixed
          4.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ModivCare Inc
        549300EFZIFW7F7I0Q28
        MODV 5.875 11/15/25 144A
        743815AE2
        
          
          
        
        50000
        PA
        USD
        53000
        0.0214822479
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-11-15
          Fixed
          5.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Continental Resources, Inc.
        XXRTID9RYWOZ0UPIVR53
        CLR 5.75 01/15/31 144A
        212015AT8
        
          
          
        
        30000
        PA
        USD
        32469
        0.0131605114
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2031-01-15
          Fixed
          5.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tenneco Inc.
        549300U0EXXFAQFAD785
        TEN 7.875 01/15/29 144A
        880349AS4
        
          
          
        
        45000
        PA
        USD
        50625.23
        0.0205196932
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-01-15
          Fixed
          7.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GFL Environmental Inc.
        5493008HF9XC5H29ZX61
        GFLCN 4 08/01/28 144A
        36168QAL8
        
          
          
        
        200000
        PA
        USD
        198090
        0.0802909148
        Long
        DBT
        CORP
        CA
        Y
        
        2
        
          2028-08-01
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Shift4 Payments Inc
        N/A
        FOUR 0 12/15/25
        82452JAA7
        
          
          
        
        170000
        PA
        USD
        194529.73
        0.0788478468
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-12-15
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UBER TECHNOLOGIES INC
        549300B2FTG34FILDR98
        UBER 0 12/15/25
        90353TAH3
        
          
          
        
        115000
        PA
        USD
        119867.85
        0.0485854881
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-12-15
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hilcorp Energy I L.P/Hilcorp Finance Co
        549300ITPIHLG0LHEC09
        HILCRP 6 02/01/31 144A
        431318AV6
        
          
          
        
        50000
        PA
        USD
        50750
        0.0205702657
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2031-02-01
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hawaiian Brand Intellectual Property Limited / Hawaiianmiles Loyalty Limited
        N/A
        HA 5.75 01/20/26 144A
        41984LAA5
        
          
          
        
        175000
        PA
        USD
        181453.13
        0.0735475683
        Long
        DBT
        CORP
        KY
        
        Y
        
        2
        
          2026-07-20
          Fixed
          5.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kraft Heinz Foods Company
        5493003STKEZ2S0RNU91
        KHC 4.875 10/01/49
        50077LAZ9
        
          
          
        
        505000
        PA
        USD
        566212.49
        0.2295003220
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2049-10-01
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Brundage-Bone Concrete Pumping Holdings Incorporated
        N/A
        BBCP 6 02/01/26 144A
        66981QAA4
        
          
          
        
        30000
        PA
        USD
        30525
        0.0123725588
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-02-01
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMC Networks Inc
        549300VGG9K75226LR46
        AMCX 4.25 02/15/29
        00164VAF0
        
          
          
        
        205000
        PA
        USD
        204743.75
        0.0829878489
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-02-15
          Fixed
          4.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        US Foods Inc
        5493000JOOFAOUY1JZ87
        USFOOD 4.75 02/15/29 144A
        90290MAD3
        
          
          
        
        140000
        PA
        USD
        140525
        0.0569583563
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-02-15
          Fixed
          4.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        OXY 3.4 04/15/26
        674599CH6
        
          
          
        
        20000
        PA
        USD
        19318.6
        0.0078303199
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-04-15
          Fixed
          3.400000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hanesbrands Inc.
        GX5LWVWZLL5S4W1L2F20
        HBI 4.625 05/15/24 144A
        410345AJ1
        
          
          
        
        85000
        PA
        USD
        89709.43
        0.0363615134
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2024-05-15
          Fixed
          4.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        OXY 3 02/15/27
        674599CM5
        
          
          
        
        35000
        PA
        USD
        32287.5
        0.0130869449
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-02-15
          Fixed
          3.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Targa Resources Partners LP/Targa Resources Finance Corporation
        6OQWTZ1SPC04IFT4T704
        NGLS 5.875 04/15/26
        87612BBJ0
        
          
          
        
        80000
        PA
        USD
        83800.8
        0.0339665954
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-04-15
          Fixed
          5.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sunoco LP / Sunoco Finance Corp
        54930001NJU8E40NQ561
        SUN 4.5 05/15/29 144A
        86765LAR8
        
          
          
        
        145000
        PA
        USD
        148262.5
        0.0600945618
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-05-15
          Fixed
          4.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Targa Resources Partners LP/Targa Resources Finance Corporation
        6OQWTZ1SPC04IFT4T704
        NGLS 5.5 03/01/30
        87612BBQ4
        
          
          
        
        45000
        PA
        USD
        47840.4
        0.0193909308
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-03-01
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CP Atlas Buyer Inc.
        N/A
        AMBATH 7 12/01/28 144A
        12597YAA7
        
          
          
        
        55000
        PA
        USD
        56340.9
        0.0228363996
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-12-01
          Fixed
          7.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Carnival Corporation
        F1OF2ZSX47CR0BCWA982
        CCL 7.625 03/01/26 144A
        143658BL5
        
          
          
        
        135000
        PA
        USD
        142762.5
        0.0578652719
        Long
        DBT
        CORP
        PA
        
        Y
        
        2
        
          2026-03-01
          Fixed
          7.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nabors Industries, Inc.
        549300VFQWRKICUFNU92
        NBR 9 02/01/25 144A
        62957HAH8
        
          
          
        
        28000
        PA
        USD
        28420
        0.0115193488
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-02-01
          Fixed
          9.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lumentum Holdings Incorporation
        549300JLWRRC38DWEF52
        LITE 0.5 12/15/26
        55024UAD1
        
          
          
        
        60000
        PA
        USD
        73661.15
        0.0298567374
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-12-15
          Fixed
          0.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hilcorp Energy I L.P/Hilcorp Finance Co
        549300ITPIHLG0LHEC09
        HILCRP 5.75 02/01/29 144A
        431318AU8
        
          
          
        
        60000
        PA
        USD
        60462
        0.0245067863
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-02-01
          Fixed
          5.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Antero Resources Corporation
        APVBKPOULHUX7YZLKU17
        AR 7.625 02/01/29 144A
        03674XAQ9
        
          
          
        
        75000
        PA
        USD
        76687.5
        0.0310833940
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-02-01
          Fixed
          7.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Boeing Company
        RVHJWBXLJ1RFUBSY1F30
        BA 3.85 11/01/48
        097023CB9
        
          
          
        
        5000
        PA
        USD
        4966
        0.0020128461
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2048-11-01
          Fixed
          3.850000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UBER TECHNOLOGIES INC
        549300B2FTG34FILDR98
        UBER 8 11/01/26 144A
        90353TAC4
        
          
          
        
        785000
        PA
        USD
        845837.5
        0.3428394499
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-11-01
          Fixed
          8.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Staples, Inc.
        XQM2JINI1UL7642TU573
        SPLS 7.5 04/15/26 144A
        855030AN2
        
          
          
        
        200000
        PA
        USD
        204018
        0.0826936839
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-04-15
          Fixed
          7.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Panther BF Aggregator 2 LP / Panther Finance Company Inc
        549300474L1ZLXZY2P98
        POWSOL 8.5 05/15/27 144A
        69867DAC2
        
          
          
        
        205000
        PA
        USD
        217095
        0.0879941246
        Long
        DBT
        CORP
        CA
        
        Y
        
        2
        
          2027-05-15
          Fixed
          8.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc
        P77IMDGVZE8EFBTF2M92
        JBSSBZ 6.5 04/15/29 144A
        46590XAA4
        
          
          
        
        95000
        PA
        USD
        108181.25
        0.0438486119
        Long
        DBT
        CORP
        LU
        
        Y
        
        2
        
          2029-04-15
          Fixed
          6.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ascent Resources Utica Holdings LLC / ARU Finance Corp
        549300EGLQ2M2CL7JZ89
        ASCRES 7 11/01/26 144A
        04364VAG8
        
          
          
        
        130000
        PA
        USD
        124150
        0.0503211523
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-11-01
          Fixed
          7.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CommScope Technologies LLC
        M4TWC4QDOKW45N7T6Y12
        COMM 6 06/15/25 144A
        20337YAA5
        
          
          
        
        34000
        PA
        USD
        34680
        0.0140566860
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-06-15
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lumen Technologies Inc
        8M3THTGWLTYZVE6BBY25
        LUMN 5.625 04/01/25
        156700AZ9
        
          
          
        
        50000
        PA
        USD
        54500
        0.0220902360
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-04-01
          Fixed
          5.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Realogy Group LLC/Realogy Co-Issuer Corp
        LF6PBYTYG3BDVEF4FI12
        RLGY 9.375 04/01/27 144A
        75606DAG6
        
          
          
        
        90000
        PA
        USD
        99994.5
        0.0405303139
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-04-01
          Fixed
          9.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mineral Resources Ltd
        5299007V1ACKFFX2P066
        MINAU 8.125 05/01/27 144A
        603051AA1
        
          
          
        
        350000
        PA
        USD
        388062.5
        0.1572916003
        Long
        DBT
        CORP
        AU
        Y
        
        2
        
          2027-05-01
          Fixed
          8.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Vine Oil & Gas LP / Vine Oil & Gas Finance Corp
        549300RX6T0LI090DN09
        VRI 9.75 04/15/23 144A
        927375AB1
        
          
          
        
        50000
        PA
        USD
        46500
        0.0188476326
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2023-04-15
          Fixed
          9.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tenet Healthcare Corporation
        0W9AIBT6U6ADJ2I8HK17
        THC 6.25 02/01/27 144A
        88033GCX6
        
          
          
        
        150000
        PA
        USD
        158010.75
        0.0640457755
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-02-01
          Fixed
          6.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Meredith Corp
        549300YC8BC386CCTS24
        MDP 6.875 02/01/26
        589433AB7
        
          
          
        
        216000
        PA
        USD
        218408.4
        0.0885264790
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-02-01
          Fixed
          6.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Dun & Bradstreet Corporation
        RI37BMPWE56BCJ747E14
        DNB 6.875 08/15/26 144A
        26483EAJ9
        
          
          
        
        9000
        PA
        USD
        9630
        0.0039032839
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-08-15
          Fixed
          6.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Par Pharmaceutical Inc
        549300GLBA6FLQZ70X71
        ENDP 7.5 04/01/27 144A
        69888XAA7
        
          
          
        
        86000
        PA
        USD
        92499.02
        0.0374922052
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-04-01
          Fixed
          7.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TransDigm, Inc.
        88Q84GB3X55CF5OC7582
        TDG 6.25 03/15/26 144A
        893647BE6
        
          
          
        
        305000
        PA
        USD
        321665.2
        0.1303790861
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-03-15
          Fixed
          6.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Six Flags Entertainment Corp.
        549300JYTDUAA4JQ3717
        SIX 4.875 07/31/24 144A
        83001AAB8
        
          
          
        
        100000
        PA
        USD
        99250
        0.0402285491
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2024-07-31
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        L Brands Inc
        GR3KVMWVCR54YWQNXU90
        LB 6.75 07/01/36
        501797AM6
        
          
          
        
        65000
        PA
        USD
        74262.5
        0.0301004799
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2036-07-01
          Fixed
          6.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Teva Pharmaceutical Finance Netherlands III B.V.
        5493004T21MOAFINJP35
        TEVA 4.1 10/01/46
        88167AAF8
        
          
          
        
        1512000
        PA
        USD
        1326780
        0.5377776763
        Long
        DBT
        CORP
        NL
        
        N
        
        2
        
          2046-10-01
          Fixed
          4.100000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Petroleos Mexicanos
        549300CAZKPF4HKMPX17
        PEMEX 5.95 01/28/31
        71654QDE9
        
          
          
        
        145000
        PA
        USD
        137587.6
        0.0557677534
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2031-01-28
          Fixed
          5.950000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Boeing Company
        RVHJWBXLJ1RFUBSY1F30
        BA 3.5 03/01/39
        097023CE3
        
          
          
        
        25000
        PA
        USD
        24696.48
        0.0100101114
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2039-03-01
          Fixed
          3.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CommScope Holdings Co Inc
        254900AW4CEPCQWSRI58
        COMM 8.25 03/01/27 144A
        20338QAA1
        
          
          
        
        115000
        PA
        USD
        123625
        0.0501083565
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-03-01
          Fixed
          8.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AssuredPartners Inc
        549300HNDSDQWQ3L2P80
        ASSPAR 5.625 01/15/29 144A
        04624VAB5
        
          
          
        
        85000
        PA
        USD
        86275
        0.0349694516
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-01-15
          Fixed
          5.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Townsquare Media, Inc.
        549300XBA8C68H0DR538
        TSQ 6.875 02/01/26 144A
        892231AB7
        
          
          
        
        35000
        PA
        USD
        36137.5
        0.0146474478
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-02-01
          Fixed
          6.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MGM Resorts International
        54930066VBP7DZEGGJ87
        MGM 5.5 04/15/27
        552953CF6
        
          
          
        
        260000
        PA
        USD
        281572.2
        0.1141283735
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-04-15
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Boeing Company
        RVHJWBXLJ1RFUBSY1F30
        BA 3.825 03/01/59
        097023CF0
        
          
          
        
        25000
        PA
        USD
        24212.12
        0.0098137880
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2059-03-01
          Fixed
          3.825000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Matador Resources Company
        549300CI3Q2UUK5R4G79
        MTDR 5.875 09/15/26
        576485AE6
        
          
          
        
        90000
        PA
        USD
        85950
        0.0348377209
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-09-15
          Fixed
          5.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Community Health Systems Incorporated
        5493007X5NC5XI1BB106
        CYH 8 03/15/26 144A
        12543DBC3
        
          
          
        
        430000
        PA
        USD
        462250
        0.1873616808
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-03-15
          Fixed
          8.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Marriott Vacations Worldwide Corp
        549300WA6BT5H4F7IO94
        VAC 0 01/15/26
        57164YAC1
        
          
          
        
        80000
        PA
        USD
        80400
        0.0325881647
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-01-15
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bentley Systems Incorporated
        549300WVEHPGE0Z56F71
        BSY 0.125 01/15/26
        08265TAA7
        
          
          
        
        30000
        PA
        USD
        30053.31
        0.0121813709
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-01-15
          Fixed
          0.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Petrobras Global Finance B.V.
        549300FNENFFSMO3GT38
        PETBRA 6.9 03/19/49
        71647NBD0
        
          
          
        
        90000
        PA
        USD
        107531.1
        0.0435850895
        Long
        DBT
        CORP
        NL
        
        N
        
        2
        
          2049-03-19
          Fixed
          6.900000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED AIRLINES PASS THROUGH TRUSTS
        K1OQBWM7XEOO08LDNP29
        UAL 4.875 01/15/26
        90932VAA3
        
          
          
        
        50000
        PA
        USD
        51126.28
        0.0207227815
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-01-15
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Petsmart Inc
        N/A
        PETM 7.125 03/15/23 144A
        04021LAA8
        
          
          
        
        75000
        PA
        USD
        75337.5
        0.0305362047
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2023-03-15
          Fixed
          7.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        OXY 3.5 06/15/25
        674599CG8
        
          
          
        
        380000
        PA
        USD
        368600
        0.1494029541
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-06-15
          Fixed
          3.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        L Brands Inc
        GR3KVMWVCR54YWQNXU90
        LB 6.875 11/01/35
        501797AL8
        
          
          
        
        5000
        PA
        USD
        5796.45
        0.0023494486
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2035-11-01
          Fixed
          6.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hanesbrands Inc.
        GX5LWVWZLL5S4W1L2F20
        HBI 4.875 05/15/26 144A
        410345AL6
        
          
          
        
        35000
        PA
        USD
        37887.5
        0.0153567673
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-05-15
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Teva Pharmaceutical Finance Netherlands III B.V.
        5493004T21MOAFINJP35
        TEVA 3.15 10/01/26
        88167AAE1
        
          
          
        
        225000
        PA
        USD
        214638.75
        0.0869985440
        Long
        DBT
        CORP
        NL
        
        N
        
        2
        
          2026-10-01
          Fixed
          3.150000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CSC Holdings, LLC
        3HG2WD2W22M120IUNG49
        CSCHLD 5.5 04/15/27 144A
        126307AQ0
        
          
          
        
        200000
        PA
        USD
        210940
        0.0854993466
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-04-15
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freedom Mortgage Corporation
        549300LYRWPSYPK6S325
        FREMOR 7.625 05/01/26 144A
        35640YAF4
        
          
          
        
        220000
        PA
        USD
        233134
        0.0944951392
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-05-01
          Fixed
          7.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MERITOR INC
        5LTG829X630QFHTFBO82
        MTOR 4.5 12/15/28 144A
        59001KAH3
        
          
          
        
        45000
        PA
        USD
        45675
        0.0185132391
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-12-15
          Fixed
          4.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Studio City Finance Limited
        254900D6R731QAUIG324
        STCITY 5 01/15/29 144A
        86389QAG7
        
          
          
        
        200000
        PA
        USD
        202000
        0.0818757372
        Long
        DBT
        CORP
        VG
        
        Y
        
        2
        
          2029-01-15
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.
        549300VJQPPSEJPBNA66
        CMLP 6 02/01/29 144A
        226373AR9
        
          
          
        
        85000
        PA
        USD
        81883.48
        0.0331894569
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-02-01
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indigo Natural Resources LLC
        549300F7DOI6H6TA3C86
        INDNAT 5.375 02/01/29 144A
        45569LAC5
        
          
          
        
        70000
        PA
        USD
        69125
        0.0280181205
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-02-01
          Fixed
          5.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kraft Heinz Foods Company
        5493003STKEZ2S0RNU91
        KHC 5.5 06/01/50
        50077LBJ4
        
          
          
        
        80000
        PA
        USD
        98044.28
        0.0397398401
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2050-06-01
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CSN Islands XII Corp.
        222100BC34RLK5I1BK26
        CSNABZ 7 PERP REGS
        G2585XAA7
        
          
          
        
        100000
        PA
        USD
        97690
        0.0395962414
        Long
        DBT
        CORP
        KY
        
        Y
        
        2
        
          2049-12-31
          Fixed
          7.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Secretaria Tesouro Nacional
        254900ZFY40OYEADAP90
        BNTNF 10 01/01/25 NTNF
        P8T60MDK6
        
          
          
        
        8490000
        PA
        
        1748134.45
        0.7085633507
        Long
        DBT
        NUSS
        BR
        N
        
        2
        
          2025-01-01
          Fixed
          10.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Malaysia (Government Of)
        254900GSIL471JOBYY43
        MGS 4.893 06/08/38 0418
        Y2R35QCC3
        
          
          
        
        545000
        PA
        
        155639.77
        0.0630847570
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2038-06-08
          Fixed
          4.893000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Panama
        549300SHS4T08CL0LP14
        PANAMA 3.87 07/23/60
        698299BL7
        
          
          
        
        200000
        PA
        USD
        222302
        0.0901046541
        Long
        DBT
        NUSS
        PA
        N
        
        2
        
          2060-07-23
          Fixed
          3.870000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Usiminas International S A R L
        529900KLYX6QPXVIVP43
        USIM 5.875 07/18/26 144A
        91734JAA8
        
          
          
        
        200000
        PA
        USD
        215040
        0.0871611808
        Long
        DBT
        CORP
        LU
        
        Y
        
        2
        
          2026-07-18
          Fixed
          5.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Poland (Republic of)
        259400R9L8QEP0TPXS31
        POLGB 3.25 07/25/25 0725
        X8T024MN2
        
          
          
        
        5750000
        PA
        
        1738260.37
        0.7045611349
        Long
        DBT
        NUSS
        PL
        N
        
        2
        
          2025-07-25
          Fixed
          3.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VM Holding SA
        549300QRMRHM7GAU7L47
        NEXA 5.375 05/04/27 REGS
        P98118AA3
        
          
          
        
        200000
        PA
        USD
        219000
        0.0887662695
        Long
        DBT
        CORP
        LU
        
        Y
        
        2
        
          2027-05-04
          Fixed
          5.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indonesia (Republic of)
        529900FWX0GRR7WG5W79
        INDOGB 8.375 04/15/39 FR79
        Y6S86ZKT5
        
          
          
        
        2450000000
        PA
        
        199817.32
        0.0809910415
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2039-04-15
          Fixed
          8.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Egypt (Arab Republic of)
        529900GFIVH4086NMH82
        EGYPT 7.6003 03/01/29 REGS
        M1487WCY9
        
          
          
        
        200000
        PA
        USD
        226055.67
        0.0916261120
        Long
        DBT
        NUSS
        EG
        Y
        
        2
        
          2029-03-01
          Fixed
          7.600300000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Egypt (Arab Republic of)
        529900GFIVH4086NMH82
        EGYPT 8.7002 03/01/49 144A
        03846JW89
        
          
          
        
        250000
        PA
        USD
        278125
        0.1127311357
        Long
        DBT
        NUSS
        EG
        Y
        
        2
        
          2049-03-01
          Fixed
          8.700200000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Republic of Peru
        254900STKLK2DBJJZ530
        PERUGB 5.4 08/12/34
        P6S32DEZ2
        
          
          
        
        70000
        PA
        
        21095.43
        0.0085505143
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2034-08-12
          Fixed
          5.400000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ecopetrol S.A.
        254900IDGKCJICKBPA66
        ECOPET 5.875 05/28/45
        279158AJ8
        
          
          
        
        270000
        PA
        USD
        306450
        0.1242119786
        Long
        DBT
        CORP
        CO
        N
        
        2
        
          2045-05-28
          Fixed
          5.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Islamic Republic of Pakistan
        529900LOP29R5WKHOD86
        PKSTAN 6.875 12/05/27 REGS
        Y2835JAE8
        
          
          
        
        335000
        PA
        USD
        359429.76
        0.1456860226
        Long
        DBT
        NUSS
        PK
        Y
        
        2
        
          2027-12-05
          Fixed
          6.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Petroleos Mexicanos
        549300CAZKPF4HKMPX17
        PEMEX 6.5 03/13/27
        71654QCG5
        
          
          
        
        525000
        PA
        USD
        540881.25
        0.2192329262
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2027-03-13
          Fixed
          6.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Russian Federation
        5493004EHVGF71PDBU58
        RFLB 6.5 02/28/24 6223
        X5424XBU1
        
          
          
        
        43924000
        PA
        
        602242.85
        0.2441043432
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2024-02-28
          Fixed
          6.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Russian Federation
        5493004EHVGF71PDBU58
        RFLB 6.9 05/23/29 6224
        X5424XBW7
        
          
          
        
        45121000
        PA
        
        627121.09
        0.2541881265
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2029-05-23
          Fixed
          6.900000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Turkey (Republic of)
        5493000PCHOG3B6S3Q85
        TURKEY 6.875 03/17/36
        900123AY6
        
          
          
        
        323000
        PA
        USD
        344721.1
        0.1397242287
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2036-03-17
          Fixed
          6.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pemex Project Funding Master Trust
        549300CAZKPF4HKMPX17
        PEMEX 6.625 06/15/35
        706451BG5
        
          
          
        
        844000
        PA
        USD
        793389.54
        0.3215809578
        Long
        DBT
        CORP
        MX
        N
        
        2
        
          2035-06-15
          Fixed
          6.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indonesia (Republic of)
        529900FWX0GRR7WG5W79
        INDOGB 8.375 09/15/26 FR56
        Y20721AS8
        
          
          
        
        16928000000
        PA
        
        1367514.89
        0.5542885632
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2026-09-15
          Fixed
          8.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mexico (United Mexican States)
        254900EGTWEU67VP6075
        MBONO 7.75 05/29/31 M
        P9767HEK1
        
          
          
        
        22496500
        PA
        
        1284744.51
        0.5207396232
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2031-05-29
          Fixed
          7.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Colombia
        549300MHDRBVRF6B9117
        COLTES 6 04/28/28 B
        P28714AP1
        
          
          
        
        5375000000
        PA
        
        1607169.59
        0.6514267079
        Long
        DBT
        NUSS
        CO
        N
        
        2
        
          2028-04-28
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Malaysia (Government Of)
        254900GSIL471JOBYY43
        MGS 4.181 07/15/24 0114
        Y55745QW9
        
          
          
        
        2650000
        PA
        
        703582.76
        0.2851799860
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2024-07-15
          Fixed
          4.181000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Russian Federation
        5493004EHVGF71PDBU58
        RFLB 7.05 01/19/28 6212
        X5424XAK4
        
          
          
        
        40100000
        PA
        
        562933.95
        0.2281714463
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2028-01-19
          Fixed
          7.050000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nigeria (Federal Republic of)
        549300GSBZD84TNEQ285
        NGERIA 7.696 02/23/38 144A
        65412JAH6
        
          
          
        
        565000
        PA
        USD
        594747.25
        0.2410661859
        Long
        DBT
        NUSS
        NG
        Y
        
        2
        
          2038-02-23
          Fixed
          7.696000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ghana, Republic of
        213800PP4399SNNXZ126
        GHANA 8.125 03/26/32 REGS
        V71795AQ7
        
          
          
        
        400000
        PA
        USD
        420364.44
        0.1703843981
        Long
        DBT
        NUSS
        GH
        Y
        
        2
        
          2032-03-26
          Fixed
          8.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mexico (United Mexican States)
        254900EGTWEU67VP6075
        MBONO 8 09/05/24 M
        P4R07XVZ6
        
          
          
        
        4218000
        PA
        
        230696.76
        0.0935072638
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2024-09-05
          Fixed
          8.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indonesia (Republic of)
        529900FWX0GRR7WG5W79
        INDOGB 7.5 06/15/35 FR80
        Y6S86ZMF3
        
          
          
        
        1600000000
        PA
        
        121777.9
        0.0493596799
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2035-06-15
          Fixed
          7.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Banco Mercantile del Norte SA Grand Cayman Branch
        N/A
        BANORT V7.5 PERP 144A
        05971PAB4
        
          
          
        
        200000
        PA
        USD
        219000
        0.0887662695
        Long
        DBT
        CORP
        MX
        Y
        
        2
        
          2049-12-31
          Fixed
          7.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mong Duong Finance Holdings B V
        549300995KGQFMWSV879
        MONDFI 5.125 05/07/29 144A
        60935DAA3
        
          
          
        
        250000
        PA
        USD
        253572.8
        0.1027795046
        Long
        DBT
        CORP
        NL
        
        Y
        
        2
        
          2029-05-07
          Fixed
          5.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Malaysia (Government Of)
        254900GSIL471JOBYY43
        MGS 4.498 04/15/30 0310
        Y557773V9
        
          
          
        
        517000
        PA
        
        145544.06
        0.0589927090
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2030-04-15
          Fixed
          4.498000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Senegal (Republic of)
        549300NP14ZLQGWIUZ97
        SENEGL 4.75 03/13/28 REGS
        V7691DAZ9
        
          
          
        
        200000
        PA
        
        257601.28
        0.1044123500
        Long
        DBT
        NUSS
        SN
        Y
        
        2
        
          2028-03-13
          Fixed
          4.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Uruguay (Republic of)
        549300RDR012H2V82H43
        URUGUA 4.975 04/20/55
        760942BD3
        
          
          
        
        360000
        PA
        USD
        480153.6
        0.1946184652
        Long
        DBT
        NUSS
        UY
        N
        
        2
        
          2055-04-20
          Fixed
          4.975000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Angola (Republic of)
        549300QHR2R3J8JSGK83
        ANGOL 8.25 05/09/28 144A
        035198AB6
        
          
          
        
        660000
        PA
        USD
        658426.56
        0.2668770297
        Long
        DBT
        NUSS
        AO
        Y
        
        2
        
          2028-05-09
          Fixed
          8.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Iraq (Republic Of)
        N/A
        IRAQ 5.8 01/15/28 REGS
        M82152AA3
        
          
          
        
        437500
        PA
        USD
        413192.5
        0.1674774284
        Long
        DBT
        NUSS
        IQ
        Y
        
        2
        
          2028-01-15
          Fixed
          5.800000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Eskom Holdings SOC Limited
        3789001900ED06F65111
        ESKOM 6.35 08/10/28 REGS
        S25221AV4
        
          
          
        
        575000
        PA
        USD
        638839.38
        0.2589378475
        Long
        DBT
        CORP
        ZA
        Y
        
        2
        
          2028-08-10
          Fixed
          6.350000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Petroleos Mexicanos
        549300CAZKPF4HKMPX17
        PEMEX 5.35 02/12/28
        71654QCK6
        
          
          
        
        185000
        PA
        USD
        177415
        0.0719108115
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2028-02-12
          Fixed
          5.350000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indonesia (Republic of)
        529900FWX0GRR7WG5W79
        INDOGB 6.125 05/15/28 FR64
        Y39814HQ7
        
          
          
        
        4429000000
        PA
        
        316455.27
        0.1282673689
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2028-05-15
          Fixed
          6.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        SAGB 7 02/28/31 R213
        S69124NF8
        
          
          
        
        17600000
        PA
        
        994741.69
        0.4031941050
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2031-02-28
          Fixed
          7.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ovintiv Inc
        CZ72ZHBVKZXQRV3XFE26
        OVV 7.2 11/01/31
        698900AG2
        
          
          
        
        95000
        PA
        USD
        119612.41
        0.0484819517
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-11-01
          Fixed
          7.200000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        SAGB 8.75 01/31/44 2044
        S69124VF9
        
          
          
        
        5132414
        PA
        
        278575.9
        0.1129138969
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2044-01-31
          Fixed
          8.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Petsmart Inc
        N/A
        PETM 8.875 06/01/25 144a
        716768AD8
        
          
          
        
        160000
        PA
        USD
        167052.8
        0.0677107483
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-06-01
          Fixed
          8.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation
        549300T0G4GS0SINS786
        IEP 6.75 02/01/24
        451102BM8
        
          
          
        
        55000
        PA
        USD
        56100
        0.0227387567
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-02-01
          Fixed
          6.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hungary (Republic Of)
        5299008DH62LEB10JK83
        HGB 3 08/21/30 30/A
        X51627CE9
        
          
          
        
        107770000
        PA
        
        398731.4
        0.1616159768
        Long
        DBT
        NUSS
        HU
        N
        
        2
        
          2030-08-21
          Fixed
          3.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mexico (United Mexican States)
        254900EGTWEU67VP6075
        MBONO 7.5 06/03/27 M 20
        P4R086AF1
        
          
          
        
        8850000
        PA
        
        494044.05
        0.2002486179
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2027-06-03
          Fixed
          7.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indonesia (Republic of)
        529900FWX0GRR7WG5W79
        INDOGB 7 05/15/27 FR59
        Y39814HA2
        
          
          
        
        7420000000
        PA
        
        561559.17
        0.2276142130
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2027-05-15
          Fixed
          7.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Brazil (Federative Republic)
        254900ZFY40OYEADAP90
        BNTNF 10 01/01/23 NTNF
        P8T63WAA6
        
          
          
        
        17599000
        PA
        
        3501037.48
        1.4190595281
        Long
        DBT
        NUSS
        BR
        N
        
        2
        
          2023-01-01
          Fixed
          10.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ukraine (Republic of)
        6354001WLTJXOMEXPY07
        UKRAIN 7.75 09/01/26 REGS
        X5S005UL3
        
          
          
        
        665000
        PA
        USD
        748816.6
        0.3035144117
        Long
        DBT
        NUSS
        UA
        Y
        
        2
        
          2026-09-01
          Fixed
          7.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Costa Rica
        549300S1EK2VN6XVJP58
        COSTAR 5.625 04/30/43 REGS
        P3699PGF8
        
          
          
        
        200000
        PA
        USD
        178400
        0.0723100570
        Long
        DBT
        NUSS
        CR
        Y
        
        2
        
          2043-04-30
          Fixed
          5.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ghana, Republic of
        213800PP4399SNNXZ126
        GHANA 8.125 01/18/26 REGS
        V3R60FAZ7
        
          
          
        
        550000
        PA
        USD
        624186.2
        0.2529985410
        Long
        DBT
        NUSS
        GH
        Y
        
        2
        
          2026-01-18
          Fixed
          8.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Steel Corporation
        JNLUVFYJT1OZSIQ24U47
        X 6.875 08/15/25
        912909AM0
        
          
          
        
        20000
        PA
        USD
        19710.1
        0.0079890048
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-08-15
          Fixed
          6.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cenovus Energy Inc
        549300EIRQ0Z2B9C1W06
        CVECN 5.25 06/15/37
        15135UAP4
        
          
          
        
        10000
        PA
        USD
        11219.58
        0.0045475811
        Long
        DBT
        CORP
        CA
        N
        
        2
        
          2037-06-15
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nigeria (Federal Republic of)
        549300GSBZD84TNEQ285
        NGERIA 7.143 02/23/30 144A
        65412JAD5
        
          
          
        
        600000
        PA
        USD
        643500
        0.2608269153
        Long
        DBT
        NUSS
        NG
        Y
        
        2
        
          2030-02-23
          Fixed
          7.143000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Romania (Republic Of)
        315700IASY927EDWBK92
        ROMGB 3.65 09/24/31 15Y
        X5S007DZ7
        
          
          
        
        1260000
        PA
        
        336742.99
        0.1364904978
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2031-09-24
          Fixed
          3.650000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEG Energy Corporation
        5493002WXPTG5ZC1T326
        MEGCN 7.125 02/01/27 144A
        552704AE8
        
          
          
        
        100000
        PA
        USD
        103250
        0.0418498508
        Long
        DBT
        CORP
        CA
        Y
        
        2
        
          2027-02-01
          Fixed
          7.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OPEN TEXT CORP
        549300HP7ONDQODZJV16
        OTEXCN 3.875 02/15/28 144A
        683715AC0
        
          
          
        
        115000
        PA
        USD
        117587.5
        0.0476612042
        Long
        DBT
        CORP
        CA
        Y
        
        2
        
          2028-02-15
          Fixed
          3.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Angola (Republic of)
        549300QHR2R3J8JSGK83
        ANGOL 9.375 05/08/48 144A
        035198AC4
        
          
          
        
        200000
        PA
        USD
        197976
        0.0802447077
        Long
        DBT
        NUSS
        AO
        Y
        
        2
        
          2048-05-08
          Fixed
          9.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PT Indonesia Asahan Aluminium (Persero)
        2549008P48EB9SN2OI80
        IDASAL 6.53 11/15/28 144A
        74445PAC6
        
          
          
        
        400000
        PA
        USD
        501902.64
        0.2034339042
        Long
        DBT
        CORP
        ID
        Y
        
        2
        
          2028-11-15
          Fixed
          6.530000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AES Gener S.A.
        549300IF4IFG0FS0RM26
        AESGEN V7.125 03/26/79 144A
        00105DAF2
        
          
          
        
        200000
        PA
        USD
        219750
        0.0890702636
        Long
        DBT
        CORP
        CL
        Y
        
        2
        
          2079-03-26
          Fixed
          7.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kenya (Republic of)
        549300VVURQQYU45PR87
        KENINT 8 05/22/32 144A
        491798AK0
        
          
          
        
        725000
        PA
        USD
        836410.75
        0.3390185483
        Long
        DBT
        NUSS
        KE
        Y
        
        2
        
          2032-05-22
          Fixed
          8.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Turkey (Republic of)
        5493000PCHOG3B6S3Q85
        TURKEY 4.875 10/09/26
        900123CK4
        
          
          
        
        505000
        PA
        USD
        511312.5
        0.2072479598
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2026-10-09
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Russian Federation
        5493004EHVGF71PDBU58
        RFLB 7.1 10/16/24 6222
        X5424XBM9
        
          
          
        
        80200000
        PA
        
        1123974.02
        0.4555752549
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2024-10-16
          Fixed
          7.100000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indonesia (Republic of)
        529900FWX0GRR7WG5W79
        INDOGB 8.375 03/15/24 FR70
        Y39814JK8
        
          
          
        
        6516000000
        PA
        
        507701.35
        0.2057842689
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2024-03-15
          Fixed
          8.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indonesia (Republic of)
        529900FWX0GRR7WG5W79
        INDOGB 9 03/15/29 FR71
        Y39814JN2
        
          
          
        
        12844000000
        PA
        
        1070662.91
        0.4339669062
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2029-03-15
          Fixed
          9.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Parkland Corporation
        549300Q72GWZCL8MQC95
        PKICN 5.875 07/15/27 144A
        70137TAP0
        
          
          
        
        80000
        PA
        USD
        85600
        0.0346958570
        Long
        DBT
        CORP
        CA
        Y
        
        2
        
          2027-07-15
          Fixed
          5.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Select Medical Corporation
        549300X05KS0JKR8CB50
        SEM 6.25 08/15/26 144A
        816196AT6
        
          
          
        
        30000
        PA
        USD
        32096.1
        0.0130093656
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-08-15
          Fixed
          6.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FREEPORT-MCMORAN INC
        549300IRDTHJQ1PVET45
        FCX 4.25 03/01/30
        35671DCF0
        
          
          
        
        280000
        PA
        USD
        303536.8
        0.1230311845
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-03-01
          Fixed
          4.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Science Applications International Corporation New
        549300LZPNZIXQGZPZ48
        SAIC 4.875 04/01/28 144A
        808625AA5
        
          
          
        
        5000
        PA
        USD
        5262.5
        0.0021330251
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-04-01
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ENCOMPASS HEALTH CORPORATION
        549300FVRPM9DRQZRG64
        EHC 4.5 02/01/28
        29261AAA8
        
          
          
        
        260000
        PA
        USD
        270725
        0.1097317275
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-02-01
          Fixed
          4.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Live Nation Entertainment, Inc.
        5493007B9BM9ZXJINO78
        LYV 4.75 10/15/27 144A
        538034AR0
        
          
          
        
        165000
        PA
        USD
        165412.5
        0.0670458930
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-10-15
          Fixed
          4.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CommScope Inc.
        549300Z6K4JXMFE8QY54
        COMM 7.125 07/01/28 144A
        203372AV9
        
          
          
        
        90000
        PA
        USD
        95760.5
        0.0388141660
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-07-01
          Fixed
          7.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UniCredit S.p.A.
        549300TRUWO2CD2G5692
        UCGIM V5.459 06/30/35 144A
        904678AS8
        
          
          
        
        200000
        PA
        USD
        214864.02
        0.0870898517
        Long
        DBT
        CORP
        IT
        Y
        
        2
        
          2035-06-30
          Fixed
          5.459000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Scientific Games International, Inc.
        RLTHESQ0RNFQJWPBJN60
        SGMS 7 05/15/28 144A
        80874YBC3
        
          
          
        
        145000
        PA
        USD
        153700
        0.0622985189
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-05-15
          Fixed
          7.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wolverine Escrow LLC
        N/A
        WAIR 9 11/15/26 144A
        97789LAB2
        
          
          
        
        60000
        PA
        USD
        57150
        0.0231643484
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-11-15
          Fixed
          9.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Egypt (Arab Republic of)
        529900GFIVH4086NMH82
        EGYPT 6.588 02/21/28 REGS
        M1487WCN3
        
          
          
        
        300000
        PA
        USD
        326677.61
        0.1324107433
        Long
        DBT
        NUSS
        EG
        Y
        
        2
        
          2028-02-21
          Fixed
          6.588000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Romania (Republic Of)
        315700IASY927EDWBK92
        ROMGB 4.25 06/28/23 5Y
        X5S007EG8
        
          
          
        
        2130000
        PA
        
        558197.16
        0.2262515049
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2023-06-28
          Fixed
          4.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Egypt (Arab Republic of)
        529900GFIVH4086NMH82
        EGYPT 7.0529 01/15/32 144A
        03846JX21
        
          
          
        
        635000
        PA
        USD
        677862.5
        0.2747549105
        Long
        DBT
        NUSS
        EG
        Y
        
        2
        
          2032-01-15
          Fixed
          7.052900000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Western Midstream Operating LP
        L6D8A6MLSY454J2JXJ60
        WES 4.05 02/01/30
        958667AC1
        
          
          
        
        300000
        PA
        USD
        330000
        0.1337573925
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-02-01
          Fixed
          5.050000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Saudi Arabia (Kingdom of)
        635400FMICXSM3SI3H65
        KSA 2.75 02/03/32 144A
        80413TAQ2
        
          
          
        
        1350000
        PA
        USD
        1404648
        0.5693395570
        Long
        DBT
        NUSS
        SA
        Y
        
        2
        
          2032-02-03
          Fixed
          2.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lebanese Republic
        529900QPC4K9S1KHL354
        LEBAN 8.25 05/17/34 89
        M6S21BAV5
        
          
          
        
        1050000
        PA
        USD
        137833.5
        0.0558674229
        Long
        DBT
        NUSS
        LB
        N
        
        2
        
          2034-05-17
          Fixed
          8.250000000000
          Y
          Y
          N
        
        
          N
          N
          N
        
      
      
        Romania (Republic Of)
        315700IASY927EDWBK92
        ROMGB 5 02/12/29 10Y
        X5S007EN3
        
          
          
        
        1050000
        PA
        
        308570.84
        0.1250716089
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2029-02-12
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sunac China Holdings Limited
        549300OLARYHDXP3WK18
        SUNAC 7.875 02/15/22
        G8569AAM8
        
          
          
        
        200000
        PA
        USD
        204505.46
        0.0828912639
        Long
        DBT
        CORP
        KY
        
        Y
        
        2
        
          2022-02-15
          Fixed
          7.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Outfront Media Capital LLC / Outfront Media Capital Corp
        5493005WC7J0FDMW0610
        OUT 6.25 06/15/25 144A
        69007TAD6
        
          
          
        
        140000
        PA
        USD
        148225
        0.0600793621
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-06-15
          Fixed
          6.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bausch Health Companies Inc
        B3BS7ACMDUWISF18KY76
        BHCCN 6.25 02/15/29 144A
        071734AK3
        
          
          
        
        600000
        PA
        USD
        645750
        0.2617388975
        Long
        DBT
        CORP
        CA
        
        Y
        
        2
        
          2029-02-15
          Fixed
          6.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PT Indonesia Asahan Aluminium (Persero)
        2549008P48EB9SN2OI80
        IDASAL 5.45 05/15/30 144A
        74445PAF9
        
          
          
        
        750000
        PA
        USD
        883783.57
        0.3582199571
        Long
        DBT
        CORP
        ID
        Y
        
        2
        
          2030-05-15
          Fixed
          5.450000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OneMain Financial Corporation
        5493008I795YYBFWFU90
        OMF 8.875 06/01/25
        85172FAS8
        
          
          
        
        45000
        PA
        USD
        50224.5
        0.0203572671
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-06-01
          Fixed
          8.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tenet Healthcare Corporation
        0W9AIBT6U6ADJ2I8HK17
        THC 4.625 06/15/28 144A
        88033GDG2
        
          
          
        
        20000
        PA
        USD
        21000
        0.0085118341
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-06-15
          Fixed
          4.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Herbalife Nutrition Ltd/Hlf Fing Sarl Llc/Herbalife Intl Inc
        549300BA7TYPBSZZIA41
        HLF 7.875 09/01/25 144A
        42704MAA0
        
          
          
        
        210000
        PA
        USD
        228900
        0.0927789913
        Long
        DBT
        CORP
        KY
        
        Y
        
        2
        
          2025-09-01
          Fixed
          7.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Malaysia (Government Of)
        254900GSIL471JOBYY43
        MGS 3.885 08/15/29 0219
        Y2R35QBX8
        
          
          
        
        3065000
        PA
        
        827772.93
        0.3355174202
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2029-08-15
          Fixed
          3.885000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indonesia (Republic of)
        529900FWX0GRR7WG5W79
        INDOGB 8.375 03/15/34 FR68
        Y39814JF9
        
          
          
        
        6653000000
        PA
        
        538741.26
        0.2183655338
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2034-03-15
          Fixed
          8.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Service Properties Trust
        529900IS770AG1K9QG27
        SVC 7.5 09/15/25
        81761LAA0
        
          
          
        
        120000
        PA
        USD
        135677.65
        0.0549936021
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-09-15
          Fixed
          7.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQUITRANS MIDSTREAM CORPORATION
        549300NELT611CL6XM83
        EQM 6 07/01/25 144A
        26885BAF7
        
          
          
        
        155000
        PA
        USD
        162140.85
        0.0657198100
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-07-01
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Republic of Paraguay
        529900UXKJTJPCU0HK83
        PARGUY 5.6 03/13/48 REGS
        P75744AF2
        
          
          
        
        300000
        PA
        USD
        377703
        0.1530926315
        Long
        DBT
        NUSS
        PY
        Y
        
        2
        
          2048-03-13
          Fixed
          5.600000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Turkey (Republic of)
        5493000PCHOG3B6S3Q85
        TURKEY 6.125 10/24/28
        900123CQ1
        
          
          
        
        200000
        PA
        USD
        213017.42
        0.0863413777
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2028-10-24
          Fixed
          6.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Leviathan Bond Limited
        254900D9T8VKYVQNZ220
        LVIATH 6.5 06/30/27
        M6746GAC0
        
          
          
        
        157000
        PA
        USD
        177202.72
        0.0718247690
        Long
        DBT
        CORP
        IL
        Y
        
        2
        
          2027-06-30
          Fixed
          6.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CEMEX S.A.B. de C.V.
        549300RIG2CXWN6IV731
        CEMEX 5.2 09/17/30 144A
        151290BX0
        
          
          
        
        200000
        PA
        USD
        217500
        0.0881582814
        Long
        DBT
        CORP
        MX
        Y
        
        2
        
          2030-09-17
          Fixed
          5.200000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Panama
        549300SHS4T08CL0LP14
        PANAMA 2.252 09/29/32
        698299BN3
        
          
          
        
        850000
        PA
        USD
        857225
        0.3474550932
        Long
        DBT
        NUSS
        PA
        N
        
        2
        
          2032-09-29
          Fixed
          2.252000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JSC National Company KazMunayGas
        2138001H1M69RFJCSH88
        KZOKZ 3.5 04/14/33 144A
        48126PAA0
        
          
          
        
        825000
        PA
        USD
        889564.5
        0.3605631150
        Long
        DBT
        CORP
        KZ
        Y
        
        2
        
          2033-04-14
          Fixed
          3.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Galaxy Pipeline Assets Bidco Limited
        549300L82YB0C6JQIC26
        ADGLXY 1.75 09/30/27 144A
        36321PAA8
        
          
          
        
        400000
        PA
        USD
        404387.62
        0.1639085867
        Long
        DBT
        CORP
        JE
        
        Y
        
        2
        
          2027-09-30
          Fixed
          1.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Eskom Holdings SOC Limited
        3789001900ED06F65111
        ESKOM 6.75 08/06/23 REGS
        S25221AC6
        
          
          
        
        400000
        PA
        USD
        418657.64
        0.1696925887
        Long
        DBT
        CORP
        ZA
        Y
        
        2
        
          2023-08-06
          Fixed
          6.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Adani Ports & Special Economic Zone
        335800QOAXP5TM7OYP69
        ADSEZ 4.375 07/03/29 144A
        00652MAE2
        
          
          
        
        200000
        PA
        USD
        219033.03
        0.0887796574
        Long
        DBT
        CORP
        IN
        Y
        
        2
        
          2029-07-03
          Fixed
          4.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Panama
        549300SHS4T08CL0LP14
        PANAMA 3.16 01/23/30
        698299BK9
        
          
          
        
        625000
        PA
        USD
        679693.75
        0.2754971627
        Long
        DBT
        NUSS
        PA
        N
        
        2
        
          2030-01-23
          Fixed
          3.160000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Egypt (Arab Republic of)
        529900GFIVH4086NMH82
        EGYTB 0 10/06/20 91D
        M5R189EX0
        
          
          
        
        19375000
        PA
        
        1218383.4
        0.4938417776
        Long
        DBT
        NUSS
        EG
        N
        
        2
        
          2021-04-06
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Studio City Finance Limited
        254900D6R731QAUIG324
        STCITY 6 07/15/25 144A
        86389QAE2
        
          
          
        
        215000
        PA
        USD
        225750
        0.0915022162
        Long
        DBT
        CORP
        VG
        
        Y
        
        2
        
          2025-07-15
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FREEPORT-MCMORAN INC
        549300IRDTHJQ1PVET45
        FCX 4.625 08/01/30
        35671DCH6
        
          
          
        
        55000
        PA
        USD
        61065.13
        0.0247512502
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-08-01
          Fixed
          4.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Avis Budget Car Rental LLC/Avis Budget Finance Inc.
        XN8R4HH1TVC1XOCL5P21
        CAR 5.75 07/15/27 144a
        053773BE6
        
          
          
        
        160000
        PA
        USD
        162700.8
        0.0659467720
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-07-15
          Fixed
          5.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Leviathan Bond Limited
        254900D9T8VKYVQNZ220
        LVIATH 6.5 06/30/27
        M6746GAC0
        
          
          
        
        115000
        PA
        USD
        129798.17
        0.0526104993
        Long
        DBT
        CORP
        IL
        Y
        
        2
        
          2027-06-30
          Fixed
          6.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Intelligent Packaging Limited Finco Inc / Intelligent Packaging Limited Co-Issuer LLC
        549300D73EZIFX49H897
        IPLPCN 6 09/15/28 144A
        45827MAA5
        
          
          
        
        80000
        PA
        USD
        82600
        0.0334798807
        Long
        DBT
        CORP
        CA
        Y
        
        2
        
          2028-09-15
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sabre GLBL Inc.
        F2TJC7HPPHLHU1AQMP98
        SABHLD 7.375 09/01/25 144A
        78573NAF9
        
          
          
        
        65000
        PA
        USD
        70037.5
        0.0283879799
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-09-01
          Fixed
          7.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cornerstone Building Brands Inc
        549300IW41QEWQ6T0H29
        CNR 6.125 01/15/29 144A
        21925DAA7
        
          
          
        
        145000
        PA
        USD
        151525
        0.0614169360
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-01-15
          Fixed
          6.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Yuzhou Group Holdings Company Ltd
        213800MP59KHGJSPHE82
        YUZHOU 6 10/25/23
        G9884TAC5
        
          
          
        
        200000
        PA
        USD
        203866.54
        0.0826322933
        Long
        DBT
        CORP
        KY
        
        Y
        
        2
        
          2023-10-25
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indonesia (Republic of)
        529900FWX0GRR7WG5W79
        INDOGB 7.5 05/15/38 FR75
        Y6S86ZGS2
        
          
          
        
        600000000
        PA
        
        44849.11
        0.0181784849
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2038-05-15
          Fixed
          7.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        YUM Brands Inc
        549300JE8XHZZ7OHN517
        YUM 3.625 03/15/31
        988498AN1
        
          
          
        
        255000
        PA
        USD
        250193.25
        0.1014096871
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-03-15
          Fixed
          3.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DISH DBS Corporation
        N/A
        DISH 7.375 07/01/28
        25470XBB0
        
          
          
        
        65000
        PA
        USD
        67681.25
        0.0274329319
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-07-01
          Fixed
          7.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mexico (United Mexican States)
        254900EGTWEU67VP6075
        MCET 0 06/17/21 BI
        P4R07XH41
        
          
          
        
        16545000
        PA
        
        79423.44
        0.0321923401
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2021-06-17
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Japan (Government Of)
        353800WZS8AXZXFUC241
        JTDB 0 12/20/21 960
        J2S39LJX3
        
          
          
        
        220850000
        PA
        
        2110706.94
        0.8555232017
        Long
        DBT
        NUSS
        JP
        N
        
        2
        
          2021-12-20
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Amaggi Luxembourg International Sarl
        N/A
        AMAGGI 5.25 01/28/28 144A
        02265WAA3
        
          
          
        
        200000
        PA
        USD
        203116
        0.0823280804
        Long
        DBT
        CORP
        LU
        
        Y
        
        2
        
          2028-01-28
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Norway (Kingdom Of)
        N/A
        NGB 3.75 05/25/21 474
        R63339GM2
        
          
          
        
        1858000
        PA
        
        219445.94
        0.0889470204
        Long
        DBT
        NUSS
        NO
        N
        
        2
        
          2021-05-25
          Fixed
          3.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Malaysia (Government Of)
        254900GSIL471JOBYY43
        MGS 3.48 03/15/23 0313
        Y55745KT2
        
          
          
        
        3450000
        PA
        
        881943.52
        0.3574741380
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2023-03-15
          Fixed
          3.480000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Norway (Kingdom Of)
        N/A
        NGB 3 03/14/24 476
        R34155AK8
        
          
          
        
        4328000
        PA
        
        544787.14
        0.2208160827
        Long
        DBT
        NUSS
        NO
        N
        
        2
        
          2024-03-14
          Fixed
          3.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CCO Holdings, LLC/ CCO Holdings Capital Corp.
        N/A
        CHTR 5.375 06/01/29 144A
        1248EPCB7
        
          
          
        
        185000
        PA
        USD
        200725
        0.0813589473
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-06-01
          Fixed
          5.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nexstar Escrow Inc
        5493006PK6I4I2OOT688
        NXST 5.625 07/15/27 144A
        65343HAA9
        
          
          
        
        20000
        PA
        USD
        21229.2
        0.0086047347
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-07-15
          Fixed
          5.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Olin Corporation
        549300GKK294V7W57P06
        OLN 5.125 09/15/27
        680665AJ5
        
          
          
        
        35000
        PA
        USD
        36312.5
        0.0147183797
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-09-15
          Fixed
          5.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cenovus Energy Inc
        549300EIRQ0Z2B9C1W06
        CVECN 5.4 06/15/47
        15135UAR0
        
          
          
        
        175000
        PA
        USD
        204415.12
        0.0828546468
        Long
        DBT
        CORP
        CA
        N
        
        2
        
          2047-06-15
          Fixed
          5.400000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Taylor Morrison Communities Inc
        549300O1Z08HI2MRK572
        TMHC 5.75 01/15/28 144A
        87724RAB8
        
          
          
        
        125000
        PA
        USD
        140937.5
        0.0571255530
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-01-15
          Fixed
          5.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Boeing Company
        RVHJWBXLJ1RFUBSY1F30
        BA 3.75 02/01/50
        097023CQ6
        
          
          
        
        115000
        PA
        USD
        115627.87
        0.0468669163
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2050-02-01
          Fixed
          3.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Quicken Loans Inc.
        549300FGXN1K3HLB1R50
        QUICKN 5.25 01/15/28 144A
        74840LAB8
        
          
          
        
        945000
        PA
        USD
        1008787.5
        0.4088872290
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-01-15
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cenovus Energy Inc
        549300EIRQ0Z2B9C1W06
        CVECN 4.25 04/15/27
        15135UAM1
        
          
          
        
        15000
        PA
        USD
        16429.39
        0.0066592496
        Long
        DBT
        CORP
        CA
        N
        
        2
        
          2027-04-15
          Fixed
          4.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        OXY 3.5 08/15/29
        674599CS2
        
          
          
        
        525000
        PA
        USD
        487131.75
        0.1974468869
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-08-15
          Fixed
          3.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Performance Food Group Company
        549300OMUOGBYK0FFO76
        PFGC 5.5 10/15/27 144A
        69346VAA7
        
          
          
        
        120000
        PA
        USD
        126716.4
        0.0513613795
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-10-15
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JELD-WEN, Inc.
        549300XWE6NM0N1HFW16
        JELD 4.625 12/15/25 144A
        475795AC4
        
          
          
        
        43000
        PA
        USD
        43860
        0.0177775734
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-12-15
          Fixed
          4.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Republic of Korea
        549300O0QCVSQGPGDT58
        KTB 1.375 12/10/29 2912
        Y7277FB90
        
          
          
        
        6654400000
        PA
        
        5771122.15
        2.3391825770
        Long
        DBT
        NUSS
        KR
        N
        
        2
        
          2029-12-10
          Fixed
          1.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CCO Holdings, LLC/ CCO Holdings Capital Corp.
        N/A
        CHTR 4.75 03/01/30 144A
        1248EPCD3
        
          
          
        
        1565000
        PA
        USD
        1664721.8
        0.6747540823
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2030-03-01
          Fixed
          4.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Murphy Oil USA Inc
        N32S6DTR2ZZ5222WHV58
        MUSA 4.75 09/15/29
        626738AE8
        
          
          
        
        20000
        PA
        USD
        21275
        0.0086232986
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-09-15
          Fixed
          4.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hill-Rom Holdings Inc
        JLZ01A0E2071OH26RE45
        HRC 4.375 09/15/27 144A
        431475AD4
        
          
          
        
        20000
        PA
        USD
        20775
        0.0084206358
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-09-15
          Fixed
          4.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ENCOMPASS HEALTH CORPORATION
        549300FVRPM9DRQZRG64
        EHC 4.75 02/01/30
        29261AAB6
        
          
          
        
        265000
        PA
        USD
        285031.35
        0.1155304550
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-02-01
          Fixed
          4.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Brookfield Residential Properties Inc.
        549300C2SXDXVIUV3Q14
        BRPCN 4.875 02/15/30 144A
        11283YAD2
        
          
          
        
        145000
        PA
        USD
        148714.9
        0.0602779310
        Long
        DBT
        CORP
        CA
        Y
        
        2
        
          2030-02-15
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Community Health Systems Incorporated
        5493007X5NC5XI1BB106
        CYH 8 03/15/26 REGS
        U17127AL2
        
          
          
        
        20000
        PA
        USD
        21500
        0.0087144968
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-03-15
          Fixed
          8.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Speedway Motorsports LLC / Speedway Funding II Inc
        N/A
        TRK 4.875 11/01/27 144A
        84779MAA2
        
          
          
        
        60000
        PA
        USD
        59400
        0.0240763306
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-11-01
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Network I2I Limited
        2549003L8M1FGHLHOX45
        BHARTI V5.65 PERP REGS
        V6703DAA2
        
          
          
        
        200000
        PA
        USD
        211600
        0.0857668614
        Long
        DBT
        CORP
        MU
        
        Y
        
        2
        
          2049-12-31
          Fixed
          5.650000000000
          N
          Y
          N
        
        
          N
          N
          N
        
      
      
        Angola (Republic of)
        549300QHR2R3J8JSGK83
        ANGOL 9.125 11/26/49 144A
        035198AE0
        
          
          
        
        600000
        PA
        USD
        585293.75
        0.2372344419
        Long
        DBT
        NUSS
        AO
        Y
        
        2
        
          2049-11-26
          Fixed
          9.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lumen Technologies Inc
        8M3THTGWLTYZVE6BBY25
        LUMN 5.125 12/15/26 144A
        156700BB1
        
          
          
        
        95000
        PA
        USD
        101021.1
        0.0409464210
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-12-15
          Fixed
          5.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Integra LifeSciences Holdings Corporation
        WB7IJCYY8YFTENS4O147
        IART 0.5 08/15/25
        457985AL3
        
          
          
        
        180000
        PA
        USD
        201890.16
        0.0818312163
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-08-15
          Fixed
          0.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Argentina (Republic of)
        549300KPBYGYF7HCHO27
        BONCER 1.4 03/25/23 CER
        P8S090TN6
        
          
          
        
        42293339
        PA
        
        615461.79
        0.2494623157
        Long
        DBT
        NUSS
        AR
        N
        
        2
        
          2023-03-25
          Fixed
          1.400000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Argentina (Republic of)
        549300KPBYGYF7HCHO27
        BONCER 1.2 03/18/22 CER
        P8S090TJ5
        
          
          
        
        44170525
        PA
        
        668614.53
        0.2710064730
        Long
        DBT
        NUSS
        AR
        N
        
        2
        
          2022-03-18
          Fixed
          1.200000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ardonagh Midco 2 Plc
        9845003AD1386OH58D80
        ARDMID 11.5 01/15/27 144A
        03985RAA1
        
          
          
        
        212820
        PA
        USD
        230377.65
        0.0933779204
        Long
        DBT
        CORP
        GB
        Y
        
        2
        
          2027-01-15
          Fixed
          11.500000000000
          N
          N
          Y
        
        
          N
          N
          N
        
      
      
        Expedia Group Inc
        CI7MUJI4USF3V0NJ1H64
        EXPE 4.625 08/01/27 144A
        30212PBB0
        
          
          
        
        125000
        PA
        USD
        138512.53
        0.0561426510
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-08-01
          Fixed
          4.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FREEPORT-MCMORAN INC
        549300IRDTHJQ1PVET45
        FCX 4.375 08/01/28
        35671DCG8
        
          
          
        
        70000
        PA
        USD
        74177.25
        0.0300659259
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-08-01
          Fixed
          4.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wynn Macau Ltd
        254900NMDQ8ENTHU1I31
        WYNMAC 5.125 12/15/29 144A
        98313RAE6
        
          
          
        
        200000
        PA
        USD
        201707.5
        0.0817571795
        Long
        DBT
        CORP
        KY
        
        Y
        
        2
        
          2029-12-15
          Fixed
          5.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Terrier Media Buyer Inc
        N/A
        TERMED 8.875 12/15/27 144A
        88146LAA1
        
          
          
        
        45000
        PA
        USD
        48656.25
        0.0197216155
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-12-15
          Fixed
          8.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sensata Technologies Inc
        N/A
        ST 3.75 02/15/31 144A
        81728UAB0
        
          
          
        
        75000
        PA
        USD
        76971.75
        0.0311986078
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2031-02-15
          Fixed
          3.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Harvest Midstream I LP
        549300DW5M17KJOXCY66
        HARMID 7.5 09/01/28 144A
        417558AA1
        
          
          
        
        100000
        PA
        USD
        105025
        0.0425693035
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-09-01
          Fixed
          7.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hess Midstream Operations LP
        N/A
        HESM 5.625 02/15/26 144A
        428102AC1
        
          
          
        
        444000
        PA
        USD
        459024.96
        0.1860544901
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-02-15
          Fixed
          5.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fantasia Holdings Group Co. Limited
        5493005JQNLB3I01JW62
        FTHDGR 10.875 01/09/23
        G3311PAH8
        
          
          
        
        200000
        PA
        USD
        204525.26
        0.0828992893
        Long
        DBT
        CORP
        KY
        
        Y
        
        2
        
          2023-01-09
          Fixed
          10.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Chile
        549300FLZTJM5YJF8D34
        CHILE 2.55 01/27/32
        168863DN5
        
          
          
        
        225000
        PA
        USD
        237606.75
        0.0963080585
        Long
        DBT
        NUSS
        CL
        N
        
        2
        
          2032-01-27
          Fixed
          2.550000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ford Motor Company
        20S05OYHG0MQM4VUIC57
        F 8.5 04/21/23
        345370CV0
        
          
          
        
        720000
        PA
        USD
        806184
        0.3267668778
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-04-21
          Fixed
          8.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New Fortress Energy Llc
        N/A
        NFE 6.75 09/15/25 144A
        644393AA8
        
          
          
        
        320000
        PA
        USD
        334000
        0.1353786942
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-09-15
          Fixed
          6.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NCR Corporation
        549300YKTY8JX1DV2R67
        NCR 5.25 10/01/30 144A
        62886EAZ1
        
          
          
        
        80000
        PA
        USD
        83600
        0.0338852061
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2030-10-01
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Energizer Holdings Inc
        5493000D6NN0V57UME20
        ENR 4.375 03/31/29 144A
        29272WAD1
        
          
          
        
        165000
        PA
        USD
        168712.5
        0.0683834669
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-03-31
          Fixed
          4.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Bills
        254900HROIFWPRGM1V77
        B 0 04/08/21
        9127964X4
        
          
          
        
        2530000
        PA
        USD
        2529686.91
        1.0253464389
        Long
        DBT
        UST
        US
        N
        
        2
        
          2021-04-08
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMC Entertainment Holdings Inc
        549300ZO77UNR6NRBR11
        AMC 10.5 04/15/25 144A
        00165CAN4
        
          
          
        
        45000
        PA
        USD
        45900
        0.0186044373
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-04-15
          Fixed
          10.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Spirit AeroSystems, Inc.
        ZD2NBKV6GCC3UMGBM518
        SPR 7.5 04/15/25 144A
        85205TAL4
        
          
          
        
        330000
        PA
        USD
        353994.3
        0.1434828925
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-04-15
          Fixed
          7.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Romania (Republic Of)
        315700IASY927EDWBK92
        ROMANI 2.625 12/02/40 144A
        BM7280910
        
          
          
        
        745000
        PA
        
        946453.9
        0.3836218356
        Long
        DBT
        NUSS
        RO
        Y
        
        2
        
          2040-12-02
          Fixed
          2.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BlackRock, Inc.
        549300LRIF3NWCU26A80
        BlackRock, Inc. COM
        09247X101
        
          
          
        
        44
        NS
        USD
        30855.44
        0.0125064945
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UBER TECHNOLOGIES INC
        549300B2FTG34FILDR98
        UBER 7.5 05/15/25 144A
        90353TAF7
        
          
          
        
        835000
        PA
        USD
        894468.7
        0.3625509120
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-05-15
          Fixed
          7.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQUITRANS MIDSTREAM CORPORATION
        549300NELT611CL6XM83
        EQM 6.5 07/01/27 144A
        26885BAH3
        
          
          
        
        160000
        PA
        USD
        172816
        0.0700467198
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-07-01
          Fixed
          6.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Delta Air Lines Inc
        Q2CCMS6R0AS67HJMBN42
        DAL 7.375 01/15/26
        247361ZZ4
        
          
          
        
        195000
        PA
        USD
        223901.43
        0.0907529438
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-01-15
          Fixed
          7.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        China (People's Republic Of)
        300300CHN201808MOF68
        CGB 1.99 04/09/25 INBK
        Y6S39BWZ9
        
          
          
        
        2500000
        PA
        
        371747.39
        0.1506786713
        Long
        DBT
        NUSS
        CN
        N
        
        2
        
          2025-04-09
          Fixed
          1.990000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Coca-Cola Company
        UWJKFUJFZ02DKWI3RY53
        The Coca-Cola Company COM
        191216100
        
          
          
        
        575
        NS
        USD
        27686.25
        0.0112219412
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Johnson & Johnson
        549300G0CFPGEF6X2043
        Johnson & Johnson COM
        478160104
        
          
          
        
        202
        NS
        USD
        32952.26
        0.0133563890
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Adani Ports & Special Economic Zone
        335800QOAXP5TM7OYP69
        ADSEZ 4.2 08/04/27 144A
        00652MAG7
        
          
          
        
        215000
        PA
        USD
        234378.29
        0.0949994816
        Long
        DBT
        CORP
        IN
        Y
        
        2
        
          2027-08-04
          Fixed
          4.200000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indonesia (Republic of)
        529900FWX0GRR7WG5W79
        INDOGB 6.5 02/15/31 FR87
        Y6S86ZPZ6
        
          
          
        
        1240000000
        PA
        
        90102.98
        0.0365210293
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2031-02-15
          Fixed
          6.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lockheed Martin Corporation
        DPRBOZP0K5RM2YE8UU08
        Lockheed Martin Corporation COM
        539830109
        
          
          
        
        86
        NS
        USD
        27676.52
        0.0112179974
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Microsoft Corporation
        INR2EJN1ERAN0W5ZP974
        Microsoft Corporation COM
        594918104
        
          
          
        
        143
        NS
        USD
        33170.28
        0.0134447581
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Newmont Corporation
        549300VSP3RIX7FGDZ51
        Newmont Corporation COM
        651639106
        
          
          
        
        505
        NS
        USD
        30098
        0.0121994848
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        The Procter & Gamble Company
        2572IBTT8CCZW6AU4141
        The Procter & Gamble Company COM
        742718109
        
          
          
        
        224
        NS
        USD
        28719.04
        0.0116405573
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Argentina (Republic of)
        549300KPBYGYF7HCHO27
        ARGENT 0.125 07/09/35
        040114HT0
        
          
          
        
        1169164
        PA
        USD
        399573.49
        0.1619572973
        Long
        DBT
        NUSS
        AR
        N
        
        2
        
          2035-07-09
          Variable
          0.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Galaxy Pipeline Assets Bidco Limited
        549300L82YB0C6JQIC26
        ADGLXY 2.625 03/31/36 144A
        36321PAB6
        
          
          
        
        200000
        PA
        USD
        201923.2
        0.0818446082
        Long
        DBT
        CORP
        JE
        
        Y
        
        2
        
          2036-03-31
          Fixed
          2.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Oman (Sultanate Of)
        549300SZ20F0QTKNQC75
        OMAN 7.375 10/28/32 144A
        68205LAE3
        
          
          
        
        250000
        PA
        USD
        283503.5
        0.1149111785
        Long
        DBT
        NUSS
        OM
        Y
        
        2
        
          2032-10-28
          Fixed
          7.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Argentina (Republic of)
        549300KPBYGYF7HCHO27
        LECER 0 05/21/21 CER
        P8S090VE3
        
          
          
        
        8312094
        PA
        
        104362.23
        0.0423006659
        Long
        DBT
        NUSS
        AR
        N
        
        2
        
          2021-05-21
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bahrain (Kingdom of)
        549300RODM1WN85LFQ95
        BHRAIN 6 09/19/44 REGS
        M63633BU0
        
          
          
        
        200000
        PA
        USD
        198500
        0.0804570982
        Long
        DBT
        NUSS
        BH
        Y
        
        2
        
          2044-09-19
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hungary (Republic Of)
        5299008DH62LEB10JK83
        HGB 3.25 10/22/31 31/A
        X93622CC4
        
          
          
        
        123230000
        PA
        
        465140.26
        0.1885331767
        Long
        DBT
        NUSS
        HU
        N
        
        2
        
          2031-10-22
          Fixed
          3.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Progressive Corporation
        529900TACNVLY9DCR586
        The Progressive Corporation COM
        743315103
        
          
          
        
        330
        NS
        USD
        28772.7
        0.0116623070
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Comcast Corporation
        51M0QTTNCGUN7KFCFZ59
        Comcast Corporation CL A
        20030N101
        
          
          
        
        594
        NS
        USD
        29444.58
        0.0119346371
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Petrobras Global Finance B.V.
        549300FNENFFSMO3GT38
        PETBRA 6.85 06/05/15
        71647NAN9
        
          
          
        
        333000
        PA
        USD
        388444.5
        0.1574464347
        Long
        DBT
        CORP
        NL
        
        N
        
        2
        
          2115-06-05
          Fixed
          6.850000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Russian Federation
        5493004EHVGF71PDBU58
        RFLB 8.5 09/17/31 6218
        X5424XBB3
        
          
          
        
        35600000
        PA
        
        551132.03
        0.2233878280
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2031-09-17
          Fixed
          8.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Union Pacific Corporation
        549300LMMRSZZCZ8CL11
        Union Pacific Corporation COM
        907818108
        
          
          
        
        149
        NS
        USD
        29423.03
        0.0119259023
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        The Williams Companies, Inc.
        D71FAKCBLFS2O0RBPG08
        The Williams Companies, Inc. COM
        969457100
        
          
          
        
        1367
        NS
        USD
        29021.41
        0.0117631155
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Russian Federation
        5493004EHVGF71PDBU58
        RFLB 7.7 03/23/33 6221
        X5424XBK3
        
          
          
        
        11250000
        PA
        
        163591.77
        0.0663079048
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2033-03-23
          Fixed
          7.700000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Turkey (Republic of)
        5493000PCHOG3B6S3Q85
        TURKEY 5.75 05/11/47
        900123CM0
        
          
          
        
        400000
        PA
        USD
        365808
        0.1482712855
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2047-05-11
          Fixed
          5.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hungary (Republic Of)
        5299008DH62LEB10JK83
        HGB 2.75 12/22/26 26/D
        X3R52SBX1
        
          
          
        
        203500000
        PA
        
        740664.62
        0.3002102069
        Long
        DBT
        NUSS
        HU
        N
        
        2
        
          2026-12-22
          Fixed
          2.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nigeria (Federal Republic of)
        549300GSBZD84TNEQ285
        NGERIA 7.625 11/28/47 REGS
        V342A3BW3
        
          
          
        
        500000
        PA
        USD
        522445
        0.2117602452
        Long
        DBT
        NUSS
        NG
        Y
        
        2
        
          2047-11-28
          Fixed
          7.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Republic of Peru
        254900STKLK2DBJJZ530
        PERU 6.9 08/12/37 REGS
        P87324BE1
        
          
          
        
        1371000
        PA
        
        457724.56
        0.1855274049
        Long
        DBT
        NUSS
        PE
        Y
        
        2
        
          2037-08-12
          Fixed
          6.900000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Malaysia (Government Of)
        254900GSIL471JOBYY43
        MGS 4.232 06/30/31 0411
        Y5577BCT5
        
          
          
        
        770000
        PA
        
        213385.68
        0.0864906429
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2031-06-30
          Fixed
          4.232000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Chile
        549300FLZTJM5YJF8D34
        BTPCL 4.7 09/01/30
        P9T38EAW8
        
          
          
        
        355000000
        PA
        
        570807
        0.2313625937
        Long
        DBT
        NUSS
        CL
        N
        
        2
        
          2030-09-01
          Fixed
          4.700000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NRG Energy, Inc.
        5E2UPK5SW04M13XY7I38
        NRG 5.25 06/15/29 144A
        629377CH3
        
          
          
        
        10000
        PA
        USD
        11000
        0.0044585797
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-06-15
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Diamond Sports Group LLC / Diamond Sports Finance Co
        5493002K6DHWNZH8YA34
        DSPORT 6.625 08/15/27 144A
        25277LAC0
        
          
          
        
        180000
        PA
        USD
        114300
        0.0463286968
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-08-15
          Fixed
          6.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Diamond Sports Group LLC / Diamond Sports Finance Co
        5493002K6DHWNZH8YA34
        DSPORT 5.375 08/15/26 144A
        25277LAA4
        
          
          
        
        255000
        PA
        USD
        205912.5
        0.0834615730
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-08-15
          Fixed
          5.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Colombia
        549300MHDRBVRF6B9117
        COLTES 7.5 08/26/26 B
        P3107FAR6
        
          
          
        
        2943000000
        PA
        
        956958.64
        0.3878796739
        Long
        DBT
        NUSS
        CO
        N
        
        2
        
          2026-08-26
          Fixed
          7.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        India (Republic of)
        N/A
        IGB 8.15 06/11/22
        Y39157FK6
        
          
          
        
        107500000
        PA
        
        1553643.97
        0.6297314129
        Long
        DBT
        NUSS
        IN
        N
        
        2
        
          2022-06-11
          Fixed
          8.150000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        OXY 2.9 08/15/24
        674599CW3
        
          
          
        
        790000
        PA
        USD
        762350
        0.3089998429
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-08-15
          Fixed
          2.900000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Iron Mountain Incorporated
        SQL3F6CKNNBM3SQGHX24
        IRM 4.875 09/15/29 144A
        46284VAF8
        
          
          
        
        565000
        PA
        USD
        588730
        0.2386272414
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-09-15
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Connect Finco SARL/Connect US Finco LLC
        2594001KNYIQ456J2792
        ISATLN 6.75 10/01/26 144A
        20752TAA2
        
          
          
        
        200000
        PA
        USD
        213660
        0.0866018317
        Long
        DBT
        CORP
        LU
        
        Y
        
        2
        
          2026-10-01
          Fixed
          6.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KB Home
        549300LGUCWQURMWLG09
        KBH 4.8 11/15/29
        48666KAY5
        
          
          
        
        50000
        PA
        USD
        55073
        0.0223224875
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-11-15
          Fixed
          4.800000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        SAGB 8 01/31/30 2030
        S69124VP7
        
          
          
        
        29900000
        PA
        
        1886329.8
        0.7645774406
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2030-01-31
          Fixed
          8.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        SAGB 9 01/31/40 2040
        S69124WH4
        
          
          
        
        6000000
        PA
        
        338457.37
        0.1371853796
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2040-01-31
          Fixed
          9.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Camelot Finance S.A.
        N/A
        CCC 4.5 11/01/26 144A
        13323AAB6
        
          
          
        
        75000
        PA
        USD
        78000
        0.0316153837
        Long
        DBT
        CORP
        LU
        
        Y
        
        2
        
          2026-11-01
          Fixed
          4.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Scientific Games International, Inc.
        RLTHESQ0RNFQJWPBJN60
        SGMS 7.25 11/15/29 144A
        80874YBE9
        
          
          
        
        35000
        PA
        USD
        37712.5
        0.0152858353
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-11-15
          Fixed
          7.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Thailand (Kingdom Of)
        254900PHJ6MSKT6C7026
        THAIGB 3.4 06/17/36
        Y6065BBR7
        
          
          
        
        13400000
        PA
        
        559636.27
        0.2268348127
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2036-06-17
          Fixed
          3.400000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ghana, Republic of
        213800PP4399SNNXZ126
        GHGB 18.25 07/25/22 5Y
        V3R60FCF9
        
          
          
        
        1530000
        PA
        
        268374.13
        0.1087788601
        Long
        DBT
        NUSS
        GH
        N
        
        2
        
          2022-07-25
          Fixed
          18.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Moog Inc.
        549300WM2I4U7OBAHG07
        MOGA 4.25 12/15/27 144A
        615394AM5
        
          
          
        
        15000
        PA
        USD
        15562.5
        0.0063078770
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-12-15
          Fixed
          4.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bancolombia S.A.
        54930052NWJRPNMP1W58
        BCOLO V4.625 12/18/29
        05968LAL6
        
          
          
        
        200000
        PA
        USD
        206500
        0.0836997017
        Long
        DBT
        CORP
        CO
        N
        
        2
        
          2029-12-18
          Fixed
          4.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        China Development Bank
        300300C1020111000029
        SDBC 3.48 01/08/29 1905
        Y1456THC3
        
          
          
        
        7990000
        PA
        
        1226484.64
        0.4971254162
        Long
        DBT
        NUSS
        CN
        N
        
        2
        
          2029-01-08
          Fixed
          3.480000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Republic of Peru
        254900STKLK2DBJJZ530
        PERU 2.783 01/23/31
        715638DF6
        
          
          
        
        172000
        PA
        USD
        184814
        0.0749098143
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2031-01-23
          Fixed
          2.783000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Seven Generations Energy Ltd
        549300XZHTA2VXQWAL67
        VIICN 5.375 09/30/25 144A
        81783QAC9
        
          
          
        
        171000
        PA
        USD
        173616.01
        0.0703709842
        Long
        DBT
        CORP
        CA
        Y
        
        2
        
          2025-09-30
          Fixed
          5.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        L Brands Inc
        GR3KVMWVCR54YWQNXU90
        LB 5.25 02/01/28
        501797AN4
        
          
          
        
        235000
        PA
        USD
        248230.5
        0.1006141346
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-02-01
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Presidio Holdings Inc.
        N/A
        PSDO 4.875 02/01/27 144A
        74101XAE0
        
          
          
        
        25000
        PA
        USD
        26307
        0.0106628961
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-02-01
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Novelis Corporation
        549300G5F3W3B52WYL23
        HNDLIN 4.75 01/30/30 144A
        670001AE6
        
          
          
        
        305000
        PA
        USD
        320776.13
        0.1300187234
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2030-01-30
          Fixed
          4.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Boeing Company
        RVHJWBXLJ1RFUBSY1F30
        BA 5.705 05/01/40
        097023CV5
        
          
          
        
        40000
        PA
        USD
        50630.75
        0.0205219306
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2040-05-01
          Fixed
          5.705000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Biomarin Pharmaceutical Inc.
        NSLL8ITTRR0J5HEMR848
        BMRN 1.25 05/15/27
        09061GAJ0
        
          
          
        
        650000
        PA
        USD
        679371.73
        0.2753666398
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-05-15
          Fixed
          1.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VICI PROPERTIES INC
        N/A
        VICI 4.125 08/15/30 144A
        92564RAE5
        
          
          
        
        70000
        PA
        USD
        72889.54
        0.0295439843
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2030-08-15
          Fixed
          4.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Navient Corporation
        54930067J0ZNOEBRW338
        NAVI 5 03/15/27
        63938CAK4
        
          
          
        
        300000
        PA
        USD
        304875
        0.1235735910
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-03-15
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wesco Distribution, Inc.
        549300I2CEZJG9N4AH67
        WCC 7.125 06/15/25 144A
        95081QAN4
        
          
          
        
        120000
        PA
        USD
        130800
        0.0530165665
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-06-15
          Fixed
          7.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Centennial Resource Production, LLC
        5493004CTVUMQLRPOE23
        CENREP 8 06/01/25 144A
        15138AAE0
        
          
          
        
        82000
        PA
        USD
        77900
        0.0315748511
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-06-01
          Fixed
          8.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Uniti Group LP/Uniti Fiber Holdings Inc/Uniti Group Finance 2019 Inc/CSL Capital LLC
        N/A
        UNIT 7.875 02/15/25 144A
        91327AAA0
        
          
          
        
        45000
        PA
        USD
        48487.73
        0.0196533101
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-02-15
          Fixed
          7.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ViaSat, Inc.
        UFC8NYMNFSYIHNSM2I38
        VSAT 6.5 07/15/28 144A
        92552VAN0
        
          
          
        
        185000
        PA
        USD
        199800
        0.0809840213
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-07-15
          Fixed
          6.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Endeavor Energy Resources LP and EER Finance Inc.
        549300WY5QI80P9WHD46
        ENDENR 6.625 07/15/25 144A
        29260FAF7
        
          
          
        
        55000
        PA
        USD
        58746.88
        0.0238116045
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-07-15
          Fixed
          6.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Univision Commmunications Inc.
        549300YQDE2JSGTL8V47
        UVN 6.625 06/01/27 144A
        914906AU6
        
          
          
        
        80000
        PA
        USD
        84136
        0.0341024605
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-06-01
          Fixed
          6.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PG&E Corporation
        8YQ2GSDWYZXO2EDN3511
        PCG 5 07/01/28
        69331CAH1
        
          
          
        
        110000
        PA
        USD
        118687.25
        0.0481069608
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-07-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Endo Designated Activity Company / Endo Finance LLC / Endo Finco Inc
        N/A
        ENDP 6 06/30/28 144A
        29273DAC4
        
          
          
        
        230000
        PA
        USD
        194925
        0.0790080598
        Long
        DBT
        CORP
        IE
        
        Y
        
        2
        
          2028-06-30
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        International Game Technology PLC
        549300UQ6KHRCZDRGZ76
        IGT 5.25 01/15/29 144A
        460599AE3
        
          
          
        
        430000
        PA
        USD
        459025
        0.1860545063
        Long
        DBT
        CORP
        GB
        
        Y
        
        2
        
          2029-01-15
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Realogy Group LLC/Realogy Co-Issuer Corp
        LF6PBYTYG3BDVEF4FI12
        RLGY 7.625 06/15/25 144A
        75606DAJ0
        
          
          
        
        185000
        PA
        USD
        200956.25
        0.0814526788
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-06-15
          Fixed
          7.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HTA Group Limited
        213800WEFU8O8X6EPU13
        HLSTWR 7 12/18/25 144A
        40435WAB6
        
          
          
        
        255000
        PA
        USD
        272595
        0.1104896861
        Long
        DBT
        CORP
        MU
        
        Y
        
        2
        
          2025-12-18
          Fixed
          7.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Comstock Resources, Inc.
        I03QQGEA4SS774AURI46
        CRK 9.75 08/15/26 *
        205768AR5
        
          
          
        
        100000
        PA
        USD
        106500
        0.0431671585
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-08-15
          Fixed
          9.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Northern Inst Fds
        549300Y178DO5JBR1S04
        Northern Inst Fds NORTHERN INSTITUTIONAL
        665279873
        
          
          
        
        503.21
        NS
        USD
        503.21
        0.0002039638
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Republic of Ecuador
        5299003Y2U5XK0A35H71
        ECUA 0.5 07/31/40 144A
        27927IAG8
        
          
          
        
        670130
        PA
        USD
        297537.72
        0.1205996048
        Long
        DBT
        NUSS
        EC
        Y
        
        2
        
          2040-07-31
          Variable
          0.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mexico (United Mexican States)
        254900EGTWEU67VP6075
        MEX 2.659 05/24/31
        91087BAM2
        
          
          
        
        400000
        PA
        USD
        397816
        0.1612449419
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2031-05-24
          Fixed
          2.659000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Caesars Entertainment Inc New
        549300V3UCT773B1KR38
        CZR 6.25 07/01/25 144A
        28470RAH5
        
          
          
        
        175000
        PA
        USD
        185155.25
        0.0750481316
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-07-01
          Fixed
          6.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Alcoa Nederland Holding B.V.
        5493000UL1QLQLT1VQ42
        AA 5.5 12/15/27 144A
        013822AE1
        
          
          
        
        200000
        PA
        USD
        215276
        0.0872568376
        Long
        DBT
        CORP
        NL
        
        Y
        
        2
        
          2027-12-15
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Taylor Morrison Communities Inc
        549300O1Z08HI2MRK572
        TMHC 5.125 08/01/30 144A
        87724RAJ1
        
          
          
        
        160000
        PA
        USD
        176000
        0.0713372760
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2030-08-01
          Fixed
          5.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Boise Cascade Co
        549300Z8B8LSRHC7XA55
        BCC 4.875 07/01/30 144A
        09739DAD2
        
          
          
        
        15000
        PA
        USD
        16293.75
        0.0066042713
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2030-07-01
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ukraine (Republic of)
        6354001WLTJXOMEXPY07
        UKRAIN 7.75 09/01/27 REGS
        X5S005UM1
        
          
          
        
        505000
        PA
        USD
        566241.35
        0.2295120196
        Long
        DBT
        NUSS
        UA
        Y
        
        2
        
          2027-09-01
          Fixed
          7.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Chile
        549300FLZTJM5YJF8D34
        BTPCL 5 03/01/35
        P9T38EAP3
        
          
          
        
        355000000
        PA
        
        583695.75
        0.2365867319
        Long
        DBT
        NUSS
        CL
        N
        
        2
        
          2035-03-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JSC National Company KazMunayGas
        2138001H1M69RFJCSH88
        KZOKZ 5.75 04/19/47 REGS
        Y4596HAD9
        
          
          
        
        240000
        PA
        USD
        309547.68
        0.1254675470
        Long
        DBT
        CORP
        KZ
        Y
        
        2
        
          2047-04-19
          Fixed
          5.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Romania (Republic Of)
        315700IASY927EDWBK92
        ROMGB 3.25 04/29/24 7Y
        X5S007EA1
        
          
          
        
        4480000
        PA
        
        1157509.98
        0.4691682324
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2024-04-29
          Fixed
          3.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Graham Packaging Company Inc
        N/A
        GRMPAC 7.125 08/15/28 144A
        384701AA6
        
          
          
        
        65000
        PA
        USD
        70281.25
        0.0284867780
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-08-15
          Fixed
          7.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Xerox Holdings Corporation
        5493000Y33XDVO2CXC18
        XRX 5 08/15/25 144A
        98421MAA4
        
          
          
        
        100000
        PA
        USD
        104878
        0.0425097206
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-08-15
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Targa Resources Partners LP/Targa Resources Finance Corporation
        6OQWTZ1SPC04IFT4T704
        NGLS 4.875 02/01/31 144A
        87612BBR2
        
          
          
        
        250000
        PA
        USD
        261875
        0.1061445974
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2031-02-01
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ken Garff Automotive Llc
        N/A
        KENGAR 4.875 09/15/28 144A
        48850PAA2
        
          
          
        
        50000
        PA
        USD
        51377.5
        0.0208246074
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-09-15
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Republic of Peru
        254900STKLK2DBJJZ530
        PERUGB 6.15 08/12/32
        P6S32DDY6
        
          
          
        
        3350000
        PA
        
        1107504.18
        0.4488996099
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2032-08-12
          Fixed
          6.150000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        C&W Senior Financing Designated Activity Company
        5493009O8OIWZPZRY516
        CWCLN 6.875 09/15/27 144A
        12674TAA4
        
          
          
        
        200000
        PA
        USD
        212925
        0.0863039175
        Long
        DBT
        CORP
        IE
        
        Y
        
        2
        
          2027-09-15
          Fixed
          6.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Poland (Republic of)
        259400R9L8QEP0TPXS31
        POLGB 2.5 04/25/24 0424
        X8T024ZV0
        
          
          
        
        4030000
        PA
        
        1165351.76
        0.4723467052
        Long
        DBT
        NUSS
        PL
        N
        
        2
        
          2024-04-25
          Fixed
          2.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        iHeartCommunications Inc
        54930076J6KDZL504O62
        IHRT 6.375 05/01/26
        45174HBC0
        
          
          
        
        10000
        PA
        USD
        10653.15
        0.0043179926
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-05-01
          Fixed
          6.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Airlines Group Inc
        N/A
        AAL 5 06/01/22 144A
        02376RAC6
        
          
          
        
        10000
        PA
        USD
        9450
        0.0038303253
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2022-06-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MV24 Capital B V
        N/A
        MVFPSO 6.748 06/01/34 144A
        55388RAA4
        
          
          
        
        189264
        PA
        USD
        205966.55
        0.0834834808
        Long
        DBT
        CORP
        NL
        
        Y
        
        2
        
          2034-06-01
          Fixed
          6.748000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        OXY 3.2 08/15/26
        674599CR4
        
          
          
        
        25000
        PA
        USD
        23437.5
        0.0094998148
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-08-15
          Fixed
          3.200000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Service Properties Trust
        529900IS770AG1K9QG27
        SVC 4.75 10/01/26
        44106MBA9
        
          
          
        
        65000
        PA
        USD
        62725
        0.0254240377
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-10-01
          Fixed
          4.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Netflix, Inc.
        549300Y7VHGU0I7CE873
        NFLX 4.875 06/15/30 144A
        64110LAV8
        
          
          
        
        435000
        PA
        USD
        525791.03
        0.2131164762
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2030-06-15
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ARD Finance S.A.
        6354006P6QPGGPVJW880
        ARDFIN 6.5 06/30/27 144A
        00191AAD8
        
          
          
        
        600000
        PA
        USD
        627000
        0.2541390457
        Long
        DBT
        CORP
        LU
        
        Y
        
        2
        
          2027-06-30
          Fixed
          6.500000000000
          N
          N
          Y
        
        
          N
          N
          N
        
      
      
        Nielsen Finance LLC/Nielsen Finance Co
        UJ76Y189LDMPCOCW7204
        NLSN 5.875 10/01/30 144A
        65409QBF8
        
          
          
        
        180000
        PA
        USD
        199575
        0.0808928230
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2030-10-01
          Fixed
          5.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Carvana Co
        5493003WEAK2PJ5WS063
        CVNA 5.625 10/01/25 144A
        146869AB8
        
          
          
        
        415000
        PA
        USD
        428956.45
        0.1738669583
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-10-01
          Fixed
          5.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CEMEX S.A.B. de C.V.
        549300RIG2CXWN6IV731
        CEMEX 3.875 07/11/31 144A
        151290BZ5
        
          
          
        
        200000
        PA
        USD
        200300
        0.0811866840
        Long
        DBT
        CORP
        MX
        Y
        
        2
        
          2031-07-11
          Fixed
          3.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Egypt (Arab Republic of)
        529900GFIVH4086NMH82
        EGYTB 0 04/20/21 364D
        M5R189FU5
        
          
          
        
        1500000
        PA
        
        93215.87
        0.0377827628
        Long
        DBT
        NUSS
        EG
        N
        
        2
        
          2021-04-20
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Egypt (Arab Republic of)
        529900GFIVH4086NMH82
        EGYGB 14.06 01/12/26 5YR
        BN4528806
        
          
          
        
        5818000
        PA
        
        369533.55
        0.1497813457
        Long
        DBT
        NUSS
        EG
        N
        
        2
        
          2026-01-12
          Fixed
          14.060000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Turkey (Republic of)
        5493000PCHOG3B6S3Q85
        TURKEY 4.75 01/26/26
        900123DB3
        
          
          
        
        200000
        PA
        USD
        203000
        0.0822810626
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2026-01-26
          Fixed
          4.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Prestige Brands, Inc.
        549300JBVP4J6D42I235
        PBH 5.125 01/15/28 144A
        74112BAL9
        
          
          
        
        125000
        PA
        USD
        132928.13
        0.0538791517
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-01-15
          Fixed
          5.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        iHeartCommunications Inc
        54930076J6KDZL504O62
        IHRT 4.75 01/15/28 144A
        45174HBG1
        
          
          
        
        180000
        PA
        USD
        183825
        0.0745089475
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-01-15
          Fixed
          4.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bausch Health Companies Inc
        B3BS7ACMDUWISF18KY76
        BHCCN 5 01/30/28 144A
        071734AH0
        
          
          
        
        45000
        PA
        USD
        46363.5
        0.0187923057
        Long
        DBT
        CORP
        CA
        
        Y
        
        2
        
          2028-01-30
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Turkey (Republic of)
        5493000PCHOG3B6S3Q85
        TURKEY 5.25 03/13/30
        900123CY4
        
          
          
        
        418000
        PA
        USD
        415426.79
        0.1683830430
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2030-03-13
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Expedia Group Inc
        CI7MUJI4USF3V0NJ1H64
        EXPE 3.25 02/15/30
        30212PAR6
        
          
          
        
        700000
        PA
        USD
        714988.97
        0.2898032129
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-02-15
          Fixed
          3.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ford Motor Company
        20S05OYHG0MQM4VUIC57
        F 9 04/22/25
        345370CW8
        
          
          
        
        710000
        PA
        USD
        863487.8
        0.3499935653
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-04-22
          Fixed
          9.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Saudi Arabia (Kingdom of)
        635400FMICXSM3SI3H65
        KSA 2.25 02/02/33 144A
        80413TAV1
        
          
          
        
        700000
        PA
        USD
        691558
        0.2803060449
        Long
        DBT
        NUSS
        SA
        Y
        
        2
        
          2033-02-02
          Fixed
          2.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mexico (United Mexican States)
        254900EGTWEU67VP6075
        MBONO 8 12/07/23 M
        P9767GWU1
        
          
          
        
        37330000
        PA
        
        2002679.2
        0.8117368113
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2023-12-07
          Fixed
          8.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Norway (Kingdom Of)
        N/A
        NGB 2 05/24/23 475
        R34155AB8
        
          
          
        
        7871000
        PA
        
        953295.82
        0.3863950398
        Long
        DBT
        NUSS
        NO
        N
        
        2
        
          2023-05-24
          Fixed
          2.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mexico (United Mexican States)
        254900EGTWEU67VP6075
        MBONO 10 12/05/24 M 20
        P9767GB34
        
          
          
        
        20000000
        PA
        
        1169208.25
        0.4739098387
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2024-12-05
          Fixed
          10.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State of Qatar
        52990074F6OJOAXK4P65
        QATAR 3.75 04/16/30 144A
        74727PBD2
        
          
          
        
        570000
        PA
        USD
        663252
        0.2688329032
        Long
        DBT
        NUSS
        QA
        Y
        
        2
        
          2030-04-16
          Fixed
          3.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cleveland-Cliffs Inc
        549300TM2WLI2BJMDD86
        CLF 9.875 10/17/25 144A
        185899AJ0
        
          
          
        
        185000
        PA
        USD
        216912.5
        0.0879201527
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-10-17
          Fixed
          9.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Aramark Services, Inc.
        42YMHYH0XMHJEXDUB065
        ARMK 6.375 05/01/25 144A
        038522AR9
        
          
          
        
        225000
        PA
        USD
        239400
        0.0970349084
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-05-01
          Fixed
          6.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Boeing Company
        RVHJWBXLJ1RFUBSY1F30
        BA 5.93 05/01/60
        097023CX1
        
          
          
        
        100000
        PA
        USD
        133975.91
        0.0543038436
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2060-05-01
          Fixed
          5.930000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mexico (United Mexican States)
        254900EGTWEU67VP6075
        MBONO 10 12/05/24 M 20
        P9767GB34
        
          
          
        
        21630000
        PA
        
        1264498.73
        0.5125334937
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2024-12-05
          Fixed
          10.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mexico (United Mexican States)
        254900EGTWEU67VP6075
        MBONO 8.5 05/31/29 M 20
        P9767G6N6
        
          
          
        
        25767400
        PA
        
        1535661.12
        0.6224425064
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2029-05-31
          Fixed
          8.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Boeing Company
        RVHJWBXLJ1RFUBSY1F30
        BA 5.15 05/01/30
        097023CY9
        
          
          
        
        300000
        PA
        USD
        355831.76
        0.1442276617
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-05-01
          Fixed
          5.150000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Chile
        549300FLZTJM5YJF8D34
        CHILE 2.45 01/31/31
        168863DP0
        
          
          
        
        400000
        PA
        USD
        421000
        0.1706420068
        Long
        DBT
        NUSS
        CL
        N
        
        2
        
          2031-01-31
          Fixed
          2.450000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PBF Holding Company LLC and PBF Finance Corp.
        549300TILVIIV9FLL461
        PBFENE 9.25 05/15/25 144A
        69318FAK4
        
          
          
        
        90000
        PA
        USD
        86818.5
        0.0351897460
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-05-15
          Fixed
          9.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tencent Holdings Limited
        254900N4SLUMW4XUYY11
        TENCNT 3.24 06/03/50 144A
        88032WAV8
        
          
          
        
        400000
        PA
        USD
        398714.3
        0.1616090458
        Long
        DBT
        CORP
        KY
        
        Y
        
        2
        
          2050-06-03
          Fixed
          3.240000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indonesia (Republic of)
        529900FWX0GRR7WG5W79
        INDOGB 7 05/15/22 FR61
        Y39814HE4
        
          
          
        
        25056000000
        PA
        
        1848250.57
        0.7491429602
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2022-05-15
          Fixed
          7.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ghana, Republic of
        213800PP4399SNNXZ126
        GHGB 24.5 06/21/21 5YR
        V3R60FBT0
        
          
          
        
        580000
        PA
        
        102740.67
        0.0416434064
        Long
        DBT
        NUSS
        GH
        N
        
        2
        
          2021-06-21
          Fixed
          24.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Jaguar Holding Company II/PPD Development L P
        N/A
        PPD 5 06/15/28 144A
        47010LAA0
        
          
          
        
        130000
        PA
        USD
        138125
        0.0559855753
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-06-15
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Banco Central del Uruguay
        549300DTMS39GZYBX161
        UTB 0 06/18/21 0001
        P960772M6
        
          
          
        
        16200000
        PA
        
        374431.84
        0.1517667472
        Long
        DBT
        NUSS
        UY
        N
        
        2
        
          2021-06-18
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Palo Alto Networks Inc
        549300QXR2YVZV231H43
        PANW 0.375 06/01/25
        697435AE5
        
          
          
        
        10000
        PA
        USD
        13191.37
        0.0053467977
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-06-01
          Fixed
          0.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Banco de Credito del Peru
        549300EQYQ8SCQZ4BY14
        BCP V3.125 07/01/30 144A
        05971U2C0
        
          
          
        
        175000
        PA
        USD
        180034.75
        0.0729726628
        Long
        DBT
        CORP
        PE
        Y
        
        2
        
          2030-07-01
          Fixed
          3.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Leviathan Bond Limited
        254900D9T8VKYVQNZ220
        LVIATH 6.75 06/30/30
        M6746GAD8
        
          
          
        
        85000
        PA
        USD
        97016.45
        0.0393232345
        Long
        DBT
        CORP
        IL
        Y
        
        2
        
          2030-06-30
          Fixed
          6.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mexico (United Mexican States)
        254900EGTWEU67VP6075
        MEX 3.771 05/24/61
        91087BAN0
        
          
          
        
        600000
        PA
        USD
        578106
        0.2343210640
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2061-05-24
          Fixed
          3.771000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Aramark Services, Inc.
        42YMHYH0XMHJEXDUB065
        ARMK 4.75 06/01/26
        038522AN8
        
          
          
        
        80000
        PA
        USD
        81800
        0.0331556203
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-06-01
          Fixed
          4.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CommScope Technologies LLC
        M4TWC4QDOKW45N7T6Y12
        COMM 5 03/15/27 144A
        20338HAB9
        
          
          
        
        950000
        PA
        USD
        941687.5
        0.3816898925
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-03-15
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ukraine (Republic of)
        6354001WLTJXOMEXPY07
        UKRAIN 7.75 09/01/22 REGS
        X5S005UG4
        
          
          
        
        350000
        PA
        USD
        372181.25
        0.1508545258
        Long
        DBT
        NUSS
        UA
        Y
        
        2
        
          2022-09-01
          Fixed
          7.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        China Evergrande Group
        549300CUF7B1LAB15T90
        EVERRE 8.25 03/23/22
        G2119WAA4
        
          
          
        
        600000
        PA
        USD
        572993.48
        0.2322488297
        Long
        DBT
        CORP
        KY
        
        Y
        
        2
        
          2022-03-23
          Fixed
          8.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp.
        N/A
        LADR 5.25 10/01/25 144A
        505742AG1
        
          
          
        
        95000
        PA
        USD
        94762.5
        0.0384096512
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-10-01
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Deutsche Bank AG New York Branch
        N/A
        DB V4.875 12/01/32
        251526BN8
        
          
          
        
        400000
        PA
        USD
        427632
        0.1733301250
        Long
        DBT
        CORP
        DE
        N
        
        2
        
          2032-12-01
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Post Holdings Inc.
        JM1I5YUAURL6DC8N1468
        POST 5 08/15/26 REGS
        U7318UAJ1
        
          
          
        
        180000
        PA
        USD
        185675.4
        0.0752589617
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-08-15
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Czech (Republic of)
        3157007EFDLQABN47912
        CZGB 2.75 07/23/29 105
        999MAR302
        
          
          
        
        8230000
        PA
        
        432959.43
        0.1754894679
        Long
        DBT
        NUSS
        CZ
        N
        
        2
        
          2029-07-23
          Fixed
          2.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Minejesa Capital BV
        549300KS7ERCP10BKC35
        MINCAP 5.625 08/10/37 144A
        602736AB6
        
          
          
        
        200000
        PA
        USD
        219864
        0.0891164707
        Long
        DBT
        CORP
        NL
        
        Y
        
        2
        
          2037-08-10
          Fixed
          5.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Virgin Media Sec Finance PLC
        213800X3RLP4NOTPY579
        VMED 5.5 05/15/29 144A
        92769XAP0
        
          
          
        
        230000
        PA
        USD
        247956.1
        0.1005029133
        Long
        DBT
        CORP
        GB
        Y
        
        2
        
          2029-05-15
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indonesia (Republic of)
        529900FWX0GRR7WG5W79
        INDOGB 6.5 06/15/25 FR81
        Y6S86ZMM8
        
          
          
        
        9474000000
        PA
        
        705981.41
        0.2861522198
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2025-06-15
          Fixed
          6.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQT Corporation
        4NT01YGM4X7ZX86ISY52
        EQT 7.875 02/01/25
        26884LAH2
        
          
          
        
        105000
        PA
        USD
        123737.25
        0.0501538543
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-02-01
          Fixed
          7.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bausch Health Companies Inc
        B3BS7ACMDUWISF18KY76
        BHCCN 7.25 05/30/29 144A
        071734AF4
        
          
          
        
        50000
        PA
        USD
        55750
        0.0225968928
        Long
        DBT
        CORP
        CA
        
        Y
        
        2
        
          2029-05-30
          Fixed
          7.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Marriott Ownership Resorts Inc and ILG LLC
        BW4532OH033VURR0IT68
        VAC 6.5 09/15/26
        57165PAB1
        
          
          
        
        371000
        PA
        USD
        385899.36
        0.1564148247
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-09-15
          Fixed
          6.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nationstar Mortgage LLC
        N/A
        NSM 6 01/15/27 144A
        63861CAA7
        
          
          
        
        360000
        PA
        USD
        380700
        0.1543073919
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-01-15
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VICI PROPERTIES INC
        N/A
        VICI 3.5 02/15/25 144A
        92564RAC9
        
          
          
        
        55000
        PA
        USD
        55974.88
        0.0226880424
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-02-15
          Fixed
          3.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Baytex Energy Corp
        549300R5LTV2H7I1I079
        BTECN 8.75 04/01/27 144A
        07317QAH8
        
          
          
        
        120000
        PA
        USD
        94500
        0.0383032533
        Long
        DBT
        CORP
        CA
        Y
        
        2
        
          2027-04-01
          Fixed
          8.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation
        549300T0G4GS0SINS786
        IEP 5.25 05/15/27
        451102BZ9
        
          
          
        
        640000
        PA
        USD
        673600
        0.2730272108
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-05-15
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Olin Corporation
        549300GKK294V7W57P06
        OLN 5.625 08/01/29
        680665AL0
        
          
          
        
        20000
        PA
        USD
        21425
        0.0086840974
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-08-01
          Fixed
          5.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Easy Tactic Limited
        549300WYFMC41MKE6E16
        GZRFPR 8.125 02/27/23
        G2916VAJ2
        
          
          
        
        400000
        PA
        USD
        378000
        0.1532130132
        Long
        DBT
        CORP
        VG
        
        Y
        
        2
        
          2023-02-27
          Fixed
          8.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Builders Firstsource, Inc.
        549300W0SKP6L3H7DP63
        BLDR 5 03/01/30 144A
        12008RAN7
        
          
          
        
        290000
        PA
        USD
        309937.5
        0.1256255510
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2030-03-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tallgrass Energy Partners, LP and Tallgrass Energy Finance Corp.
        549300IQ3DN0F3VERF65
        TEP 6 03/01/27 144A
        87470LAG6
        
          
          
        
        90000
        PA
        USD
        90900
        0.0368440817
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-03-01
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Xerox Holdings Corporation
        5493000Y33XDVO2CXC18
        XRX 5.5 08/15/28 144A
        98421MAB2
        
          
          
        
        100000
        PA
        USD
        103095
        0.0417870254
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-08-15
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        L Brands Inc
        GR3KVMWVCR54YWQNXU90
        LB 6.625 10/01/30 144A
        501797AW4
        
          
          
        
        90000
        PA
        USD
        101249.55
        0.0410390176
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2030-10-01
          Fixed
          6.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        1011778 B.C. Unlimited Liability Company / New Red Finance, Inc.
        549300RHSHNRWI5LLA86
        BCULC 4 10/15/30 144A
        68245XAM1
        
          
          
        
        490000
        PA
        USD
        488162.5
        0.1978646761
        Long
        DBT
        CORP
        CA
        Y
        
        2
        
          2030-10-15
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lithia Motors Incorporated
        SE8N1EZEHPZQBCBVKD53
        LAD 4.375 01/15/31 144A
        536797AF0
        
          
          
        
        105000
        PA
        USD
        111168.75
        0.0450595216
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2031-01-15
          Fixed
          4.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Methanex Corporation
        549300TSJHRXT9QXRD13
        MXCN 5.25 12/15/29
        59151KAL2
        
          
          
        
        15000
        PA
        USD
        15703.13
        0.0063648779
        Long
        DBT
        CORP
        CA
        N
        
        2
        
          2029-12-15
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Emirate of Abu Dhabi
        213800FER4348CINTA77
        ADGB 3.125 09/30/49 144A
        29135LAF7
        
          
          
        
        200000
        PA
        USD
        209576
        0.0849464827
        Long
        DBT
        NUSS
        AE
        Y
        
        2
        
          2049-09-30
          Fixed
          3.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Allegheny Technologies Incorporated
        ZW1LRE7C3H17O2ZN9B45
        ATI 5.875 12/01/27
        01741RAH5
        
          
          
        
        60000
        PA
        USD
        63006.9
        0.0255382989
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-12-01
          Fixed
          5.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mattel, Inc.
        549300VELLG24KHTJ564
        MAT 5.875 12/15/27 144A
        577081BD3
        
          
          
        
        30000
        PA
        USD
        33081.9
        0.0134089354
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-12-15
          Fixed
          5.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kenbourne Invest S.A.
        222100QGH6Y9KFYZ4B27
        WOMCHI 6.875 11/26/24 144A
        48855KAA8
        
          
          
        
        200000
        PA
        USD
        215950
        0.0875300270
        Long
        DBT
        CORP
        LU
        
        Y
        
        2
        
          2024-11-26
          Fixed
          6.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Western Midstream Operating LP
        L6D8A6MLSY454J2JXJ60
        WES 5.25 02/01/50
        958667AA5
        
          
          
        
        105000
        PA
        USD
        118125
        0.0478790666
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2050-02-01
          Fixed
          6.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Genesis Energy Lp
        549300VJ5D6MDK138782
        GEL 7.75 02/01/28
        37185LAL6
        
          
          
        
        175000
        PA
        USD
        162312.5
        0.0657893841
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-02-01
          Fixed
          7.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CVR Energy Inc
        529900SOYZIXZBTXB558
        CVI 5.25 02/15/25 144A
        12662PAB4
        
          
          
        
        60000
        PA
        USD
        58782
        0.0238258395
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-02-15
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        White Cap Buyer Llc
        N/A
        WHTCAP 6.875 10/15/28 144A
        96350RAA2
        
          
          
        
        35000
        PA
        USD
        36239
        0.0146885883
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-10-15
          Fixed
          6.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Argentina (Republic of)
        549300KPBYGYF7HCHO27
        BONCER 1.3 09/20/22 CER
        P8S090TX4
        
          
          
        
        38800
        PA
        
        551.57
        0.0002235653
        Long
        DBT
        NUSS
        AR
        N
        
        2
        
          2022-09-20
          Fixed
          1.300000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Grupo Aval Limited
        549300J4FW1ELLQ80113
        AVALCB 4.375 02/04/30 144A
        40053FAC2
        
          
          
        
        200000
        PA
        USD
        206600
        0.0837402342
        Long
        DBT
        CORP
        KY
        
        Y
        
        2
        
          2030-02-04
          Fixed
          4.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Saudi Arabia (Kingdom of)
        635400FMICXSM3SI3H65
        KSA 3.75 01/21/55 REGS
        M6320UAX7
        
          
          
        
        200000
        PA
        USD
        211725
        0.0858175270
        Long
        DBT
        NUSS
        SA
        Y
        
        2
        
          2055-01-21
          Fixed
          3.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Agricultural Development Bank of China
        300300C1020311000158
        ADBCH 3.75 01/25/29 1901
        Y0R4AWKB9
        
          
          
        
        10340000
        PA
        
        1611129.74
        0.6530318574
        Long
        DBT
        NUSS
        CN
        N
        
        2
        
          2029-01-25
          Fixed
          3.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NCR Corporation
        549300YKTY8JX1DV2R67
        NCR 8.125 04/15/25 144A
        62886EAX6
        
          
          
        
        25000
        PA
        USD
        27375
        0.0110957837
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-04-15
          Fixed
          8.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Oryx Funding Limited
        549300S728CF0BBRC295
        OMGRID 5.8 02/03/31 144A
        67114NAA9
        
          
          
        
        200000
        PA
        USD
        204500
        0.0828890508
        Long
        DBT
        CORP
        KY
        
        Y
        
        2
        
          2031-02-03
          Fixed
          5.800000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Secretaria Tesouro Nacional
        254900ZFY40OYEADAP90
        BNTNB 6 05/15/35 NTNB
        P80551BR7
        
          
          
        
        230000
        PA
        
        186674.29
        0.0756638372
        Long
        DBT
        NUSS
        BR
        N
        
        2
        
          2035-05-15
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Royal Caribbean Group
        K2NEH8QNVW44JIWK7Z55
        RCL 11.5 06/01/25 144A
        780153AZ5
        
          
          
        
        145000
        PA
        USD
        167928.13
        0.0680655418
        Long
        DBT
        CORP
        LR
        
        Y
        
        2
        
          2025-06-01
          Fixed
          11.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Boeing Company
        RVHJWBXLJ1RFUBSY1F30
        BA 5.805 05/01/50
        097023CW3
        
          
          
        
        655000
        PA
        USD
        861212
        0.3490711257
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2050-05-01
          Fixed
          5.805000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Clear Channel Worldwide Holdings Inc.
        N/A
        CCO 9.25 02/15/24
        18451QAP3
        
          
          
        
        160000
        PA
        USD
        166250.4
        0.0673855152
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-02-15
          Fixed
          9.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CEMEX S.A.B. de C.V.
        549300RIG2CXWN6IV731
        CEMEX 7.375 06/05/27 144A
        151290BW2
        
          
          
        
        260000
        PA
        USD
        293410
        0.1189265349
        Long
        DBT
        CORP
        MX
        Y
        
        2
        
          2027-06-05
          Fixed
          7.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        SAGB 8.5 01/31/37 2037
        S69124TY1
        
          
          
        
        17375409
        PA
        
        957804.01
        0.3882223239
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2037-01-31
          Fixed
          8.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Chile
        549300FLZTJM5YJF8D34
        BTUCL 1.5 03/01/26
        P9T38EAN8
        
          
          
        
        6500
        PA
        
        297768.42
        0.1206931134
        Long
        DBT
        NUSS
        CL
        N
        
        2
        
          2026-03-01
          Fixed
          1.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Romania (Republic Of)
        315700IASY927EDWBK92
        ROMANI 3 02/14/31 144A
        77586RAH3
        
          
          
        
        270000
        PA
        USD
        286048.8
        0.1159428534
        Long
        DBT
        NUSS
        RO
        Y
        
        2
        
          2031-02-14
          Fixed
          3.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Saudi Arabian Oil Company
        5586006WD91QHB7J4X50
        ARAMCO 3.25 11/24/50 144A
        80414L2L8
        
          
          
        
        250000
        PA
        USD
        243764.49
        0.0988039471
        Long
        DBT
        CORP
        SA
        Y
        
        2
        
          2050-11-24
          Fixed
          3.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nokia Corp
        549300A0JPRWG1KI7U06
        NOKIA 4.375 06/12/27
        654902AE5
        
          
          
        
        224000
        PA
        USD
        247412.48
        0.1002825703
        Long
        DBT
        CORP
        FI
        N
        
        2
        
          2027-06-12
          Fixed
          4.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DISH Network Corporation
        529900U350CWHH15G169
        DISH 3.375 08/15/26
        25470MAB5
        
          
          
        
        1195000
        PA
        USD
        1101900.61
        0.4466283405
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-08-15
          Fixed
          3.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal Home Loan Banks
        N/A
        FHLBDN 0 02/01/21
        313385BH8
        
          
          
        
        7470000
        PA
        USD
        7469999.59
        3.0277808088
        Long
        DBT
        USGSE
        US
        N
        
        2
        
          2021-02-01
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mexico (United Mexican States)
        254900EGTWEU67VP6075
        MBONO 5.75 03/05/26 M
        P4R07XKC9
        
          
          
        
        16795000
        PA
        
        861125.75
        0.3490361664
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2026-03-05
          Fixed
          5.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Secretaria Tesouro Nacional
        254900ZFY40OYEADAP90
        BLTN 0 07/01/21 LTN
        P8T60MYN7
        
          
          
        
        3245000
        PA
        
        587562.06
        0.2381538456
        Long
        DBT
        NUSS
        BR
        N
        
        2
        
          2021-07-01
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tallgrass Energy Partners, LP and Tallgrass Energy Finance Corp.
        549300IQ3DN0F3VERF65
        TEP 5.5 01/15/28 144A
        87470LAD3
        
          
          
        
        130000
        PA
        USD
        128700
        0.0521653831
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-01-15
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Southwestern Energy Company
        EFWMP121W54QV9MGOP87
        SWN 7.5 04/01/26
        845467AM1
        
          
          
        
        25000
        PA
        USD
        26120
        0.0105871003
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-04-01
          Fixed
          7.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Thailand (Kingdom Of)
        254900PHJ6MSKT6C7026
        THAIGB 2.875 12/17/28
        Y6065BKE6
        
          
          
        
        44200000
        PA
        
        1676915.72
        0.6796965882
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2028-12-17
          Fixed
          2.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indonesia (Republic of)
        529900FWX0GRR7WG5W79
        INDOGB 7.5 08/15/32 FR74
        Y6S86ZFG9
        
          
          
        
        10750000000
        PA
        
        813938
        0.3299097712
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2032-08-15
          Fixed
          7.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nigeria (Federal Republic of)
        549300GSBZD84TNEQ285
        NGERIA 7.875 02/16/32 REGS
        V342A3BV5
        
          
          
        
        200000
        PA
        USD
        219501.37
        0.0889694876
        Long
        DBT
        NUSS
        NG
        Y
        
        2
        
          2032-02-16
          Fixed
          7.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Thailand (Kingdom Of)
        254900PHJ6MSKT6C7026
        THAIGB 3.3 06/17/38
        Y6065BKV8
        
          
          
        
        45968000
        PA
        
        1891090.96
        0.7665072598
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2038-06-17
          Fixed
          3.300000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mattamy Group Corp
        5493008TNY7A82WCXU31
        MATHOM 4.625 03/01/30 144A
        57701RAM4
        
          
          
        
        65000
        PA
        USD
        67437.5
        0.0273341338
        Long
        DBT
        CORP
        CA
        Y
        
        2
        
          2030-03-01
          Fixed
          4.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Perusahaan Penerbit SBSN Indonesia III
        254900G208H6Q0L5B953
        INDOIS 4.15 03/29/27 RegS
        71567RAH9
        
          
          
        
        330000
        PA
        USD
        375533.4
        0.1522132375
        Long
        DBT
        NUSS
        ID
        Y
        
        2
        
          2027-03-29
          Fixed
          4.150000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Masonite International Corporation
        549300H0H07ZFT4JYM32
        DOOR 5.375 02/01/28 144A
        575385AD1
        
          
          
        
        160000
        PA
        USD
        171297.6
        0.0694312737
        Long
        DBT
        CORP
        CA
        
        Y
        
        2
        
          2028-02-01
          Fixed
          5.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FREEPORT-MCMORAN INC
        549300IRDTHJQ1PVET45
        FCX 5 09/01/27
        35671DCC7
        
          
          
        
        80000
        PA
        USD
        85200
        0.0345337268
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-09-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WYNN RESORTS FINANCE LLC / WYNN RESORTS CAPITAL CORP
        N/A
        WYNFIN 5.125 10/01/29 144A
        983133AA7
        
          
          
        
        125000
        PA
        USD
        129062.5
        0.0523123135
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-10-01
          Fixed
          5.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Argentina (Republic of)
        549300KPBYGYF7HCHO27
        BONCER 1.1 04/17/21 CER
        P8S090TR7
        
          
          
        
        1862900
        PA
        
        27597.46
        0.0111859524
        Long
        DBT
        NUSS
        AR
        N
        
        2
        
          2021-04-17
          Fixed
          1.100000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SM ENERGY COMPANY
        84BUTVXV5ODI6BXNMH43
        SM 10 01/15/25 144A
        78454LAT7
        
          
          
        
        61000
        PA
        USD
        67633.75
        0.0274136789
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-01-15
          Fixed
          10.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ZIGGO B.V.
        213800TQASLF9JXH5J59
        ZIGGO 4.875 01/15/30 144a
        98955DAA8
        
          
          
        
        200000
        PA
        USD
        209621
        0.0849647223
        Long
        DBT
        CORP
        NL
        Y
        
        2
        
          2030-01-15
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Brazil (Federative Republic)
        254900ZFY40OYEADAP90
        BRAZIL 4.75 01/14/50
        105756CB4
        
          
          
        
        1000000
        PA
        USD
        998750
        0.4048187749
        Long
        DBT
        NUSS
        BR
        N
        
        2
        
          2050-01-14
          Fixed
          4.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Costa Rica
        549300S1EK2VN6XVJP58
        COSTAR 6.125 02/19/31 144A
        221597CP0
        
          
          
        
        200000
        PA
        USD
        200500
        0.0812677491
        Long
        DBT
        NUSS
        CR
        Y
        
        2
        
          2031-02-19
          Fixed
          6.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mattamy Group Corp
        5493008TNY7A82WCXU31
        MATHOM 5.25 12/15/27 144A
        57701RAJ1
        
          
          
        
        140000
        PA
        USD
        147350
        0.0597247024
        Long
        DBT
        CORP
        CA
        Y
        
        2
        
          2027-12-15
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        OXY 8.875 07/15/30
        674599EA9
        
          
          
        
        85000
        PA
        USD
        106738.75
        0.0432639299
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-07-15
          Fixed
          8.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Avantor Funding Inc
        N/A
        AVTR 4.625 07/15/28 144A
        05352TAA7
        
          
          
        
        220000
        PA
        USD
        231594
        0.0938709380
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-07-15
          Fixed
          4.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dominican Republic
        254900EHU7Q8FGVPI369
        DOMREP 5.875 01/30/60 144A
        25714PEE4
        
          
          
        
        315000
        PA
        USD
        329805
        0.1336783540
        Long
        DBT
        NUSS
        DO
        Y
        
        2
        
          2060-01-30
          Fixed
          5.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Argentina (Republic of)
        549300KPBYGYF7HCHO27
        BONCER 1.5 03/25/24 CER
        P8S090TM8
        
          
          
        
        21313347
        PA
        
        291860.51
        0.1182984872
        Long
        DBT
        NUSS
        AR
        N
        
        2
        
          2024-03-25
          Fixed
          1.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        By Crown Parent Llc / By Bond Finance Incorporated
        549300B1M4J69ECRY452
        BLYNDR 4.25 01/31/26 144A
        05608QAA5
        
          
          
        
        95000
        PA
        USD
        97375
        0.0394685639
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-01-31
          Fixed
          4.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Windstream Escrow LLC / Windstream Escrow Finance Corp
        N/A
        WIN 7.75 08/15/28 144A
        97382WAA1
        
          
          
        
        100000
        PA
        USD
        101250
        0.0410392000
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-08-15
          Fixed
          7.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State of Qatar
        52990074F6OJOAXK4P65
        QATAR 4.4 04/16/50 144A
        74727PBE0
        
          
          
        
        255000
        PA
        USD
        326132.25
        0.1321896950
        Long
        DBT
        NUSS
        QA
        Y
        
        2
        
          2050-04-16
          Fixed
          4.400000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Teladoc Health Inc
        549300I2PVFBC9MFAC61
        TDOC 1.25 06/01/27
        87918AAE5
        
          
          
        
        285000
        PA
        USD
        402206.25
        0.1630244219
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-06-01
          Fixed
          1.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Southwest Airlines Co.
        UDTZ87G0STFETI6HGH41
        LUV 1.25 05/01/25
        844741BG2
        
          
          
        
        180000
        PA
        USD
        253575
        0.1027803963
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-05-01
          Fixed
          1.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wesco Distribution, Inc.
        549300I2CEZJG9N4AH67
        WCC 7.25 06/15/28 144A
        95081QAP9
        
          
          
        
        165000
        PA
        USD
        185355.23
        0.0751291886
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-06-15
          Fixed
          7.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Angi Group Llc
        N/A
        ANGI 3.875 08/15/28 144A
        001846AA2
        
          
          
        
        95000
        PA
        USD
        94643.75
        0.0383615188
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-08-15
          Fixed
          3.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Veritas US Inc / Veritas Bermuda Ltd
        549300RFUWCPWS8FQ104
        VERITS 7.5 09/01/25 144A
        92346LAE3
        
          
          
        
        190000
        PA
        USD
        195225
        0.0791296574
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-09-01
          Fixed
          7.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tri Pointe Homes Inc
        N/A
        TPH 5.7 06/15/28
        87265HAG4
        
          
          
        
        70000
        PA
        USD
        78575
        0.0318484458
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-06-15
          Fixed
          5.700000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Brazil (Federative Republic)
        254900ZFY40OYEADAP90
        BRAZIL 3.875 06/12/30
        105756CC2
        
          
          
        
        400000
        PA
        USD
        411500
        0.1667914152
        Long
        DBT
        NUSS
        BR
        N
        
        2
        
          2030-06-12
          Fixed
          3.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tenet Healthcare Corporation
        0W9AIBT6U6ADJ2I8HK17
        THC 6.125 10/01/28 144A
        88033GDJ6
        
          
          
        
        695000
        PA
        USD
        728012.5
        0.2950819809
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-10-01
          Fixed
          6.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Carvana Co
        5493003WEAK2PJ5WS063
        CVNA 5.875 10/01/28 144A
        146869AD4
        
          
          
        
        140000
        PA
        USD
        145425
        0.0589444509
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-10-01
          Fixed
          5.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        China (People's Republic Of)
        300300CHN201808MOF68
        CGB 2.36 07/02/23 INBK
        Y6S39BXX3
        
          
          
        
        7100000
        PA
        
        1086110.35
        0.4402281465
        Long
        DBT
        NUSS
        CN
        N
        
        2
        
          2023-07-02
          Fixed
          2.360000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PROSUS N V
        635400Z5LQ5F9OLVT688
        PRXNA 4.027 08/03/50 144A
        74365PAD0
        
          
          
        
        200000
        PA
        USD
        199294.15
        0.0807789874
        Long
        DBT
        CORP
        NL
        
        Y
        
        2
        
          2050-08-03
          Fixed
          4.027000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Suzano Austria GmbH
        254900287ZNSGVP1R341
        SUZANO 3.75 01/15/31
        86964WAJ1
        
          
          
        
        235000
        PA
        USD
        249440.75
        0.1011046797
        Long
        DBT
        CORP
        AT
        
        N
        
        2
        
          2031-01-15
          Fixed
          3.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Argentina (Republic of)
        549300KPBYGYF7HCHO27
        ARGENT 0.125 07/09/30
        040114HS2
        
          
          
        
        695870
        PA
        USD
        266351.2
        0.1079589151
        Long
        DBT
        NUSS
        AR
        N
        
        2
        
          2030-07-09
          Variable
          0.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bangkok Bank Public Company Limited (Hong Kong Branch)
        N/A
        BBLTB V5 PERP 144A
        06000BAA0
        
          
          
        
        300000
        PA
        USD
        314625
        0.1275255140
        Long
        DBT
        CORP
        TH
        Y
        
        2
        
          2049-12-31
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dominican Republic
        254900EHU7Q8FGVPI369
        DOMREP 4.875 09/23/32 144A
        25714PEF1
        
          
          
        
        1030000
        PA
        USD
        1098495
        0.4452479601
        Long
        DBT
        NUSS
        DO
        Y
        
        2
        
          2032-09-23
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pm General Purchaser Llc
        N/A
        AMGENE 9.5 10/01/28 144A
        69356MAA4
        
          
          
        
        120000
        PA
        USD
        131838
        0.0534372943
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-10-01
          Fixed
          9.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kingdom of Morocco
        529900F3MBW9XY5K1X07
        MOROC 3 12/15/32 144A
        617726AL8
        
          
          
        
        225000
        PA
        USD
        226633.5
        0.0918603212
        Long
        DBT
        NUSS
        MA
        Y
        
        2
        
          2032-12-15
          Fixed
          3.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dominican Republic
        254900EHU7Q8FGVPI369
        DOMREP 5.3 01/21/41 144A
        25714PEG9
        
          
          
        
        150000
        PA
        USD
        154875
        0.0627747762
        Long
        DBT
        NUSS
        DO
        Y
        
        2
        
          2041-01-21
          Fixed
          5.300000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Banco Industrial, S.A.
        529900GF99QF67JEQU85
        BANGUA V4.875 01/29/31 144A
        05991CAA1
        
          
          
        
        150000
        PA
        USD
        153375
        0.0621667881
        Long
        DBT
        CORP
        GT
        Y
        
        2
        
          2031-01-29
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Saudi Arabian Oil Company
        5586006WD91QHB7J4X50
        ARAMCO 2.25 11/24/30 144A
        80414L2K0
        
          
          
        
        400000
        PA
        USD
        398973.1
        0.1617139440
        Long
        DBT
        CORP
        SA
        Y
        
        2
        
          2030-11-24
          Fixed
          2.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hilcorp Energy I L.P/Hilcorp Finance Co
        549300ITPIHLG0LHEC09
        HILCRP 6 02/01/31 144A
        431318AV6
        
          
          
        
        50000
        PA
        USD
        50750
        0.0205702657
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2031-02-01
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indonesia (Republic of)
        529900FWX0GRR7WG5W79
        INDOGB 5.625 05/15/23 FR63
        Y39814HP9
        
          
          
        
        469000000
        PA
        
        34163.07
        0.0138471611
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2023-05-15
          Fixed
          5.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Czech (Republic of)
        3157007EFDLQABN47912
        CZGB 2.5 08/25/28 78
        X73311JB3
        
          
          
        
        3570000
        PA
        
        183330.2
        0.0743083925
        Long
        DBT
        NUSS
        CZ
        N
        
        2
        
          2028-08-25
          Fixed
          2.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Buckeye Partners LP
        549300C1PQJLVEIUBK50
        BPL 5.6 10/15/44
        118230AP6
        
          
          
        
        60000
        PA
        USD
        57900
        0.0234683425
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2044-10-15
          Fixed
          5.600000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Czech (Republic of)
        3157007EFDLQABN47912
        CZGB 0.95 05/15/30 94
        X73311KU9
        
          
          
        
        20360000
        PA
        
        922318.57
        0.3738391726
        Long
        DBT
        NUSS
        CZ
        N
        
        2
        
          2030-05-15
          Fixed
          0.950000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TransDigm, Inc.
        88Q84GB3X55CF5OC7582
        TDG 6.375 06/15/26
        893647BB2
        
          
          
        
        330000
        PA
        USD
        340725
        0.1381045077
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-06-15
          Fixed
          6.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        First Quantum Minerals Ltd.
        549300I7UVBGWRYMYZ18
        FMCN 7.25 04/01/23 144A
        335934AK1
        
          
          
        
        430000
        PA
        USD
        439193.4
        0.1780162545
        Long
        DBT
        CORP
        CA
        
        Y
        
        2
        
          2023-04-01
          Fixed
          7.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Egypt (Arab Republic of)
        529900GFIVH4086NMH82
        EGYPT 8.5 01/31/47 REGS
        M1487WBS3
        
          
          
        
        300000
        PA
        USD
        330961.8
        0.1341472345
        Long
        DBT
        NUSS
        EG
        Y
        
        2
        
          2047-01-31
          Fixed
          8.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Malaysia (Government Of)
        254900GSIL471JOBYY43
        MGS 3.899 11/16/27 0417
        Y2R35QCB5
        
          
          
        
        3375000
        PA
        
        910357.26
        0.3689909494
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2027-11-16
          Fixed
          3.899000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Enlink Midstream Partners LP
        88CPW63VL7KHJWS0NY83
        ENLK 5.45 06/01/47
        29336UAG2
        
          
          
        
        340000
        PA
        USD
        271787.5
        0.1101623858
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2047-06-01
          Fixed
          5.450000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Biomarin Pharmaceutical Inc.
        NSLL8ITTRR0J5HEMR848
        BMRN 0.599 08/01/24
        09061GAH4
        
          
          
        
        140000
        PA
        USD
        149893.38
        0.0607555990
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-08-01
          Fixed
          0.599000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OIL & GAS HLDG CO B S C
        549300OBH16L6TS6IW50
        OILGAS 7.5 10/25/27 REGS
        67778NAA6
        
          
          
        
        215000
        PA
        USD
        244473.26
        0.0990912297
        Long
        DBT
        CORP
        BH
        Y
        
        2
        
          2027-10-25
          Fixed
          7.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ronshine China Holdings Limited
        549300GNBBT32SFSEC47
        RONXIN 8.75 10/25/22
        G76368AG7
        
          
          
        
        200000
        PA
        USD
        205006.47
        0.0830943360
        Long
        DBT
        CORP
        KY
        
        Y
        
        2
        
          2022-10-25
          Fixed
          8.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Southwestern Energy Company
        EFWMP121W54QV9MGOP87
        SWN 7.75 10/01/27
        845467AN9
        
          
          
        
        15000
        PA
        USD
        15900
        0.0064446744
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-10-01
          Fixed
          7.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Range Resources Corp.
        H3Y3WLYCX0BTO1TRW162
        RRC 5 03/15/23 *
        75281ABA6
        
          
          
        
        53000
        PA
        USD
        53149.73
        0.0215429373
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-03-15
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Energy Transfer Operating L P
        5493008K8W3OKZE54J59
        ETP V6.25 PERP A
        29278NAA1
        
          
          
        
        80000
        PA
        USD
        65166.4
        0.0264135992
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2049-12-31
          Fixed
          6.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Secretaria Tesouro Nacional
        254900ZFY40OYEADAP90
        BLTN 0 01/01/22 LTN
        P8T60MZD8
        
          
          
        
        6100000
        PA
        
        1081908.41
        0.4385249934
        Long
        DBT
        NUSS
        BR
        N
        
        2
        
          2022-01-01
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Czech (Republic of)
        3157007EFDLQABN47912
        CZGB 2 10/13/33 103
        999MAR286
        
          
          
        
        18340000
        PA
        
        911970.1
        0.3696446745
        Long
        DBT
        NUSS
        CZ
        N
        
        2
        
          2033-10-13
          Fixed
          2.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        IHS Netherlands Holdco BV
        5493006Z6YQYCCN2XI74
        IHSHLD 8 09/18/27 REGS
        N44153AE9
        
          
          
        
        200000
        PA
        USD
        215750
        0.0874489619
        Long
        DBT
        CORP
        NL
        
        Y
        
        2
        
          2027-09-18
          Fixed
          8.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        iHeartCommunications Inc
        54930076J6KDZL504O62
        IHRT 8.375 05/01/27
        45174HBD8
        
          
          
        
        1135000
        PA
        USD
        1210613.7
        0.4906925206
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-05-01
          Fixed
          8.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DCP Midstream Operating, LP
        549300Y6CTBSE0QIPL28
        DCP 5.125 05/15/29
        23311VAH0
        
          
          
        
        25000
        PA
        USD
        27190.25
        0.0110208998
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-05-15
          Fixed
          5.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQT Corporation
        4NT01YGM4X7ZX86ISY52
        EQT 7 02/01/30
        26884LAG4
        
          
          
        
        155000
        PA
        USD
        196850
        0.0797883112
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-02-01
          Fixed
          8.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Presidio Holdings Inc.
        N/A
        PSDO 8.25 02/01/28 144A
        74101XAF7
        
          
          
        
        25000
        PA
        USD
        27687.5
        0.0112224479
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-02-01
          Fixed
          8.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Apache Corporation
        72ZZ1XRHOOU9P9X16K08
        APA 4.25 01/15/30
        037411BF1
        
          
          
        
        150000
        PA
        USD
        148125
        0.0600388296
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-01-15
          Fixed
          4.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hexion Inc
        54930030FZF8HYAEHM46
        HXN 7.875 07/15/27 144A
        42829LAF1
        
          
          
        
        90000
        PA
        USD
        96187.5
        0.0389872400
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-07-15
          Fixed
          7.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Post Holdings Inc.
        JM1I5YUAURL6DC8N1468
        POST 4.625 04/15/30 144A
        737446AQ7
        
          
          
        
        135000
        PA
        USD
        140599.8
        0.0569886746
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2030-04-15
          Fixed
          4.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Vertical U S Newco Inc
        549300C2AFWPAYWS5574
        THYELE 5.25 07/15/27 144A
        92537RAA7
        
          
          
        
        200000
        PA
        USD
        210000
        0.0851183407
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2027-07-15
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CSC Holdings, LLC
        3HG2WD2W22M120IUNG49
        CSCHLD 5.75 01/15/30 144A
        126307BA4
        
          
          
        
        500000
        PA
        USD
        538750
        0.2183690763
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2030-01-15
          Fixed
          5.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Boeing Company
        RVHJWBXLJ1RFUBSY1F30
        BA 3.25 02/01/35
        097023CP8
        
          
          
        
        30000
        PA
        USD
        29918.45
        0.0121267087
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2035-02-01
          Fixed
          3.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indonesia (Republic of)
        529900FWX0GRR7WG5W79
        INDOGB 7 09/15/30 FR82
        Y6S86ZMP1
        
          
          
        
        5360000000
        PA
        
        401786.06
        0.1628541082
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2030-09-15
          Fixed
          7.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Installed Building Products Inc
        549300I95Y9P9YM5FI86
        IBP 5.75 02/01/28 144A
        45780RAA9
        
          
          
        
        25000
        PA
        USD
        26625
        0.0107917896
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-02-01
          Fixed
          5.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Marriott Ownership Resorts Inc
        BW4532OH033VURR0IT68
        VAC 4.75 01/15/28
        57164PAF3
        
          
          
        
        265000
        PA
        USD
        266987.5
        0.1082168237
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-01-15
          Fixed
          4.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Carpenter Technology Corporation
        DX6I6ZD3X5WNNCDJKP85
        CRS 6.375 07/15/28
        144285AL7
        
          
          
        
        20000
        PA
        USD
        21868.2
        0.0088637376
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-07-15
          Fixed
          6.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        YUM Brands Inc
        549300JE8XHZZ7OHN517
        YUM 4.75 01/15/30 144A
        988498AL5
        
          
          
        
        10000
        PA
        USD
        10734
        0.0043507632
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2030-01-15
          Fixed
          4.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UBER TECHNOLOGIES INC
        549300B2FTG34FILDR98
        UBER 7.5 09/15/27 144A
        90353TAE0
        
          
          
        
        455000
        PA
        USD
        499044
        0.2022752247
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-09-15
          Fixed
          7.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wyndham Destinations Inc
        T4VNTWMFQ7JQB65L7T35
        WYND 6.625 07/31/26 144A
        98310WAS7
        
          
          
        
        245000
        PA
        USD
        273616
        0.1109035233
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-07-31
          Fixed
          6.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Carnival Corporation
        F1OF2ZSX47CR0BCWA982
        CCL 9.875 08/01/27 144A
        143658BJ0
        
          
          
        
        135000
        PA
        USD
        154912.5
        0.0627899759
        Long
        DBT
        CORP
        PA
        
        Y
        
        2
        
          2027-08-01
          Fixed
          9.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        OXY 5.55 03/15/26
        674599DC6
        
          
          
        
        65000
        PA
        USD
        68331.25
        0.0276963934
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-03-15
          Fixed
          5.550000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        SOAF 5.75 09/30/49
        836205BB9
        
          
          
        
        350000
        PA
        USD
        337330
        0.1367284279
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2049-09-30
          Fixed
          5.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chegg Inc
        549300AKX7O8JG0O3G77
        CHGG 0 09/01/26
        163092AE9
        
          
          
        
        45000
        PA
        USD
        52132.5
        0.0211306281
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-09-01
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Quicken Lns Llc/Quicken Lns Co-Issuer Inc
        549300FGXN1K3HLB1R50
        QUICKN 3.625 03/01/29 144A
        74841CAA9
        
          
          
        
        105000
        PA
        USD
        105047.25
        0.0425783220
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-03-01
          Fixed
          3.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Bills
        254900HROIFWPRGM1V77
        B 0 03/09/21
        912796C72
        
          
          
        
        2460000
        PA
        USD
        2459858.55
        0.9970432288
        Long
        DBT
        UST
        US
        N
        
        2
        
          2021-03-09
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cedar Fair LP/ Canada's Wonderland Company/ Magnum Management Corporation/ Millennium Operations LLC
        549300TUVLNQQ6BVKH61
        FUN 6.5 10/01/28 144A
        150190AH9
        
          
          
        
        140000
        PA
        USD
        147700
        0.0598665663
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-10-01
          Fixed
          6.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation
        549300T0G4GS0SINS786
        IEP 6.25 05/15/26
        451102BT3
        
          
          
        
        165000
        PA
        USD
        174337.04
        0.0706632360
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-05-15
          Fixed
          6.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wyndham Destinations Inc
        T4VNTWMFQ7JQB65L7T35
        WYND 4.625 03/01/30 144A
        98310WAQ1
        
          
          
        
        65000
        PA
        USD
        67233.4
        0.0272514069
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2030-03-01
          Fixed
          4.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Egypt (Arab Republic of)
        529900GFIVH4086NMH82
        EGYGB 14.313 10/13/23 3YR
        ZO9010265
        
          
          
        
        3787000
        PA
        
        245146.67
        0.0993641799
        Long
        DBT
        NUSS
        EG
        N
        
        2
        
          2023-10-13
          Fixed
          14.313000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Republic of Peru
        254900STKLK2DBJJZ530
        PERU 1.862 12/01/32
        715638DP4
        
          
          
        
        585000
        PA
        USD
        578272.5
        0.2343885507
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2032-12-01
          Fixed
          1.862000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bausch Health Companies Inc
        B3BS7ACMDUWISF18KY76
        BHCCN 5.25 01/30/30 144A
        071734AJ6
        
          
          
        
        100000
        PA
        USD
        103256
        0.0418522828
        Long
        DBT
        CORP
        CA
        
        Y
        
        2
        
          2030-01-30
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Altice Financing S.A.
        549300DIYGW8HVDF7Q17
        ALTICE 5 01/15/28 144A
        02154CAF0
        
          
          
        
        240000
        PA
        USD
        246000
        0.0997100562
        Long
        DBT
        CORP
        LU
        
        Y
        
        2
        
          2028-01-15
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Geopark Limited
        N/A
        GEOPAR 5.5 01/17/27 144A
        37255BAB5
        
          
          
        
        200000
        PA
        USD
        200502
        0.0812685597
        Long
        DBT
        CORP
        BM
        
        Y
        
        2
        
          2027-01-17
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ministerio de Hacienda y Credito Publico
        549300MHDRBVRF6B9117
        COLTES 5.75 11/03/27 B
        P6S32JT83
        
          
          
        
        770000000
        PA
        
        229131.69
        0.0928729012
        Long
        DBT
        NUSS
        CO
        N
        
        2
        
          2027-11-03
          Fixed
          5.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indonesia (Republic of)
        529900FWX0GRR7WG5W79
        INDOGB 8.375 03/15/24 FR70
        Y39814JK8
        
          
          
        
        265000000
        PA
        
        20647.77
        0.0083690663
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2024-03-15
          Fixed
          8.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        SAGB 8.25 03/31/32 2032
        S69124UU7
        
          
          
        
        9700000
        PA
        
        580432.16
        0.2352639158
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2032-03-31
          Fixed
          8.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        SAGB 8.875 02/28/35 2035
        S69124WF8
        
          
          
        
        5800000
        PA
        
        339127.63
        0.1374570530
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2035-02-28
          Fixed
          8.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ghana, Republic of
        213800PP4399SNNXZ126
        GHGB 24.75 07/19/21 5YR
        V3R60FBU7
        
          
          
        
        678000
        PA
        
        120874.15
        0.0489933670
        Long
        DBT
        NUSS
        GH
        N
        
        2
        
          2021-07-19
          Fixed
          24.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        China Development Bank
        300300C1020111000029
        SDBC 3.23 01/10/25 2003
        ZP2397187
        
          
          
        
        12510000
        PA
        
        1930332.89
        0.7824130120
        Long
        DBT
        NUSS
        CN
        N
        
        2
        
          2025-01-10
          Fixed
          3.230000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PT Indonesia Asahan Aluminium (Persero)
        2549008P48EB9SN2OI80
        IDASAL 4.75 05/15/25 144A
        74445PAE2
        
          
          
        
        200000
        PA
        USD
        221200
        0.0896579855
        Long
        DBT
        CORP
        ID
        Y
        
        2
        
          2025-05-15
          Fixed
          4.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nustar Logistics, L.P.
        N62BF2PKP51FIIOIUN20
        NSUS 5.625 04/28/27
        67059TAE5
        
          
          
        
        120000
        PA
        USD
        126000
        0.0510710044
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-04-28
          Fixed
          5.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Provident Funding Associates LP / PFG Finance Corp
        54930043BMDE130FJ617
        PROFUN 6.375 06/15/25 144A
        74387UAJ0
        
          
          
        
        140000
        PA
        USD
        142800
        0.0578804717
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-06-15
          Fixed
          6.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        YPF Sociedad Anonima
        5493003N7447U18U5U53
        YPFDAR 6.95 07/21/27 144A
        984245AQ3
        
          
          
        
        120000
        PA
        USD
        73800
        0.0299130169
        Long
        DBT
        CORP
        AR
        Y
        
        2
        
          2027-07-21
          Fixed
          6.950000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Catalent Pharma Solutions, Inc.
        549300HALRZ339MSTH85
        CTLT 4.875 01/15/26 144A
        14879EAD0
        
          
          
        
        55000
        PA
        USD
        56168.75
        0.0227666228
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-01-15
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lamb Weston Holdings Inc
        5493005SMYID1D2OY946
        LW 4.875 05/15/28 144A
        513272AC8
        
          
          
        
        40000
        PA
        USD
        44288
        0.0179510527
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-05-15
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tencent Holdings Limited
        254900N4SLUMW4XUYY11
        TENCNT 2.39 06/03/30 144A
        88032WAU0
        
          
          
        
        200000
        PA
        USD
        201803.94
        0.0817962691
        Long
        DBT
        CORP
        KY
        
        Y
        
        2
        
          2030-06-03
          Fixed
          2.390000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Talen Energy Supply LLC
        K5K33XN0PQAU1XF7NN66
        TLN 10.5 01/15/26 144A
        87422VAE8
        
          
          
        
        70000
        PA
        USD
        64400
        0.0261029578
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-01-15
          Fixed
          10.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Endeavor Energy Resources LP and EER Finance Inc.
        549300WY5QI80P9WHD46
        ENDENR 5.5 01/30/26 144A
        29260FAD2
        
          
          
        
        35000
        PA
        USD
        36225
        0.0146829138
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-01-30
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Banco Central del Uruguay
        549300DTMS39GZYBX161
        UTB 0 05/07/21 0001
        P960772A2
        
          
          
        
        5607000
        PA
        
        130617.43
        0.0529425662
        Long
        DBT
        NUSS
        UY
        N
        
        2
        
          2021-05-07
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hillenbrand, Inc.
        U246OE781574J2BUD366
        HI 5.75 06/15/25
        431571AD0
        
          
          
        
        50000
        PA
        USD
        53750
        0.0217862420
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-06-15
          Fixed
          5.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Aramark Services, Inc.
        42YMHYH0XMHJEXDUB065
        ARMK 5 02/01/28 144A
        038522AQ1
        
          
          
        
        20000
        PA
        USD
        20850
        0.0084510353
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-02-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VICI PROPERTIES INC
        N/A
        VICI 3.75 02/15/27 144A
        92564RAD7
        
          
          
        
        65000
        PA
        USD
        65975
        0.0267413454
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-02-15
          Fixed
          3.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Argentina (Republic of)
        549300KPBYGYF7HCHO27
        BONCER 1 08/05/21 CER
        ZP8515006
        
          
          
        
        1785100
        PA
        
        28279.47
        0.0114623884
        Long
        DBT
        NUSS
        AR
        N
        
        2
        
          2021-08-05
          Fixed
          1.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Airlines, Inc.
        IWUQB36BXD6OWD6X4T14
        AAL 11.75 07/15/25 144A
        023771S58
        
          
          
        
        175000
        PA
        USD
        203017.5
        0.0822881558
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-07-15
          Fixed
          11.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DP World Salaam
        549300SUYBT9X88E9435
        DPWDU V6 PERP
        BK2438988
        
          
          
        
        400000
        PA
        USD
        439509.2
        0.1781442562
        Long
        DBT
        CORP
        KY
        
        Y
        
        2
        
          2049-12-31
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Emirate of Abu Dhabi
        213800FER4348CINTA77
        ADGB 1.7 03/02/31 REGS
        M0152WAM3
        
          
          
        
        825000
        PA
        USD
        818479.7
        0.3317506378
        Long
        DBT
        NUSS
        AE
        Y
        
        2
        
          2031-03-02
          Fixed
          1.700000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Ecuador
        5299003Y2U5XK0A35H71
        ECUA 0 07/31/30 144A
        27927IAH6
        
          
          
        
        83525
        PA
        USD
        36369.14
        0.0147413374
        Long
        DBT
        NUSS
        EC
        Y
        
        2
        
          2030-07-31
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Petroleos Mexicanos
        549300CAZKPF4HKMPX17
        PEMEX 5.95 01/28/31
        71654QDE9
        
          
          
        
        477000
        PA
        USD
        452615.76
        0.1834566783
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2031-01-28
          Fixed
          5.950000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        OXY 8.5 07/15/27
        674599DZ5
        
          
          
        
        90000
        PA
        USD
        106200
        0.0430455608
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-07-15
          Fixed
          8.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pattern Energy Operations LP / Pattern Energy Operations Inc
        254900P898KPCM50SP51
        PEGI 4.5 08/15/28 144A
        70339PAA7
        
          
          
        
        45000
        PA
        USD
        47592
        0.0192902479
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-08-15
          Fixed
          4.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Argentina (Republic of)
        549300KPBYGYF7HCHO27
        LECER 0 02/26/21 CER
        P8S090VH6
        
          
          
        
        156500
        PA
        
        2092.94
        0.0008483218
        Long
        DBT
        NUSS
        AR
        N
        
        2
        
          2021-02-26
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Northern Inst Fds
        549300Y178DO5JBR1S04
        Northern Inst Fds NORTHERN INSTITUTIONAL
        665279873
        
          
          
        
        2748209.98
        NS
        USD
        2748209.98
        1.1139193966
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ministerio de Hacienda y Credito Publico
        549300MHDRBVRF6B9117
        COLTES 7.75 09/18/30 B
        P6S32JH78
        
          
          
        
        3140100000
        PA
        
        1024112.24
        0.4150987358
        Long
        DBT
        NUSS
        CO
        N
        
        2
        
          2030-09-18
          Fixed
          7.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Eskom Holdings SOC Limited
        3789001900ED06F65111
        ESKOM 7.125 02/11/25 REGS
        S25221AL6
        
          
          
        
        200000
        PA
        USD
        214050.88
        0.0867602653
        Long
        DBT
        CORP
        ZA
        Y
        
        2
        
          2025-02-11
          Fixed
          7.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Poland (Republic of)
        259400R9L8QEP0TPXS31
        POLGB 2.5 07/25/26 0726
        X8T024QG3
        
          
          
        
        4270000
        PA
        
        1270097.27
        0.5148027243
        Long
        DBT
        NUSS
        PL
        N
        
        2
        
          2026-07-25
          Fixed
          2.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ukraine (Republic of)
        6354001WLTJXOMEXPY07
        UKRAIN V0 05/31/40 GDP
        X5S005UN9
        
          
          
        
        391000
        PA
        USD
        442737.12
        0.1794526143
        Long
        DBT
        NUSS
        UA
        Y
        
        2
        
          2040-05-31
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Russian Federation
        5493004EHVGF71PDBU58
        RFLB 7.75 09/16/26 6219
        X5424XBF4
        
          
          
        
        57417000
        PA
        
        832956.19
        0.3376183273
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2026-09-16
          Fixed
          7.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Poland (Republic of)
        259400R9L8QEP0TPXS31
        POLGB 2.5 07/25/27 0727
        X8T024SP1
        
          
          
        
        725000
        PA
        
        217099.58
        0.0879959810
        Long
        DBT
        NUSS
        PL
        N
        
        2
        
          2027-07-25
          Fixed
          2.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DAVITA INC
        M2XHYMU3TZNEZURC6H66
        DVA 3.75 02/15/31 144A
        23918KAT5
        
          
          
        
        230000
        PA
        USD
        228131.25
        0.0924673974
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2031-02-15
          Fixed
          3.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Boyd Gaming Corporation
        254900787YGRYS2A1Z35
        BYD 4.75 12/01/27
        103304BU4
        
          
          
        
        330000
        PA
        USD
        339487.5
        0.1376029175
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-12-01
          Fixed
          4.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Group 1 Automotive, Inc.
        549300US8QAZJLWYAF63
        GPI 4 08/15/28 144A
        398905AN9
        
          
          
        
        30000
        PA
        USD
        30712.5
        0.0124485573
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-08-15
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Summit Materials, LLC/Summit Materials Finance Corp.
        549300C97P3BW8QROE16
        SUMMAT 5.25 01/15/29 144A
        86614RAN7
        
          
          
        
        40000
        PA
        USD
        42100
        0.0170642007
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-01-15
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Logmein
        N/A
        LOGM 5.5 09/01/27 144A
        541056AA5
        
          
          
        
        95000
        PA
        USD
        99393.75
        0.0402868146
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-09-01
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Radiate Holdco LLC/Radiate Finance Inc
        5493000GQJ5RDX9DNJ71
        RADIAT 6.5 09/15/28 144A
        75026JAE0
        
          
          
        
        185000
        PA
        USD
        194712.5
        0.0789219281
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-09-15
          Fixed
          6.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        SOAF 4.3 10/12/28
        836205AU8
        
          
          
        
        200000
        PA
        USD
        203486.4
        0.0824782129
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2028-10-12
          Fixed
          4.300000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        SOAF 5 10/12/46
        836205AV6
        
          
          
        
        225000
        PA
        USD
        204214.5
        0.0827733304
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2046-10-12
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nustar Logistics, L.P.
        N62BF2PKP51FIIOIUN20
        NSUS 5.75 10/01/25
        67059TAG0
        
          
          
        
        85000
        PA
        USD
        89462.5
        0.0362614264
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-10-01
          Fixed
          5.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        U.S. Concrete, Inc.
        549300J94Q38BL8BMH45
        USCR 5.125 03/01/29 144A
        90333LAT9
        
          
          
        
        165000
        PA
        USD
        168507.08
        0.0683002049
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-03-01
          Fixed
          5.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nielsen Finance LLC/Nielsen Finance Co
        UJ76Y189LDMPCOCW7204
        NLSN 5.625 10/01/28 144A
        65409QBD3
        
          
          
        
        190000
        PA
        USD
        203380.75
        0.0824353903
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-10-01
          Fixed
          5.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Republic of Peru
        254900STKLK2DBJJZ530
        PERU 3.23 07/28/21
        715638DR0
        
          
          
        
        160000
        PA
        USD
        153600
        0.0622579863
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2121-07-28
          Fixed
          3.230000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Oman (Sultanate Of)
        549300SZ20F0QTKNQC75
        OMAN 6.5 03/08/47 REGS
        M75242BA0
        
          
          
        
        600000
        PA
        USD
        585960
        0.2375044900
        Long
        DBT
        NUSS
        OM
        Y
        
        2
        
          2047-03-08
          Fixed
          6.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kaisa Group Holdings Ltd.
        254900N8L3L7NRJT0120
        KAISAG 8.5 06/30/22
        G52132AV2
        
          
          
        
        400000
        PA
        USD
        403001.7
        0.1633468380
        Long
        DBT
        CORP
        KY
        
        Y
        
        2
        
          2022-06-30
          Fixed
          8.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bahrain (Kingdom of)
        549300RODM1WN85LFQ95
        BHRAIN 7.5 09/20/47 REGS
        M87012AD8
        
          
          
        
        200000
        PA
        USD
        225863
        0.0915480180
        Long
        DBT
        NUSS
        BH
        Y
        
        2
        
          2047-09-20
          Fixed
          7.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Post Holdings Inc.
        JM1I5YUAURL6DC8N1468
        POST 5.5 12/15/29 144A
        737446AP9
        
          
          
        
        5000
        PA
        USD
        5431.1
        0.0022013630
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2029-12-15
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Oman (Sultanate Of)
        549300SZ20F0QTKNQC75
        OMAN 6 08/01/29 REGS
        M75242BK8
        
          
          
        
        400000
        PA
        USD
        420627.85
        0.1704911649
        Long
        DBT
        NUSS
        OM
        Y
        
        2
        
          2029-08-01
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        OXY 4.4 08/15/49
        674599CY9
        
          
          
        
        175000
        PA
        USD
        148312.5
        0.0601148281
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2049-08-15
          Fixed
          4.400000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ivory Coast Republic
        254900ICW11T82O6H590
        IVYCST 4.875 01/30/32 144A
        BM7280605
        
          
          
        
        325000
        PA
        
        406926.11
        0.1649375012
        Long
        DBT
        NUSS
        CI
        Y
        
        2
        
          2032-01-30
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Argentina (Republic of)
        549300KPBYGYF7HCHO27
        LECER 0 09/13/21 CER
        000000000
        
          
          
        
        4617607
        PA
        
        56614.67
        0.0229473656
        Long
        DBT
        NUSS
        AR
        N
        
        2
        
          2021-09-13
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Service Properties Trust
        529900IS770AG1K9QG27
        SVC 4.35 10/01/24
        44106MAZ5
        
          
          
        
        170000
        PA
        USD
        166948.5
        0.0676684728
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-10-01
          Fixed
          4.350000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ivory Coast Republic
        254900ICW11T82O6H590
        IVYCST 6.875 10/17/40 144A
        ZQ0749023
        
          
          
        
        275000
        PA
        
        376725.74
        0.1526965232
        Long
        DBT
        NUSS
        CI
        Y
        
        2
        
          2040-10-17
          Fixed
          6.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dominican Republic
        254900EHU7Q8FGVPI369
        DOMREP 4.5 01/30/30 144A
        25714PED6
        
          
          
        
        220000
        PA
        USD
        230010
        0.0932289026
        Long
        DBT
        NUSS
        DO
        Y
        
        2
        
          2030-01-30
          Fixed
          4.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sabre GLBL Inc.
        F2TJC7HPPHLHU1AQMP98
        SABHLD 9.25 04/15/25 144A
        78573NAC6
        
          
          
        
        175000
        PA
        USD
        207628.75
        0.0841572127
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-04-15
          Fixed
          9.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Marriott Ownership Resorts Inc
        BW4532OH033VURR0IT68
        VAC 6.125 09/15/25 144A
        57164PAG1
        
          
          
        
        125000
        PA
        USD
        132812.5
        0.0538322839
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-09-15
          Fixed
          6.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TransDigm, Inc.
        88Q84GB3X55CF5OC7582
        TDG 5.5 11/15/27
        893647BL0
        
          
          
        
        225000
        PA
        USD
        232146
        0.0940946777
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-11-15
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Oman (Sultanate Of)
        549300SZ20F0QTKNQC75
        OMAN 7 01/25/51 144A
        68205LAT0
        
          
          
        
        740000
        PA
        USD
        747844
        0.3031201922
        Long
        DBT
        NUSS
        OM
        Y
        
        2
        
          2051-01-25
          Fixed
          7.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Turkey (Republic of)
        5493000PCHOG3B6S3Q85
        TURKEY 5.875 06/26/31
        900123DC1
        
          
          
        
        770000
        PA
        USD
        784291.2
        0.3178931692
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2031-06-26
          Fixed
          5.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Northern Inst Fds
        549300Y178DO5JBR1S04
        Northern Inst Fds NORTHERN INSTITUTIONAL
        665279873
        
          
          
        
        2108519.37
        NS
        USD
        2108519.37
        0.8546365239
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mexico (United Mexican States)
        254900EGTWEU67VP6075
        MBONO 6.5 06/09/22 M
        P4R0C9EJ8
        
          
          
        
        51437000
        PA
        
        2585162.49
        1.0478321023
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2022-06-09
          Fixed
          6.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Newell Brands Inc.
        549300LWGYFM1TVO1Z12
        NWL 4.875 06/01/25
        651229BB1
        
          
          
        
        50000
        PA
        USD
        55062.5
        0.0223182316
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-06-01
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Egypt (Arab Republic of)
        529900GFIVH4086NMH82
        EGYPT 7.625 05/29/32 144A
        03846JX54
        
          
          
        
        450000
        PA
        USD
        498420
        0.2020223017
        Long
        DBT
        NUSS
        EG
        Y
        
        2
        
          2032-05-29
          Fixed
          7.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Virgin Media Finance PLC
        2138001LVYC87DDHT482
        VMED 5 07/15/30 144A
        92769VAJ8
        
          
          
        
        235000
        PA
        USD
        241756.25
        0.0979899564
        Long
        DBT
        CORP
        GB
        Y
        
        2
        
          2030-07-15
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nexa Resources S A
        549300QRMRHM7GAU7L47
        NEXA 6.5 01/18/28 144A
        65290DAA1
        
          
          
        
        200000
        PA
        USD
        232500
        0.0942381629
        Long
        DBT
        CORP
        LU
        
        Y
        
        2
        
          2028-01-18
          Fixed
          6.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wf-Rbs Commercial Mtg Tst 2012-C7
        N/A
        WFRBS 2012-C7 D
        92936TAJ1
        
          
          
        
        320000
        PA
        USD
        166312.22
        0.0674105724
        Long
        ABS-O
        CORP
        US
        Y
        
        2
        
          2045-06-15
          Floating
          4.804296400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Navient Corporation
        54930067J0ZNOEBRW338
        NAVI 6.5 06/15/22
        63938CAF5
        
          
          
        
        20000
        PA
        USD
        20950
        0.0084915678
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-06-15
          Fixed
          6.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BWAY Holding Company
        549300DNGHXL0OMHW304
        BWY 7.25 04/15/25 144a
        12429TAE4
        
          
          
        
        190000
        PA
        USD
        187292.5
        0.0759144134
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-04-15
          Fixed
          7.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Chemours Company LLC
        549300M1BOLNXL8DOV14
        CC 5.375 05/15/27
        163851AE8
        
          
          
        
        130000
        PA
        USD
        139912.5
        0.0567100945
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-05-15
          Fixed
          5.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Surgery Center Holdings, Inc.
        54930054EVI5HWPPW113
        SURCEN 6.75 07/01/25 144A
        84611WAB0
        
          
          
        
        100000
        PA
        USD
        102755
        0.0416492147
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-07-01
          Fixed
          6.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Caesars Resort Collection LLC/CRC Finco Inc
        N/A
        CGPHLC 5.25 10/15/25 144A
        12652AAA1
        
          
          
        
        80000
        PA
        USD
        79842.4
        0.0323621552
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-10-15
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Perusahaan Penerbit SBSN Indonesia III
        254900G208H6Q0L5B953
        INDOIS 3.8 06/23/50 144A
        71567PAQ3
        
          
          
        
        400000
        PA
        USD
        431752
        0.1750000658
        Long
        DBT
        NUSS
        ID
        Y
        
        2
        
          2050-06-23
          Fixed
          3.800000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Ecuador
        5299003Y2U5XK0A35H71
        ECUA 0.5 07/31/35 144A
        27927IAF0
        
          
          
        
        1094407
        PA
        USD
        508281.74
        0.2060195157
        Long
        DBT
        NUSS
        EC
        Y
        
        2
        
          2035-07-31
          Variable
          0.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Golden Nugget Inc
        91D14OD6M4H1RVBN7R43
        NUGGET 6.75 10/15/24 144A
        38113YAE9
        
          
          
        
        105000
        PA
        USD
        105241.5
        0.0426570564
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2024-10-15
          Fixed
          6.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ghana, Republic of
        213800PP4399SNNXZ126
        GHTN 19.75 03/08/21
        AX4739824
        
          
          
        
        220000
        PA
        
        37989.65
        0.0153981713
        Long
        DBT
        NUSS
        GH
        N
        
        2
        
          2021-03-08
          Fixed
          19.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Meituan
        21380033K525E5JLIA77
        MEITUA 3.05 10/28/30 144A
        58533EAC7
        
          
          
        
        210000
        PA
        USD
        218256.77
        0.0884650195
        Long
        DBT
        CORP
        KY
        
        Y
        
        2
        
          2030-10-28
          Fixed
          3.050000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Saudi Arabian Oil Company
        5586006WD91QHB7J4X50
        ARAMCO 3.5 11/24/70 144A
        80414L2M6
        
          
          
        
        450000
        PA
        USD
        437898.97
        0.1774915891
        Long
        DBT
        CORP
        SA
        Y
        
        2
        
          2070-11-24
          Fixed
          3.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp.
        N/A
        LADR 4.25 02/01/27 144A
        505742AM8
        
          
          
        
        390000
        PA
        USD
        377453.7
        0.1529915839
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-02-01
          Fixed
          4.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Prime Securities Services Borrower, LLC and Prime Finance, Inc.
        549300O6QPZVWXV2DC15
        PRSESE 6.25 01/15/28 144A
        74166MAE6
        
          
          
        
        470000
        PA
        USD
        500550
        0.2028856448
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-01-15
          Fixed
          6.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CCO Holdings, LLC/ CCO Holdings Capital Corp.
        N/A
        CHTR 4.5 08/15/30 144A
        1248EPCE1
        
          
          
        
        105000
        PA
        USD
        110577.6
        0.0448199135
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2030-08-15
          Fixed
          4.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Block Communications, Inc.
        M5G68A9OHJWIL4SFC742
        BLOCKC 4.875 03/01/28 144A
        093645AJ8
        
          
          
        
        20000
        PA
        USD
        20675
        0.0083801033
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-03-01
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cleveland-Cliffs Inc
        549300TM2WLI2BJMDD86
        CLF 6.75 03/15/26 144A
        185899AG6
        
          
          
        
        35000
        PA
        USD
        37661.4
        0.0152651232
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-03-15
          Fixed
          6.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FREEPORT-MCMORAN INC
        549300IRDTHJQ1PVET45
        FCX 4.125 03/01/28
        35671DCE3
        
          
          
        
        125000
        PA
        USD
        131475
        0.0532901611
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-03-01
          Fixed
          4.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CCO Holdings, LLC/ CCO Holdings Capital Corp.
        N/A
        CHTR 4.5 05/01/32 144A
        1248EPCJ0
        
          
          
        
        55000
        PA
        USD
        57200
        0.0231846147
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2032-05-01
          Fixed
          4.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DCP Midstream Operating, LP
        549300Y6CTBSE0QIPL28
        DCP 5.625 07/15/27
        23311VAJ6
        
          
          
        
        195000
        PA
        USD
        212550
        0.0861519205
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-07-15
          Fixed
          5.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PG&E Corporation
        8YQ2GSDWYZXO2EDN3511
        PCG 5.25 07/01/30
        69331CAJ7
        
          
          
        
        105000
        PA
        USD
        115736.25
        0.0469108455
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-07-01
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Caesars Resort Collection LLC/CRC Finco Inc
        549300V3UCT773B1KR38
        CGPHLC 5.75 07/01/25 144A
        12770RAA1
        
          
          
        
        80000
        PA
        USD
        83963.44
        0.0340325176
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2025-07-01
          Fixed
          5.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TreeHouse Foods, Inc.
        5493007M7EVHE470Q576
        THS 4 09/01/28
        89469AAD6
        
          
          
        
        120000
        PA
        USD
        121200
        0.0491254423
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-09-01
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NCR Corporation
        549300YKTY8JX1DV2R67
        NCR 5 10/01/28 144A
        62886EAY4
        
          
          
        
        75000
        PA
        USD
        77062.5
        0.0312353911
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-10-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Aerie Pharmaceuticals Inc
        529900SFXHDHUO324R09
        AERI 1.5 10/01/24
        00771VAB4
        
          
          
        
        85000
        PA
        USD
        85971.42
        0.0348464029
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-10-01
          Fixed
          1.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Quicken Lns Llc/Quicken Lns Co-Issuer Inc
        549300FGXN1K3HLB1R50
        QUICKN 3.875 03/01/31 144A
        74841CAB7
        
          
          
        
        100000
        PA
        USD
        101375
        0.0410898656
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2031-03-01
          Fixed
          3.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UBER TECHNOLOGIES INC
        549300B2FTG34FILDR98
        UBER 6.25 01/15/28 144A
        90353TAG5
        
          
          
        
        80000
        PA
        USD
        86000
        0.0348579871
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2028-01-15
          Fixed
          6.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ALTICE FRANCE S.A
        5493001ZMCICV4N02J21
        SFRFP 5.125 01/15/29 144A
        02156LAE1
        
          
          
        
        490000
        PA
        USD
        505312.5
        0.2048160072
        Long
        DBT
        CORP
        FR
        Y
        
        2
        
          2029-01-15
          Fixed
          5.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cheplapharm Arzneimittel GmbH
        529900ONXKBELT7EW052
        CHEPDE 5.5 01/15/28 144a
        16412EAA5
        
          
          
        
        200000
        PA
        USD
        205750
        0.0833957076
        Long
        DBT
        CORP
        DE
        Y
        
        2
        
          2028-01-15
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Gray Television, Inc.
        529900TM5726KDN7UU35
        GTN 4.75 10/15/30 144A
        389375AL0
        
          
          
        
        245000
        PA
        USD
        244387.5
        0.0990564689
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2030-10-15
          Fixed
          4.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        J2 Global, Inc.
        5493008OJYGLHD7MXA18
        JCOM 4.625 10/15/30 144A
        48123VAF9
        
          
          
        
        95000
        PA
        USD
        99037.5
        0.0401424174
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2030-10-15
          Fixed
          4.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Japan (Government Of)
        353800WZS8AXZXFUC241
        JTDB 0 11/22/21 952
        J2S39LJJ4
        
          
          
        
        126100000
        PA
        
        1205021.41
        0.4884258232
        Long
        DBT
        NUSS
        JP
        N
        
        2
        
          2021-11-22
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Republic of Peru
        254900STKLK2DBJJZ530
        PERU 2.78 12/01/60
        715638DQ2
        
          
          
        
        240000
        PA
        USD
        232080
        0.0940679262
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2060-12-01
          Fixed
          2.780000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hungary (Republic Of)
        5299008DH62LEB10JK83
        HGB 2.25 04/20/33 33/A
        X51627GG0
        
          
          
        
        31090000
        PA
        
        107143.1
        0.0434278233
        Long
        DBT
        NUSS
        HU
        N
        
        2
        
          2033-04-20
          Fixed
          2.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Japan (Government Of)
        353800WZS8AXZXFUC241
        JTDB 0 06/16/21 959
        J2S39LJU9
        
          
          
        
        190600000
        PA
        
        1820330.54
        0.7378262620
        Long
        DBT
        NUSS
        JP
        N
        
        2
        
          2021-06-16
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Argentina (Republic of)
        549300KPBYGYF7HCHO27
        LEDES 0 03/31/21
        P8S090VA1
        
          
          
        
        2073280
        PA
        
        22947.38
        0.0093011567
        Long
        DBT
        NUSS
        AR
        N
        
        2
        
          2021-03-31
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Oman (Sultanate Of)
        549300SZ20F0QTKNQC75
        OMAN 6.25 01/25/31 144A
        68205LAS2
        
          
          
        
        200000
        PA
        USD
        212006.4
        0.0859315856
        Long
        DBT
        NUSS
        OM
        Y
        
        2
        
          2031-01-25
          Fixed
          6.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Chile
        549300FLZTJM5YJF8D34
        CHILE 3.1 01/22/61
        168863DQ8
        
          
          
        
        265000
        PA
        USD
        268447.65
        0.1088086596
        Long
        DBT
        NUSS
        CL
        N
        
        2
        
          2061-01-22
          Fixed
          3.100000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Egypt (Arab Republic of)
        529900GFIVH4086NMH82
        EGYTB 0 04/27/21 182D
        BM0645960
        
          
          
        
        5150000
        PA
        
        319419.53
        0.1294688589
        Long
        DBT
        NUSS
        EG
        N
        
        2
        
          2021-04-27
          None
          0.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bahrain (Kingdom of)
        549300RODM1WN85LFQ95
        BHRAIN 5.25 01/25/33 144A
        05675M2G8
        
          
          
        
        750000
        PA
        USD
        745821
        0.3023002188
        Long
        DBT
        NUSS
        BH
        Y
        
        2
        
          2033-01-25
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ISHARES TRUST
        5493000860OXIC4B5K91
        ISHARES TRUST IBOXX HI YD ETF
        464288513
        
          
          
        
        18168
        NS
        USD
        1580070.96
        0.6404429440
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Tower Corporation
        5493006ORUSIL88JOE18
        American Tower Corporation COM
        03027X100
        
          
          
        
        140
        NS
        USD
        31830.4
        0.0129016706
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bombardier Inc.
        W7L3VLU8EHQY34Z36697
        BBDBCN 6 10/15/22 144A
        097751BJ9
        
          
          
        
        185000
        PA
        USD
        183612.5
        0.0744228158
        Long
        DBT
        CORP
        CA
        Y
        
        2
        
          2022-10-15
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        McDermott International LTD
        54930004RAXI4B3L4752
        McDermott International LTD COM USD1.00
        G5924V106
        
          
          
        
        1932
        NS
        USD
        1970.64
        0.0007987505
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Abbott Laboratories
        HQD377W2YR662HK5JX27
        Abbott Laboratories COM
        002824100
        
          
          
        
        289
        NS
        USD
        35717.51
        0.0144772152
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Apple Inc.
        HWUPKR0MPOU8FGXBT394
        Apple Inc. COM
        037833100
        
          
          
        
        246
        NS
        USD
        32462.16
        0.0131577390
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Automatic Data Processing, Inc.
        HGBOLILQXWER4SAL2I23
        Automatic Data Processing, Inc. COM
        053015103
        
          
          
        
        176
        NS
        USD
        29061.12
        0.0117792110
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Parcel Service, Inc.
        D01LMJZU09ULLNCY6Z23
        United Parcel Service, Inc. CL B
        911312106
        
          
          
        
        181
        NS
        USD
        28055
        0.0113714050
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cisco Systems, Inc.
        8E6NF1YAL0WT6CWXXV93
        Cisco Systems, Inc. COM
        17275R102
        
          
          
        
        689
        NS
        USD
        30715.62
        0.0124498219
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Deere & Company
        PWFTNG3EI0Y73OXWDH08
        Deere & Company COM
        244199105
        
          
          
        
        121
        NS
        USD
        34944.8
        0.0141640161
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Morgan Stanley
        IGJSJL3JD5P30I6NJZ34
        Morgan Stanley COM NEW
        617446448
        
          
          
        
        474
        NS
        USD
        31781.7
        0.0128819313
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        The Home Depot, Inc.
        QEKMOTMBBKA8I816DO57
        The Home Depot, Inc. COM
        437076102
        
          
          
        
        116
        NS
        USD
        31415.12
        0.0127333471
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chevron Corporation
        N/A
        Chevron Corporation COM
        166764100
        
          
          
        
        340
        NS
        USD
        28968
        0.0117414671
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Starbucks Corporation
        OQSJ1DU9TAOC51A47K68
        Starbucks Corporation COM
        855244109
        
          
          
        
        302
        NS
        USD
        29236.62
        0.0118503456
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Health Group Incorporated
        549300GHBMY8T5GXDE41
        United Health Group Incorporated COM
        91324P102
        
          
          
        
        89
        NS
        USD
        29688.62
        0.0120335527
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WALMART INC
        Y87794H0US1R65VBXU25
        WALMART INC COM
        931142103
        
          
          
        
        206
        NS
        USD
        28940.94
        0.0117304990
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wells Fargo & Company
        PBLD0EJDB5FWOLXP3B76
        Wells Fargo & Company 7.5% NON-CUMULATIVE PERPETUAL CONVERTIBLE CLASS A PREFERRED STOCK, SERIES L
        949746804
        
          
          
        
        144
        PA
        USD
        207936
        0.0842817490
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Accenture Plc
        N/A
        Accenture Plc CLS'A'USD0.0000225
        G1151C101
        
          
          
        
        124
        NS
        USD
        29998.08
        0.0121589847
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Merck & Co., Inc
        4YV9Y5M8S0BRK1RP0397
        Merck & Co., Inc COM
        58933Y105
        
          
          
        
        369
        NS
        USD
        28438.83
        0.0115269810
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Duke Energy Corp
        I1BZKREC126H0VB1BL91
        Duke Energy Corp COM NEW
        26441C204
        
          
          
        
        339
        NS
        USD
        31866
        0.0129161002
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Continental Resources, Inc.
        XXRTID9RYWOZ0UPIVR53
        CLR 3.8 06/01/24
        212015AN1
        
          
          
        
        190000
        PA
        USD
        194750
        0.0789371278
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-06-01
          Fixed
          3.800000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Boston Scientific Corporation
        Y6ZDD9FP4P8JSSJMW954
        Boston Scientific Corporation 5.50% MANDATORY CONVERTIBLE PREFERRED STOCK, SERIES A
        101137206
        
          
          
        
        2333
        PA
        USD
        254903.58
        0.1033189036
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nextera Energy Inc
        N/A
        Nextera Energy Inc COM
        65339F101
        
          
          
        
        419
        NS
        USD
        33884.53
        0.0137342618
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AT&T Inc
        549300Z40J86GGSTL398
        AT&T Inc COM
        00206R102
        
          
          
        
        9213
        NS
        USD
        263768.19
        0.1069119555
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pemex Project Funding Master Trust
        549300CAZKPF4HKMPX17
        PEMEX 6.625 06/15/35
        706451BG5
        
          
          
        
        75000
        PA
        USD
        70502.63
        0.0285765089
        Long
        DBT
        CORP
        MX
        N
        
        2
        
          2035-06-15
          Fixed
          6.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Apache Corporation
        72ZZ1XRHOOU9P9X16K08
        APA 4.75 04/15/43
        037411BA2
        
          
          
        
        5000
        PA
        USD
        4750
        0.0019252958
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2043-04-15
          Fixed
          4.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Murphy Oil Corporation
        QBKYQD0ODE7DC7PDIN91
        MUR 5.125 12/01/42
        626717AG7
        
          
          
        
        100000
        PA
        USD
        87500
        0.0354659753
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2042-12-01
          Fixed
          6.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Continental Resources, Inc.
        XXRTID9RYWOZ0UPIVR53
        CLR 4.5 04/15/23
        212015AL5
        
          
          
        
        14000
        PA
        USD
        14368.76
        0.0058240239
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-04-15
          Fixed
          4.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Buckeye Partners LP
        549300C1PQJLVEIUBK50
        BPL 5.85 11/15/43
        118230AM3
        
          
          
        
        45000
        PA
        USD
        44887.5
        0.0181940453
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2043-11-15
          Fixed
          5.850000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Continental Resources, Inc.
        XXRTID9RYWOZ0UPIVR53
        CLR 4.9 06/01/44
        212015AQ4
        
          
          
        
        100000
        PA
        USD
        96625
        0.0391645698
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2044-06-01
          Fixed
          4.900000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nextera Energy Inc
        N/A
        NEE 5.279 03/01/23
        65339F770
        
          
          
        
        1664
        PA
        USD
        88924.16
        0.0360432235
        Long
        DBT
        CORP
        US
        N
        
        1
        
          2023-03-01
          Fixed
          5.279000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Telecom Italia Capital S.A.
        549300777DJZOR5C4L39
        TITIM 7.2 07/18/36
        87927VAR9
        
          
          
        
        39000
        PA
        USD
        51521.73
        0.0208830675
        Long
        DBT
        CORP
        LU
        
        N
        
        2
        
          2036-07-18
          Fixed
          7.200000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bunge Limited
        5493007M0RIN8HY3MM77
        Bunge Limited 4.875% CUMULATIVE CONVERTIBLE PERPETUAL PREFERENCE SHARES
        G16962204
        
          
          
        
        10975
        PA
        USD
        1189141.25
        0.4819891905
        Long
        EP
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Ovintiv Inc
        CZ72ZHBVKZXQRV3XFE26
        OVV 6.625 08/15/37
        292505AE4
        
          
          
        
        35000
        PA
        USD
        42071.57
        0.0170526773
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2037-08-15
          Fixed
          6.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bombardier Inc.
        W7L3VLU8EHQY34Z36697
        BBDBCN 6.125 01/15/23 144A
        097751BF7
        
          
          
        
        485000
        PA
        USD
        488637.5
        0.1980572056
        Long
        DBT
        CORP
        CA
        Y
        
        2
        
          2023-01-15
          Fixed
          6.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SLM Corporation
        54930067J0ZNOEBRW338
        NAVI 6.125 03/25/24 MTN
        78442FET1
        
          
          
        
        295000
        PA
        USD
        314175
        0.1273431175
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-03-25
          Fixed
          6.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        General Motors Company
        54930070NSV60J38I987
        GM 5.2 04/01/45
        37045VAJ9
        
          
          
        
        105000
        PA
        USD
        128422.72
        0.0520529944
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2045-04-01
          Fixed
          5.200000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FREEPORT-MCMORAN INC
        549300IRDTHJQ1PVET45
        FCX 5.4 11/14/34
        35671DBJ3
        
          
          
        
        20000
        PA
        USD
        24900
        0.0100926032
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2034-11-14
          Fixed
          5.400000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bank of America Corporation
        9DJT3UXIJIZJI4WXO774
        Bank of America Corporation 7.25% NON-CUMULATIVE PERPETUAL CONVERTIBLE PREFERRED STOCK SERIES L
        060505682
        
          
          
        
        75
        PA
        USD
        109708.5
        0.0444676451
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        QVC, Inc.
        549300WBLU5NKPX5X472
        QVCN 4.85 04/01/24
        747262AS2
        
          
          
        
        5000
        PA
        USD
        5431.25
        0.0022014238
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-04-01
          Fixed
          4.850000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nordstrom, Inc.
        549300S3IZB5P35KNV16
        JWN 5 01/15/44
        655664AR1
        
          
          
        
        85000
        PA
        USD
        83598.51
        0.0338846022
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2044-01-15
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Enlink Midstream Partners LP
        88CPW63VL7KHJWS0NY83
        ENLK 5.05 04/01/45
        29336UAD9
        
          
          
        
        5000
        PA
        USD
        3998.95
        0.0016208761
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2045-04-01
          Fixed
          5.050000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Anthem Inc
        8MYN82XMYQH89CTMTH67
        Anthem Inc COM
        036752103
        
          
          
        
        96
        NS
        USD
        28510.08
        0.0115558605
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hexion Holdings Corporation
        N/A
        Hexion Holdings Corporation CL B
        42830K103
        
          
          
        
        434
        NS
        USD
        5668.04
        0.0022974008
        Long
        EC
        CORP
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Battalion Oil Corporation
        3XHTN2NNIMMPORDAMJ28
        Battalion Oil Corporation COM
        07134L107
        
          
          
        
        363
        NS
        USD
        2668.05
        0.0010814285
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northern Inst Fds
        549300Y178DO5JBR1S04
        Northern Inst Fds NORTHERN INSTITUTIONAL
        665279873
        
          
          
        
        3859111.39
        NS
        USD
        3859111.39
        1.5641959902
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northern Inst Fds
        549300Y178DO5JBR1S04
        Northern Inst Fds NORTHERN INSTITUTIONAL
        665279873
        
          
          
        
        379.47
        NS
        USD
        379.47
        0.0001538088
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northern Inst Fds
        549300Y178DO5JBR1S04
        Northern Inst Fds NORTHERN INSTITUTIONAL
        665279873
        
          
          
        
        40672.64
        NS
        USD
        40672.64
        0.0164856554
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Midstream Operating LP
        L6D8A6MLSY454J2JXJ60
        WES 5.45 04/01/44
        958254AD6
        
          
          
        
        100000
        PA
        USD
        104875
        0.0425085047
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2044-04-01
          Fixed
          5.450000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Enlink Midstream Partners LP
        88CPW63VL7KHJWS0NY83
        ENLK 5.6 04/01/44
        29336UAC1
        
          
          
        
        10000
        PA
        USD
        8025
        0.0032527366
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2044-04-01
          Fixed
          5.600000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        General Motors Company
        54930070NSV60J38I987
        GM 6.25 10/02/43
        37045VAF7
        
          
          
        
        570000
        PA
        USD
        769487.93
        0.3118930274
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2043-10-02
          Fixed
          6.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Allegheny Technologies Incorporated
        ZW1LRE7C3H17O2ZN9B45
        ATI 5.875 08/15/23
        01741RAF9
        
          
          
        
        180000
        PA
        USD
        197676
        0.0801231100
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-08-15
          Fixed
          7.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Neurocrine Biosciences Inc
        549300FECER0XBN49756
        NBIX 2.25 05/15/24
        64125CAD1
        
          
          
        
        150000
        PA
        USD
        224273.29
        0.0909036681
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-05-15
          Fixed
          2.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Amwins Group Inc
        549300SJE7MUB8NMRG61
        AMWINS 7.75 07/01/26 144A
        031921AA7
        
          
          
        
        50000
        PA
        USD
        53594
        0.0217230112
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-07-01
          Fixed
          7.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SLM Corporation
        54930067J0ZNOEBRW338
        NAVI 5.5 01/25/23
        78442FEQ7
        
          
          
        
        65000
        PA
        USD
        68104.76
        0.0276045912
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-01-25
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Parkland Corporation
        549300Q72GWZCL8MQC95
        PKICN 6 04/01/26 144A
        70137TAL9
        
          
          
        
        224000
        PA
        USD
        235200
        0.0953325415
        Long
        DBT
        CORP
        CA
        Y
        
        2
        
          2026-04-01
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Caesars Entertainment Inc New
        549300V3UCT773B1KR38
        CZR 8.125 07/01/27 144A
        28470RAK8
        
          
          
        
        235000
        PA
        USD
        257912.5
        0.1045384954
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-07-01
          Fixed
          8.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Apache Corporation
        72ZZ1XRHOOU9P9X16K08
        APA 4.25 01/15/44
        037411BC8
        
          
          
        
        115000
        PA
        USD
        105800
        0.0428834307
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2044-01-15
          Fixed
          4.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        IRB HOLDING CORP
        549300HVW4WNWYBXN830
        ARGIHC 6.75 02/15/26 144A
        44988MAA3
        
          
          
        
        40000
        PA
        USD
        41300
        0.0167399403
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-02-15
          Fixed
          6.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Greenbrier Companies, Inc.
        5493001GAGGFR30BP390
        GBX 2.875 02/01/24
        393657AK7
        
          
          
        
        85000
        PA
        USD
        84862.14
        0.0343967835
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-02-01
          Fixed
          2.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Community Health Systems Incorporated
        5493007X5NC5XI1BB106
        CYH 8.125 06/30/24 144A
        12543DBA7
        
          
          
        
        105000
        PA
        USD
        110250
        0.0446871288
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2024-06-30
          Fixed
          8.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DCP Midstream Operating, LP
        549300Y6CTBSE0QIPL28
        DCP 5.375 07/15/25
        23311VAG2
        
          
          
        
        50000
        PA
        USD
        53485
        0.0216788307
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-07-15
          Fixed
          5.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ovintiv Inc
        CZ72ZHBVKZXQRV3XFE26
        OVV 7.375 11/01/31
        012873AK1
        
          
          
        
        40000
        PA
        USD
        50918.54
        0.0206385792
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-11-01
          Fixed
          7.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ovintiv Inc
        CZ72ZHBVKZXQRV3XFE26
        OVV 6.5 08/15/34
        292505AD6
        
          
          
        
        215000
        PA
        USD
        263477.71
        0.1067942166
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2034-08-15
          Fixed
          6.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Telecom Italia Capital S.A.
        549300777DJZOR5C4L39
        TITIM 6.375 11/15/33
        87927VAF5
        
          
          
        
        60000
        PA
        USD
        74041.5
        0.0300109030
        Long
        DBT
        CORP
        LU
        
        N
        
        2
        
          2033-11-15
          Fixed
          6.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        OXY 2.7 02/15/23
        674599CE3
        
          
          
        
        44000
        PA
        USD
        43468.7
        0.0176189696
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-02-15
          Fixed
          2.700000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Telecom Italia Capital S.A.
        549300777DJZOR5C4L39
        TITIM 6 09/30/34
        87927VAM0
        
          
          
        
        10000
        PA
        USD
        11950
        0.0048436389
        Long
        DBT
        CORP
        LU
        
        N
        
        2
        
          2034-09-30
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Teva Pharmaceutical Finance Company LLC
        5493006PITD7MU7WW480
        TEVA 6.15 02/01/36
        88163VAD1
        
          
          
        
        50000
        PA
        USD
        54925
        0.0222624993
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2036-02-01
          Fixed
          6.150000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Western Midstream Operating LP
        L6D8A6MLSY454J2JXJ60
        WES 5.3 03/01/48
        958254AJ3
        
          
          
        
        10000
        PA
        USD
        10250
        0.0041545857
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2048-03-01
          Fixed
          5.300000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        OXY 4.2 03/15/48
        674599CN3
        
          
          
        
        15000
        PA
        USD
        12562.5
        0.0050919007
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2048-03-15
          Fixed
          4.200000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DISH Network Corporation
        529900U350CWHH15G169
        DISH 2.375 03/15/24
        25470MAD1
        
          
          
        
        135000
        PA
        USD
        123281.86
        0.0499692731
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-03-15
          Fixed
          2.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Aker Bp Asa
        549300NFTY73920OYK69
        AKERBP 5.875 03/31/25 144A
        00973RAC7
        
          
          
        
        205000
        PA
        USD
        211191
        0.0856010833
        Long
        DBT
        CORP
        NO
        Y
        
        2
        
          2025-03-31
          Fixed
          5.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OneMain Financial Corporation
        5493008I795YYBFWFU90
        OMF 6.875 03/15/25
        85172FAM1
        
          
          
        
        140000
        PA
        USD
        160650
        0.0651155306
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-03-15
          Fixed
          6.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Boeing Company
        RVHJWBXLJ1RFUBSY1F30
        BA 3.375 06/15/46
        097023BS3
        
          
          
        
        520000
        PA
        USD
        487109.32
        0.1974377954
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2046-06-15
          Fixed
          3.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Shelf Drilling International Holdings, Ltd.
        54930078ZJ3XP4MRYB68
        SHLFDI 8.25 02/15/25 144A
        822538AE4
        
          
          
        
        184000
        PA
        USD
        100280
        0.0406460343
        Long
        DBT
        CORP
        KY
        
        Y
        
        2
        
          2025-02-15
          Fixed
          8.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Woodmark Corporation
        5299007PFSDWMA74RB56
        AMWD 4.875 03/15/26 144A
        030506AA7
        
          
          
        
        120000
        PA
        USD
        122700
        0.0497334305
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-03-15
          Fixed
          4.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Boeing Company
        RVHJWBXLJ1RFUBSY1F30
        BA 3.625 03/01/48
        097023BZ7
        
          
          
        
        45000
        PA
        USD
        43671.24
        0.0177010642
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2048-03-01
          Fixed
          3.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Steel Corporation
        JNLUVFYJT1OZSIQ24U47
        X 6.25 03/15/26
        912909AN8
        
          
          
        
        105000
        PA
        USD
        100800
        0.0408568035
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-03-15
          Fixed
          6.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        First Quantum Minerals Ltd.
        549300I7UVBGWRYMYZ18
        FMCN 6.875 03/01/26 144A
        335934AR6
        
          
          
        
        800000
        PA
        USD
        833000
        0.3376360846
        Long
        DBT
        CORP
        CA
        
        Y
        
        2
        
          2026-03-01
          Fixed
          6.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Continental Resources, Inc.
        XXRTID9RYWOZ0UPIVR53
        CLR 4.375 01/15/28
        212015AS0
        
          
          
        
        65000
        PA
        USD
        66625
        0.0270048069
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-01-15
          Fixed
          4.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Spirit AeroSystems, Inc.
        ZD2NBKV6GCC3UMGBM518
        SPR 4.6 06/15/28
        85205TAK6
        
          
          
        
        210000
        PA
        USD
        201271.35
        0.0815803968
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-06-15
          Fixed
          4.600000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Transocean Guardian Ltd
        N/A
        RIG 5.875 01/15/24 144A
        893800AA0
        
          
          
        
        49300.02
        PA
        USD
        43137.52
        0.0174847339
        Long
        DBT
        CORP
        KY
        
        Y
        
        2
        
          2024-01-15
          Fixed
          5.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Berry Global Inc
        549300AP2Q7ERHX6RI89
        BERY 4.5 02/15/26 144A
        08576PAA9
        
          
          
        
        55000
        PA
        USD
        56097.25
        0.0227376421
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2026-02-15
          Fixed
          4.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MGM Growth Properties Operating Partnership LP/ MGP Escrow Co Issuer Inc.
        549300U6G4UOCMLQK204
        MGMGPO 4.5 01/15/28
        55303XAF2
        
          
          
        
        191000
        PA
        USD
        200550
        0.0812880153
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-01-15
          Fixed
          4.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Olin Corporation
        549300GKK294V7W57P06
        OLN 5 02/01/30
        680665AK2
        
          
          
        
        135000
        PA
        USD
        141434.1
        0.0573268376
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-02-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Flexion Therapeutics Inc
        549300X8HYW1HZKCDG90
        FLXN 3.375 05/01/24
        33938JAB2
        
          
          
        
        50000
        PA
        USD
        44750
        0.0181383131
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-05-01
          Fixed
          3.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ford Motor Credit Company LLC
        UDSQCVRUX5BONN0VY111
        F 4.14 02/15/23
        345397ZB2
        
          
          
        
        205000
        PA
        USD
        211150
        0.0855844649
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-02-15
          Fixed
          4.140000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQUITRANS MIDSTREAM CORPORATION
        549300NELT611CL6XM83
        EQM 5.5 07/15/28
        26885BAC4
        
          
          
        
        25000
        PA
        USD
        25893.5
        0.0104952941
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-07-15
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Boyd Gaming Corporation
        254900787YGRYS2A1Z35
        BYD 6 08/15/26
        103304BQ3
        
          
          
        
        55000
        PA
        USD
        56856.25
        0.0230452841
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-08-15
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Boeing Company
        RVHJWBXLJ1RFUBSY1F30
        BA 3.55 03/01/38
        097023BY0
        
          
          
        
        5000
        PA
        USD
        4945.34
        0.0020044721
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2038-03-01
          Fixed
          3.550000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - AUD
        N/A
        CURRENCY CONTRACT - AUD
        000000000
        
          
          
        
        -362602.59
        NC
        USD
        6720.81
        0.0027241152
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              MORGAN STANLEY CAPITAL SERVICES INC
              I7331LVCZKQKX5T7XV54
            
            -362602.59
            USD
            483000
            AUD
            2021-05-03
            6720.81
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - AUD
        N/A
        CURRENCY CONTRACT - AUD
        000000000
        
          
          
        
        -33262885
        NC
        
        6099.72
        0.0024723716
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -33262885
            JPY
            423533.56
            AUD
            2021-02-25
            6099.72
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - AUD
        N/A
        CURRENCY CONTRACT - AUD
        000000000
        
          
          
        
        -84039758
        NC
        
        15356.68
        0.0062244530
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN BANK NEW YORK
              N/A
            
            -84039758
            JPY
            1070000
            AUD
            2021-02-25
            15356.68
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - AUD
        N/A
        CURRENCY CONTRACT - AUD
        000000000
        
          
          
        
        -41364611
        NC
        
        1705.84
        0.0006914203
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN BANK NEW YORK
              N/A
            
            -41364611
            JPY
            519000
            AUD
            2021-02-25
            1705.84
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - AUD
        N/A
        CURRENCY CONTRACT - AUD
        000000000
        
          
          
        
        -184184579
        NC
        
        15096.18
        0.0061188657
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              HSBC BANK PLC
              MP6I5ZYZBEU3UXPYFY54
            
            -184184579
            JPY
            2321000
            AUD
            2021-03-17
            15096.18
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - BRL
        N/A
        CURRENCY CONTRACT - BRL
        000000000
        
          
          
        
        -70207.09
        NC
        USD
        -4782.87
        -0.0019386188
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN BANK NEW YORK
              N/A
            
            -70207.09
            USD
            358000
            BRL
            2021-02-02
            -4782.87
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - BRL
        N/A
        CURRENCY CONTRACT - BRL
        000000000
        
          
          
        
        -180000
        NC
        USD
        -11428.95
        -0.0046324441
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -180000
            USD
            923004
            BRL
            2021-02-26
            -11428.95
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - CHF
        N/A
        CURRENCY CONTRACT - CHF
        000000000
        
          
          
        
        -2030343.18
        NC
        
        -20866.92
        -0.0084578934
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -2030343.18
            EUR
            2176000
            CHF
            2021-02-09
            -20866.92
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - CHF
        N/A
        CURRENCY CONTRACT - CHF
        000000000
        
          
          
        
        -140504.3
        NC
        
        -2098.89
        -0.0008507335
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              GOLDMAN SACHS CAPITAL MARKETS NY
              KD3XUN7C6T14HNAYLU02
            
            -140504.3
            EUR
            150000
            CHF
            2021-02-10
            -2098.89
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - CNH
        N/A
        CURRENCY CONTRACT - CNH
        000000000
        
          
          
        
        -248883.95
        NC
        USD
        3610.95
        0.0014636099
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN SINGAPORE
              N/A
            
            -248883.95
            USD
            1630160
            CNY
            2021-02-18
            3610.95
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - CNH
        N/A
        CURRENCY CONTRACT - CNH
        000000000
        
          
          
        
        -497710.22
        NC
        USD
        7042.67
        0.0028545733
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN SINGAPORE
              N/A
            
            -497710.22
            USD
            3265040
            CNY
            2021-03-15
            7042.67
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - CNH
        N/A
        CURRENCY CONTRACT - CNH
        000000000
        
          
          
        
        -179441.18
        NC
        USD
        2518.2
        0.0010206905
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              HSBC BANK PLC
              MP6I5ZYZBEU3UXPYFY54
            
            -179441.18
            USD
            1184240
            CNY
            2021-06-16
            2518.2
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - CNH
        N/A
        CURRENCY CONTRACT - CNH
        000000000
        
          
          
        
        -179440.36
        NC
        USD
        2560.2
        0.0010377142
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              HSBC BANK PLC
              MP6I5ZYZBEU3UXPYFY54
            
            -179440.36
            USD
            1177380
            CNY
            2021-03-16
            2560.2
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - CNH
        N/A
        CURRENCY CONTRACT - CNH
        000000000
        
          
          
        
        -361107.52
        NC
        USD
        827.55
        0.0003354271
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              HSBC BANK PLC
              MP6I5ZYZBEU3UXPYFY54
            
            -361107.52
            USD
            2346260
            CNY
            2021-04-14
            827.55
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - CNH
        N/A
        CURRENCY CONTRACT - CNH
        000000000
        
          
          
        
        -332054.31
        NC
        USD
        313.47
        0.0001270574
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -332054.31
            USD
            2166920
            CNY
            2021-07-14
            313.47
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - CZK
        N/A
        CURRENCY CONTRACT - CZK
        000000000
        
          
          
        
        -390000
        NC
        USD
        3493.93
        0.0014161787
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              BARCLAYS WHOLESALE GTS
              G5GSEF7VJP5I7OUK5573
            
            -390000
            USD
            8438137.5
            CZK
            2021-03-08
            3493.93
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - CZK
        N/A
        CURRENCY CONTRACT - CZK
        000000000
        
          
          
        
        -531000
        NC
        USD
        437.88
        0.0001774839
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              BARCLAYS WHOLESALE GTS
              G5GSEF7VJP5I7OUK5573
            
            -531000
            USD
            11396226.42
            CZK
            2021-03-08
            437.88
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - EUR
        N/A
        CURRENCY CONTRACT - EUR
        000000000
        
          
          
        
        -2176000
        NC
        
        8193.21
        0.0033209164
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -2176000
            CHF
            2019901.98
            EUR
            2021-02-09
            8193.21
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - EUR
        N/A
        CURRENCY CONTRACT - EUR
        000000000
        
          
          
        
        -150000
        NC
        
        334.96
        0.0001357678
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              GOLDMAN SACHS CAPITAL MARKETS NY
              KD3XUN7C6T14HNAYLU02
            
            -150000
            CHF
            139051.12
            EUR
            2021-02-10
            334.96
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - HUF
        N/A
        CURRENCY CONTRACT - HUF
        000000000
        
          
          
        
        -405542.92
        NC
        USD
        -5754.31
        -0.0023323682
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              BANK OF AMERICA N.A
              B4TYDEB6GKMZO031MB27
            
            -405542.92
            USD
            117648000
            HUF
            2021-02-23
            -5754.31
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - HUF
        N/A
        CURRENCY CONTRACT - HUF
        000000000
        
          
          
        
        -1300000
        NC
        USD
        -3364.46
        -0.0013637012
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              BNP PARIS
              R0MUWSFPU8MPRO8K5P83
            
            -1300000
            USD
            381679740
            HUF
            2021-04-06
            -3364.46
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - INR
        N/A
        CURRENCY CONTRACT - INR
        000000000
        
          
          
        
        -673199
        NC
        USD
        9578.92
        0.0038825799
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -673199
            USD
            49948000
            INR
            2021-02-26
            9578.92
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - INR
        N/A
        CURRENCY CONTRACT - INR
        000000000
        
          
          
        
        -5108.05
        NC
        USD
        65.81
        0.0000266745
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -5108.05
            USD
            384100
            INR
            2021-06-08
            65.81
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - INR
        N/A
        CURRENCY CONTRACT - INR
        000000000
        
          
          
        
        -6809.53
        NC
        USD
        96.71
        0.0000391990
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -6809.53
            USD
            506200
            INR
            2021-03-08
            96.71
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - INR
        N/A
        CURRENCY CONTRACT - INR
        000000000
        
          
          
        
        -5107.56
        NC
        USD
        78.04
        0.0000316316
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -5107.56
            USD
            378700
            INR
            2021-02-08
            78.04
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - INR
        N/A
        CURRENCY CONTRACT - INR
        000000000
        
          
          
        
        -7007.72
        NC
        USD
        107.24
        0.0000434671
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN SINGAPORE
              N/A
            
            -7007.72
            USD
            519600
            INR
            2021-02-08
            107.24
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - INR
        N/A
        CURRENCY CONTRACT - INR
        000000000
        
          
          
        
        -7006.76
        NC
        USD
        101.4
        0.0000411000
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN SINGAPORE
              N/A
            
            -7006.76
            USD
            521000
            INR
            2021-03-08
            101.4
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - INR
        N/A
        CURRENCY CONTRACT - INR
        000000000
        
          
          
        
        -8234.91
        NC
        USD
        119.51
        0.0000484404
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              HSBC BANK PLC
              MP6I5ZYZBEU3UXPYFY54
            
            -8234.91
            USD
            612480
            INR
            2021-03-09
            119.51
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - INR
        N/A
        CURRENCY CONTRACT - INR
        000000000
        
          
          
        
        -8235.3
        NC
        USD
        127.68
        0.0000517520
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              HSBC BANK PLC
              MP6I5ZYZBEU3UXPYFY54
            
            -8235.3
            USD
            610800
            INR
            2021-02-09
            127.68
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - INR
        N/A
        CURRENCY CONTRACT - INR
        000000000
        
          
          
        
        -3006.38
        NC
        USD
        40.18
        0.0000162860
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -3006.38
            USD
            226200
            INR
            2021-06-09
            40.18
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - INR
        N/A
        CURRENCY CONTRACT - INR
        000000000
        
          
          
        
        -9065.84
        NC
        USD
        127.73
        0.0000517722
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN SINGAPORE
              N/A
            
            -9065.84
            USD
            674000
            INR
            2021-03-09
            127.73
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - INR
        N/A
        CURRENCY CONTRACT - INR
        000000000
        
          
          
        
        -98273.33
        NC
        USD
        1255.02
        0.0005086915
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              HSBC BANK PLC
              MP6I5ZYZBEU3UXPYFY54
            
            -98273.33
            USD
            7273995.29
            INR
            2021-02-16
            1255.02
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - INR
        N/A
        CURRENCY CONTRACT - INR
        000000000
        
          
          
        
        -98001.9
        NC
        USD
        1087.43
        0.0004407630
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              HSBC BANK PLC
              MP6I5ZYZBEU3UXPYFY54
            
            -98001.9
            USD
            7273995.29
            INR
            2021-03-15
            1087.43
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - INR
        N/A
        CURRENCY CONTRACT - INR
        000000000
        
          
          
        
        -78863.72
        NC
        USD
        861.11
        0.0003490298
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -78863.72
            USD
            5852476.72
            INR
            2021-03-15
            861.11
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - INR
        N/A
        CURRENCY CONTRACT - INR
        000000000
        
          
          
        
        -68339.45
        NC
        USD
        643.6
        0.0002608674
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              HSBC BANK PLC
              MP6I5ZYZBEU3UXPYFY54
            
            -68339.45
            USD
            5126141.85
            INR
            2021-06-16
            643.6
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - INR
        N/A
        CURRENCY CONTRACT - INR
        000000000
        
          
          
        
        -52556.89
        NC
        USD
        507
        0.0002055000
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -52556.89
            USD
            3943186.04
            INR
            2021-06-16
            507
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - INR
        N/A
        CURRENCY CONTRACT - INR
        000000000
        
          
          
        
        -590000
        NC
        USD
        10169.42
        0.0041219246
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              BNP PARIS
              R0MUWSFPU8MPRO8K5P83
            
            -590000
            USD
            43904850
            INR
            2021-02-26
            10169.42
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -342449.05
        NC
        
        -4491.23
        -0.0018204097
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -342449.05
            EUR
            43073857
            JPY
            2021-02-26
            -4491.23
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -2321000
        NC
        
        -71952.38
        -0.0291641295
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              HSBC BANK PLC
              MP6I5ZYZBEU3UXPYFY54
            
            -2321000
            AUD
            178231911
            JPY
            2021-03-17
            -71952.38
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -97166.86
        NC
        
        -3740.61
        -0.0015161644
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -97166.86
            EUR
            11980673
            JPY
            2021-06-30
            -3740.61
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -97166.83
        NC
        
        -3707.75
        -0.0015028454
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -97166.83
            EUR
            11972993
            JPY
            2021-03-31
            -3707.75
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -665700
        NC
        
        -20615.02
        -0.0083557919
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN BANK NEW YORK
              N/A
            
            -665700
            EUR
            82533153
            JPY
            2021-04-06
            -20615.02
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -290009.74
        NC
        
        -11882.95
        -0.0048164618
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN BANK NEW YORK
              N/A
            
            -290009.74
            AUD
            21963597
            JPY
            2021-04-13
            -11882.95
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -424998.61
        NC
        
        -15795.75
        -0.0064024192
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN BANK NEW YORK
              N/A
            
            -424998.61
            AUD
            32336444
            JPY
            2021-07-13
            -15795.75
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -424998.26
        NC
        
        -15609.46
        -0.0063269111
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN BANK NEW YORK
              N/A
            
            -424998.26
            AUD
            32375687
            JPY
            2021-04-13
            -15609.46
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -342450.44
        NC
        
        -14767.24
        -0.0059855379
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -342450.44
            EUR
            42029284
            JPY
            2021-04-30
            -14767.24
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -2830000
        NC
        
        -112534.07
        -0.0456129205
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -2830000
            EUR
            347990950
            JPY
            2021-02-09
            -112534.07
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -423533.56
        NC
        
        -17220.14
        -0.0069797607
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -423533.56
            AUD
            32098337
            JPY
            2021-02-25
            -17220.14
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -1264000
        NC
        
        -51307.55
        -0.0207962549
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN BANK NEW YORK
              N/A
            
            -1264000
            AUD
            95803616
            JPY
            2021-02-25
            -51307.55
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -1747000
        NC
        
        -70910.7
        -0.0287419101
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN BANK NEW YORK
              N/A
            
            -1747000
            AUD
            132412380
            JPY
            2021-02-25
            -70910.7
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -320857.59
        NC
        USD
        -2685.31
        -0.0010884244
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -320857.59
            USD
            33276141
            JPY
            2021-06-15
            -2685.31
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -1506633.99
        NC
        USD
        -11961
        -0.0048480975
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN BANK NEW YORK
              N/A
            
            -1506633.99
            USD
            156320810
            JPY
            2021-06-15
            -11961
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -449735.73
        NC
        USD
        -3290.89
        -0.0013338814
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              HSBC BANK PLC
              MP6I5ZYZBEU3UXPYFY54
            
            -449735.73
            USD
            46691564
            JPY
            2021-06-15
            -3290.89
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -97166.82
        NC
        
        -1022.53
        -0.0004144574
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -97166.82
            EUR
            12253804
            JPY
            2021-03-29
            -1022.53
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -896981.53
        NC
        USD
        -17310.21
        -0.0070162683
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              HSBC BANK PLC
              MP6I5ZYZBEU3UXPYFY54
            
            -896981.53
            USD
            92100000
            JPY
            2021-03-16
            -17310.21
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -896935.23
        NC
        USD
        -17318.52
        -0.0070196366
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              HSBC BANK PLC
              MP6I5ZYZBEU3UXPYFY54
            
            -896935.23
            USD
            92100000
            JPY
            2021-03-11
            -17318.52
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -403370.15
        NC
        USD
        -8179.46
        -0.0033153432
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN BANK NEW YORK
              N/A
            
            -403370.15
            USD
            41364600
            JPY
            2021-04-07
            -8179.46
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - JPY
        N/A
        CURRENCY CONTRACT - JPY
        000000000
        
          
          
        
        -2664045.29
        NC
        USD
        -26057.55
        -0.0105617877
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              MORGAN STANLEY CAPITAL SERVICES INC
              I7331LVCZKQKX5T7XV54
            
            -2664045.29
            USD
            275750000
            JPY
            2021-07-30
            -26057.55
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - KRW
        N/A
        CURRENCY CONTRACT - KRW
        000000000
        
          
          
        
        -242483.91
        NC
        USD
        -4615.27
        -0.0018706863
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              HSBC BANK PLC
              MP6I5ZYZBEU3UXPYFY54
            
            -242483.91
            USD
            266000000
            KRW
            2021-03-03
            -4615.27
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - KRW
        N/A
        CURRENCY CONTRACT - KRW
        000000000
        
          
          
        
        -4543076.63
        NC
        USD
        -116945.03
        -0.0474007948
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              STANDARD CHARTERED BANK NEW YORK
              549300SJJIJYHCJ2X116
            
            -4543076.63
            USD
            4950000000
            KRW
            2021-03-24
            -116945.03
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - MXN
        N/A
        CURRENCY CONTRACT - MXN
        000000000
        
          
          
        
        -270000
        NC
        USD
        -4207.28
        -0.0017053176
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              BANK OF AMERICA N.A
              B4TYDEB6GKMZO031MB27
            
            -270000
            USD
            5479522.83
            MXN
            2021-03-22
            -4207.28
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - MYR
        N/A
        CURRENCY CONTRACT - MYR
        000000000
        
          
          
        
        -260000
        NC
        USD
        -1552.55
        -0.0006292880
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              GOLDMAN SACHS INTL LTD LONDON
              W22LROWP2IHZNBB6K528
            
            -260000
            USD
            1048840
            MYR
            2021-03-02
            -1552.55
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - NOK
        N/A
        CURRENCY CONTRACT - NOK
        000000000
        
          
          
        
        -870356.05
        NC
        
        52340.97
        0.0212151263
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN BANK NEW YORK
              N/A
            
            -870356.05
            EUR
            9512600
            NOK
            2021-04-13
            52340.97
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - NOK
        N/A
        CURRENCY CONTRACT - NOK
        000000000
        
          
          
        
        -172856.89
        NC
        
        10832.11
        0.0043905297
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -172856.89
            EUR
            1890000
            NOK
            2021-02-10
            10832.11
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - NOK
        N/A
        CURRENCY CONTRACT - NOK
        000000000
        
          
          
        
        -128154.53
        NC
        
        4664.28
        0.0018905513
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -128154.53
            EUR
            1376700
            NOK
            2021-06-15
            4664.28
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - NOK
        N/A
        CURRENCY CONTRACT - NOK
        000000000
        
          
          
        
        -128151.07
        NC
        
        4642.79
        0.0018818409
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -128151.07
            EUR
            1379700
            NOK
            2021-09-15
            4642.79
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - NOK
        N/A
        CURRENCY CONTRACT - NOK
        000000000
        
          
          
        
        -197852.82
        NC
        
        4763.63
        0.0019308204
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -197852.82
            EUR
            2104600
            NOK
            2021-06-16
            4763.63
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - NOK
        N/A
        CURRENCY CONTRACT - NOK
        000000000
        
          
          
        
        -164129.7
        NC
        
        3605.44
        0.0014613765
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -164129.7
            EUR
            1743000
            NOK
            2021-06-18
            3605.44
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - NOK
        N/A
        CURRENCY CONTRACT - NOK
        000000000
        
          
          
        
        -418526.79
        NC
        
        -2348.05
        -0.0009517244
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -418526.79
            EUR
            4350000
            NOK
            2021-07-27
            -2348.05
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - RUB
        N/A
        CURRENCY CONTRACT - RUB
        000000000
        
          
          
        
        -324000
        NC
        USD
        4440.57
        0.0017998760
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              BANK OF AMERICA N.A
              B4TYDEB6GKMZO031MB27
            
            -324000
            USD
            24876720
            RUB
            2021-02-10
            4440.57
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - RUB
        N/A
        CURRENCY CONTRACT - RUB
        000000000
        
          
          
        
        -350000
        NC
        USD
        320.9
        0.0001300689
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              GOLDMAN SACHS INTL LTD LONDON
              W22LROWP2IHZNBB6K528
            
            -350000
            USD
            26569727.14
            RUB
            2021-03-01
            320.9
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - RUB
        N/A
        CURRENCY CONTRACT - RUB
        000000000
        
          
          
        
        -343000
        NC
        USD
        -5083.09
        -0.0020603056
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              BANK OF AMERICA N.A
              B4TYDEB6GKMZO031MB27
            
            -343000
            USD
            25628960
            RUB
            2021-03-01
            -5083.09
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - RUB
        N/A
        CURRENCY CONTRACT - RUB
        000000000
        
          
          
        
        -180000
        NC
        USD
        -4211.91
        -0.0017071942
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              BNP PARIS
              R0MUWSFPU8MPRO8K5P83
            
            -180000
            USD
            13332466.62
            RUB
            2021-03-01
            -4211.91
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - SEK
        N/A
        CURRENCY CONTRACT - SEK
        000000000
        
          
          
        
        -218405.29
        NC
        
        6592.91
        0.0026722741
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -218405.29
            EUR
            2271000
            SEK
            2021-03-15
            6592.91
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - SEK
        N/A
        CURRENCY CONTRACT - SEK
        000000000
        
          
          
        
        -73125.26
        NC
        
        1772.91
        0.0007186055
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -73125.26
            EUR
            756999.99
            SEK
            2021-04-15
            1772.91
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - SEK
        N/A
        CURRENCY CONTRACT - SEK
        000000000
        
          
          
        
        -230882.66
        NC
        
        6239.25
        0.0025289267
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -230882.66
            EUR
            2395500
            SEK
            2021-04-16
            6239.25
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - SEK
        N/A
        CURRENCY CONTRACT - SEK
        000000000
        
          
          
        
        -194482.53
        NC
        
        3297.14
        0.0013364147
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -194482.53
            EUR
            2000000
            SEK
            2021-02-10
            3297.14
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - SEK
        N/A
        CURRENCY CONTRACT - SEK
        000000000
        
          
          
        
        -301671.26
        NC
        
        1705.03
        0.0006910920
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -301671.26
            EUR
            3074000
            SEK
            2021-02-16
            1705.03
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - SEK
        N/A
        CURRENCY CONTRACT - SEK
        000000000
        
          
          
        
        -74289.25
        NC
        
        419.87
        0.0001701840
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -74289.25
            EUR
            756999.99
            SEK
            2021-02-16
            419.87
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - SEK
        N/A
        CURRENCY CONTRACT - SEK
        000000000
        
          
          
        
        -597602.2
        NC
        
        9384.77
        0.0038038860
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -597602.2
            EUR
            6148000
            SEK
            2021-06-11
            9384.77
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - SEK
        N/A
        CURRENCY CONTRACT - SEK
        000000000
        
          
          
        
        -111713.2
        NC
        
        1629.89
        0.0006606359
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -111713.2
            EUR
            1148300
            SEK
            2021-06-15
            1629.89
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - SEK
        N/A
        CURRENCY CONTRACT - SEK
        000000000
        
          
          
        
        -111718.98
        NC
        
        1628.78
        0.0006601860
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -111718.98
            EUR
            1149700
            SEK
            2021-09-15
            1628.78
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - SEK
        N/A
        CURRENCY CONTRACT - SEK
        000000000
        
          
          
        
        -74088.21
        NC
        
        634.9
        0.0002573411
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -74088.21
            EUR
            757000.02
            SEK
            2021-03-15
            634.9
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - SEK
        N/A
        CURRENCY CONTRACT - SEK
        000000000
        
          
          
        
        -286291.74
        NC
        
        2052.23
        0.0008318210
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -286291.74
            EUR
            2925100
            SEK
            2021-06-16
            2052.23
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - SEK
        N/A
        CURRENCY CONTRACT - SEK
        000000000
        
          
          
        
        -236688.44
        NC
        
        -827.48
        -0.0003353987
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -236688.44
            EUR
            2395500
            SEK
            2021-04-19
            -827.48
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - THB
        N/A
        CURRENCY CONTRACT - THB
        000000000
        
          
          
        
        -517655.3
        NC
        USD
        956.83
        0.0003878275
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              BARCLAYS WHOLESALE GTS
              G5GSEF7VJP5I7OUK5573
            
            -517655.3
            USD
            15525000
            THB
            2021-04-07
            956.83
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - THB
        N/A
        CURRENCY CONTRACT - THB
        000000000
        
          
          
        
        -215000
        NC
        USD
        1510.63
        0.0006122968
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              GOLDMAN SACHS INTL LTD LONDON
              W22LROWP2IHZNBB6K528
            
            -215000
            USD
            6481390
            THB
            2021-04-07
            1510.63
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - TRY
        N/A
        CURRENCY CONTRACT - TRY
        000000000
        
          
          
        
        -130000
        NC
        USD
        612.26
        0.0002481645
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN BANK NEW YORK
              N/A
            
            -130000
            USD
            982800
            TRY
            2021-04-07
            612.26
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - TRY
        N/A
        CURRENCY CONTRACT - TRY
        000000000
        
          
          
        
        -165000
        NC
        USD
        2334
        0.0009460296
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              BANK OF AMERICA N.A
              B4TYDEB6GKMZO031MB27
            
            -165000
            USD
            1259115
            TRY
            2021-04-07
            2334
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - TRY
        N/A
        CURRENCY CONTRACT - TRY
        000000000
        
          
          
        
        -1233000
        NC
        USD
        13180.87
        0.0053425418
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN BANK NEW YORK
              N/A
            
            -1233000
            USD
            9376965
            TRY
            2021-04-07
            13180.87
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -9306000
        NC
        
        -38761.88
        -0.0157111757
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -9306000
            MXN
            413236.35
            USD
            2021-03-11
            -38761.88
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -49948000
        NC
        
        -29051.07
        -0.0117751375
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -49948000
            INR
            653726.85
            USD
            2021-02-26
            -29051.07
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -4950000000
        NC
        
        -172567.63
        -0.0699460491
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              STANDARD CHARTERED BANK NEW YORK
              549300SJJIJYHCJ2X116
            
            -4950000000
            KRW
            4253563.97
            USD
            2021-03-24
            -172567.63
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -7591000
        NC
        
        -21727.86
        -0.0088068542
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -7591000
            MXN
            347104.41
            USD
            2021-03-08
            -21727.86
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -9398000
        NC
        
        -23739.17
        -0.0096220893
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -9398000
            MXN
            432453.82
            USD
            2021-03-16
            -23739.17
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -806283
        NC
        
        -29396.02
        -0.0119149545
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              DEUTSCHE BANK LONDON
              7LTWFZYICNSX8D621K86
            
            -806283
            EUR
            950775.36
            USD
            2021-04-16
            -29396.02
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -483000
        NC
        
        -27820.18
        -0.0112762265
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              MORGAN STANLEY CAPITAL SERVICES INC
              I7331LVCZKQKX5T7XV54
            
            -483000
            AUD
            341503.22
            USD
            2021-05-03
            -27820.18
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -37970000
        NC
        
        -33879.62
        -0.0137322716
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              HSBC BANK PLC
              MP6I5ZYZBEU3UXPYFY54
            
            -37970000
            MXN
            1816155.51
            USD
            2021-02-10
            -33879.62
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -158500
        NC
        
        -3960.3
        -0.0016052103
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              BANK OF AMERICA N.A
              B4TYDEB6GKMZO031MB27
            
            -158500
            EUR
            188479.96
            USD
            2021-02-22
            -3960.3
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -6574900
        NC
        
        14597.39
        0.0059166934
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN BANK NEW YORK
              N/A
            
            -6574900
            BRL
            1216155.23
            USD
            2021-02-02
            14597.39
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -8980000
        NC
        
        7396.26
        0.0029978923
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -8980000
            MXN
            444224.59
            USD
            2021-02-26
            7396.26
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -266000000
        NC
        
        2986.12
        0.0012103504
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              HSBC BANK PLC
              MP6I5ZYZBEU3UXPYFY54
            
            -266000000
            KRW
            240854.76
            USD
            2021-03-03
            2986.12
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -2881000
        NC
        
        44965.17
        0.0182255269
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -2881000
            BRL
            571071.78
            USD
            2021-03-02
            44965.17
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -23910000
        NC
        
        24304.2
        0.0098511104
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              HSBC BANK PLC
              MP6I5ZYZBEU3UXPYFY54
            
            -23910000
            MXN
            1183956.42
            USD
            2021-03-23
            24304.2
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -6973000
        NC
        
        7242.78
        0.0029356829
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -6973000
            MXN
            346441.44
            USD
            2021-02-26
            7242.78
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -10264000
        NC
        
        10656.04
        0.0043191640
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -10264000
            MXN
            509944.01
            USD
            2021-02-26
            10656.04
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -6216900
        NC
        
        16170.48
        0.0065543068
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN BANK NEW YORK
              N/A
            
            -6216900
            BRL
            1150297.89
            USD
            2021-04-05
            16170.48
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -24876720
        NC
        
        -5640.87
        -0.0022863881
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              BNP PARIS
              R0MUWSFPU8MPRO8K5P83
            
            -24876720
            RUB
            322799.7
            USD
            2021-02-10
            -5640.87
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -117648000
        NC
        
        -12788.61
        -0.0051835489
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              GOLDMAN SACHS INTL LTD LONDON
              W22LROWP2IHZNBB6K528
            
            -117648000
            HUF
            387000
            USD
            2021-02-23
            -12788.61
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -1754902.5
        NC
        
        4496.78
        0.0018226593
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -1754902.5
            BRL
            325000
            USD
            2021-02-26
            4496.78
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -6881040.24
        NC
        
        11768.05
        0.0047698899
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -6881040.24
            ZAR
            465000
            USD
            2021-02-26
            11768.05
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -65531153.76
        NC
        
        19928.36
        0.0080774711
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              BANK OF AMERICA N.A
              B4TYDEB6GKMZO031MB27
            
            -65531153.76
            RUB
            883954.26
            USD
            2021-03-01
            19928.36
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -19834363.92
        NC
        
        2363.04
        0.0009578002
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CITIBANK NEW YORK
              N/A
            
            -19834363.92
            CZK
            927294.85
            USD
            2021-03-08
            2363.04
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -5479522.83
        NC
        
        4667.44
        0.0018918321
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              CHASE MANHATTAN BANK NEW YORK
              N/A
            
            -5479522.83
            MXN
            270460.16
            USD
            2021-03-22
            4667.44
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -2599300
        NC
        
        -1207.52
        -0.0004894386
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              BANK OF AMERICA N.A
              B4TYDEB6GKMZO031MB27
            
            -2599300
            ZAR
            170000
            USD
            2021-02-26
            -1207.52
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -2481267.5
        NC
        
        -433.1
        -0.0001755464
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              BANK OF AMERICA N.A
              B4TYDEB6GKMZO031MB27
            
            -2481267.5
            ZAR
            163000
            USD
            2021-02-26
            -433.1
          
        
        
          N
          N
          N
        
      
      
        CURRENCY CONTRACT - USD
        N/A
        CURRENCY CONTRACT - USD
        000000000
        
          
          
        
        -2470835.5
        NC
        
        254.03
        0.0001029648
        N/A
        DFE
        CORP
        XX
        N
        
        2
        
          
            
              BANK OF AMERICA N.A
              B4TYDEB6GKMZO031MB27
            
            -2470835.5
            ZAR
            163000
            USD
            2021-02-26
            254.03
          
        
        
          N
          N
          N
        
      
      
        FXO USDRUB PUT 73.4 10022
        N/A
        FXO USDRUB PUT 73.4 10022
        000000000
        
          
          
          
        
        1300000
        NC
        USD
        1320.28
        0.0005351431
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              OTCEXCH
              N/A
            
            Put
            Purchased
            
              
                Other
                N/A
              
            
            1
            USD
            73.400000000000
            USD
            2021-02-10
            XXXX
            -26681.72
          
        
        
          N
          N
          N
        
      
      
        WTS. MCDERMOTT INTL
        N/A
        WTS. MCDERMOTT INTL
        000000000
        
          
          
          
        
        4298
        NC
        USD
        128.94
        0.0000522627
        N/A
        DE
        CORP
        US
        N
        
        3
        
          
            
              OTC
              N/A
            
            Call
            Purchased
            
              
                MCDERMOTT INTL
                N/A
              
            
            1
            0.000001000000
            USD
            2024-05-01
            XXXX
            -2234.96
          
        
        
          N
          N
          N
        
      
      
        WTS. MCDERMOTT INTL
        N/A
        WTS. MCDERMOTT INTL
        000000000
        
          
          
          
        
        3868
        NC
        USD
        232.08
        0.0000940679
        N/A
        DE
        CORP
        US
        N
        
        3
        
          
            
              OTC
              N/A
            
            Call
            Purchased
            
              
                MCDERMOTT INTL
                N/A
              
            
            1
            0.000001000000
            USD
            2024-05-01
            XXXX
            -3403.84
          
        
        
          N
          N
          N
        
      
    
    
      2021-03-01
      Morningstar Funds Trust
      Illinan Sary
      Illinan Sary
      Assistant Treasurer
    
  
  XXXX




Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments
Morningstar U.S. Equity Fund
    Number
of Shares
Value
Common Stocks – 78.8%
Aerospace/Defense – 1.8%
Barnes Group, Inc.   25,499 $1,225,737
Kaman Corp.   32,391 1,631,211
Lockheed Martin Corp.   7,158 2,303,588
Moog, Inc., Class A   25,921 1,914,784
Northrop Grumman Corp.   16,881 4,838,263
Raytheon Technologies Corp.   202,519 13,514,093
      25,427,676
Agriculture – 1.0%
Archer-Daniels-Midland Co.   265,833 13,294,308
Philip Morris International, Inc.   15,076 1,200,804
      14,495,112
Airlines – 0.3%
Alaska Air Group, Inc.   64,211 3,135,423
Allegiant Travel Co.   7,271 1,319,614
      4,455,037
Apparel – 0.6%
Carter's, Inc.   14,924 1,313,909
Hanesbrands, Inc.   209,150 3,197,904
Oxford Industries, Inc.   26,972 1,759,653
VF Corp.   29,437 2,262,822
      8,534,288
Auto Manufacturers – 0.8%
General Motors Co.   210,680 10,677,262
Auto Parts & Equipment – 0.6%
Aptiv PLC   36,361 4,857,830
BorgWarner, Inc.   98,002 4,115,104
      8,972,934
Banks – 6.5%
Bank OZK   170,514 6,336,300
BankUnited, Inc.   81,900 2,837,835
BOK Financial Corp.   33,372 2,464,856
Citigroup, Inc.   192,383 11,156,290
Columbia Banking System, Inc.   49,393 1,902,618
Eagle Bancorp, Inc.   15,388 653,836
First Republic Bank   36,950 5,357,381
Goldman Sachs Group (The), Inc.   37,560 10,185,145
Great Western Bancorp, Inc.   85,046 2,041,104
Hilltop Holdings, Inc.   61,998 1,862,420
International Bancshares Corp.   26,245 992,324
JPMorgan Chase & Co.   91,169 11,730,715
    Number
of Shares
Value
Banks (Continued)
Morgan Stanley   135,709 $9,099,289
PNC Financial Services Group (The), Inc.   20,681 2,968,137
Renasant Corp.   52,195 1,847,703
Sandy Spring Bancorp, Inc.   54,875 1,823,496
Simmons First National Corp., Class A   76,742 1,895,528
State Street Corp.   18,003 1,260,210
SVB Financial Group*   11,303 4,948,227
Truist Financial Corp.   53,087 2,547,114
Trustmark Corp.   35,473 974,443
U.S. Bancorp   81,749 3,502,945
Webster Financial Corp.   38,532 1,801,371
      90,189,287
Beverages – 1.9%
Anheuser-Busch InBev S.A./N.V. ADR (Belgium)   43,267 2,712,408
Diageo PLC (United Kingdom)   94,556 3,796,158
Farmer Bros Co.*   261,115 1,368,243
Molson Coors Beverage Co., Class B   45,905 2,302,595
Monster Beverage Corp.*   52,172 4,530,095
PepsiCo, Inc.   12,794 1,747,277
Primo Water Corp.   628,903 9,716,551
      26,173,327
Biotechnology – 1.0%
Alexion Pharmaceuticals, Inc.*   20,969 3,215,176
Amgen, Inc.   28,581 6,900,311
BioMarin Pharmaceutical, Inc.*   32,148 2,661,211
Ligand Pharmaceuticals, Inc.*   4,574 847,791
      13,624,489
Building Materials – 1.3%
Griffon Corp.   41,823 939,345
Johnson Controls International PLC   62,049 3,091,281
Masco Corp.   42,923 2,331,148
Masonite International Corp.*   18,275 1,818,363
Owens Corning   60,872 4,723,667
Trex Co., Inc.*   28,673 2,631,321
UFP Industries, Inc.   34,794 1,876,788
      17,411,913
Chemicals – 2.3%
Ashland Global Holdings, Inc.   47,659 3,812,243
Balchem Corp.   17,623 1,886,190
 
See Notes to Schedules of Investments.
1

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar U.S. Equity Fund
    Number
of Shares
Value
Chemicals (Continued)
DuPont de Nemours, Inc.   100,235 $7,963,671
Ecolab, Inc.   19,891 4,067,908
Innospec, Inc.   10,603 930,837
PPG Industries, Inc.   32,926 4,435,462
Sherwin-Williams (The) Co.   4,359 3,015,556
Stepan Co.   16,011 1,804,120
Valvoline, Inc.   96,165 2,282,957
W.R. Grace & Co.   44,295 2,569,996
      32,768,940
Commercial Services – 1.8%
Avalara, Inc.*   5,620 843,000
Cimpress PLC (Ireland)*   9,574 874,968
Equifax, Inc.   12,955 2,294,460
Euronet Worldwide, Inc.*   18,127 2,265,150
HealthEquity, Inc.*   32,759 2,737,015
IHS Markit Ltd.   58,630 5,105,500
Monro, Inc.   60,442 3,534,044
Moody's Corp.   5,102 1,358,459
Paylocity Holding Corp.*   4,611 864,378
Repay Holdings Corp.*   83,235 1,843,655
Terminix Global Holdings, Inc.*   41,731 1,989,734
WEX, Inc.*   9,379 1,768,879
      25,479,242
Computers – 2.9%
Accenture PLC, Class A   26,189 6,335,643
Apple, Inc.   116,768 15,408,705
Check Point Software Technologies Ltd. (Israel)*   31,386 4,009,248
Cognizant Technology Solutions Corp., Class A   41,011 3,196,807
CyberArk Software Ltd.*   15,779 2,528,585
EPAM Systems, Inc.*   3,002 1,033,979
International Business Machines Corp.   69,586 8,288,388
      40,801,355
Cosmetics/Personal Care – 0.1%
Colgate-Palmolive Co.   11,880 926,640
Distribution/Wholesale – 1.0%
Avient Corp.   49,064 1,885,530
Pool Corp.   6,824 2,416,924
SiteOne Landscape Supply, Inc.*   5,682 895,938
W.W. Grainger, Inc.   13,409 4,886,105
WESCO International, Inc.*   57,430 4,370,997
      14,455,494
    Number
of Shares
Value
Diversified Financial Services – 2.8%
American Express Co.   26,971 $3,135,648
BlackRock, Inc.   5,326 3,734,911
Cohen & Steers, Inc.   23,578 1,544,359
Discover Financial Services   22,761 1,901,454
Franklin Resources, Inc.   36,275 953,670
Hamilton Lane, Inc., Class A   40,683 3,066,278
Moelis & Co., Class A   37,285 1,853,437
Mr. Cooper Group, Inc.*   77,592 2,112,830
Nasdaq, Inc.   28,892 3,908,221
Piper Sandler Cos.   17,922 1,636,816
PROG Holdings, Inc.   30,261 1,427,714
T. Rowe Price Group, Inc.   8,440 1,320,691
Visa, Inc., Class A   66,328 12,817,886
      39,413,915
Electric – 2.0%
American Electric Power Co., Inc.   25,432 2,057,703
Avista Corp.   48,005 1,799,228
CenterPoint Energy, Inc.   303,118 6,392,759
Dominion Energy, Inc.   43,833 3,194,987
Duke Energy Corp.   63,271 5,947,474
NorthWestern Corp.   33,222 1,809,602
Southern (The) Co.   78,309 4,613,966
Xcel Energy, Inc.   22,030 1,409,700
      27,225,419
Electrical Component & Equipment – 0.6%
Emerson Electric Co.   63,577 5,044,835
Encore Wire Corp.   15,548 897,897
Novanta, Inc.*   14,263 1,781,734
      7,724,466
Electronics – 0.9%
Avnet, Inc.   24,076 850,124
Honeywell International, Inc.   35,006 6,839,122
Sensata Technologies Holding PLC*   88,958 4,848,211
      12,537,457
Engineering & Construction – 0.1%
Comfort Systems USA, Inc.   35,701 1,978,906
Entertainment – 0.6%
Red Rock Resorts, Inc., Class A   214,448 5,035,239
Vail Resorts, Inc.   12,882 3,426,097
      8,461,336
Environmental Control – 0.2%
Stericycle, Inc.*   42,816 2,803,592
 
See Notes to Schedules of Investments.
2

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar U.S. Equity Fund
    Number
of Shares
Value
Food – 1.3%
Danone S.A. (France)   13,635 $906,709
Flowers Foods, Inc.   85,848 1,971,070
Hostess Brands, Inc.*   133,378 2,047,352
J&J Snack Foods Corp.   11,884 1,814,211
JM Smucker (The) Co.   6,103 710,450
Nestle S.A. (Switzerland)(a)   39,824 4,464,135
Post Holdings, Inc.*   70,903 6,725,150
      18,639,077
Food Service – 0.2%
Healthcare Services Group, Inc.   63,384 2,054,909
Forest Products & Paper – 0.5%
International Paper Co.   139,205 7,003,404
Gas – 0.6%
South Jersey Industries, Inc.   199,717 4,613,463
UGI Corp.   121,243 4,363,535
      8,976,998
Hand/Machine Tools – 0.6%
Colfax Corp.*   125,037 4,641,373
Stanley Black & Decker, Inc.   17,657 3,063,313
      7,704,686
Healthcare - Products – 3.2%
Abbott Laboratories   37,335 4,614,233
Alcon, Inc. (Switzerland)*   57,364 4,113,572
Boston Scientific Corp.*   160,234 5,678,693
CONMED Corp.   16,332 1,827,551
Danaher Corp.   19,720 4,690,205
Medtronic PLC   65,594 7,302,580
Merit Medical Systems, Inc.*   35,507 1,922,704
Patterson Cos., Inc.   26,908 852,445
Thermo Fisher Scientific, Inc.   28,095 14,320,022
      45,322,005
Healthcare - Services – 1.6%
Ensign Group (The), Inc.   35,147 2,751,307
ICON PLC (Ireland)*   15,517 3,162,520
Medpace Holdings, Inc.*   19,071 2,532,438
Ortho Clinical Diagnostics Holdings PLC*   148,746 2,454,309
Pennant Group (The), Inc.*   22,143 1,190,629
UnitedHealth Group, Inc.   29,538 9,853,286
      21,944,489
    Number
of Shares
Value
Holding Companies - Diversified – 0.0%(b)
Juniper Industrial Holdings, Inc., Class A*   15,613 $199,378
Home Builders – 0.6%
Century Communities, Inc.*   38,595 1,811,649
Installed Building Products, Inc.*   13,640 1,431,245
NVR, Inc.*   1,072 4,766,627
      8,009,521
Household Products/Wares – 0.4%
Central Garden & Pet Co., Class A*   47,838 1,865,682
Kimberly-Clark Corp.   16,092 2,125,753
Reckitt Benckiser Group PLC (United Kingdom)   13,410 1,136,879
      5,128,314
Insurance – 5.1%
American International Group, Inc.   342,799 12,834,395
Aon PLC, Class A   28,781 5,845,421
Argo Group International Holdings Ltd.   41,852 1,688,728
Berkshire Hathaway, Inc., Class B*   38,100 8,681,847
Brighthouse Financial, Inc.*   51,614 1,825,071
Chubb Ltd.   36,624 5,335,018
Enstar Group Ltd.*   6,841 1,369,637
Hartford Financial Services Group (The), Inc.   58,062 2,788,137
James River Group Holdings Ltd.   42,366 1,884,440
Loews Corp.   163,343 7,397,804
Marsh & McLennan Cos., Inc.   42,134 4,630,948
Mercury General Corp.   17,012 901,806
Progressive (The) Corp.   7,418 646,775
Reinsurance Group of America, Inc.   12,192 1,280,770
RenaissanceRe Holdings Ltd.   12,558 1,889,226
Travelers (The) Cos., Inc.   34,255 4,668,956
Voya Financial, Inc.   130,448 7,234,646
Willis Towers Watson PLC   4,285 869,598
      71,773,223
Internet – 5.6%
1-800-Flowers.com, Inc., Class A*   81,068 2,491,220
Alibaba Group Holding Ltd. ADR (China)*   18,034 4,577,570
Amazon.com, Inc.*   8,571 27,480,340
 
See Notes to Schedules of Investments.
3

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar U.S. Equity Fund
    Number
of Shares
Value
Internet (Continued)
Booking Holdings, Inc.*   1,895 $3,684,505
eBay, Inc.   113,173 6,395,406
Facebook, Inc., Class A*   63,867 16,498,762
Open Lending Corp., Class A*   38,941 1,413,169
Palo Alto Networks, Inc.*   18,859 6,614,794
Proofpoint, Inc.*   14,731 1,901,478
Q2 Holdings, Inc.*   10,449 1,337,368
Uber Technologies, Inc.*   121,129 6,169,100
      78,563,712
Leisure Time – 0.5%
Callaway Golf Co.   38,304 1,068,298
Camping World Holdings, Inc., Class A   37,188 1,270,342
Planet Fitness, Inc., Class A*   8,589 618,408
Polaris, Inc.   12,777 1,490,693
YETI Holdings, Inc.*   28,562 1,879,951
      6,327,692
Lodging – 0.1%
Marriott International, Inc., Class A   7,421 863,136
Machinery - Diversified – 0.6%
Alamo Group, Inc.   6,250 872,437
Altra Industrial Motion Corp.   82,998 4,266,927
Columbus McKinnon Corp.   22,931 990,390
Kadant, Inc.   13,267 1,896,518
Otis Worldwide Corp.   12,220 790,023
      8,816,295
Media – 1.5%
Comcast Corp., Class A   262,070 12,990,810
Liberty Media Corp.-Liberty Formula One, Class C*   51,046 2,053,581
Walt Disney (The) Co.*   33,790 5,682,464
      20,726,855
Metal Fabricate/Hardware – 0.2%
Helios Technologies, Inc.   27,945 1,524,400
RBC Bearings, Inc.*   10,830 1,812,184
      3,336,584
Miscellaneous Manufacturing – 1.9%
Eaton Corp. PLC   49,578 5,835,331
Fabrinet (Thailand)*   29,914 2,361,411
Federal Signal Corp.   55,965 1,829,496
Illinois Tool Works, Inc.   22,646 4,398,080
Parker-Hannifin Corp.   17,917 4,741,017
    Number
of Shares
Value
Miscellaneous Manufacturing (Continued)
Textron, Inc.   105,122 $4,757,822
Trane Technologies PLC   19,993 2,865,996
      26,789,153
Office Furnishings – 0.1%
Knoll, Inc.   122,919 1,838,868
Oil & Gas – 0.9%
Chevron Corp.   15,723 1,339,600
Cimarex Energy Co.   57,687 2,433,238
ConocoPhillips   41,837 1,674,735
EOG Resources, Inc.   21,971 1,119,642
Hess Corp.   73,373 3,960,675
PDC Energy, Inc.*   69,230 1,502,983
Pioneer Natural Resources Co.   9,276 1,121,468
      13,152,341
Packing & Containers – 0.1%
TriMas Corp.*   25,412 804,290
Pharmaceuticals – 4.2%
AbbVie, Inc.   67,067 6,873,026
Cigna Corp.   27,751 6,023,355
Johnson & Johnson   64,672 10,549,943
McKesson Corp.   14,048 2,450,955
Merck & Co., Inc.   143,492 11,058,928
Neogen Corp.*   21,884 1,769,759
Pfizer, Inc.   323,954 11,629,949
Roche Holding A.G. (Genusschein) (Switzerland)   3,579 1,235,156
Zoetis, Inc.   46,830 7,223,527
      58,814,598
Pipelines – 0.3%
Williams (The) Cos., Inc.   180,651 3,835,221
Private Equity – 0.3%
Brookfield Asset Management, Inc., Class A (Canada)   96,368 3,742,933
Real Estate – 0.1%
Jones Lang LaSalle, Inc.*   8,689 1,270,419
Real Estate Investment Trusts – 2.2%
American Campus Communities, Inc.   20,936 861,726
Columbia Property Trust, Inc.   123,157 1,674,935
CubeSmart   159,162 5,545,204
Douglas Emmett, Inc.   71,943 1,993,541
Easterly Government Properties, Inc.   84,391 1,852,383
 
See Notes to Schedules of Investments.
4

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar U.S. Equity Fund
    Number
of Shares
Value
Real Estate Investment Trusts (Continued)
Equinix, Inc.   6,999 $5,178,980
Mid-America Apartment Communities, Inc.   13,559 1,799,957
Monmouth Real Estate Investment Corp.   93,716 1,624,098
National Storage Affiliates Trust   94,986 3,470,789
PotlatchDeltic Corp.   37,352 1,783,932
Public Storage   4,040 919,585
Summit Hotel Properties, Inc.   96,422 781,018
Terreno Realty Corp.   15,718 889,324
UDR, Inc.   22,252 855,589
Weyerhaeuser Co.   57,939 1,807,117
      31,038,178
Retail – 3.2%
Advance Auto Parts, Inc.   37,607 5,608,708
Bloomin' Brands, Inc.   74,838 1,576,837
Chuy's Holdings, Inc.*   12,653 443,867
Costco Wholesale Corp.   9,905 3,490,819
Five Below, Inc.*   10,157 1,784,890
Floor & Decor Holdings, Inc., Class A*   18,892 1,739,386
Home Depot (The), Inc.   24,392 6,605,841
Jack in the Box, Inc.   20,430 1,923,280
Lowe's Cos., Inc.   51,250 8,551,063
National Vision Holdings, Inc.*   19,209 890,721
Ollie's Bargain Outlet Holdings, Inc.*   16,485 1,561,624
Papa John's International, Inc.   18,318 1,873,565
Ulta Beauty, Inc.*   18,918 5,292,500
Walmart, Inc.   24,939 3,503,680
      44,846,781
Savings & Loans – 0.4%
Provident Financial Services, Inc.   54,227 1,004,284
Sterling Bancorp   249,665 4,608,816
      5,613,100
Semiconductors – 3.7%
Amkor Technology, Inc.   104,709 1,625,084
Analog Devices, Inc.   13,831 2,037,721
ASML Holding N.V. (Netherlands)(a)   6,610 3,530,798
Intel Corp.   113,875 6,321,201
Monolithic Power Systems, Inc.   5,064 1,799,188
NVIDIA Corp.   15,257 7,927,385
    Number
of Shares
Value
Semiconductors (Continued)
NXP Semiconductors N.V. (Netherlands)   52,359 $8,402,049
QUALCOMM, Inc.   57,837 9,038,766
Texas Instruments, Inc.   66,217 10,971,495
      51,653,687
Software – 5.1%
Adobe, Inc.*   20,116 9,228,617
Akamai Technologies, Inc.*   41,358 4,591,979
Atlassian Corp. PLC, Class A*   10,820 2,500,827
Fidelity National Information Services, Inc.   59,871 7,391,674
Fiserv, Inc.*   34,978 3,591,891
Five9, Inc.*   12,761 2,121,516
Guidewire Software, Inc.*   10,792 1,238,274
HubSpot, Inc.*   2,375 883,975
Medallia, Inc.*   40,143 1,665,935
Microsoft Corp.   67,047 15,552,222
Nutanix, Inc., Class A*   70,079 2,138,811
salesforce.com, Inc.*   36,168 8,158,054
Splunk, Inc.*   33,807 5,579,169
VMware, Inc., Class A*   27,698 3,818,169
Workday, Inc., Class A*   11,930 2,714,433
      71,175,546
Telecommunications – 1.4%
AT&T, Inc.   141,694 4,056,699
Cisco Systems, Inc.   142,210 6,339,722
Juniper Networks, Inc.   60,144 1,468,716
Verizon Communications, Inc.   19,700 1,078,575
Viavi Solutions, Inc.*   123,963 1,915,228
Vodafone Group PLC ADR (United Kingdom)   307,877 5,280,091
      20,139,031
Transportation – 1.2%
Canadian National Railway Co. (Canada)   15,754 1,593,832
Hub Group, Inc., Class A*   24,114 1,269,120
Kirby Corp.*   77,999 3,959,229
Union Pacific Corp.   19,692 3,888,579
United Parcel Service, Inc., Class B   41,615 6,450,325
      17,161,085
Total Common Stocks
(Cost $859,959,050)
1,101,803,596
Investment Companies – 19.4%
Energy Select Sector SPDR Fund   862,436 33,910,984
 
See Notes to Schedules of Investments.
5

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar U.S. Equity Fund
    Number
of Shares
Value
Global X MLP & Energy Infrastructure ETF   2,948,106 $83,077,627
Vanguard Consumer Staples ETF   304,322 50,757,866
Vanguard Financials ETF   595,184 42,698,500
Vanguard Health Care ETF   265,888 60,896,329
Total Investment Companies
(Cost $249,497,316)
271,341,306
Short-Term Investments – 2.0%
Money Market Fund – 2.0%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.01%(c)   28,004,506 28,004,506
Total Short-Term Investments
(Cost $28,004,506)
28,004,506
Total Investments – 100.2%
(Cost $1,137,460,872)
1,401,149,408
Liabilities less Other Assets – (0.2)% (3,026,372)
NET ASSETS – 100.0% $1,398,123,036
Percentages shown are based on Net Assets.
    
All securities are United States companies, unless noted otherwise in parentheses.
(a) Security sold outside United States without registration under the Securities Act of 1933.    
(b) Amount rounds to less than 0.05%.    
(c) 7-day current yield as of January 31, 2021 is disclosed.    
* Non-Income Producing Security    
    
Abbreviations:  
ADR American Depositary Receipt
ETF Exchange-Traded Fund
MLP Master Limited Partnership
PLC Public Limited Company
SPDR Standard & Poor's Depositary Receipt
Valuation Hierarchy
The following is a summary of the inputs used, as of January 31, 2021, in valuing the Fund's investments carried at fair value:
Morningstar U.S. Equity Fund Level 1 Level 2 Level 3 Totals
Investments        
Common Stocks 1,090,264,559 $11,539,037 $— 1,101,803,596
Investment Companies 271,341,306 271,341,306
Short-Term Investments 28,004,506 28,004,506
Total Investments $1,389,610,371 $11,539,037 $— $1,401,149,408
See Notes to Schedules of Investments.
6

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments
Morningstar International Equity Fund
    Number
of Shares
Value
Common Stocks – 67.7%
Advertising – 1.0%
Publicis Groupe S.A. (France)   97,336 $5,037,587
WPP PLC (United Kingdom)   390,400 4,079,532
      9,117,119
Aerospace/Defense – 0.2%
Rolls-Royce Holdings PLC (United Kingdom)*   1,862,736 2,324,691
Agriculture – 0.1%
KT&G Corp. (South Korea)   13,581 971,674
Airlines – 0.4%
Ryanair Holdings PLC (Ireland)*   14,200 244,253
Ryanair Holdings PLC ADR (Ireland)*   34,391 3,269,552
      3,513,805
Auto Manufacturers – 3.1%
Bayerische Motoren Werke A.G. (Germany)   121,820 10,314,368
Daimler A.G. (Germany)(a)   154,990 10,885,585
Maruti Suzuki India Ltd. (India)   2,403 236,857
Toyota Motor Corp. (Japan)   50,400 3,534,847
Volvo AB, Class B (Sweden)*   151,100 3,722,899
      28,694,556
Auto Parts & Equipment – 1.5%
Continental A.G. (Germany)   58,275 8,155,825
Hyundai Mobis Co. Ltd. (South Korea)*   6,087 1,724,990
Valeo S.A. (France)   73,694 2,743,414
Weichai Power Co. Ltd., Class H (China)   452,000 1,333,102
      13,957,331
Banks – 10.7%
Al Rajhi Bank (Saudi Arabia)   15,575 302,611
Axis Bank Ltd. (India)*   675,145 6,118,367
Banco Bilbao Vizcaya Argentaria S.A. (Spain)   704,887 3,216,201
Banco do Brasil S.A. (Brazil)*   317,800 1,959,168
Banco Santander Chile ADR (Chile)   28,385 573,093
Bank Central Asia Tbk PT (Indonesia)   163,500 393,239
Bank Mandiri Persero Tbk PT (Indonesia)   6,759,500 3,162,438
BNP Paribas S.A. (France)*   212,005 10,166,847
    Number
of Shares
Value
Banks (Continued)
China Construction Bank Corp., Class H (China)   3,622,000 $2,743,371
China Merchants Bank Co. Ltd., Class H (China)   362,113 2,773,016
Commercial International Bank Egypt S.A.E. GDR (Egypt)(a)   265,495 1,047,169
Credicorp Ltd. (Peru)   3,996 600,719
Credit Suisse Group A.G. (Switzerland)(a)   906,500 11,891,080
DBS Group Holdings Ltd. (Singapore)   246,552 4,649,293
First Abu Dhabi Bank PJSC (United Arab Emirates)   177,234 722,992
FirstRand Ltd. (South Africa)   122,492 384,717
Grupo Financiero Banorte S.A.B. de C.V., Class O (Mexico)*   176,520 879,199
HDFC Bank Ltd. (India)*   51,872 989,904
HDFC Bank Ltd. ADR (India)*   40,737 2,937,138
ICICI Bank Ltd. ADR (India)*   205,660 3,105,466
Intesa Sanpaolo S.p.A. (Italy)*   5,260,700 11,468,894
Kasikornbank PCL (Thailand)(a)   256,600 1,083,440
Komercni banka A.S. (Czech Republic)*   7,128 216,349
Kotak Mahindra Bank Ltd. (India)*   11,910 278,995
Lloyds Banking Group PLC (United Kingdom)*   26,951,000 12,093,788
National Commercial Bank (Saudi Arabia)   11,778 135,380
Natwest Group PLC (United Kingdom)*   2,023,953 4,063,426
Nedbank Group Ltd. (South Africa)   111,982 903,586
OTP Bank Nyrt. (Hungary)*   70,890 3,232,285
Sberbank of Russia PJSC (Russia)   756,488 2,590,987
Sberbank of Russia PJSC ADR (Russia)   132,710 1,815,736
Shinhan Financial Group Co. Ltd. (South Korea)   51,273 1,406,137
Standard Bank Group Ltd. (South Africa)   100,762 835,338
Standard Chartered PLC (United Kingdom)*   245,555 1,485,779
      100,226,148
 
See Notes to Schedules of Investments.
7

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar International Equity Fund
    Number
of Shares
Value
Beverages – 1.4%
Ambev S.A. ADR (Brazil)   852,499 $2,378,472
Anheuser-Busch InBev S.A./N.V. (Belgium)   56,263 3,531,782
China Resources Beer Holdings Co. Ltd. (China)   76,000 670,078
Diageo PLC (United Kingdom)   79,678 3,198,848
Fomento Economico Mexicano S.A.B. de C.V. ADR (Mexico)   31,342 2,132,823
Kweichow Moutai Co. Ltd., Class A (China)   2,700 884,317
      12,796,320
Building Materials – 0.6%
Anhui Conch Cement Co. Ltd., Class H (China)   380,000 2,244,976
LafargeHolcim Ltd. (Switzerland)(a)*   56,405 3,050,142
      5,295,118
Chemicals – 1.1%
Air Liquide S.A. (France)   13,017 2,128,892
Linde PLC (United Kingdom)   8,442 2,061,357
Novozymes A/S, Class B (Denmark)   31,975 1,919,092
Symrise A.G. (Germany)   25,263 3,143,820
UPL Ltd. (India)   184,887 1,419,536
      10,672,697
Coal – 0.2%
China Shenhua Energy Co. Ltd., Class H (China)   722,500 1,334,590
Coal India Ltd. (India)   401,610 690,359
      2,024,949
Commercial Services – 2.3%
Adyen N.V. (Netherlands)(b)*   2,925 6,110,403
Amadeus IT Group S.A. (Spain)*   48,900 3,121,937
Ashtead Group PLC (United Kingdom)   48,050 2,411,480
Bidvest Group (The) Ltd. (South Africa)   92,139 949,775
Brambles Ltd. (Australia)   308,400 2,481,428
Bureau Veritas S.A. (France)*   31,459 825,477
CCR S.A. (Brazil)   498,194 1,102,666
G4S PLC (United Kingdom)*   499,900 1,774,302
New Oriental Education & Technology Group, Inc. ADR (China)*   1,200 201,000
    Number
of Shares
Value
Commercial Services (Continued)
SGS S.A. (Switzerland)(a)   674 $2,044,240
StoneCo Ltd., Class A (Brazil)*   6,001 431,472
TAL Education Group ADR (China)*   8,184 629,186
      22,083,366
Computers – 0.8%
Check Point Software Technologies Ltd. (Israel)*   24,121 3,081,217
Infosys Ltd. (India)   69,608 1,179,486
Infosys Ltd. ADR (India)   81,665 1,378,505
Tata Consultancy Services Ltd. (India)   21,966 934,581
Wiwynn Corp. (Taiwan)   25,000 734,120
      7,307,909
Cosmetics/Personal Care – 1.9%
LG Household & Health Care Ltd. (South Korea)   1,397 1,944,712
L'Oreal S.A. (France)   18,282 6,431,614
Unicharm Corp. (Japan)   106,800 4,789,921
Unilever PLC (United Kingdom)   32,925 1,913,899
Unilever PLC (London Exchange) (United Kingdom)   48,436 2,821,648
      17,901,794
Distribution/Wholesale – 0.1%
Bunzl PLC (United Kingdom)   21,200 680,514
Diversified Financial Services – 1.4%
AMP Ltd. (Australia)   2,440,800 2,753,100
B3 S.A. - Brasil Bolsa Balcao (Brazil)   51,500 563,625
Capitec Bank Holdings Ltd. (South Africa)*   4,104 375,669
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)   4,600 294,088
Housing Development Finance Corp. Ltd. (India)   42,553 1,383,692
KB Financial Group, Inc. (South Korea)   40,563 1,464,538
Network International Holdings PLC (United Arab Emirates)(b)*   56,596 263,673
Pagseguro Digital Ltd., Class A (Brazil)*   7,833 383,425
Sanlam Ltd. (South Africa)   193,711 738,107
Schroders PLC (United Kingdom)   93,100 4,341,580
XP, Inc., Class A (Brazil)*   8,117 354,226
      12,915,723
 
See Notes to Schedules of Investments.
8

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar International Equity Fund
    Number
of Shares
Value
Electric – 0.1%
Engie Brasil Energia S.A. (Brazil)   84,600 $667,195
Power Grid Corp. of India Ltd. (India)   276,133 696,873
      1,364,068
Electrical Component & Equipment – 0.6%
Schneider Electric S.E. (France)   37,229 5,448,867
Electronics – 0.3%
AAC Technologies Holdings, Inc. (China)   120,653 654,243
Hon Hai Precision Industry Co. Ltd. (Taiwan)   452,000 1,797,653
      2,451,896
Engineering & Construction – 0.1%
Airports of Thailand PCL (Thailand)(a)   115,100 228,816
Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR (Mexico)*   2,638 413,401
Shanghai International Airport Co. Ltd., Class A (China)   19,700 240,824
      883,041
Entertainment – 0.0%(c)
Songcheng Performance Development Co. Ltd., Class A (China)   121,300 308,037
Food – 1.0%
BIM Birlesik Magazalar A.S. (Turkey)   20,472 201,472
China Mengniu Dairy Co. Ltd. (China)*   265,000 1,575,943
Magnit PJSC GDR (Russia)(a)   37,674 560,144
Nestle S.A. ADR (Switzerland)   37,004 4,155,549
Shoprite Holdings Ltd. (South Africa)   138,904 1,283,792
Tingyi Cayman Islands Holding Corp. (China)   2,000 3,974
Universal Robina Corp. (Philippines)   112,000 314,277
X5 Retail Group N.V. GDR (Russia)(a)   26,177 922,935
      9,018,086
Food Service – 0.3%
Compass Group PLC (United Kingdom)*   147,600 2,636,547
    Number
of Shares
Value
Forest Products & Paper – 0.4%
Mondi PLC (United Kingdom)   31,356 $738,431
UPM-Kymmene OYJ (Finland)   76,300 2,726,355
      3,464,786
Gas – 0.2%
ENN Energy Holdings Ltd. (China)   136,700 2,108,246
Healthcare - Products – 1.4%
Alcon, Inc. (Switzerland)*   44,330 3,178,904
EssilorLuxottica S.A. (France)   14,785 2,091,454
Hengan International Group Co. Ltd. (China)   210,000 1,501,925
Sonova Holding A.G. (Switzerland)(a)*   10,961 2,644,223
Sysmex Corp. (Japan)   32,400 3,779,861
      13,196,367
Healthcare - Services – 1.2%
Fresenius Medical Care A.G. & Co. KGaA (Germany)   60,400 4,886,294
Life Healthcare Group Holdings Ltd. (South Africa)*   666,053 850,414
Lonza Group A.G. (Switzerland)(a)   9,116 5,822,386
Rede D'Or Sao Luiz S.A. (Brazil)(b)*   15,340 183,080
      11,742,174
Holding Companies - Diversified – 0.1%
Siam Cement (The) PCL (Thailand)(a)   99,800 1,254,660
Home Furnishings – 0.2%
Coway Co. Ltd. (South Korea)*   16,495 1,024,414
Gree Electric Appliances, Inc. of Zhuhai, Class A (China)   54,300 472,187
Midea Group Co. Ltd., Class A (China)   28,100 418,522
      1,915,123
Household Products/Wares – 0.2%
Henkel A.G. & Co. KGaA (Germany)   12,100 1,131,412
Kimberly-Clark de Mexico S.A.B. de C.V., Series A (Mexico)   430,300 755,895
      1,887,307
 
See Notes to Schedules of Investments.
9

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar International Equity Fund
    Number
of Shares
Value
Insurance – 3.8%
AIA Group Ltd. (Hong Kong)   737,800 $8,895,474
Allianz S.E. (Germany)(a)   61,445 13,887,140
BB Seguridade Participacoes S.A. (Brazil)   227,100 1,148,907
Ping An Insurance Group Co. of China Ltd., Class H (China)   571,000 6,725,116
Prudential PLC (United Kingdom)   298,200 4,771,030
      35,427,667
Internet – 4.4%
Alibaba Group Holding Ltd. (China)*   95,056 3,016,557
Alibaba Group Holding Ltd. ADR (China)   33,926 8,611,437
Meituan, Class B (China)*   6,800 313,544
MercadoLibre, Inc. (Argentina)*   505 898,652
Naspers Ltd., Class N (South Africa)   30,560 7,069,424
NAVER Corp. (South Korea)   13,552 4,135,138
Ozon Holdings PLC ADR (Russia)*   4,483 216,708
Prosus N.V. (China)*   2,576 300,956
Tencent Holdings Ltd. (China)   146,300 13,035,814
Tencent Music Entertainment Group ADR (China)*   13,246 352,344
Trip.com Group Ltd. ADR (China)*   39,037 1,242,548
Yandex N.V., Class A (Russia)*   32,956 2,064,364
      41,257,486
Investment Management Companies – 0.6%
EXOR N.V. (Netherlands)   70,400 5,218,168
Iron/Steel – 0.7%
Novolipetskiy Metallurgicheskiy Kombinat PAO GDR (Russia)   11,194 311,353
Ternium S.A. ADR (Mexico)*   25,012 661,567
thyssenkrupp A.G. (Germany)*   462,800 5,365,907
      6,338,827
Leisure Time – 0.2%
Bajaj Auto Ltd. (India)   18,372 1,007,589
Hero MotoCorp Ltd. (India)   18,177 809,458
      1,817,047
    Number
of Shares
Value
Lodging – 0.6%
Accor S.A. (France)*   178,035 $5,986,571
Machinery - Construction & Mining – 1.0%
Epiroc AB, Class A (Sweden)   157,451 3,016,588
Komatsu Ltd. (Japan)   229,600 6,290,926
      9,307,514
Machinery - Diversified – 3.0%
Atlas Copco AB, Class A (Sweden)   135,158 7,332,774
CNH Industrial N.V. (United Kingdom)*   772,073 9,838,078
FANUC Corp. (Japan)   9,200 2,401,837
Keyence Corp. (Japan)   9,600 5,154,059
Kubota Corp. (Japan)   176,900 3,886,698
      28,613,446
Media – 0.9%
Grupo Televisa S.A.B. ADR (Mexico)*   355,700 2,671,307
Liberty Global PLC, Class A (United Kingdom)*   187,500 4,526,250
Liberty Global PLC, Class C (United Kingdom)*   58,773 1,419,956
      8,617,513
Metal Fabricate/Hardware – 0.4%
Catcher Technology Co. Ltd. (Taiwan)   97,000 684,004
SKF AB, Class B (Sweden)   121,100 3,314,458
Tenaris S.A. ADR   13,050 201,753
      4,200,215
Mining – 2.9%
Alrosa PJSC (Russia)   1,030,591 1,364,548
Anglo American PLC (South Africa)   33,376 1,097,852
BHP Group Ltd. ADR (Australia)   74,871 4,999,885
Glencore PLC (Australia)*   4,031,289 13,456,959
Grupo Mexico S.A.B. de C.V., Series B (Mexico)   382,188 1,649,455
Rio Tinto PLC (Australia)   62,198 4,718,785
Southern Copper Corp. (Peru)   5,100 338,691
      27,626,175
Miscellaneous Manufacturing – 1.0%
Alfa Laval AB (Sweden)*   102,703 2,691,513
Largan Precision Co. Ltd. (Taiwan)   8,000 837,365
 
See Notes to Schedules of Investments.
10

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar International Equity Fund
    Number
of Shares
Value
Miscellaneous Manufacturing (Continued)
Orica Ltd. (Australia)   363,472 $4,219,063
Smiths Group PLC (United Kingdom)   74,000 1,429,240
      9,177,181
Oil & Gas – 1.6%
Bharat Petroleum Corp. Ltd. (India)   124,591 653,901
Cenovus Energy, Inc. (Canada)   760,100 4,487,785
Galp Energia SGPS S.A. (Portugal)   80,024 803,212
LUKOIL PJSC ADR (Russia)   27,532 1,948,566
LUKOIL PJSC ADR (OTC Exchange) (Russia)   47,229 3,373,567
Oil & Natural Gas Corp. Ltd. (India)   696,438 839,450
Petrobras Distribuidora S.A. (Brazil)   174,700 745,558
Royal Dutch Shell PLC, Class B (Netherlands)   144,877 2,524,988
      15,377,027
Pharmaceuticals – 3.4%
Bayer A.G. (Germany)(a)   175,260 10,607,244
Chugai Pharmaceutical Co. Ltd. (Japan)   91,100 4,767,184
CSPC Pharmaceutical Group Ltd. (China)   258,160 262,445
Jiangsu Hengrui Medicine Co. Ltd., Class A (China)   20,600 330,373
Novartis A.G. (Switzerland)(a)   38,600 3,495,044
Roche Holding A.G. (Genusschein) (Switzerland)   26,035 8,984,993
Shionogi & Co. Ltd. (Japan)   31,500 1,710,136
Sino Biopharmaceutical Ltd. (Hong Kong)   404,500 375,522
Sinopharm Group Co. Ltd., Class H (China)   591,923 1,450,598
      31,983,539
Real Estate – 0.2%
China Overseas Land & Investment Ltd. (China)   86,500 196,491
China Resources Mixc Lifestyle Services Ltd. (China)(b)*   5,800 30,521
    Number
of Shares
Value
Real Estate (Continued)
China Vanke Co. Ltd., Class H (China)   343,200 $1,227,920
Greentown Service Group Co. Ltd. (China)   120,000 134,956
      1,589,888
Retail – 2.3%
Alimentation Couche-Tard, Inc., Class B (Canada)   63,873 1,948,033
Astra International Tbk PT (Indonesia)   2,964,100 1,284,432
Cie Financiere Richemont S.A., Class A (Switzerland)(a)   31,380 2,914,703
Clicks Group Ltd. (South Africa)   20,081 329,926
CP ALL PCL (Thailand)(a)   479,600 915,008
Hennes & Mauritz AB, Class B (Sweden)*   216,800 4,635,047
Lojas Renner S.A. (Brazil)   34,993 266,825
Nitori Holdings Co. Ltd. (Japan)   11,400 2,262,478
President Chain Store Corp. (Taiwan)   52,000 495,479
Raia Drogasil S.A. (Brazil)   144,640 658,248
Restaurant Brands International, Inc. (Canada)   25,200 1,454,040
SM Investments Corp. (Philippines)   33,805 691,318
Swatch Group (The) A.G. (Bearer) (Switzerland)   9,550 2,750,891
Wal-Mart de Mexico S.A.B. de C.V. (Mexico)   167,401 476,667
Yifeng Pharmacy Chain Co. Ltd., Class A (China)   27,528 432,553
Yum China Holdings, Inc. (China)   6,500 368,615
      21,884,263
Semiconductors – 5.4%
ASM Pacific Technology Ltd. (Hong Kong)   87,000 1,263,360
Globalwafers Co. Ltd. (Taiwan)   62,000 1,361,990
Infineon Technologies A.G. (Germany)   234,001 9,374,924
MediaTek, Inc. (Taiwan)   12,000 374,804
Novatek Microelectronics Corp. (Taiwan)   116,000 1,626,619
Samsung Electronics Co. Ltd. (South Korea)   149,344 10,918,095
 
See Notes to Schedules of Investments.
11

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar International Equity Fund
    Number
of Shares
Value
Semiconductors (Continued)
Samsung Electronics Co. Ltd. GDR (South Korea)(a)   2,349 $4,314,524
SK Hynix, Inc. (South Korea)   44,076 4,812,242
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)   372,945 7,881,594
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)   72,899 8,858,687
Vanguard International Semiconductor Corp. (Taiwan)   80,000 317,599
      51,104,438
Software – 1.4%
Dassault Systemes S.E. (France)   16,909 3,375,434
HCL Technologies Ltd. (India)   48,518 606,123
Mail.Ru Group Ltd. GDR (Russia)(a)*   11,506 299,744
Open Text Corp. (Canada)   73,100 3,274,423
SAP S.E. ADR (Germany)   41,269 5,208,148
      12,763,872
Telecommunications – 0.7%
America Movil S.A.B. de C.V., Series L ADR (Mexico)   150,643 1,989,994
Indus Towers Ltd. (India)   245,389 777,213
Mobile TeleSystems PJSC ADR (Russia)   191,031 1,719,279
Telkom Indonesia Persero Tbk PT ADR (Indonesia)   70,554 1,588,170
Vodacom Group Ltd. (South Africa)   80,428 656,065
      6,730,721
Transportation – 0.3%
Canadian National Railway Co. (Canada)   20,321 2,055,876
InPost S.A. (Poland)*   12,946 311,070
      2,366,946
Total Common Stocks
(Cost $484,104,713)
635,551,423
Preferred Stocks – 1.3%
Banks – 0.5%
Itau Unibanco Holding S.A., 0.63% (Brazil)(d)   317,556 1,646,574
Itau Unibanco Holding S.A. ADR, 0.63% (Brazil)(d)   587,641 3,067,486
      4,714,060
    Number
of Shares
Value
Chemicals – 0.1%
FUCHS PETROLUB S.E., 2.05% (Germany)(d)   21,467 $1,221,422
Household Products/Wares – 0.1%
Henkel A.G. & Co. KGaA, 2.12% (Germany)(d)   7,900 818,217
Semiconductors – 0.6%
Samsung Electronics Co. Ltd., 1.89% (South Korea)(d)   12,223 797,152
Samsung Electronics Co. Ltd. GDR, 1.90% (South Korea)(a)(d)   2,932 4,805,035
      5,602,187
Total Preferred Stocks
(Cost $8,911,626)
12,355,886
    
       
Warrants – 0.0%(c)
Retail – 0.0%(c)
Cie Financiere Richemont S.A., Class A, (Switzerland)*   82,560 26,879
Total Warrants
(Cost $0)
26,879
    
    Number
of Shares
Value
Investment Companies – 29.6%
iShares Global Energy ETF   1,520,227 31,757,542
iShares MSCI Mexico ETF   468,471 18,827,849
iShares MSCI South Korea ETF   90,515 7,974,372
iShares MSCI United Kingdom ETF   2,426,983 70,916,443
JPMorgan BetaBuilders Japan ETF   4,331,232 120,191,688
Xtrackers MSCI Europe Hedged Equity ETF   945,969 28,114,199
Total Investment Companies
(Cost $251,242,085)
277,782,093
 
See Notes to Schedules of Investments.
12

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar International Equity Fund
    Number
of Shares
Value
Short-Term Investments – 1.4%
Money Market Fund – 1.4%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.01%(e)   13,697,855 $13,697,855
Total Short-Term Investments
(Cost $13,697,855)
13,697,855
Total Investments – 100.0%
(Cost $757,956,279)
939,414,136
Liabilities less Other Assets – (0.0)%(c)(f) (175,298)
NET ASSETS – 100.0% $939,238,838
Percentages shown are based on Net Assets.
    
All securities are United States companies, unless noted otherwise in parentheses.
(a) Security sold outside United States without registration under the Securities Act of 1933.    
(b) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Morningstar Funds Trust.    
(c) 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 January 31, 2021 is disclosed.    
(f) Includes appreciation/ (depreciation) on forward foreign currency exchange contracts.    
* Non-Income Producing Security    
    
Abbreviations:  
ADR American Depositary Receipt
ETF Exchange-Traded Fund
GDR Global Depositary Receipt
MSCI Morgan Stanley Capital International
PCL Public Company Limited
PJSC Public Joint Stock Company
PLC Public Limited Company
Concentration by Currency (%)  
U.S. Dollar 41.0
Euro 18.6
British Pound 7.6
Hong Kong Dollar 5.8
All other currencies less than 5% 27.0
Total 100.0
    
Country Diversification (%)  
United States 29.6
Germany 9.1
United Kingdom 7.3
China 6.2
Switzerland 5.4
All other countries less than 5% 42.4
Total 100.0
 
See Notes to Schedules of Investments.
13

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar International Equity Fund
Forward Foreign Currency Exchange Contracts outstanding at January 31, 2021:
             
Expiration
Date
Currency
Purchased
Amount
of Currency
Purchased
Currency
Sold
Amount
of Currency
Sold
Counterparty Unrealized
Appreciation
(Depreciation)
             
06/16/21 U.S. Dollars 3,666,856 Swiss Francs 3,236,000 Northern Trust $19,642
Net Unrealized Appreciation $19,642
Valuation Hierarchy
The following is a summary of the inputs used, as of January 31, 2021, in valuing the Fund's investments carried at fair value:
Morningstar International Equity Fund Level 1 Level 2 Level 3 Totals
Investments        
Common Stocks $111,003,740 $524,547,683 $— $635,551,423
Preferred Stocks 4,714,060 7,641,826 12,355,886
Warrants 26,879 26,879
Investment Companies 277,782,093 277,782,093
Short-Term Investments 13,697,855 13,697,855
Total Investments $407,224,627 $532,189,509 $— $939,414,136
    
Morningstar International Equity Fund Level 1 Level 2 Level 3 Totals
Derivative Financial Instruments        
Assets:        
Forward foreign currency exchange contracts $— $19,642 $— $19,642
Total Derivative Financial Instruments $— $19,642 $— $19,642
See Notes to Schedules of Investments.
14

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments
Morningstar Global Income Fund
    Number
of Shares
Value
Common Stocks – 44.1%
Aerospace/Defense – 1.6%
Raytheon Technologies Corp.   61,410 $4,097,889
Agriculture – 1.0%
British American Tobacco PLC ADR (United Kingdom)   67,571 2,469,720
Auto Manufacturers – 1.9%
Toyota Motor Corp. ADR (Japan)   33,770 4,745,360
Auto Parts & Equipment – 1.4%
Cie Generale des Etablissements Michelin S.C.A. (France)   25,584 3,525,668
Banks – 3.6%
BNP Paribas S.A. (France)*   77,691 3,725,726
JPMorgan Chase & Co.   42,260 5,437,594
      9,163,320
Building Materials – 4.0%
Cie de Saint-Gobain (France)*   72,000 3,579,210
Johnson Controls International PLC   78,874 3,929,503
Xinyi Glass Holdings Ltd. (Hong Kong)   1,116,765 2,701,427
      10,210,140
Computers – 1.7%
Quanta Computer, Inc. (Taiwan)   1,522,000 4,378,680
Cosmetics/Personal Care – 1.0%
Unilever PLC ADR (United Kingdom)   45,331 2,644,611
Electric – 4.3%
Duke Energy Corp.   37,992 3,571,248
Enel S.p.A. (Italy)   364,290 3,613,026
Iberdrola S.A. (Spain)   275,390 3,728,559
      10,912,833
Forest Products & Paper – 2.5%
Smurfit Kappa Group PLC (Ireland)   80,480 3,875,407
UPM-Kymmene OYJ (Finland)   67,870 2,425,134
      6,300,541
Healthcare - Services – 1.0%
Sonic Healthcare Ltd. (Australia)   96,140 2,512,511
    Number
of Shares
Value
Home Builders – 1.4%
Persimmon PLC (United Kingdom)   102,683 $3,574,234
Insurance – 2.7%
Ping An Insurance Group Co. of China Ltd., Class H (China)   212,500 2,502,780
Zurich Insurance Group A.G. (Switzerland)   10,715 4,284,358
      6,787,138
Iron/Steel – 1.4%
Vale S.A. (Brazil)   215,494 3,469,865
Mining – 0.8%
MMC Norilsk Nickel PJSC ADR (Russia)   61,679 1,992,849
Oil & Gas – 1.6%
TOTAL S.E. ADR (France)   99,192 4,173,999
Pharmaceuticals – 2.1%
Novartis A.G. ADR (Switzerland)   32,400 2,931,228
Sanofi ADR (France)   50,220 2,370,886
      5,302,114
Real Estate – 1.0%
Times China Holdings Ltd. (China)   2,031,000 2,586,785
Real Estate Investment Trusts – 3.2%
Ascendas Real Estate Investment Trust (Singapore)   1,236,891 2,853,917
Embassy Office Parks REIT (India)   424,200 2,037,516
PLA Administradora Industrial S. de R.L. de C.V. (Mexico)   2,361,920 3,318,371
      8,209,804
Semiconductors – 1.4%
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)   173,055 3,657,240
Telecommunications – 3.7%
AT&T, Inc.   81,180 2,324,183
BCE, Inc. (Canada)   46,565 1,974,356
Cisco Systems, Inc.   64,870 2,891,905
Softbank Corp. (Japan)   166,195 2,183,214
      9,373,658
 
See Notes to Schedules of Investments.
15

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Global Income Fund
    Number
of Shares
Value
Transportation – 0.8%
Globaltrans Investment PLC GDR (Russia)(a)   286,670 $1,932,156
Total Common Stocks
(Cost $98,698,023)
112,021,115
Investment Companies – 52.0%
Global X MLP & Energy Infrastructure ETF   453,719 12,785,801
Global X U.S. Preferred ETF   286,561 7,298,709
iShares Broad USD High Yield Corporate Bond ETF   682,303 28,090,415
iShares MSCI Europe Financials ETF   422,259 7,102,396
iShares MSCI United Kingdom ETF   436,141 12,744,040
iShares STOXX Europe 600 Telecommunications UCITS ETF DE (Germany)   418,642 9,839,778
SPDR Bloomberg Barclays Convertible Securities ETF   89,810 7,597,028
Vanguard Intermediate-Term Corporate Bond ETF   107,138 10,316,318
    Number
of Shares
Value
Vanguard Long-Term Corporate Bond ETF   167,361 $18,066,620
Vanguard Long-Term Treasury ETF   197,368 18,254,566
Total Investment Companies
(Cost $123,704,763)
132,095,671
Short-Term Investments – 3.1%
Money Market Fund – 3.1%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.01%(b)   7,724,933 7,724,933
Total Short-Term Investments
(Cost $7,724,933)
7,724,933
Total Investments – 99.2%
(Cost $230,127,719)
251,841,719
Other Assets less Liabilities – 0.8% 2,108,096
NET ASSETS – 100.0% $253,949,815
 
Percentages shown are based on Net Assets.
    
All securities are United States companies, unless noted otherwise in parentheses.
(a) Security sold outside United States without registration under the Securities Act of 1933.    
(b) 7-day current yield as of January 31, 2021 is disclosed.    
* Non-Income Producing Security    
    
Abbreviations:  
ADR American Depositary Receipt
ETF Exchange-Traded Fund
GDR Global Depositary Receipt
MLP Master Limited Partnership
MSCI Morgan Stanley Capital International
PJSC Public Joint Stock Company
PLC Public Limited Company
REIT Real Estate Investment Trust
SPDR Standard & Poor's Depositary Receipt
UCITS Undertakings for Collective Investment in Transferable Securities
USD United States Dollar
Concentration by Currency (%)  
U.S. Dollar 66.8
Euro 13.5
All other currencies less than 5% 19.7
Total 100.0
    
Country Diversification (%)  
United States 56.9
France 6.8
All other countries less than 5% 36.3
Total 100.0
 
See Notes to Schedules of Investments.
16

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Global Income Fund
Valuation Hierarchy
The following is a summary of the inputs used, as of January 31, 2021, in valuing the Fund's investments carried at fair value:
Morningstar Global Income Fund Level 1 Level 2 Level 3 Totals
Investments        
Common Stocks $52,343,567 $59,677,548 $— $112,021,115
Investment Companies 132,095,671 132,095,671
Short-Term Investments 7,724,933 7,724,933
Total Investments $192,164,171 $59,677,548 $— $251,841,719
See Notes to Schedules of Investments.
17

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments
Morningstar Total Return Bond Fund
    Par(a) Value
Long Positions – 110.8%
Asset-Backed Securities – 8.6%
Automobile – 0.2%
Avis Budget Rental Car Funding AESOP LLC,      
Series 2019-2A, Class A, 3.35%, 9/22/25(b)   $740,000 $800,710
Series 2020-2A, Class A, 2.02%, 2/20/27(b)   730,000 762,572
      1,563,282
Commercial Mortgage-Backed Securities – 2.7%
245 Park Avenue Trust, Series 2017-245P, Class E, 3.66%, 6/05/37(b)(c)   740,000 730,837
AOA Mortgage Trust, Series 2015-1177, Class C, 3.01%, 12/13/29(b)(c)   113,000 112,822
BANK,      
Series 2017-BNK7, Class A5, 3.43%, 9/15/60   100,000 113,010
Series 2018-BN13, Class A5, 4.22%, 8/15/61   480,000 564,021
Series 2019-BN19, Class C, 4.03%, 8/15/61(c)   280,000 301,652
Bayview Commercial Asset Trust, Series 2006-1A, Class A1, (1M USD LIBOR + 0.41%), 0.53%, 4/25/36(b)(d)   388,570 364,161
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-T26, Class AM, 5.43%, 1/12/45(c)   92,106 91,989
Benchmark Mortgage Trust,      
Series 2020-IG1, Class AS, 2.91%, 9/15/43   720,000 773,107
Series 2018-B2, Class A5, 3.88%, 2/15/51   390,000 450,963
Series 2019-B9, Class XA, 1.04%, 3/15/52(c)   1,759,157 124,605
Series 2019-B10, Class A4, 3.72%, 3/15/62   500,000 578,681
BHMS, Series 2018-ATLS, Class A, (1M USD LIBOR + 1.25%, 1.25% Floor), 1.38%, 7/15/35(b)(d)   1,190,000 1,189,463
    Par(a) Value
Commercial Mortgage-Backed Securities
(Continued)
BX Commercial Mortgage Trust, Series 2020-FOX, Class A, (1M USD LIBOR + 1.00%, 1.00% Floor), 1.13%, 11/15/32(b)(d)   $1,020,000 $1,022,878
BXP Trust, Series 2017-GM, Class D, 3.42%, 6/13/39(b)(c)   370,000 396,931
CAMB Commercial Mortgage Trust,      
Series 2019-LIFE, Class A, (1M USD LIBOR + 1.07%, 1.07% Floor), 1.20%, 12/15/37(b)(d)   590,000 592,255
Series 2019-LIFE, Class D, (1M USD LIBOR + 1.75%, 1.75% Floor), 1.87%, 12/15/37(b)(d)   100,000 100,183
CFK Trust, Series 2019-FAX, Class D, 4.64%, 1/15/39(b)(c)   100,000 111,722
Citigroup Commercial Mortgage Trust,      
Series 2019-SMRT, Class D, 4.74%, 1/10/36(b)(c)   500,000 531,538
Series 2019-SMRT, Class E, 4.74%, 1/10/36(b)(c)   500,000 522,351
Series 2019-SST2, Class A, (1M USD LIBOR + 0.92%, 0.92% Floor), 1.05%, 12/15/36(b)(d)   300,000 300,377
Series 2016-P3, Class D, 2.80%, 4/15/49(b)   62,515 42,636
Series 2016-C1, Class D, 4.95%, 5/10/49(b)(c)   250,000 233,629
Series 2017-C4, Class A4, 3.47%, 10/12/50   420,000 476,440
Commercial Mortgage Trust, Series 2020-CX, Class A, 2.17%, 11/10/46(b)   290,000 299,609
CSMC OA LLC, Series 2014-USA, Class B, 4.18%, 9/15/37(b)   530,000 535,427
DBGS Mortgage Trust, Series 2019-1735, Class X, 0.29%, 4/10/37(b)(c)   13,945,000 331,770
Exantas Capital Corp. Ltd., Series 2019-RSO7, Class AS, (1M USD LIBOR + 1.50%, 1.50% Floor), 1.63%, 4/15/36(b)(d)(e)   500,000 499,219
 
See Notes to Schedules of Investments.
18

Morningstar Funds Trust    January 31, 2021 (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%, 1.50% Floor), 1.63%, 7/15/32(b)(d)   $110,000 $110,000
Series 2020-DUNE, Class A, (1M USD LIBOR + 1.10%, 1.10% Floor), 1.23%, 12/15/36(b)(d)   960,000 934,579
Series 2019-BOCA, Class A, (1M USD LIBOR + 1.20%, 1.20% Floor), 1.33%, 6/15/38(b)(d)   100,000 100,097
Series 2019-BOCA, Class B, (1M USD LIBOR + 1.50%, 1.50% Floor), 1.63%, 6/15/38(b)(d)   620,000 619,600
Series 2019-BOCA, Class C, (1M USD LIBOR + 1.73%, 1.73% Floor), 1.85%, 6/15/38(b)(d)   530,000 528,664
GS Mortgage Securities Trust,      
Series 2017-GS7, Class E, 3.00%, 8/10/50(b)   70,000 62,205
Series 2017-GS8, Class A4, 3.47%, 11/10/50   240,000 272,272
JPMorgan Chase Commercial Mortgage Securities Trust,      
Series 2020-MKST, Class D, (1M USD LIBOR + 1.50%, 1.50% Floor), 1.63%, 12/15/36(b)(d)   710,000 679,711
Series 2017-JP6, Class A5, 3.49%, 7/15/50   235,000 265,299
LSTAR Commercial Mortgage Trust, Series 2015-3, Class AS, 3.18%, 4/20/48(b)(c)   327,354 331,467
Morgan Stanley Capital I Trust,      
Series 2019-BPR, Class A, (1M USD LIBOR + 1.40%, 1.40% Floor), 1.53%, 5/15/36(b)(d)   410,000 395,330
Series 2019-L2, Class XA, 1.03%, 3/15/52(c)   2,559,405 177,131
PFP Ltd., Series 2019-5, Class A, (1M USD LIBOR + 0.97%, 0.97% Floor), 1.10%, 4/14/36(b)(d)(e)   155,808 155,711
    Par(a) Value
Commercial Mortgage-Backed Securities
(Continued)
Rosslyn Portfolio Trust, Series 2017-ROSS, Class A, (1M USD LIBOR + 0.95%, 1.94% Floor), 1.94%, 6/15/33(b)(d)   $1,273,774 $1,278,915
Wells Fargo Commercial Mortgage Trust,      
Series 2015-C28, Class A4, 3.54%, 5/15/48   240,000 266,113
Series 2015-P2, Class D, 3.24%, 12/15/48(b)   147,000 123,080
Series 2016-BNK1, Class B, 2.97%, 8/15/49   300,000 307,877
Series 2017-C38, Class A5, 3.45%, 7/15/50   315,000 355,906
      18,356,233
Home Equity – 0.1%
GSAA Home Equity Trust, Series 2006-4, Class 1A1, 3.21%, 3/25/36(c)   61,195 49,365
Option One Mortgage Loan Trust, Series 2004-3, Class M1, (1M USD LIBOR + 0.78%, 0.78% Floor), 0.91%, 11/25/34(d)   268,375 267,560
Renaissance Home Equity Loan Trust, Series 2005-2, Class AV3, (1M USD LIBOR + 0.37%, 0.37% Floor, 14.00% Cap), 0.50%, 8/25/35(d)   366,604 352,125
      669,050
Other – 3.8%
AGL CLO 6 Ltd., Series 2020-6A, Class A1, (3M USD LIBOR + 1.95%, 1.95% Floor), 2.18%, 7/20/31(b)(d)   290,000 291,158
AGL Core CLO 8 Ltd., Series 2020-8A, Class A1, (3M USD LIBOR + 1.50%, 1.50% Floor), 1.72%, 10/20/31(b)(d)   180,000 180,481
Ajax Mortgage Loan Trust,      
Series 2018-G, Class A, 4.38%, 6/25/57(b)(c)   61,696 61,899
Series 2019-A, Class A, 3.75%, 8/25/57(b)(c)   307,534 312,620
Series 2018-F, Class A, 4.38%, 11/25/58(b)(c)   158,028 164,638
Series 2019-B, Class A, 3.75%, 1/25/59(b)(c)   380,003 386,291
 
See Notes to Schedules of Investments.
19

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Other (Continued)
Allegro CLO IV Ltd., Series 2016-1A, Class AR, (3M USD LIBOR + 1.15%), 1.39%, 1/15/30(b)(d)   $247,282 $247,282
Allegro CLO XI Ltd., Series 2019-2A, Class A1A, (3M USD LIBOR + 1.39%, 1.39% Floor), 1.61%, 1/19/33(b)(d)   250,000 250,713
ALM VII Ltd., Series 2012-7A, Class A1A2, (3M USD LIBOR + 1.17%, 1.17% Floor), 1.41%, 7/15/29(b)(d)   250,000 250,000
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-R7, Class M2, (1M USD LIBOR + 0.75%, 0.75% Floor), 0.88%, 9/25/35(d)   237,115 236,878
AMMC CLO Ltd., Series 2017-21A, Class A, (3M USD LIBOR + 1.25%), 1.47%, 11/02/30(b)(d)   250,000 250,001
Anchorage Capital CLO Ltd., Series 2013-1A, Class A1R, (3M USD LIBOR + 1.25%), 1.48%, 10/13/30(b)(d)   500,000 500,532
Apex Credit CLO Ltd., Series 2017-1A, Class A1, (3M USD LIBOR + 1.47%, 1.47% Floor), 1.69%, 4/24/29(b)(d)   97,941 97,941
Applebee's Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I, 4.20%, 6/07/49(b)   379,050 380,998
Atrium IX, (3M USD LIBOR + 1.24%), 1.47%, 5/28/30(b)(d)   500,000 500,437
Avery Point IV CLO Ltd., Series 2014-1A, Class AR, (3M USD LIBOR + 1.10%), 1.32%, 4/25/26(b)(d)   5,348 5,347
Babson CLO Ltd., Series 2015-IA, Class AR, (3M USD LIBOR + 0.99%, 0.99% Floor), 1.21%, 1/20/31(b)(d)   250,000 250,000
    Par(a) Value
Other (Continued)
Ballyrock CLO Ltd., Series 2019-2A, Class A1B, (3M USD LIBOR + 1.75%, 1.75% Floor), 1.97%, 11/20/30(b)(d)   $250,000 $249,108
Battalion CLO X Ltd.,      
Series 2016-10A, Class A1R, (3M USD LIBOR + 1.25%, 1.25% Floor), 1.47%, 1/24/29(b)(d)   310,000 310,000
Series 2016-10A, Class A2R, (3M USD LIBOR + 1.80%, 1.80% Floor), 2.02%, 1/24/29(b)(d)   260,000 260,060
Bayview Commercial Asset Trust, Series 2007-4A, Class A1, (1M USD LIBOR + 0.45%, 0.45% Floor), 0.58%, 9/25/37(b)(d)   432,153 405,764
BCC Funding Corp. XVI LLC, Series 2019-1A, Class A2, 2.46%, 8/20/24(b)   354,146 358,958
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class A2R, (3M USD LIBOR + 1.75%), 1.99%, 7/15/29(b)(d)   500,000 500,314
Benefit Street Partners CLO IV Ltd., Series 2014-IVA, Class A1RR, (3M USD LIBOR + 1.25%, 1.25% Floor), 1.47%, 1/20/29(b)(d)   500,000 500,248
BlueMountain CLO Ltd.,      
Series 2013-1A, Class A1R2, (3M USD LIBOR + 1.23%, 1.23% Floor), 1.45%, 1/20/29(b)(d)   453,351 453,559
Series 2013-2A, Class A1R, (3M USD LIBOR + 1.18%), 1.40%, 10/22/30(b)(d)   245,096 245,135
Series 2015-3A, Class A1R, (3M USD LIBOR + 1.00%), 1.22%, 4/20/31(b)(d)   250,000 250,000
California Street CLO XII Ltd., Series 2013-12A, Class AR, (3M USD LIBOR + 1.03%), 1.27%, 10/15/25(b)(d)   62,181 62,181
 
See Notes to Schedules of Investments.
20

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Other (Continued)
Carlyle Global Market Strategies CLO Ltd.,      
Series 2015-3A, Class A1R, (3M USD LIBOR + 1.00%), 1.22%, 7/28/28(b)(d)   $243,292 $243,300
Series 2014-2RA, Class A1, (3M USD LIBOR + 1.05%), 1.27%, 5/15/31(b)(d)   729,370 729,372
Series 2014-3RA, Class A1A, (3M USD LIBOR + 1.05%), 1.26%, 7/27/31(b)(d)   247,958 248,005
Cerberus Loan Funding XXVIII L.P., Series 2020-1A, Class A, (3M USD LIBOR + 1.85%, 1.85% Floor), 2.09%, 10/15/31(b)(d)   125,000 124,514
CIFC Funding Ltd., Series 2020-2A, Class A1, (3M USD LIBOR + 1.65%, 1.65% Floor), 1.88%, 8/24/32(b)(d)   250,000 251,127
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH4, Class M3A, (1M USD LIBOR + 2.50%, 2.50% Floor), 2.63%, 7/25/37(d)   500,000 518,890
Columbia Cent CLO 29 Ltd., Series 2020-29A, Class A1N, (3M USD LIBOR + 1.70%, 1.70% Floor), 1.93%, 7/20/31(b)(d)   260,000 259,437
Cumberland Park CLO Ltd., Series 2015-2A, Class BR, (3M USD LIBOR + 1.40%), 1.62%, 7/20/28(b)(d)   350,000 344,888
Cutwater Ltd., Series 2014-1A, Class A1AR, (3M USD LIBOR + 1.25%), 1.49%, 7/15/26(b)(d)   81,238 81,238
Dryden XXV Senior Loan Fund, Series 2012-25A, Class ARR, (3M USD LIBOR + 0.90%), 1.14%, 10/15/27(b)(d)   380,727 380,727
First Franklin Mortgage Loan Trust,      
Series 2003-FF4, Class M1, (1M USD LIBOR + 1.80%, 1.80% Floor), 1.95%, 10/25/33(d)   374,524 379,547
    Par(a) Value
Other (Continued)
First Franklin Mortgage Loan Trust,      
Series 2006-FF13, Class A1, (1M USD LIBOR + 0.12%, 0.12% Floor), 0.25%, 10/25/36(d)   $32,646 $25,906
Flatiron CLO 17 Ltd., Series 2017-1A, Class A, (3M USD LIBOR + 1.25%), 1.47%, 5/15/30(b)(d)   300,000 300,206
Hildene Community Funding CDO Ltd., Series 2015-1A, Class AR, 3.25%, 11/01/35(b)   150,000 150,004
Home Equity Asset Trust, Series 2006-4, Class 2A4, (1M USD LIBOR + 0.28%, 0.28% Floor), 0.41%, 8/25/36(d)   676,081 668,304
ICG U.S. CLO Ltd., Series 2015-2RA, Class A1, (3M USD LIBOR + 1.37%, 1.37% Floor), 1.59%, 1/16/33(b)(d)   500,000 501,101
JFIN CLO Ltd., Series 2014-1A, Class AR, (3M USD LIBOR + 0.95%), 1.17%, 4/21/25(b)(d)   5,956 5,955
KKR CLO 16 Ltd.,      
Series 16, Class A2R, (3M USD LIBOR + 1.80%, 1.80% Floor), 2.03%, 1/20/29(b)(d)   250,000 248,001
Series 16, Class A1R, (3M USD LIBOR + 1.25%, 1.25% Floor), 1.47%, 1/20/29(b)(d)   250,000 250,000
KKR CLO 32 Ltd., Series 32A, Class A1, (3M USD LIBOR + 1.32%, 1.32% Floor), 1.54%, 1/15/32(b)(d)   150,000 149,999
LCM Loan Income Fund I Income Note Issuer Ltd., Series 27A, Class A1, (3M USD LIBOR + 1.08%), 1.30%, 7/16/31(b)(d)   250,000 250,000
LCM XXIV Ltd., Series 24A, Class A, (3M USD LIBOR + 1.31%, 1.31% Floor), 1.53%, 3/20/30(b)(d)   750,000 750,445
Legacy Mortgage Asset Trust,      
Series 2019-SL1, Class A, 4.00%, 12/28/54(b)   187,670 189,450
 
See Notes to Schedules of Investments.
21

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Other (Continued)
Legacy Mortgage Asset Trust,      
Series 2019-GS5, Class A1, (Step to 6.20% on 8/25/22), 3.20%, 5/25/59(b)(f)   $839,452 $847,760
Long Beach Mortgage Loan Trust, Series 2006-6, Class 2A3, (1M USD LIBOR + 0.15%, 0.15% Floor), 0.28%, 7/25/36(d)   839,812 431,091
Madison Park Funding X Ltd., Series 2012-10A, Class AR3, (3M USD LIBOR + 1.01%), 1.21%, 1/20/29(b)(d)   620,000 620,066
Madison Park Funding XI Ltd., Series 2013-11A, Class AR, (3M USD LIBOR + 1.16%), 1.38%, 7/23/29(b)(d)   500,000 500,107
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, (3M USD LIBOR + 0.95%, 0.95% Floor), 1.17%, 4/19/30(b)(d)   500,000 499,856
Madison Park Funding XVI Ltd., Series 2015-16A, Class A1R, (3M USD LIBOR + 1.33%), 1.55%, 4/20/26(b)(d)   209,445 209,445
Myers Park CLO Ltd., Series 2018-1A, Class B1, (3M USD LIBOR + 1.60%, 1.60% Floor), 1.83%, 10/20/30(b)(d)   250,000 250,289
Oaktree CLO Ltd., Series 2015-1A, Class A1R, (3M USD LIBOR + 0.87%), 1.09%, 10/20/27(b)(d)   324,155 323,447
Ocean Trails CLO IX, Series 2020-9A, Class A1, (3M USD LIBOR + 1.87%, 1.87% Floor), 2.15%, 10/15/29(b)(d)   490,000 489,980
OHA Credit Funding 7 Ltd., Series 2020-7A, Class A, (3M USD LIBOR + 1.25%, 1.25% Floor), 1.48%, 10/19/32(b)(d)   150,000 150,164
Owl Rock CLO III Ltd., Series 2020-3A, Class A1L, (3M USD LIBOR + 1.80%), 2.03%, 4/20/32(b)(d)   270,000 267,820
    Par(a) Value
Other (Continued)
Palmer Square CLO Ltd., Series 2018-2A, Class A1A, (3M USD LIBOR + 1.10%), 1.32%, 7/16/31(b)(d)   $500,000 $500,599
Riserva CLO Ltd., Series 2016-3A, Class AR, (3M USD LIBOR + 1.14%), 1.36%, 10/18/28(b)(d)   250,000 250,000
RR 3 Ltd., Series 2018-3A, Class A1R2, (3M USD LIBOR + 1.09%, 1.09% Floor), 1.33%, 1/15/30(b)(d)   250,000 250,000
SBA Small Business Investment Cos., Series 2019-10A, Class 1, 3.11%, 3/10/29   87,801 92,790
Signal Peak CLO 1 Ltd.,      
Series 2014-1A, Class ARR, (3M USD LIBOR + 1.17%), 1.39%, 1/17/29(b)(d)   250,000 250,000
Series 2014-1A, Class BRR, (3M USD LIBOR + 1.75%), 1.97%, 1/17/29(b)(d)   250,000 249,550
Signal Peak CLO 4 Ltd., Series 2017-4A, Class A, (3M USD LIBOR + 1.21%), 1.43%, 10/26/29(b)(d)   250,000 250,000
Silver Rock CLO I Ltd., Series 2020-1A, Class A, (3M USD LIBOR + 1.65%, 1.65% Floor), 1.85%, 10/20/31(b)(d)   440,000 441,412
Sound Point CLO XXIII, Series 2019-2A, Class A1, (3M USD LIBOR + 1.40%, 1.40% Floor), 1.64%, 4/15/32(b)(d)   250,000 250,088
Thacher Park CLO Ltd., Series 2014-1A, Class AR, (3M USD LIBOR + 1.16%), 1.38%, 10/20/26(b)(d)   14,307 14,307
Towd Point Mortgage Trust,      
Series 2017-4, Class B2, 3.52%, 6/25/57(b)(c)   330,000 349,159
Series 2019-SJ2, Class M1, 4.50%, 11/25/58(b)   500,000 512,474
United States Small Business Administration,      
Series 2019-20D, Class 1, 2.98%, 4/01/39   46,319 49,968
 
See Notes to Schedules of Investments.
22

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Other (Continued)
United States Small Business Administration,      
Series 2019-25G, Class 1, 2.69%, 7/01/44   $74,552 $79,807
Venture 31 CLO Ltd., Series 2018-31A, Class A1, (3M USD LIBOR + 1.03%, 1.03% Floor), 1.25%, 4/20/31(b)(d)   410,000 410,000
Vericrest Opportunity Loan Trust, Series 2019-NPL2, Class A1, (Step to 6.97% on 3/25/22), 3.97%, 2/25/49(b)(f)   53,809 53,971
Voya CLO Ltd., Series 2018-2A, Class A1, (3M USD LIBOR + 1.00%, 1.00% Floor), 1.24%, 7/15/31(b)(d)   570,000 569,999
Wellfleet CLO Ltd., Series 2020-2A, Class A, (3M USD LIBOR + 1.85%, 1.85% Floor), 2.09%, 7/15/31(b)(d)   260,000 261,147
Westcott Park CLO Ltd., Series 2016-1A, Class AR, (3M USD LIBOR + 1.21%), 1.43%, 7/20/28(b)(d)   500,000 499,999
Whitebox CLO II Ltd., Series 2020-2A, Class A1, (3M USD LIBOR + 1.75%, 1.75% Floor), 1.99%, 10/24/31(b)(d)   280,000 281,062
York CLO-3 Ltd., Series 2016-1A, Class BR, (3M USD LIBOR + 1.75%), 1.98%, 10/20/29(b)(d)   500,000 500,487
Zais CLO 5 Ltd., Series 2016-2A, Class A1, (3M USD LIBOR + 1.53%), 1.77%, 10/15/28(b)(d)   486,871 486,532
      26,206,335
Student Loan – 0.3%
Navient Student Loan Trust,      
Series 2017-1A, Class A3, (1M USD LIBOR + 1.15%), 1.28%, 7/26/66(b)(d)   260,000 266,182
Series 2017-2A, Class A, (1M USD LIBOR + 1.05%), 1.18%, 12/27/66(b)(d)   116,202 118,232
Series 2014-5, Class A, (1M USD LIBOR + 0.62%), 0.75%, 3/25/83(d)   825,729 827,240
    Par(a) Value
Student Loan (Continued)
SLM Student Loan Trust, Series 2006-10, Class A6, (3M USD LIBOR + 0.15%), 0.37%, 3/25/44(d)   $282,133 $275,248
Sofi Professional Loan Program Trust,      
Series 2018-B, Class A2FX, 3.34%, 8/25/47(b)   209,400 215,584
Series 2018-D, Class A2FX, 3.60%, 2/25/48(b)   185,337 193,722
      1,896,208
Whole Loan – 1.5%
Adjustable Rate Mortgage Trust, Series 2005-9, Class 5A1, (1M USD LIBOR + 0.54%, 0.54% Floor, 11.00% Cap), 0.67%, 11/25/35(d)   266,726 266,943
CSMC, Series 2019-NQM1, Class A2, (Step to 3.86% on 12/25/23), 2.86%, 10/25/59(b)(f)   568,391 583,748
CSMC Trust,      
Series 2019-RPL8, Class A1, 3.32%, 10/25/58(b)(c)   529,780 534,221
Series 2021-RPL2, Class A1, 2.00%, 1/25/60(b)   180,000 186,828
FHLMC Structured Agency Credit Risk Debt Notes, Series 2014-DN3, Class M3, (1M USD LIBOR + 4.00%), 4.13%, 8/25/24(d)   96,287 98,481
FNMA Connecticut Avenue Securities,      
Series 2014-C04, Class 1M2, (1M USD LIBOR + 4.90%), 5.03%, 11/25/24(d)   155,019 159,656
Series 2016-C02, Class 1M2, (1M USD LIBOR + 6.00%), 6.13%, 9/25/28(d)   357,496 376,126
Series 2016-C03, Class 1M2, (1M USD LIBOR + 5.30%), 5.43%, 10/25/28(d)   319,153 336,146
Series 2016-C04, Class 1M2, (1M USD LIBOR + 4.25%), 4.38%, 1/25/29(d)   176,799 184,010
 
See Notes to Schedules of Investments.
23

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Whole Loan (Continued)
Freddie Mac STACR REMIC Trust, Series 2020-DNA6, Class M1, (30D Average SOFR + 0.90%), 0.98%, 12/25/50(b)(d)   $290,000 $290,452
GSR Mortgage Loan Trust, Series 2007-1F, Class 2A4, 5.50%, 1/25/37   355,930 407,867
Impac CMB Trust, Series 2007-A, Class A, (1M USD LIBOR + 0.50%, 0.50% Floor, 11.50% Cap), 0.63%, 5/25/37(b)(d)   293,091 293,175
MASTR Asset Securitization Trust,      
Series 2007-1, Class 1A4, 6.50%, 11/25/37   643,266 299,128
Series 2007-2, Class A2, 6.25%, 1/25/38   407,357 304,340
MCM Trust,      
Series 2018-NPL2, Class A, (Step to 7.00% on 1/25/22), 4.00%, 10/25/28(b)(f)   2,337 2,330
Series 2018-NPL2, Class B, 7.12%, 10/25/28(b)   444,918 237,740
Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2, 2.63%, 2/25/34(c)   353,511 360,839
Morgan Stanley Resecuritization Trust, Series 2015-R2, Class 2A1, (12MTA + 1.09%, 1.09% Floor), 2.68%, 12/26/46(b)(d)   189,460 191,145
New Residential Mortgage Loan Trust,      
Series 2015-2A, Class A1, 3.75%, 8/25/55(b)   368,410 392,990
Series 2017-2A, Class B2, 4.75%, 3/25/57(b)   297,664 325,004
Series 2018-RPL1, Class M2, 3.50%, 12/25/57(b)   280,000 294,778
Series 2018-3A, Class A1, 4.50%, 5/25/58(b)(c)   1,031,303 1,122,778
Series 2019-NQM4, Class A1, 2.49%, 9/25/59(b)   374,407 381,786
Series 2019-6A, Class A1B, 3.50%, 9/25/59(b)(c)   518,142 547,501
    Par(a) Value
Whole Loan (Continued)
New Residential Mortgage Loan Trust,      
Series 2019-6A, Class B3C, 3.75%, 9/25/59(b)(c)   $612,486 $652,733
Residential Mortgage Loan Trust,      
Series 2019-2, Class A1, 2.91%, 5/25/59(b)   355,718 363,292
Series 2020-2, Class A1, 1.66%, 5/25/60(b)   532,416 537,183
Thornburg Mortgage Securities Trust, Series 2004-2, Class A4, (1M USD LIBOR + 0.68%, 0.34% Floor, 11.50% Cap), 0.81%, 6/25/44(d)   487,531 484,087
Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, 7.58%, 2/25/38(b)(c)   192,681 65,666
WaMu Mortgage Pass-Through Certificates, Series 2006-AR13, Class 1A, (12MTA + 0.88%, 0.88% Floor), 1.38%, 10/25/46(d)   367,327 341,595
      10,622,568
Total Asset-Backed Securities
(Cost $58,599,789)
59,313,676
Corporate Bonds – 25.8%
Advertising – 0.0%(g)
Lamar Media Corp.,      
5.75%, 2/01/26   29,000 29,838
3.75%, 2/15/28   7,000 7,116
Outfront Media Capital LLC/Outfront Media Capital Corp.,      
5.00%, 8/15/27(b)   86,000 88,649
4.63%, 3/15/30(b)   8,000 7,980
      133,583
Aerospace/Defense – 1.2%
Boeing (The) Co.,      
4.87%, 5/01/25   550,000 620,550
3.10%, 5/01/26   40,000 42,435
2.70%, 2/01/27   30,000 31,027
2.80%, 3/01/27   40,000 41,655
3.20%, 3/01/29   130,000 135,243
5.15%, 5/01/30   270,000 320,249
3.25%, 2/01/35   290,000 289,212
5.71%, 5/01/40   140,000 177,208
3.75%, 2/01/50   50,000 50,273
5.81%, 5/01/50   330,000 433,893
 
See Notes to Schedules of Investments.
24

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Aerospace/Defense (Continued)
Boeing (The) Co.,      
5.93%, 5/01/60   $166,000 $222,400
General Dynamics Corp.,      
3.75%, 5/15/28   34,000 39,351
3.63%, 4/01/30   226,000 262,550
4.25%, 4/01/40   10,000 12,594
4.25%, 4/01/50   40,000 52,102
L3Harris Technologies, Inc.,      
3.95%, 5/28/24   115,000 125,958
3.85%, 12/15/26   145,000 166,248
4.40%, 6/15/28   399,000 472,208
1.80%, 1/15/31   211,000 210,582
5.05%, 4/27/45   20,000 27,036
Lockheed Martin Corp.,      
3.55%, 1/15/26   120,000 135,589
3.60%, 3/01/35   222,000 263,911
3.80%, 3/01/45   65,000 77,922
2.80%, 6/15/50   49,000 50,668
Northrop Grumman Corp.,      
2.93%, 1/15/25   149,000 160,922
3.25%, 1/15/28   788,000 875,684
4.03%, 10/15/47   115,000 139,459
5.25%, 5/01/50   550,000 785,334
Raytheon Technologies Corp.,      
3.65%, 8/16/23   8,000 8,600
3.15%, 12/15/24   105,000 114,520
7.20%, 8/15/27   26,000 34,713
7.00%, 11/01/28   90,000 120,925
7.50%, 9/15/29   15,000 21,577
2.15%, 5/18/30 EUR 130,000 182,150
2.25%, 7/01/30   291,000 302,494
4.50%, 6/01/42   30,000 37,995
4.20%, 12/15/44   35,000 41,302
4.15%, 5/15/45   191,000 230,353
3.75%, 11/01/46   38,000 43,550
4.35%, 4/15/47   80,000 99,638
4.62%, 11/16/48   75,000 97,080
3.13%, 7/01/50   190,000 199,441
TransDigm, Inc.,      
8.00%, 12/15/25(b)   214,000 234,062
6.25%, 3/15/26(b)   530,000 558,959
      8,549,622
Agriculture – 0.5%
Altria Group, Inc.,      
3.49%, 2/14/22   100,000 103,137
2.85%, 8/09/22   70,000 72,578
4.00%, 1/31/24   80,000 87,961
3.80%, 2/14/24   40,000 43,604
2.35%, 5/06/25   30,000 31,646
    Par(a) Value
Agriculture (Continued)
Altria Group, Inc.,      
4.40%, 2/14/26   $533,000 $613,744
2.20%, 6/15/27 EUR 100,000 132,550
4.80%, 2/14/29   290,000 344,222
3.12%, 6/15/31 EUR 205,000 297,275
5.80%, 2/14/39   323,000 418,875
5.95%, 2/14/49   305,000 413,828
6.20%, 2/14/59   60,000 81,598
Cargill, Inc., 1.37%, 7/23/23(b)   110,000 112,773
Darling Ingredients, Inc., 5.25%, 4/15/27(b)   23,000 24,323
Philip Morris International, Inc.,      
2.50%, 8/22/22   330,000 341,065
1.13%, 5/01/23   70,000 71,178
2.10%, 5/01/30   70,000 71,475
1.45%, 8/01/39 EUR 200,000 246,392
4.50%, 3/20/42   60,000 73,021
      3,581,245
Airlines – 0.2%
American Airlines Pass Through Trust,      
Series 2015-2, Class B, 4.40%, 9/22/23   17,974 15,731
Series 2016-1, Class B, 5.25%, 1/15/24   100,101 85,801
Series 2017-1, Class B, 4.95%, 2/15/25   15,323 13,041
Series 2016-3, Class B, 3.75%, 10/15/25   1,470 1,271
Series 2015-2, Class AA, 3.60%, 9/22/27   14,163 14,358
Series 2016-1, Class AA, 3.58%, 1/15/28   78,562 78,751
Series 2019-1, Class B, 3.85%, 2/15/28   75,194 63,492
Series 2016-2, Class AA, 3.20%, 6/15/28   24,285 24,009
Series 2016-3, Class AA, 3.00%, 10/15/28   121,635 120,079
Series 2017-1, Class AA, 3.65%, 2/15/29   21,548 21,788
Series 2019-1, Class AA, 3.15%, 2/15/32   72,392 71,715
Delta Air Lines Pass Through Trust, Series 2019-1, Class AA, 3.20%, 4/25/24   164,000 169,697
Delta Air Lines, Inc./SkyMiles IP Ltd.,      
4.50%, 10/20/25(b)   220,000 235,007
4.75%, 10/20/28(b)   210,000 232,334
 
See Notes to Schedules of Investments.
25

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Airlines (Continued)
United Airlines Pass Through Trust,      
Series 2014-2, Class B, 4.63%, 9/03/22   $4,818 $4,866
Series 2016-2, Class B, 3.65%, 10/07/25   2,972 2,905
Series 2016-1, Class B, 3.65%, 1/07/26   8,917 8,714
Series 2020-1, Class B, 4.87%, 1/15/26   65,000 66,464
Series 2014-1, Class A, 4.00%, 4/11/26   97,529 99,612
Series 2020-1, Class A, 5.87%, 10/15/27   190,286 212,456
Series 2015-1, Class AA, 3.45%, 12/01/27   782 801
Series 2019-2, Class B, 3.50%, 5/01/28   58,315 55,111
Series 2016-1, Class AA, 3.10%, 7/07/28   2,446 2,492
Series 2016-2, Class AA, 2.88%, 10/07/28   18,511 18,512
Series 2018-1, Class AA, 3.50%, 3/01/30   16,348 16,825
Series 2019-2, Class AA, 2.70%, 5/01/32   59,114 58,031
      1,693,863
Apparel – 0.1%
Hanesbrands, Inc.,      
4.63%, 5/15/24(b)   60,000 63,324
4.87%, 5/15/26(b)   12,000 12,990
NIKE, Inc.,      
2.40%, 3/27/25   60,000 64,341
2.75%, 3/27/27   367,000 403,506
2.85%, 3/27/30   100,000 110,963
3.25%, 3/27/40   50,000 56,514
3.38%, 3/27/50   20,000 23,012
Under Armour, Inc., 3.25%, 6/15/26   5,000 5,011
William Carter (The) Co., 5.62%, 3/15/27(b)   36,000 38,025
      777,686
Auto Manufacturers – 0.3%
General Motors Co.,      
4.87%, 10/02/23   210,000 232,023
5.95%, 4/01/49   70,000 95,014
General Motors Financial Co., Inc.,      
5.20%, 3/20/23   349,000 381,386
3.70%, 5/09/23   68,000 72,038
5.10%, 1/17/24   70,000 78,238
3.50%, 11/07/24   32,000 34,677
    Par(a) Value
Auto Manufacturers (Continued)
General Motors Financial Co., Inc.,      
4.00%, 1/15/25   $158,000 $173,761
2.90%, 2/26/25   61,000 65,088
2.75%, 6/20/25   169,000 179,549
Hyundai Capital America,      
3.95%, 2/01/22(b)   247,000 254,920
2.38%, 2/10/23(b)   245,000 252,554
Toyota Motor Credit Corp., 2.15%, 2/13/30   118,000 124,323
      1,943,571
Auto Parts & Equipment – 0.0%(g)
American Axle & Manufacturing, Inc., 6.25%, 4/01/25   27,000 27,810
Banks – 5.6%
Bank of America Corp.,      
(3M USD LIBOR + 0.63%), 3.50%, 5/17/22(h)   50,000 50,471
3.30%, 1/11/23   270,000 285,546
(3M USD LIBOR + 0.79%), 3.00%, 12/20/23(h)   93,000 97,423
(3M USD LIBOR + 0.78%), 3.55%, 3/05/24(h)   93,000 98,909
4.20%, 8/26/24   60,000 67,003
(SOFR + 0.74%), 0.81%, 10/24/24(h)   68,000 68,403
4.00%, 1/22/25   234,000 260,731
3.95%, 4/21/25   160,000 178,768
(3M USD LIBOR + 0.87%), 2.46%, 10/22/25(h)   206,000 218,165
4.45%, 3/03/26   130,000 149,942
3.50%, 4/19/26   251,000 282,450
(SOFR + 1.15%), 1.32%, 6/19/26(h)   255,000 257,961
4.25%, 10/22/26   340,000 393,605
(3M USD LIBOR + 1.06%), 3.56%, 4/23/27(h)   346,000 387,808
(3M USD LIBOR + 1.58%), 3.82%, 1/20/28(h)   543,000 618,512
(3M USD LIBOR + 2.93%), 5.87%, 3/15/28(h)(i)   131,000 145,222
(3M USD LIBOR + 1.51%), 3.71%, 4/24/28(h)   391,000 445,033
(3M USD LIBOR + 1.37%), 3.59%, 7/21/28(h)   239,000 269,709
(3M USD LIBOR + 1.04%), 3.42%, 12/20/28(h)   911,000 1,020,363
(3M USD LIBOR + 1.07%), 3.97%, 3/05/29(h)   266,000 305,913
(3M USD LIBOR + 1.31%), 4.27%, 7/23/29(h)   126,000 148,105
 
See Notes to Schedules of Investments.
26

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Banks (Continued)
Bank of America Corp.,      
(3M USD LIBOR + 1.21%), 3.97%, 2/07/30(h)   $960,000 $1,109,156
(3M USD LIBOR + 1.18%), 3.19%, 7/23/30(h)   212,000 233,247
(3M USD LIBOR + 0.99%), 2.50%, 2/13/31(h)   135,000 140,587
(SOFR + 2.15%), 2.59%, 4/29/31(h)   490,000 513,005
(SOFR + 1.53%), 1.90%, 7/23/31(h)   200,000 198,015
(SOFR + 1.93%), 2.68%, 6/19/41(h)   194,000 193,345
5.00%, 1/21/44   170,000 230,650
(3M USD LIBOR + 1.52%), 4.33%, 3/15/50(h)   30,000 37,473
(3M USD LIBOR + 3.15%), 4.08%, 3/20/51(h)   450,000 544,735
Bank of New York Mellon (The) Corp.,      
1.60%, 4/24/25   60,000 62,353
(3M USD LIBOR + 3.13%), 4.62%, 9/20/26(h)(i)   136,000 143,820
(3M USD LIBOR + 1.07%), 3.44%, 2/07/28(h)   89,000 100,867
Citigroup, Inc.,      
(SOFR + 1.67%), 1.68%, 5/15/24(h)   120,000 123,051
3.88%, 3/26/25   71,000 78,689
4.40%, 6/10/25   243,000 275,481
5.50%, 9/13/25   120,000 142,678
(5Y US Treasury CMT + 3.60%), 4.00%, 12/10/25(h)(i)   345,000 349,744
(SOFR + 2.75%), 3.11%, 4/08/26(h)   80,000 86,791
3.20%, 10/21/26   26,000 28,654
(3M USD LIBOR + 1.39%), 3.67%, 7/24/28(h)   617,000 697,815
(3M USD LIBOR + 1.15%), 3.52%, 10/27/28(h)   210,000 235,503
(3M USD LIBOR + 1.19%), 4.08%, 4/23/29(h)   434,000 500,848
(3M USD LIBOR + 1.34%), 3.98%, 3/20/30(h)   746,000 861,270
(SOFR + 1.42%), 2.98%, 11/05/30(h)   516,000 557,171
(SOFR + 3.91%), 4.41%, 3/31/31(h)   290,000 344,507
(SOFR + 2.11%), 2.57%, 6/03/31(h)   499,000 518,986
8.12%, 7/15/39   580,000 1,011,148
4.65%, 7/23/48   30,000 39,430
    Par(a) Value
Banks (Continued)
Citizens Financial Group, Inc., 3.25%, 4/30/30   $58,000 $64,479
Goldman Sachs Group (The), Inc.,      
(3M USD LIBOR + 0.82%), 2.88%, 10/31/22(h)   230,000 234,171
3.20%, 2/23/23   40,000 42,145
3.63%, 2/20/24   120,000 130,417
3.85%, 7/08/24   30,000 32,937
3.50%, 1/23/25   217,000 237,677
3.50%, 4/01/25   1,193,000 1,315,384
(3M USD LIBOR + 1.20%), 3.27%, 9/29/25(h)   69,000 75,092
3.50%, 11/16/26   142,000 157,925
3.85%, 1/26/27   213,000 240,780
(3M USD LIBOR + 1.51%), 3.69%, 6/05/28(h)   316,000 358,608
(3M USD LIBOR + 1.30%), 4.22%, 5/01/29(h)   1,530,000 1,793,690
5.15%, 5/22/45   110,000 146,906
4.75%, 10/21/45   460,000 612,386
JPMorgan Chase & Co.,      
(SOFR + 1.46%), 1.51%, 6/01/24(h)   310,000 317,227
(3M USD LIBOR + 1.00%), 4.02%, 12/05/24(h)   1,156,000 1,268,077
3.90%, 7/15/25   112,000 126,071
(SOFR + 1.59%), 2.01%, 3/13/26(h)   423,000 440,958
(SOFR + 1.85%), 2.08%, 4/22/26(h)   251,000 262,410
2.95%, 10/01/26   95,000 104,688
(3M USD LIBOR + 1.25%), 3.96%, 1/29/27(h)   764,000 868,471
(3M USD LIBOR + 1.34%), 3.78%, 2/01/28(h)   751,000 858,967
(3M USD LIBOR + 1.38%), 3.54%, 5/01/28(h)   428,000 484,936
(3M USD LIBOR + 0.95%), 3.51%, 1/23/29(h)   14,000 15,709
(3M USD LIBOR + 1.12%), 4.01%, 4/23/29(h)   94,000 108,573
(3M USD LIBOR + 1.33%), 4.45%, 12/05/29(h)   1,011,000 1,211,838
(SOFR + 2.04%), 2.52%, 4/22/31(h)   348,000 364,557
4.95%, 6/01/45   220,000 299,675
(3M USD LIBOR + 1.58%), 4.26%, 2/22/48(h)   257,000 321,604
(SOFR + 2.44%), 3.11%, 4/22/51(h)   50,000 53,028
KeyCorp, 4.10%, 4/30/28   2,000 2,362
 
See Notes to Schedules of Investments.
27

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Banks (Continued)
Morgan Stanley,      
(SOFR + 1.15%), 2.72%, 7/22/25(h)   $130,000 $138,685
3.88%, 1/27/26   376,000 427,424
(SOFR + 1.99%), 2.19%, 4/28/26(h)   628,000 658,828
3.63%, 1/20/27   543,000 616,026
(3M USD LIBOR + 1.14%), 3.77%, 1/24/29(h)   110,000 125,156
(3M USD LIBOR + 1.63%), 4.43%, 1/23/30(h)   483,000 576,978
(SOFR + 1.14%), 2.70%, 1/22/31(h)   811,000 860,963
(SOFR + 3.12%), 3.62%, 4/01/31(h)   457,000 519,717
National Securities Clearing Corp., 1.20%, 4/23/23(b)   250,000 254,771
Northern Trust Corp., 1.95%, 5/01/30   43,000 43,995
State Street Corp.,      
(3M USD LIBOR + 2.54%), 5.62%, 12/15/23(h)(i)   292,000 306,600
(3M USD LIBOR + 1.03%), 4.14%, 12/03/29(h)   22,000 26,241
(SOFR + 2.65%), 3.15%, 3/30/31(h)   3,000 3,378
U.S. Bancorp,      
1.45%, 5/12/25   250,000 258,052
3.00%, 7/30/29   73,000 80,261
Wells Fargo & Co.,      
3.75%, 1/24/24   160,000 174,005
3.55%, 9/29/25   148,000 164,685
3.00%, 4/22/26   139,000 151,719
(SOFR + 2.00%), 2.19%, 4/30/26(h)   200,000 209,360
3.00%, 10/23/26   180,000 197,981
4.30%, 7/22/27   270,000 314,836
(3M USD LIBOR + 1.31%), 3.58%, 5/22/28(h)   516,000 580,111
(SOFR + 2.10%), 2.39%, 6/02/28(h)   248,000 261,517
4.15%, 1/24/29   877,000 1,024,233
(3M USD LIBOR + 1.17%), 2.88%, 10/30/30(h)   358,000 384,182
(3M USD LIBOR + 3.77%), 4.48%, 4/04/31(h)   300,000 359,614
(SOFR + 2.53%), 3.07%, 4/30/41(h)   270,000 281,489
4.40%, 6/14/46   40,000 47,666
4.75%, 12/07/46   370,000 467,790
(3M USD LIBOR + 4.24%), 5.01%, 4/04/51(h)   1,300,000 1,784,489
      38,961,561
    Par(a) Value
Beverages – 0.2%
Coca-Cola (The) Co.,      
2.95%, 3/25/25   $40,000 $43,777
3.38%, 3/25/27   280,000 318,317
1.45%, 6/01/27   90,000 92,076
2.50%, 6/01/40   97,000 97,925
2.75%, 6/01/60   115,000 114,723
Keurig Dr. Pepper, Inc., 3.20%, 5/01/30   105,000 116,360
PepsiCo, Inc.,      
0.75%, 5/01/23   120,000 121,511
2.25%, 3/19/25   10,000 10,642
2.63%, 3/19/27   10,000 10,951
1.63%, 5/01/30   40,000 40,048
3.37%, 7/29/49   38,000 43,380
2.88%, 10/15/49   40,000 42,213
3.62%, 3/19/50   20,000 23,835
3.87%, 3/19/60   30,000 37,609
      1,113,367
Biotechnology – 0.1%
Amgen, Inc.,      
2.45%, 2/21/30   71,000 74,812
2.30%, 2/25/31   52,000 54,065
4.40%, 5/01/45   201,000 251,737
3.38%, 2/21/50   25,000 26,827
Baxalta, Inc., 5.25%, 6/23/45   9,000 12,598
Biogen, Inc., 2.25%, 5/01/30   151,000 155,114
Gilead Sciences, Inc.,      
4.80%, 4/01/44   119,000 152,357
4.75%, 3/01/46   207,000 265,838
      993,348
Building Materials – 0.2%
Carrier Global Corp.,      
1.92%, 2/15/23   146,000 150,122
2.24%, 2/15/25   690,000 725,064
3.38%, 4/05/40   70,000 74,177
3.58%, 4/05/50   20,000 21,328
Masonite International Corp., 5.38%, 2/01/28(b)   36,000 38,542
Owens Corning, 3.95%, 8/15/29   16,000 18,448
Standard Industries, Inc.,      
5.00%, 2/15/27(b)   36,000 37,485
4.75%, 1/15/28(b)   9,000 9,486
U.S. Concrete, Inc., 6.37%, 6/01/24   6,000 6,157
      1,080,809
 
See Notes to Schedules of Investments.
28

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Chemicals – 0.1%
Dow Chemical (The) Co.,      
4.55%, 11/30/25   $26,000 $30,217
1.13%, 3/15/32 EUR 170,000 210,870
DuPont de Nemours, Inc.,      
4.49%, 11/15/25   143,000 166,007
5.32%, 11/15/38   34,000 45,118
Ecolab, Inc., 4.80%, 3/24/30   105,000 131,847
LYB International Finance III LLC, 4.20%, 5/01/50   107,000 121,099
RPM International, Inc., 4.25%, 1/15/48   3,000 3,193
Sherwin-Williams (The) Co.,      
2.30%, 5/15/30   101,000 104,669
4.00%, 12/15/42   18,000 20,336
      833,356
Commercial Services – 0.2%
Cintas Corp. No. 2,      
2.90%, 4/01/22   20,000 20,550
3.70%, 4/01/27   20,000 22,954
Equifax, Inc., 3.10%, 5/15/30   68,000 74,264
Global Payments, Inc.,      
4.80%, 4/01/26   188,000 220,954
4.45%, 6/01/28   45,000 53,075
3.20%, 8/15/29   192,000 209,698
Herc Holdings, Inc., 5.50%, 7/15/27(b)   76,000 80,119
Moody's Corp.,      
4.87%, 2/15/24   78,000 87,611
3.25%, 1/15/28   50,000 55,859
4.25%, 2/01/29   55,000 65,236
Nielsen (The) Co. Luxembourg S.a.r.l., 5.00%, 2/01/25(b)   20,000 20,550
PayPal Holdings, Inc.,      
1.35%, 6/01/23   90,000 91,777
2.40%, 10/01/24   35,000 37,183
1.65%, 6/01/25   119,000 123,366
2.65%, 10/01/26   33,000 35,944
United Rentals North America, Inc.,      
5.87%, 9/15/26   68,000 71,652
5.50%, 5/15/27   68,000 72,666
3.88%, 11/15/27   11,000 11,565
4.88%, 1/15/28   108,000 115,155
5.25%, 1/15/30   11,000 12,183
      1,482,361
    Par(a) Value
Computers – 0.5%
Apple, Inc.,      
1.13%, 5/11/25   $260,000 $265,839
2.45%, 8/04/26   100,000 108,243
2.90%, 9/12/27   250,000 278,174
3.85%, 5/04/43   231,000 279,480
2.55%, 8/20/60   90,000 85,846
Dell International LLC/EMC Corp.,      
4.90%, 10/01/26(b)   156,000 182,038
8.10%, 7/15/36(b)   87,000 127,020
DXC Technology Co.,      
4.00%, 4/15/23   203,000 216,374
4.13%, 4/15/25   7,000 7,739
Hewlett Packard Enterprise Co., 4.65%, 10/01/24   329,000 372,764
HP, Inc., 6.00%, 9/15/41   10,000 12,779
International Business Machines Corp.,      
3.00%, 5/15/24   270,000 291,702
3.30%, 5/15/26   260,000 290,598
1.95%, 5/15/30   377,000 382,795
2.85%, 5/15/40   100,000 103,261
Leidos, Inc., 4.37%, 5/15/30(b)   207,000 244,848
Seagate HDD Cayman, 4.09%, 6/01/29(b)   70,000 72,858
      3,322,358
Cosmetics/Personal Care – 0.0%(g)
Procter & Gamble (The) Co.,      
2.80%, 3/25/27   20,000 22,144
3.00%, 3/25/30   60,000 67,856
      90,000
Distribution/Wholesale – 0.0%(g)
American Builders & Contractors Supply Co., Inc.,      
5.87%, 5/15/26(b)   25,000 25,906
4.00%, 1/15/28(b)   50,000 51,563
KAR Auction Services, Inc., 5.13%, 6/01/25(b)   61,000 62,601
Performance Food Group, Inc., 5.50%, 10/15/27(b)   68,000 71,806
      211,876
Diversified Financial Services – 0.6%
Air Lease Corp., 3.38%, 7/01/25   70,000 75,212
American Express Co.,      
2.50%, 7/30/24   410,000 435,577
 
See Notes to Schedules of Investments.
29

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Diversified Financial Services (Continued)
American Express Co.,      
4.20%, 11/06/25   $70,000 $80,757
Capital One Financial Corp.,      
3.90%, 1/29/24   311,000 339,387
3.75%, 4/24/24   30,000 32,829
Charles Schwab (The) Corp., 3.20%, 3/02/27   44,000 49,438
Discover Financial Services, 4.50%, 1/30/26   7,000 8,085
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35   200,000 233,818
Intercontinental Exchange, Inc.,      
3.75%, 9/21/28   51,000 58,602
2.10%, 6/15/30   69,000 70,260
1.85%, 9/15/32   139,000 136,334
International Lease Finance Corp., 5.87%, 8/15/22   230,000 247,483
Mastercard, Inc.,      
2.95%, 6/01/29   47,000 52,117
3.35%, 3/26/30   181,000 207,482
3.85%, 3/26/50   300,000 372,999
Navient Corp.,      
6.50%, 6/15/22   55,000 57,613
7.25%, 9/25/23   33,000 36,341
5.87%, 10/25/24   30,000 31,838
6.75%, 6/25/25   32,000 35,060
6.75%, 6/15/26   30,000 33,113
Nuveen LLC, 4.00%, 11/01/28(b)   100,000 118,109
Quicken Loans LLC, 5.25%, 1/15/28(b)   67,000 71,522
USAA Capital Corp., 2.13%, 5/01/30(b)   150,000 156,407
Vanguard Group (The), Inc., 3.05%, 8/22/50(j)   170,000 154,069
Visa, Inc.,      
3.15%, 12/14/25   230,000 255,879
2.70%, 4/15/40   215,000 225,131
4.30%, 12/14/45   170,000 220,471
      3,795,933
Electric – 1.5%
AEP Texas, Inc.,      
3.95%, 6/01/28   212,000 247,797
3.45%, 1/15/50   28,000 30,249
AEP Transmission Co. LLC,      
3.75%, 12/01/47   54,000 63,513
3.80%, 6/15/49   65,000 77,308
    Par(a) Value
Electric (Continued)
AEP Transmission Co. LLC,      
3.15%, 9/15/49   $40,000 $42,858
3.65%, 4/01/50   66,000 76,565
Alabama Power Co.,      
3.55%, 12/01/23   10,000 10,859
3.75%, 3/01/45   106,000 124,125
3.70%, 12/01/47   53,000 61,394
3.45%, 10/01/49   30,000 33,788
Ameren Illinois Co.,      
3.80%, 5/15/28   46,000 53,064
3.25%, 3/15/50   60,000 66,202
Baltimore Gas and Electric Co.,      
3.50%, 8/15/46   49,000 54,941
3.75%, 8/15/47   62,000 73,213
3.20%, 9/15/49   40,000 43,090
2.90%, 6/15/50   62,000 63,467
CenterPoint Energy Houston Electric LLC,      
3.55%, 8/01/42   23,000 26,557
4.25%, 2/01/49   2,000 2,577
Commonwealth Edison Co.,      
2.95%, 8/15/27   11,000 12,211
4.60%, 8/15/43   5,000 6,416
Consolidated Edison Co. of New York, Inc.,      
3.35%, 4/01/30   50,000 56,169
3.95%, 4/01/50   20,000 23,656
Consumers Energy Co.,      
3.75%, 2/15/50   53,000 64,077
3.10%, 8/15/50   107,000 117,224
3.50%, 8/01/51   75,000 87,963
Dayton Power & Light (The) Co., 3.95%, 6/15/49   81,000 92,796
DTE Electric Co.,      
4.05%, 5/15/48   10,000 12,491
3.95%, 3/01/49   133,000 165,693
Duke Energy Carolinas LLC,      
3.95%, 11/15/28   28,000 33,088
2.45%, 8/15/29   142,000 151,416
2.45%, 2/01/30   160,000 170,215
3.95%, 3/15/48   87,000 104,901
3.20%, 8/15/49   48,000 52,043
Duke Energy Florida LLC,      
3.80%, 7/15/28   40,000 46,334
2.50%, 12/01/29   325,000 349,378
1.75%, 6/15/30   122,000 123,111
3.85%, 11/15/42   53,000 61,262
Duke Energy Ohio, Inc.,      
3.65%, 2/01/29   224,000 255,842
2.13%, 6/01/30   14,000 14,424
 
See Notes to Schedules of Investments.
30

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Electric (Continued)
Duke Energy Progress LLC,      
3.70%, 9/01/28   $159,000 $183,808
3.45%, 3/15/29   138,000 157,316
4.10%, 5/15/42   113,000 136,606
4.20%, 8/15/45   22,000 26,993
Edison International, 3.13%, 11/15/22   15,000 15,580
Entergy Louisiana LLC,      
5.40%, 11/01/24   18,000 21,106
4.20%, 9/01/48   96,000 119,531
FirstEnergy Corp.,      
4.25%, 3/15/23   110,000 115,671
2.05%, 3/01/25   22,000 21,945
1.60%, 1/15/26   40,000 38,914
4.40%, 7/15/27   499,000 545,157
2.65%, 3/01/30   142,000 140,580
2.25%, 9/01/30   56,000 53,308
7.37%, 11/15/31   410,000 575,201
5.35%, 7/15/47   90,000 108,900
FirstEnergy Transmission LLC,      
4.35%, 1/15/25(b)   285,000 313,044
4.55%, 4/01/49(b)   246,000 277,287
Florida Power & Light Co.,      
5.25%, 2/01/41   5,000 6,933
4.05%, 10/01/44   33,000 41,087
3.70%, 12/01/47   98,000 117,627
3.95%, 3/01/48   105,000 131,234
3.99%, 3/01/49   29,000 36,477
3.15%, 10/01/49   110,000 121,919
MidAmerican Energy Co.,      
3.10%, 5/01/27   35,000 39,283
3.65%, 4/15/29   389,000 456,055
4.25%, 7/15/49   85,000 109,642
3.15%, 4/15/50   40,000 43,903
Northern States Power Co.,      
3.40%, 8/15/42   78,000 88,213
3.60%, 9/15/47   36,000 42,655
2.90%, 3/01/50   50,000 52,889
NRG Energy, Inc.,      
7.25%, 5/15/26   44,000 46,134
6.62%, 1/15/27   54,000 56,734
2.45%, 12/02/27(b)   226,000 235,745
5.75%, 1/15/28   36,000 39,140
5.25%, 6/15/29(b)   49,000 53,900
NSTAR Electric Co., 3.95%, 4/01/30   28,000 33,367
Ohio Power Co.,      
6.60%, 2/15/33   60,000 83,073
4.15%, 4/01/48   14,000 17,370
    Par(a) Value
Electric (Continued)
Ohio Power Co.,      
4.00%, 6/01/49   $31,000 $37,582
Oncor Electric Delivery Co. LLC,      
3.70%, 11/15/28   75,000 87,500
5.75%, 3/15/29   44,000 57,345
4.10%, 11/15/48   51,000 64,427
3.80%, 6/01/49   69,000 84,091
5.35%, 10/01/52(b)   27,000 40,302
Pacific Gas and Electric Co.,      
1.75%, 6/16/22   160,000 160,430
2.10%, 8/01/27   50,000 50,693
2.50%, 2/01/31   60,000 59,616
3.30%, 8/01/40   20,000 19,537
3.50%, 8/01/50   20,000 19,098
Progress Energy, Inc., 7.75%, 3/01/31   180,000 265,488
Public Service Electric and Gas Co.,      
3.65%, 9/01/28   3,000 3,448
3.20%, 5/15/29   50,000 56,240
2.05%, 8/01/50   25,000 22,230
Southern California Edison Co.,      
1.85%, 2/01/22   24,643 24,689
3.70%, 8/01/25   224,000 248,880
1.20%, 2/01/26   43,000 43,281
4.20%, 3/01/29   51,000 59,588
2.25%, 6/01/30   225,000 230,311
Tampa Electric Co.,      
4.35%, 5/15/44   75,000 92,469
4.45%, 6/15/49   17,000 21,849
Trans-Allegheny Interstate Line Co., 3.85%, 6/01/25(b)   299,000 325,267
Virginia Electric and Power Co.,      
3.45%, 9/01/22   62,000 64,469
6.00%, 1/15/36   25,000 35,672
6.35%, 11/30/37   50,000 74,403
4.00%, 1/15/43   30,000 36,312
4.45%, 2/15/44   65,000 82,660
Vistra Operations Co. LLC,      
5.50%, 9/01/26(b)   68,000 70,827
5.62%, 2/15/27(b)   58,000 61,413
5.00%, 7/31/27(b)   56,000 59,153
4.30%, 7/15/29(b)   219,000 249,815
      10,665,689
Electronics – 0.1%
Agilent Technologies, Inc.,      
3.05%, 9/22/26   152,000 165,071
 
See Notes to Schedules of Investments.
31

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Electronics (Continued)
Agilent Technologies, Inc.,      
2.75%, 9/15/29   $104,000 $112,395
2.10%, 6/04/30   105,000 107,847
Honeywell International, Inc.,      
1.35%, 6/01/25   70,000 72,080
0.75%, 3/10/32 EUR 105,000 132,763
Roper Technologies, Inc.,      
2.95%, 9/15/29   76,000 82,735
1.75%, 2/15/31   44,000 43,147
      716,038
Entertainment – 0.1%
Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/25(b)   104,000 103,795
Cedar Fair L.P., 5.25%, 7/15/29   45,000 45,450
Cedar Fair L.P./Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC,      
5.50%, 5/01/25(b)   41,000 42,640
5.37%, 4/15/27   65,000 65,162
Churchill Downs, Inc.,      
5.50%, 4/01/27(b)   76,000 79,362
4.75%, 1/15/28(b)   39,000 40,560
Scientific Games International, Inc., 5.00%, 10/15/25(b)   65,000 66,986
Six Flags Entertainment Corp.,      
4.88%, 7/31/24(b)   68,000 67,490
5.50%, 4/15/27(b)   39,000 39,402
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.12%, 10/01/29(b)   57,000 58,853
      609,700
Environmental Control – 0.1%
Clean Harbors, Inc., 4.88%, 7/15/27(b)   35,000 36,850
Republic Services, Inc.,      
2.50%, 8/15/24   70,000 74,470
2.90%, 7/01/26   41,000 44,715
3.95%, 5/15/28   178,000 206,593
2.30%, 3/01/30   82,000 85,143
Waste Management, Inc.,      
3.50%, 5/15/24   70,000 76,288
1.15%, 3/15/28   145,000 143,484
4.15%, 7/15/49   60,000 74,423
    Par(a) Value
Environmental Control (Continued)
Waste Pro USA, Inc., 5.50%, 2/15/26(b)   $30,000 $30,975
      772,941
Food – 0.3%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC,      
3.50%, 2/15/23(b)   51,000 52,300
5.75%, 3/15/25   16,000 16,540
7.50%, 3/15/26(b)   84,000 92,190
4.63%, 1/15/27(b)   12,000 12,576
5.87%, 2/15/28(b)   60,000 64,725
4.88%, 2/15/30(b)   14,000 14,963
Hershey (The) Co., 0.90%, 6/01/25   30,000 30,365
JBS USA LUX S.A./JBS USA Finance, Inc.,      
5.75%, 6/15/25(b)   35,000 35,919
6.75%, 2/15/28(b)   66,000 72,847
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc.,      
6.50%, 4/15/29(b)   101,000 115,014
5.50%, 1/15/30(b)   17,000 19,295
Kraft Heinz Foods Co., 3.00%, 6/01/26   110,000 116,262
Lamb Weston Holdings, Inc.,      
4.63%, 11/01/24(b)   57,000 59,383
4.87%, 11/01/26(b)   57,000 59,137
Mars, Inc.,      
2.70%, 4/01/25(b)   90,000 97,004
3.20%, 4/01/30(b)   180,000 203,046
Mondelez International, Inc.,      
2.13%, 4/13/23   20,000 20,714
1.50%, 5/04/25   250,000 258,010
2.75%, 4/13/30   127,000 137,099
Pilgrim's Pride Corp., 5.87%, 9/30/27(b)   112,000 119,190
Post Holdings, Inc.,      
5.00%, 8/15/26(b)   91,000 93,869
5.75%, 3/01/27(b)   84,000 88,095
5.62%, 1/15/28(b)   61,000 64,736
5.50%, 12/15/29(b)   49,000 53,225
Simmons Foods, Inc., 5.75%, 11/01/24(b)   21,000 21,551
      1,918,055
 
See Notes to Schedules of Investments.
32

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Food Service – 0.0%(g)
Aramark Services, Inc.,      
4.75%, 6/01/26   $33,000 $33,743
5.00%, 2/01/28(b)   79,000 82,357
      116,100
Forest Products & Paper – 0.0%(g)
Georgia-Pacific LLC,      
3.60%, 3/01/25(b)   14,000 15,479
2.10%, 4/30/27(b)   82,000 86,500
7.75%, 11/15/29   8,000 11,687
2.30%, 4/30/30(b)   69,000 72,654
8.88%, 5/15/31   13,000 20,917
International Paper Co.,      
6.00%, 11/15/41   17,000 24,516
4.40%, 8/15/47   31,000 39,120
      270,873
Gas – 0.1%
Atmos Energy Corp.,      
4.12%, 10/15/44   5,000 6,172
4.13%, 3/15/49   33,000 41,666
CenterPoint Energy Resources Corp., 1.75%, 10/01/30   272,000 268,933
Eastern Energy Gas Holdings LLC, 4.80%, 11/01/43   39,000 48,479
Piedmont Natural Gas Co., Inc., 3.35%, 6/01/50   20,000 21,608
      386,858
Healthcare - Products – 0.2%
Abbott Laboratories,      
3.75%, 11/30/26   390,000 451,504
4.90%, 11/30/46   10,000 14,124
Boston Scientific Corp.,      
4.00%, 3/01/29   37,000 42,844
2.65%, 6/01/30   116,000 122,675
DH Europe Finance II S.a.r.l.,      
1.35%, 9/18/39 EUR 135,000 173,856
1.80%, 9/18/49   100,000 135,251
Medtronic Global Holdings SCA,      
1.50%, 7/02/39   100,000 133,202
1.75%, 7/02/49   100,000 136,775
Teleflex, Inc., 4.62%, 11/15/27   35,000 37,032
Thermo Fisher Scientific, Inc.,      
2.60%, 10/01/29   80,000 86,165
1.88%, 10/01/49 EUR 100,000 136,747
      1,470,175
    Par(a) Value
Healthcare - Services – 0.7%
Aetna, Inc.,      
2.80%, 6/15/23   $90,000 $94,664
4.50%, 5/15/42   44,000 52,932
4.75%, 3/15/44   2,000 2,512
3.88%, 8/15/47   27,000 30,877
Anthem, Inc.,      
2.95%, 12/01/22   30,000 31,293
3.65%, 12/01/27   100,000 115,357
4.10%, 3/01/28   127,000 148,319
Centene Corp.,      
5.37%, 6/01/26(b)   78,000 81,900
5.37%, 8/15/26(b)   50,000 52,437
4.25%, 12/15/27   165,000 174,551
4.63%, 12/15/29   49,000 54,327
Charles River Laboratories International, Inc., 4.25%, 5/01/28(b)   5,000 5,263
Charles River Laboratories, Inc., 5.50%, 4/01/26(b)   18,000 18,788
Encompass Health Corp.,      
4.50%, 2/01/28   30,000 31,237
4.75%, 2/01/30   30,000 32,268
HCA, Inc.,      
4.75%, 5/01/23   35,000 38,107
5.00%, 3/15/24   306,000 344,654
5.37%, 2/01/25   37,000 41,541
5.25%, 4/15/25   484,000 564,245
5.87%, 2/15/26   22,000 25,163
5.37%, 9/01/26   14,000 15,887
5.62%, 9/01/28   22,000 25,766
5.87%, 2/01/29   9,000 10,720
Humana, Inc.,      
4.50%, 4/01/25   43,000 49,238
3.95%, 3/15/27   140,000 161,612
3.13%, 8/15/29   120,000 131,389
4.88%, 4/01/30   67,000 83,124
Molina Healthcare, Inc., 5.37%, 11/15/22   46,000 48,702
Select Medical Corp., 6.25%, 8/15/26(b)   23,000 24,607
Tenet Healthcare Corp.,      
4.63%, 7/15/24   62,000 63,159
4.63%, 9/01/24(b)   39,000 40,024
5.12%, 5/01/25   117,000 118,537
4.88%, 1/01/26(b)   137,000 142,909
6.25%, 2/01/27(b)   198,000 208,574
5.12%, 11/01/27(b)   21,000 22,155
UnitedHealth Group, Inc.,      
2.38%, 10/15/22   20,000 20,712
3.50%, 6/15/23   30,000 32,206
3.75%, 7/15/25   50,000 56,621
 
See Notes to Schedules of Investments.
33

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Healthcare - Services (Continued)
UnitedHealth Group, Inc.,      
1.25%, 1/15/26   $40,000 $40,892
2.95%, 10/15/27   25,000 27,762
3.85%, 6/15/28   254,000 296,985
3.88%, 12/15/28   110,000 129,836
2.00%, 5/15/30   40,000 41,269
3.50%, 8/15/39   245,000 278,099
2.75%, 5/15/40   90,000 93,081
4.75%, 7/15/45   56,000 75,516
4.25%, 6/15/48   109,000 138,463
4.45%, 12/15/48   20,000 26,095
3.70%, 8/15/49   130,000 153,501
2.90%, 5/15/50   100,000 103,741
3.88%, 8/15/59   70,000 85,423
3.13%, 5/15/60   20,000 21,423
      4,708,463
Home Builders – 0.0%(g)
Century Communities, Inc., 6.75%, 6/01/27   22,000 23,540
Lennar Corp.,      
4.50%, 4/30/24   35,000 38,526
4.75%, 5/30/25   7,000 7,988
4.75%, 11/29/27   12,000 14,182
PulteGroup, Inc.,      
5.50%, 3/01/26   6,000 7,156
5.00%, 1/15/27   5,000 5,942
Taylor Morrison Communities, Inc., 5.88%, 6/15/27(b)   7,000 7,908
      105,242
Home Furnishings – 0.0%(g)
Tempur Sealy International, Inc., 5.50%, 6/15/26   50,000 51,813
Household Products/Wares – 0.0%(g)
Clorox (The) Co., 3.10%, 10/01/27   15,000 16,886
Kimberly-Clark Corp., 3.10%, 3/26/30   30,000 33,818
Spectrum Brands, Inc., 5.75%, 7/15/25   36,000 37,109
      87,813
Housewares – 0.0%(g)
Newell Brands, Inc.,      
4.35%, 4/01/23   93,000 97,997
4.70%, 4/01/26   28,000 31,010
      129,007
    Par(a) Value
Insurance – 0.4%
American International Group, Inc.,      
2.50%, 6/30/25   $60,000 $63,966
4.20%, 4/01/28   40,000 46,824
3.40%, 6/30/30   145,000 161,612
Aon Corp.,      
4.50%, 12/15/28   202,000 242,628
3.75%, 5/02/29   133,000 153,186
2.80%, 5/15/30   105,000 112,912
Aon PLC, 4.60%, 6/14/44   15,000 19,209
Berkshire Hathaway Finance Corp., 4.25%, 1/15/49   150,000 190,380
Guardian Life Global Funding, 1.10%, 6/23/25(b)   50,000 50,466
Hartford Financial Services Group (The), Inc.,      
5.95%, 10/15/36   20,000 27,826
3.60%, 8/19/49   32,000 36,367
Marsh & McLennan Cos., Inc.,      
4.37%, 3/15/29   131,000 157,090
1.98%, 3/21/30 EUR 120,000 166,401
2.25%, 11/15/30   84,000 87,062
MassMutual Global Funding II, 0.85%, 6/09/23(b)   330,000 333,779
MetLife, Inc., 6.40%, 12/15/36   100,000 128,782
Metropolitan Life Global Funding I, 0.90%, 6/08/23(b)   250,000 253,303
New York Life Global Funding, 0.95%, 6/24/25(b)   80,000 80,630
Principal Life Global Funding II, 1.25%, 6/23/25(b)   40,000 40,744
Willis North America, Inc.,      
3.60%, 5/15/24   42,000 45,828
5.05%, 9/15/48   19,000 26,107
      2,425,102
Internet – 0.4%
Alphabet, Inc.,      
0.45%, 8/15/25   30,000 29,853
0.80%, 8/15/27   50,000 49,523
1.10%, 8/15/30   60,000 58,037
2.05%, 8/15/50   110,000 99,011
Amazon.com, Inc.,      
0.80%, 6/03/25   130,000 131,219
1.20%, 6/03/27   160,000 161,828
3.15%, 8/22/27   140,000 158,261
 
See Notes to Schedules of Investments.
34

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Internet (Continued)
Amazon.com, Inc.,      
1.50%, 6/03/30   $150,000 $149,302
3.88%, 8/22/37   118,000 143,344
4.05%, 8/22/47   140,000 177,500
2.50%, 6/03/50   390,000 385,032
4.25%, 8/22/57   240,000 324,108
Booking Holdings, Inc., 4.10%, 4/13/25   166,000 187,280
E*TRADE Financial Corp., 3.80%, 8/24/27   79,000 90,102
Expedia Group, Inc.,      
6.25%, 5/01/25(b)   112,000 129,433
3.80%, 2/15/28   55,000 58,578
3.25%, 2/15/30   55,000 56,178
Netflix, Inc.,      
5.50%, 2/15/22   36,000 37,665
4.87%, 4/15/28   21,000 24,682
6.37%, 5/15/29   11,000 14,224
5.37%, 11/15/29(b)   12,000 14,970
4.88%, 6/15/30(b)   14,000 16,922
      2,497,052
Iron/Steel – 0.0%(g)
Nucor Corp., 3.95%, 5/01/28   24,000 28,000
Steel Dynamics, Inc., 2.80%, 12/15/24   50,000 53,676
      81,676
Lodging – 0.1%
Boyd Gaming Corp.,      
6.37%, 4/01/26   27,000 27,938
6.00%, 8/15/26   39,000 40,316
Hilton Domestic Operating Co., Inc.,      
5.12%, 5/01/26   53,000 54,945
4.88%, 1/15/30   14,000 15,091
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 4/01/27   39,000 40,783
Hyatt Hotels Corp., 5.37%, 4/23/25   35,000 39,390
Las Vegas Sands Corp.,      
3.20%, 8/08/24   100,000 105,049
2.90%, 6/25/25   10,000 10,374
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 9/15/26   51,000 53,048
MGM Resorts International,      
5.75%, 6/15/25   10,000 10,978
4.63%, 9/01/26   6,000 6,255
5.50%, 4/15/27   10,000 10,830
    Par(a) Value
Lodging (Continued)
Station Casinos LLC, 5.00%, 10/01/25(b)   $33,000 $33,248
Wyndham Hotels & Resorts, Inc., 5.37%, 4/15/26(b)   23,000 23,546
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,      
5.50%, 3/01/25(b)   140,000 144,550
5.25%, 5/15/27(b)   69,000 70,052
      686,393
Machinery - Construction & Mining – 0.0%(g)
Terex Corp., 5.63%, 2/01/25(b)   49,000 50,164
Machinery - Diversified – 0.1%
Colfax Corp., 6.00%, 2/15/24(b)   27,000 27,877
Deere & Co.,      
3.10%, 4/15/30   38,000 42,745
3.75%, 4/15/50   200,000 246,520
Otis Worldwide Corp.,      
2.06%, 4/05/25   50,000 52,649
2.56%, 2/15/30   119,000 125,632
      495,423
Media – 1.4%
AMC Networks, Inc.,      
5.00%, 4/01/24   44,000 44,699
4.75%, 8/01/25   51,000 52,530
CCO Holdings LLC/CCO Holdings Capital Corp.,      
5.75%, 2/15/26(b)   83,000 85,639
5.50%, 5/01/26(b)   49,000 50,746
5.87%, 5/01/27(b)   27,000 28,060
5.13%, 5/01/27(b)   165,000 173,220
5.00%, 2/01/28(b)   127,000 133,413
5.38%, 6/01/29(b)   78,000 84,630
4.75%, 3/01/30(b)   60,000 63,823
Charter Communications Operating LLC/Charter Communications Operating Capital,      
4.91%, 7/23/25   290,000 334,199
4.20%, 3/15/28   90,000 102,170
5.05%, 3/30/29   480,000 574,261
5.38%, 4/01/38   120,000 146,121
6.48%, 10/23/45   469,000 640,624
5.37%, 5/01/47   114,000 138,216
5.75%, 4/01/48   169,000 215,645
4.80%, 3/01/50   30,000 34,045
 
See Notes to Schedules of Investments.
35

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Media (Continued)
Clear Channel Worldwide Holdings, Inc., 5.13%, 8/15/27(b)   $79,000 $80,679
Comcast Corp.,      
3.10%, 4/01/25   10,000 10,955
3.95%, 10/15/25   160,000 182,309
3.15%, 3/01/26   50,000 55,301
3.30%, 2/01/27   76,000 85,169
3.30%, 4/01/27   50,000 56,273
4.15%, 10/15/28   330,000 390,951
3.40%, 4/01/30   487,000 551,708
4.25%, 10/15/30   560,000 674,087
1.95%, 1/15/31   431,000 434,596
3.90%, 3/01/38   33,000 38,776
4.60%, 10/15/38   68,000 86,093
3.25%, 11/01/39   20,000 21,765
3.75%, 4/01/40   120,000 139,002
3.40%, 7/15/46   20,000 21,866
4.00%, 8/15/47   22,000 26,314
4.00%, 3/01/48   20,000 23,800
4.70%, 10/15/48   233,000 308,398
4.00%, 11/01/49   210,000 252,348
3.45%, 2/01/50   90,000 100,049
4.95%, 10/15/58   71,000 100,608
2.65%, 8/15/62   115,000 106,566
Cox Communications, Inc.,      
3.25%, 12/15/22(b)   40,000 42,097
3.15%, 8/15/24(b)   206,000 222,611
3.85%, 2/01/25(b)   90,000 99,930
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 8/15/26(b)   44,000 35,530
Discovery Communications LLC,      
1.90%, 3/19/27 EUR 240,000 314,337
4.13%, 5/15/29   27,000 31,186
Fox Corp., 5.48%, 1/25/39   450,000 599,502
Gray Television, Inc.,      
5.87%, 7/15/26(b)   29,000 30,088
7.00%, 5/15/27(b)   50,000 54,647
iHeartCommunications, Inc.,      
6.37%, 5/01/26   55,000 58,592
5.25%, 8/15/27(b)   50,000 52,187
4.75%, 1/15/28(b)   5,000 5,106
Meredith Corp., 6.87%, 2/01/26   81,000 81,903
NBCUniversal Media LLC, 4.45%, 1/15/43   113,000 142,174
Nexstar Broadcasting, Inc., 5.62%, 7/15/27(b)   72,000 76,425
    Par(a) Value
Media (Continued)
Sirius XM Radio, Inc.,      
3.88%, 8/01/22(b)   $54,000 $54,551
4.63%, 7/15/24(b)   64,000 66,173
5.37%, 7/15/26(b)   35,000 36,348
5.00%, 8/01/27(b)   102,000 107,326
5.50%, 7/01/29(b)   54,000 58,877
TEGNA, Inc.,      
4.63%, 3/15/28(b)   14,000 14,193
5.00%, 9/15/29   10,000 10,406
Time Warner Cable LLC,      
6.55%, 5/01/37   18,000 24,618
5.87%, 11/15/40   130,000 169,015
Time Warner Entertainment Co. L.P., 8.37%, 7/15/33   170,000 256,373
ViacomCBS, Inc.,      
6.87%, 4/30/36   56,000 81,113
5.85%, 9/01/43   78,000 105,815
Walt Disney (The) Co., 3.60%, 1/13/51   236,000 268,172
      9,748,949
Mining – 0.0%(g)
Freeport-McMoRan, Inc.,      
5.00%, 9/01/27   8,000 8,520
5.25%, 9/01/29   5,000 5,575
Newmont Corp., 2.25%, 10/01/30   116,000 119,057
      133,152
Miscellaneous Manufacturing – 0.4%
3M Co.,      
3.38%, 3/01/29   67,000 76,274
2.38%, 8/26/29   310,000 330,881
3.70%, 4/15/50   60,000 71,047
Eaton Corp.,      
2.75%, 11/02/22   40,000 41,621
4.15%, 11/02/42   30,000 36,642
General Electric Co.,      
3.45%, 5/01/27   20,000 22,383
3.63%, 5/01/30   40,000 44,368
6.75%, 3/15/32   20,000 27,578
5.87%, 1/14/38   310,000 414,227
6.87%, 1/10/39   800,000 1,148,683
4.25%, 5/01/40   60,000 68,346
4.35%, 5/01/50   60,000 69,108
Parker-Hannifin Corp.,      
2.70%, 6/14/24   66,000 70,645
3.25%, 6/14/29   48,000 53,459
Textron, Inc.,      
3.87%, 3/01/25   99,000 109,031
 
See Notes to Schedules of Investments.
36

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Miscellaneous Manufacturing (Continued)
Textron, Inc.,      
3.65%, 3/15/27   $113,000 $124,974
3.90%, 9/17/29   122,000 137,112
      2,846,379
Oil & Gas – 1.6%
Apache Corp.,      
4.38%, 10/15/28   540,000 540,000
4.75%, 4/15/43   100,000 95,000
4.25%, 1/15/44   380,000 349,600
BP Capital Markets America, Inc.,      
2.94%, 4/06/23   10,000 10,546
3.22%, 11/28/23   70,000 75,014
3.79%, 2/06/24   259,000 282,740
3.19%, 4/06/25   45,000 49,068
3.41%, 2/11/26   20,000 22,248
3.12%, 5/04/26   238,000 261,959
3.94%, 9/21/28   240,000 278,375
3.63%, 4/06/30   80,000 90,788
1.75%, 8/10/30   200,000 196,959
3.00%, 2/24/50   230,000 223,176
Chevron Corp.,      
1.55%, 5/11/25   130,000 134,153
2.00%, 5/11/27   40,000 41,933
2.98%, 5/11/40   250,000 266,601
3.08%, 5/11/50   490,000 508,861
Chevron USA, Inc.,      
3.85%, 1/15/28   240,000 277,941
6.00%, 3/01/41   70,000 102,138
5.05%, 11/15/44   25,000 33,739
4.95%, 8/15/47   66,000 89,569
2.34%, 8/12/50   55,000 50,076
Cimarex Energy Co.,      
3.90%, 5/15/27   280,000 311,209
4.38%, 3/15/29   190,000 214,587
Citgo Holding, Inc., 9.25%, 8/01/24(b)   41,000 39,360
Concho Resources, Inc.,      
3.75%, 10/01/27   328,000 373,585
4.30%, 8/15/28   310,000 361,720
Continental Resources, Inc.,      
4.50%, 4/15/23   90,000 92,371
3.80%, 6/01/24   130,000 133,250
4.37%, 1/15/28   160,000 164,000
CrownRock L.P./CrownRock Finance, Inc., 5.62%, 10/15/25(b)   36,000 35,910
Devon Energy Corp.,      
5.85%, 12/15/25   90,000 105,712
5.60%, 7/15/41   180,000 215,175
    Par(a) Value
Oil & Gas (Continued)
Devon Energy Corp.,      
4.75%, 5/15/42   $70,000 $77,251
5.00%, 6/15/45   260,000 298,442
Diamondback Energy, Inc.,      
2.88%, 12/01/24   50,000 52,803
5.37%, 5/31/25   30,000 31,098
3.50%, 12/01/29   384,000 407,712
EOG Resources, Inc.,      
4.15%, 1/15/26   118,000 135,613
4.38%, 4/15/30   270,000 320,665
3.90%, 4/01/35   180,000 204,805
4.95%, 4/15/50   270,000 348,036
Exxon Mobil Corp.,      
1.57%, 4/15/23   10,000 10,266
2.99%, 3/19/25   300,000 325,587
3.04%, 3/01/26   70,000 76,839
2.44%, 8/16/29   240,000 254,350
3.48%, 3/19/30   120,000 135,955
1.41%, 6/26/39 EUR 130,000 164,791
4.11%, 3/01/46   20,000 23,747
4.33%, 3/19/50   10,000 12,278
3.45%, 4/15/51   200,000 216,847
Marathon Petroleum Corp.,      
4.50%, 5/01/23   31,000 33,535
4.75%, 9/15/44   65,000 74,654
Matador Resources Co., 5.87%, 9/15/26   15,000 14,325
Occidental Petroleum Corp.,      
6.95%, 7/01/24   200,000 217,000
2.90%, 8/15/24   180,000 173,700
5.55%, 3/15/26   160,000 168,200
3.00%, 2/15/27   220,000 202,950
7.87%, 9/15/31   210,000 239,988
4.50%, 7/15/44   80,000 69,000
6.60%, 3/15/46   150,000 161,581
4.10%, 2/15/47   50,000 41,375
4.20%, 3/15/48   230,000 192,625
Pioneer Natural Resources Co.,      
1.13%, 1/15/26   30,000 30,033
2.15%, 1/15/31   140,000 138,248
SM Energy Co., 10.00%, 1/15/25(b)   7,000 7,761
Sunoco L.P./Sunoco Finance Corp.,      
5.50%, 2/15/26   16,000 16,480
6.00%, 4/15/27   18,000 19,058
WPX Energy, Inc.,      
5.25%, 10/15/27   20,000 21,085
4.50%, 1/15/30   40,000 42,380
      10,988,426
 
See Notes to Schedules of Investments.
37

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Oil & Gas Services – 0.0%(g)
Halliburton Co., 3.80%, 11/15/25   $5,000 $5,606
Packaging & Containers – 0.0%(g)
Ball Corp.,      
5.25%, 7/01/25   14,000 15,896
4.88%, 3/15/26   11,000 12,344
Owens-Brockway Glass Container, Inc., 5.87%, 8/15/23(b)   44,000 47,080
      75,320
Pharmaceuticals – 1.9%
AbbVie, Inc.,      
3.45%, 3/15/22   100,000 102,900
2.30%, 11/21/22   555,000 573,433
3.75%, 11/14/23   20,000 21,741
2.60%, 11/21/24   1,142,000 1,219,668
3.80%, 3/15/25   596,000 662,830
3.60%, 5/14/25   163,000 180,664
3.20%, 5/14/26   302,000 332,509
2.95%, 11/21/26   100,000 109,819
3.20%, 11/21/29   600,000 663,533
4.55%, 3/15/35   62,000 76,305
4.50%, 5/14/35   192,000 236,259
4.05%, 11/21/39   55,000 64,031
4.62%, 10/01/42   32,000 39,480
4.70%, 5/14/45   135,000 169,664
4.25%, 11/21/49   170,000 204,962
Bausch Health Americas, Inc.,      
9.25%, 4/01/26(b)   57,000 63,264
8.50%, 1/31/27(b)   103,000 114,299
Bausch Health Cos., Inc.,      
5.50%, 11/01/25(b)   63,000 64,871
9.00%, 12/15/25(b)   57,000 62,569
5.75%, 8/15/27(b)   18,000 19,373
7.00%, 1/15/28(b)   43,000 46,535
7.25%, 5/30/29(b)   43,000 47,945
Becton Dickinson and Co.,      
3.36%, 6/06/24   190,000 206,250
4.68%, 12/15/44   16,000 20,292
Bristol-Myers Squibb Co.,      
2.60%, 5/16/22   110,000 113,280
2.90%, 7/26/24   300,000 324,820
3.88%, 8/15/25   170,000 192,507
3.20%, 6/15/26   160,000 178,651
3.40%, 7/26/29   210,000 239,538
5.00%, 8/15/45   122,000 168,160
4.25%, 10/26/49   35,000 44,661
Cigna Corp.,      
3.75%, 7/15/23   187,000 201,704
    Par(a) Value
Pharmaceuticals (Continued)
Cigna Corp.,      
4.12%, 11/15/25   $20,000 $22,918
4.37%, 10/15/28   917,000 1,089,691
4.80%, 8/15/38   100,000 127,116
4.90%, 12/15/48   100,000 132,727
CVS Health Corp.,      
3.63%, 4/01/27   40,000 45,214
4.30%, 3/25/28   559,000 656,103
3.25%, 8/15/29   552,000 611,421
3.75%, 4/01/30   567,000 648,866
4.78%, 3/25/38   200,000 246,922
4.13%, 4/01/40   40,000 46,438
5.12%, 7/20/45   208,000 271,318
5.05%, 3/25/48   320,000 417,444
Elanco Animal Health, Inc.,      
5.27%, 8/28/23   50,000 54,000
5.90%, 8/28/28   11,000 13,140
Johnson & Johnson,      
0.55%, 9/01/25   80,000 79,920
0.95%, 9/01/27   150,000 149,884
3.63%, 3/03/37   70,000 83,397
2.10%, 9/01/40   100,000 97,375
3.50%, 1/15/48   41,000 48,929
Merck & Co., Inc.,      
0.75%, 2/24/26   120,000 119,841
3.40%, 3/07/29   4,000 4,575
1.45%, 6/24/30   266,000 262,471
Pfizer, Inc.,      
0.80%, 5/28/25   160,000 161,530
3.45%, 3/15/29   43,000 49,394
2.63%, 4/01/30   110,000 119,764
1.70%, 5/28/30   321,000 324,494
2.70%, 5/28/50   310,000 313,730
Wyeth LLC, 5.95%, 4/01/37   44,000 64,314
      13,029,453
Pipelines – 1.8%
Boardwalk Pipelines L.P., 4.80%, 5/03/29   20,000 22,778
Buckeye Partners L.P., 3.95%, 12/01/26   7,000 7,051
Cameron LNG LLC,      
2.90%, 7/15/31(b)   30,000 32,594
3.30%, 1/15/35(b)   505,000 555,188
3.40%, 1/15/38(b)   129,000 137,936
Cheniere Corpus Christi Holdings LLC,      
5.87%, 3/31/25   150,000 173,690
5.13%, 6/30/27   239,000 283,217
 
See Notes to Schedules of Investments.
38

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Pipelines (Continued)
Cheniere Energy Partners L.P.,      
5.25%, 10/01/25   $30,000 $30,787
5.63%, 10/01/26   33,000 34,402
4.50%, 10/01/29   21,000 22,512
DCP Midstream Operating L.P.,      
5.38%, 7/15/25   11,000 11,767
5.13%, 5/15/29   7,000 7,613
Energy Transfer Operating L.P.,      
3.60%, 2/01/23   162,000 169,367
5.87%, 1/15/24   48,000 53,712
4.50%, 4/15/24   327,000 359,346
4.05%, 3/15/25   120,000 130,832
2.90%, 5/15/25   412,000 434,336
4.75%, 1/15/26   50,000 56,329
5.50%, 6/01/27   40,000 47,222
4.95%, 6/15/28   20,000 22,807
5.25%, 4/15/29   60,000 69,150
3.75%, 5/15/30   370,000 389,490
6.50%, 2/01/42   126,000 152,650
6.25%, 4/15/49   20,000 23,603
Energy Transfer Partners L.P./Regency Energy Finance Corp., 5.87%, 3/01/22   114,000 118,877
Enterprise Products Operating LLC,      
4.15%, 10/16/28   270,000 315,124
3.13%, 7/31/29   40,000 43,744
2.80%, 1/31/30   550,000 588,189
6.87%, 3/01/33   2,000 2,778
7.55%, 4/15/38   10,000 15,100
4.45%, 2/15/43   37,000 43,299
4.85%, 3/15/44   80,000 96,918
4.25%, 2/15/48   164,000 184,021
4.80%, 2/01/49   10,000 12,200
4.20%, 1/31/50   30,000 33,813
3.70%, 1/31/51   70,000 73,113
3.95%, 1/31/60   60,000 63,929
Kinder Morgan Energy Partners L.P.,      
4.25%, 9/01/24   100,000 111,204
6.95%, 1/15/38   85,000 115,911
4.70%, 11/01/42   48,000 53,080
5.50%, 3/01/44   10,000 12,127
Kinder Morgan, Inc.,      
4.30%, 6/01/25   90,000 101,648
4.30%, 3/01/28   60,000 69,415
5.55%, 6/01/45   80,000 100,118
5.05%, 2/15/46   40,000 47,385
    Par(a) Value
Pipelines (Continued)
Kinder Morgan, Inc.,      
5.20%, 3/01/48   $60,000 $73,220
MPLX L.P.,      
4.88%, 12/01/24   15,000 17,038
1.75%, 3/01/26   250,000 254,785
4.00%, 3/15/28   200,000 227,468
4.80%, 2/15/29   30,000 35,534
2.65%, 8/15/30   186,000 189,975
4.50%, 4/15/38   90,000 100,605
5.20%, 3/01/47   7,000 8,305
4.70%, 4/15/48   90,000 100,724
5.50%, 2/15/49   90,000 112,081
NGPL PipeCo LLC,      
4.38%, 8/15/22(b)   64,000 66,972
4.88%, 8/15/27(b)   168,000 193,418
7.77%, 12/15/37(b)   20,000 27,013
Northwest Pipeline LLC, 4.00%, 4/01/27   253,000 287,980
Sabine Pass Liquefaction LLC,      
5.62%, 4/15/23   100,000 109,364
5.75%, 5/15/24   400,000 457,630
5.62%, 3/01/25   1,002,000 1,168,305
5.87%, 6/30/26   54,000 65,321
5.00%, 3/15/27   25,000 29,538
Southern Natural Gas Co. LLC, 8.00%, 3/01/32   80,000 111,914
Sunoco Logistics Partners Operations L.P.,      
4.65%, 2/15/22   46,000 47,855
4.25%, 4/01/24   97,000 105,231
5.95%, 12/01/25   40,000 47,222
5.30%, 4/01/44   10,000 10,549
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,      
5.13%, 2/01/25   22,000 22,596
5.87%, 4/15/26   44,000 46,090
5.38%, 2/01/27   36,000 37,205
6.50%, 7/15/27   36,000 38,700
5.00%, 1/15/28   11,000 11,357
6.87%, 1/15/29   55,000 60,706
5.50%, 3/01/30   14,000 14,884
Tennessee Gas Pipeline Co. LLC, 2.90%, 3/01/30(b)   380,000 396,708
Texas Eastern Transmission L.P.,      
3.50%, 1/15/28(b)   107,000 117,356
4.15%, 1/15/48(b)   36,000 39,038
 
See Notes to Schedules of Investments.
39

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Pipelines (Continued)
Transcontinental Gas Pipe Line Co. LLC,      
7.85%, 2/01/26   $965,000 $1,254,362
4.00%, 3/15/28   113,000 128,641
4.60%, 3/15/48   43,000 50,827
3.95%, 5/15/50   68,000 74,172
Western Midstream Operating L.P.,      
(3M USD LIBOR + 1.85%), 2.32%, 1/13/23(d)   40,000 39,382
4.35%, 2/01/25   50,000 51,778
4.65%, 7/01/26   90,000 94,500
Williams (The) Cos., Inc.,      
3.60%, 3/15/22   150,000 154,453
7.50%, 1/15/31   48,000 64,932
4.85%, 3/01/48   110,000 129,645
      12,105,751
Real Estate – 0.0%(g)
Howard Hughes (The) Corp., 5.38%, 3/15/25(b)   44,000 45,364
Real Estate Investment Trusts – 0.5%
American Tower Corp.,      
5.00%, 2/15/24   126,000 141,936
2.40%, 3/15/25   250,000 264,110
1.30%, 9/15/25   72,000 72,871
3.95%, 3/15/29   53,000 60,547
3.80%, 8/15/29   58,000 65,798
2.90%, 1/15/30   120,000 127,377
Crown Castle International Corp.,      
3.15%, 7/15/23   16,000 16,985
3.70%, 6/15/26   2,000 2,243
3.10%, 11/15/29   245,000 265,572
3.30%, 7/01/30   162,000 177,467
5.20%, 2/15/49   73,000 96,261
Digital Dutch Finco B.V.,      
1.50%, 3/15/30 EUR 130,000 170,448
1.00%, 1/15/32   100,000 124,652
Duke Realty L.P., 1.75%, 2/01/31   59,000 58,683
Equinix, Inc.,      
1.25%, 7/15/25   56,000 56,607
1.00%, 9/15/25   202,000 202,009
ESH Hospitality, Inc.,      
5.25%, 5/01/25(b)   55,000 56,100
4.62%, 10/01/27(b)   11,000 11,247
GLP Capital L.P./GLP Financing II, Inc.,      
5.75%, 6/01/28   134,000 159,301
4.00%, 1/15/31   200,000 217,660
    Par(a) Value
Real Estate Investment Trusts (Continued)
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc.,      
5.62%, 5/01/24   $141,000 $151,981
4.50%, 9/01/26   39,000 41,438
5.75%, 2/01/27   61,000 68,591
MPT Operating Partnership L.P./MPT Finance Corp.,      
5.25%, 8/01/26   8,000 8,270
5.00%, 10/15/27   94,000 99,189
4.62%, 8/01/29   12,000 12,834
Prologis Euro Finance LLC, 1.50%, 9/10/49 EUR 105,000 136,421
Realty Income Corp.,      
3.00%, 1/15/27   15,000 16,504
3.25%, 1/15/31   74,000 82,298
RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/27   51,000 52,020
Service Properties Trust, 4.35%, 10/01/24   30,000 29,462
VICI Properties L.P./VICI Note Co., Inc.,      
3.50%, 2/15/25(b)   49,000 49,869
4.25%, 12/01/26(b)   17,000 17,584
3.75%, 2/15/27(b)   11,000 11,165
4.63%, 12/01/29(b)   14,000 14,875
4.13%, 8/15/30(b)   9,000 9,372
      3,149,747
Retail – 0.6%
Beacon Roofing Supply, Inc., 4.87%, 11/01/25(b)   50,000 50,635
Costco Wholesale Corp.,      
1.38%, 6/20/27   190,000 194,542
1.75%, 4/20/32   90,000 90,854
Dollar General Corp.,      
3.25%, 4/15/23   10,000 10,553
4.12%, 4/03/50   25,000 30,171
Home Depot (The), Inc.,      
2.50%, 4/15/27   60,000 65,133
3.90%, 12/06/28   10,000 11,828
2.95%, 6/15/29   208,000 231,404
2.70%, 4/15/30   80,000 87,331
3.30%, 4/15/40   60,000 67,711
3.90%, 6/15/47   20,000 24,223
3.35%, 4/15/50   160,000 179,084
Lowe's Cos., Inc.,      
4.00%, 4/15/25   168,000 189,647
3.10%, 5/03/27   58,000 64,714
3.65%, 4/05/29   62,000 70,911
 
See Notes to Schedules of Investments.
40

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Retail (Continued)
Lowe's Cos., Inc.,      
4.50%, 4/15/30   $50,000 $60,861
3.70%, 4/15/46   77,000 87,234
McDonald's Corp.,      
3.30%, 7/01/25   70,000 77,359
1.45%, 9/01/25   140,000 144,212
3.70%, 1/30/26   60,000 67,771
3.50%, 3/01/27   30,000 34,008
3.50%, 7/01/27   60,000 68,211
3.80%, 4/01/28   270,000 311,844
2.13%, 3/01/30   307,000 316,366
3.60%, 7/01/30   171,000 195,931
4.60%, 5/26/45   29,000 36,455
4.87%, 12/09/45   128,000 167,794
4.20%, 4/01/50   210,000 257,526
Starbucks Corp.,      
2.25%, 3/12/30   79,000 82,192
2.55%, 11/15/30   181,000 191,722
Target Corp., 2.25%, 4/15/25   110,000 117,148
TJX (The) Cos., Inc.,      
3.50%, 4/15/25   70,000 77,699
3.75%, 4/15/27   20,000 23,047
Walmart, Inc.,      
3.40%, 6/26/23   40,000 42,916
3.55%, 6/26/25   30,000 33,744
3.70%, 6/26/28   380,000 442,139
      4,204,920
Semiconductors – 0.8%
Applied Materials, Inc.,      
1.75%, 6/01/30   140,000 141,499
2.75%, 6/01/50   67,000 68,946
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 1/15/27   279,000 311,448
Broadcom, Inc.,      
4.70%, 4/15/25   525,000 597,753
3.15%, 11/15/25   220,000 238,757
4.25%, 4/15/26   364,000 412,667
4.11%, 9/15/28   105,000 118,481
4.75%, 4/15/29   173,000 202,023
5.00%, 4/15/30   40,000 47,631
4.15%, 11/15/30   186,000 210,422
Intel Corp.,      
3.70%, 7/29/25   20,000 22,471
4.60%, 3/25/40   50,000 64,145
3.73%, 12/08/47   183,000 211,114
4.75%, 3/25/50   130,000 174,097
KLA Corp.,      
4.10%, 3/15/29   125,000 147,664
3.30%, 3/01/50   216,000 236,696
    Par(a) Value
Semiconductors (Continued)
Lam Research Corp.,      
3.75%, 3/15/26   $161,000 $183,310
4.87%, 3/15/49   112,000 158,917
2.88%, 6/15/50   30,000 31,239
Micron Technology, Inc., 2.50%, 4/24/23   100,000 104,322
NVIDIA Corp.,      
3.20%, 9/16/26   117,000 131,256
2.85%, 4/01/30   192,000 211,200
3.50%, 4/01/40   150,000 172,006
3.50%, 4/01/50   512,000 586,370
3.70%, 4/01/60   100,000 119,334
QUALCOMM, Inc., 4.30%, 5/20/47   160,000 206,281
Texas Instruments, Inc.,      
2.90%, 11/03/27   390,000 434,423
1.75%, 5/04/30   91,000 91,817
      5,636,289
Shipbuilding – 0.0%(g)
Huntington Ingalls Industries, Inc.,      
3.84%, 5/01/25   75,000 83,663
4.20%, 5/01/30   105,000 122,781
      206,444
Software – 0.6%
Activision Blizzard, Inc.,      
1.35%, 9/15/30   155,000 148,827
2.50%, 9/15/50   44,000 40,201
Adobe, Inc., 2.30%, 2/01/30   200,000 211,291
Autodesk, Inc., 3.50%, 6/15/27   259,000 292,828
Fidelity National Information Services, Inc.,      
3.00%, 8/15/26   27,000 29,826
1.00%, 12/03/28 EUR 105,000 133,434
2.95%, 5/21/39   100,000 156,105
Fiserv, Inc.,      
3.50%, 7/01/29   409,000 460,457
2.65%, 6/01/30   82,000 86,970
1.63%, 7/01/30 EUR 105,000 140,496
Microsoft Corp.,      
2.40%, 8/08/26   60,000 65,001
3.30%, 2/06/27   900,000 1,021,994
4.20%, 11/03/35   66,000 84,220
4.10%, 2/06/37   25,000 31,508
3.70%, 8/08/46   242,000 296,745
Oracle Corp.,      
3.90%, 5/15/35   109,000 129,633
3.85%, 7/15/36   170,000 201,002
 
See Notes to Schedules of Investments.
41

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Software (Continued)
Oracle Corp.,      
3.80%, 11/15/37   $151,000 $175,443
3.60%, 4/01/40   25,000 28,069
4.12%, 5/15/45   70,000 82,620
4.00%, 7/15/46   377,000 440,515
salesforce.com, Inc., 3.70%, 4/11/28   150,000 174,747
      4,431,932
Telecommunications – 1.7%
AT&T, Inc.,      
3.80%, 2/15/27   170,000 193,787
2.30%, 6/01/27   237,000 250,081
1.65%, 2/01/28   553,000 555,967
4.35%, 3/01/29   144,000 168,903
4.30%, 2/15/30(b)   105,000 123,037
4.30%, 2/15/30   191,000 223,809
2.75%, 6/01/31   51,000 53,228
2.25%, 2/01/32   113,000 111,450
2.55%, 12/01/33(b)   341,000 340,017
4.50%, 5/15/35   121,000 143,346
3.15%, 9/04/36 EUR 100,000 149,761
3.10%, 2/01/43   450,000 435,578
4.80%, 6/15/44   22,000 26,004
3.50%, 9/15/53(b)   33,000 31,697
3.55%, 9/15/55(b)   497,000 472,872
3.80%, 12/01/57(b)   89,000 88,189
Corning, Inc., 4.37%, 11/15/57   32,000 37,726
Level 3 Financing, Inc.,      
5.25%, 3/15/26   33,000 34,030
4.62%, 9/15/27(b)   14,000 14,578
Motorola Solutions, Inc.,      
4.60%, 5/23/29   235,000 278,842
2.30%, 11/15/30   24,000 24,033
5.50%, 9/01/44   105,000 133,697
Sprint Corp.,      
7.62%, 2/15/25   65,000 77,675
7.62%, 3/01/26   101,000 124,483
T-Mobile USA, Inc.,      
3.50%, 4/15/25(b)   230,000 252,125
3.75%, 4/15/27(b)   403,000 452,895
2.05%, 2/15/28(b)   30,000 30,737
3.88%, 4/15/30(b)   1,026,000 1,160,775
2.55%, 2/15/31(b)   70,000 71,700
2.25%, 11/15/31(b)   130,000 129,693
3.00%, 2/15/41(b)   90,000 88,605
3.30%, 2/15/51(b)   70,000 68,428
Verizon Communications, Inc.,      
3.38%, 2/15/25   190,000 208,924
0.85%, 11/20/25   30,000 29,951
    Par(a) Value
Telecommunications (Continued)
Verizon Communications, Inc.,      
2.63%, 8/15/26   $10,000 $10,859
4.13%, 3/16/27   244,000 286,032
3.00%, 3/22/27   30,000 32,994
4.33%, 9/21/28   250,000 297,043
3.88%, 2/08/29   457,000 528,298
3.15%, 3/22/30   356,000 390,759
1.50%, 9/18/30   436,000 422,143
1.68%, 10/30/30(b)   126,000 122,623
1.75%, 1/20/31   207,000 203,463
4.50%, 8/10/33   1,010,000 1,243,403
4.40%, 11/01/34   46,000 56,153
4.27%, 1/15/36   251,000 305,252
4.81%, 3/15/39   146,000 184,888
2.65%, 11/20/40   324,000 314,800
3.85%, 11/01/42   60,000 68,139
4.12%, 8/15/46   70,000 81,940
4.86%, 8/21/46   142,000 183,450
4.52%, 9/15/48   40,000 49,586
4.00%, 3/22/50   190,000 218,819
2.88%, 11/20/50   200,000 191,992
      11,779,259
Toys/Games/Hobbies – 0.0%(g)
Hasbro, Inc., 2.60%, 11/19/22   175,000 181,372
Transportation – 0.5%
Burlington Northern Santa Fe LLC,      
5.40%, 6/01/41   10,000 14,069
4.40%, 3/15/42   92,000 117,073
CSX Corp.,      
4.25%, 3/15/29   89,000 105,836
2.40%, 2/15/30   133,000 141,434
4.30%, 3/01/48   33,000 40,712
3.35%, 9/15/49   85,000 92,415
FedEx Corp.,      
3.90%, 2/01/35   95,000 111,540
3.88%, 8/01/42   14,000 15,683
4.10%, 4/15/43   44,000 50,852
4.10%, 2/01/45   58,000 65,794
4.55%, 4/01/46   54,000 65,315
Norfolk Southern Corp.,      
2.90%, 6/15/26   190,000 208,582
3.40%, 11/01/49   50,000 54,570
4.05%, 8/15/52   53,000 64,214
Ryder System, Inc.,      
2.50%, 9/01/24   75,000 79,513
4.62%, 6/01/25   287,000 330,786
 
See Notes to Schedules of Investments.
42

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Transportation (Continued)
Union Pacific Corp.,      
3.25%, 8/15/25   $27,000 $29,798
2.75%, 3/01/26   53,000 57,592
2.15%, 2/05/27   120,000 127,260
2.40%, 2/05/30   220,000 232,600
3.38%, 2/01/35   56,000 63,499
3.95%, 8/15/59   68,000 80,836
3.84%, 3/20/60   162,000 189,668
3.75%, 2/05/70   130,000 147,819
United Parcel Service, Inc.,      
3.40%, 3/15/29   52,000 59,004
2.50%, 9/01/29   28,000 29,952
4.45%, 4/01/30   239,000 293,419
5.20%, 4/01/40   125,000 171,197
XPO Logistics, Inc.,      
6.12%, 9/01/23(b)   18,000 18,355
6.75%, 8/15/24(b)   70,000 74,200
      3,133,587
Trucking & Leasing – 0.1%
Penske Truck Leasing Co. L.P./PTL Finance Corp.,      
4.25%, 1/17/23(b)   4,000 4,285
2.70%, 3/14/23(b)   51,000 53,171
2.70%, 11/01/24(b)   25,000 26,692
3.95%, 3/10/25(b)   30,000 33,443
4.00%, 7/15/25(b)   94,000 105,757
1.20%, 11/15/25(b)   82,000 82,401
4.45%, 1/29/26(b)   10,000 11,533
3.35%, 11/01/29(b)   20,000 21,785
      339,067
Total Corporate Bonds
(Cost $170,512,044)
178,877,943
Foreign Issuer Bonds – 10.7%
Argentina – 0.0%(g)
YPF S.A., 7.00%, 12/15/47(b)   45,000 25,763
Australia – 0.1%
BHP Billiton Finance USA Ltd., 5.00%, 9/30/43   20,000 27,894
FMG Resources (August 2006) Pty. Ltd.,      
4.75%, 5/15/22(b)   49,000 50,409
5.12%, 3/15/23(b)   35,000 36,728
4.50%, 9/15/27(b)   7,000 7,689
Glencore Funding LLC,      
4.12%, 3/12/24(b)   390,000 427,700
4.00%, 3/27/27(b)   320,000 363,174
3.88%, 10/27/27(b)   70,000 79,414
      993,008
    Par(a) Value
Bahrain – 0.0%(g)
Bahrain Government International Bond, 7.38%, 5/14/30   $200,000 $232,431
Belgium – 0.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.,      
3.65%, 2/01/26   80,000 89,714
4.70%, 2/01/36   536,000 660,943
Anheuser-Busch InBev Worldwide, Inc.,      
4.15%, 1/23/25   200,000 226,043
4.00%, 4/13/28   160,000 185,243
4.75%, 1/23/29   970,000 1,175,042
3.50%, 6/01/30   625,000 710,535
4.35%, 6/01/40   130,000 155,131
5.55%, 1/23/49   220,000 299,725
4.50%, 6/01/50   230,000 277,671
      3,780,047
Brazil – 0.5%
Banco Votorantim S.A., 4.00%, 9/24/22(b)   200,000 207,002
Brazilian Government International Bond, 3.88%, 6/12/30   550,500 566,327
Embraer Netherlands Finance B.V., 5.40%, 2/01/27   13,000 13,592
Embraer Overseas Ltd., 5.70%, 9/16/23   19,000 20,211
Gol Finance S.A., 7.00%, 1/31/25(b)   102,000 89,989
Klabin Austria GmbH, 3.20%, 1/12/31(b)   200,000 199,320
Petrobras Global Finance B.V.,      
5.09%, 1/15/30   40,000 43,916
6.75%, 6/03/50   15,000 17,551
Rumo Luxembourg S.a.r.l., 5.87%, 1/18/25(b)   200,000 211,300
Suzano Austria GmbH, 6.00%, 1/15/29   920,000 1,101,691
Vale Overseas Ltd.,      
6.25%, 8/10/26   650,000 797,875
3.75%, 7/08/30   40,000 43,844
      3,312,618
Canada – 0.3%
1011778 B.C. ULC/New Red Finance, Inc., 3.88%, 1/15/28(b)   11,000 11,163
 
See Notes to Schedules of Investments.
43

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Canada (Continued)
Air Canada Pass Through Trust,      
Series 2015-2, Class B, 5.00%, 12/15/23(b)   $10,440 $10,375
Series 2017-1, Class AA, 3.30%, 1/15/30(b)   15,696 15,572
Alimentation Couche-Tard, Inc., 3.55%, 7/26/27(b)   223,000 249,688
Bank of Montreal,      
1.85%, 5/01/25   210,000 219,236
(5Y USD Swap Rate + 1.43%), 3.80%, 12/15/32(h)   40,000 45,760
Bank of Nova Scotia (The), 1.30%, 6/11/25   120,000 122,385
Barrick North America Finance LLC, 5.75%, 5/01/43   190,000 272,726
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.25%, 9/15/27(b)   79,000 83,345
Canadian Imperial Bank of Commerce, 0.95%, 6/23/23   100,000 101,322
Enbridge, Inc., 2.90%, 7/15/22   36,000 37,201
Magna International, Inc., 2.45%, 6/15/30   60,000 63,104
Mattamy Group Corp., 5.25%, 12/15/27(b)   7,000 7,368
Royal Bank of Canada,      
1.60%, 4/17/23   190,000 195,185
1.15%, 6/10/25   100,000 101,478
Suncor Energy, Inc., 6.85%, 6/01/39   43,000 61,050
Teck Resources Ltd., 6.13%, 10/01/35   10,000 12,709
Toronto-Dominion Bank (The),      
0.75%, 6/12/23   210,000 212,086
1.15%, 6/12/25   110,000 111,775
TransCanada PipeLines Ltd., 7.62%, 1/15/39   25,000 38,268
      1,971,796
Chile – 0.2%
Chile Government International Bond, 3.86%, 6/21/47   270,000 316,575
Corp. Nacional del Cobre de Chile,      
3.63%, 8/01/27(b)   330,000 368,793
3.70%, 1/30/50(b)   260,000 276,018
    Par(a) Value
Chile (Continued)
Empresa Nacional de Telecomunicaciones S.A., 4.75%, 8/01/26(b)   $200,000 $222,935
Kenbourne Invest S.A., 6.87%, 11/26/24(b)   200,000 215,950
      1,400,271
China – 0.2%
Alibaba Group Holding Ltd., 3.40%, 12/06/27   300,000 332,900
Prosus N.V., 3.68%, 1/21/30(b)   600,000 647,669
Sinopec Group Overseas Development 2014 Ltd., 4.37%, 4/10/24(b)   290,000 318,849
Tencent Holdings Ltd., 3.60%, 1/19/28(b)   220,000 240,770
      1,540,188
Colombia – 0.7%
Colombia Government International Bond,      
3.88%, 4/25/27   615,000 676,500
4.50%, 3/15/29   300,000 341,628
3.13%, 4/15/31   778,000 803,682
5.00%, 6/15/45   810,000 940,815
5.20%, 5/15/49   668,000 796,516
Colombian TES, 6.25%, 11/26/25 COP 171,000,000 53,091
Ecopetrol S.A.,      
5.37%, 6/26/26   151,000 171,536
6.87%, 4/29/30   15,000 18,675
5.87%, 5/28/45   510,000 578,850
Promigas S.A. ESP/Gases del Pacifico SAC, 3.75%, 10/16/29   200,000 212,700
      4,593,993
Denmark – 0.3%
Danske Bank A/S,      
3.88%, 9/12/23(b)   400,000 430,521
(1Y US Treasury CMT + 1.03%), 1.17%, 12/08/23(b)(h)   200,000 200,909
5.37%, 1/12/24(b)   600,000 675,409
5.37%, 1/12/24   200,000 225,136
1.23%, 6/22/24(b)   200,000 202,530
      1,734,505
Dominican Republic – 0.2%
Dominican Republic International Bond,      
4.50%, 1/30/30   412,000 430,746
 
See Notes to Schedules of Investments.
44

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Dominican Republic (Continued)
Dominican Republic International Bond,      
4.88%, 9/23/32(b)   $401,500 $428,200
5.30%, 1/21/41(b)   150,000 154,875
      1,013,821
Ecuador – 0.0%(g)
Ecuador Government International Bond, (Step to 5.00% on 7/31/21), 0.50%, 7/31/30(f)   18,000 9,585
Finland – 0.0%(g)
Nordea Bank Abp, 1.00%, 6/09/23(b)   210,000 213,389
France – 0.4%
Altice France S.A., 8.12%, 2/01/27(b)   200,000 221,000
BNP Paribas S.A.,      
3.38%, 1/09/25(b)   298,000 324,489
(3M USD LIBOR + 2.24%), 4.70%, 1/10/25(b)(h)   200,000 221,908
(3M USD LIBOR + 1.11%), 2.82%, 11/19/25(b)(h)   214,000 228,120
(SOFR + 2.07%), 2.22%, 6/09/26(b)(h)   600,000 626,946
(3M USD LIBOR + 2.57%), 5.20%, 1/10/30(b)(h)   300,000 368,483
(SOFR + 1.51%), 3.05%, 1/13/31(b)(h)   200,000 215,115
BPCE S.A., 2.70%, 10/01/29(b)   250,000 267,196
Credit Agricole S.A., (SOFR + 1.68%), 1.91%, 6/16/26(b)(h)   250,000 257,828
Danone S.A., 2.95%, 11/02/26(b)   200,000 218,738
      2,949,823
Germany – 0.1%
Bayer A.G., 1.12%, 1/06/30 EUR 200,000 252,832
Deutsche Bank A.G., (SOFR + 3.04%), 3.55%, 9/18/31(h)   150,000 157,738
Deutsche Telekom International Finance B.V., 3.60%, 1/19/27(b)   150,000 169,310
      579,880
Hungary – 0.0%(g)
Hungary Government International Bond, 5.38%, 3/25/24   122,000 139,240
    Par(a) Value
India – 0.0%(g)
Export-Import Bank of India, 3.38%, 8/05/26(b)   $200,000 $216,590
Indonesia – 0.6%
Indonesia Government International Bond,      
4.75%, 1/08/26   200,000 232,489
4.10%, 4/24/28   200,000 230,758
2.85%, 2/14/30   200,000 213,164
4.35%, 1/11/48   1,050,000 1,241,793
3.70%, 10/30/49   330,000 363,322
Indonesia Treasury Bond,      
6.50%, 2/15/31 IDR 2,970,000,000 215,811
6.63%, 5/15/33 IDR 357,000,000 25,679
7.50%, 6/15/35 IDR 3,137,000,000 238,761
8.37%, 4/15/39 IDR 1,676,000,000 136,692
7.37%, 5/15/48 IDR 2,182,000,000 161,534
Pertamina Persero PT, 6.00%, 5/03/42(b)   280,000 354,829
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.45%, 5/21/28(b)   480,000 574,800
      3,989,632
Israel – 0.1%
Israel Government International Bond,      
2.75%, 7/03/30   500,000 547,718
4.50%, 4/03/20(k)   220,000 284,908
Leviathan Bond Ltd., 5.75%, 6/30/23(b)   44,000 46,988
      879,614
Italy – 0.1%
Intesa Sanpaolo S.p.A., 3.13%, 7/14/22(b)   840,000 866,877
Japan – 0.4%
Mitsubishi UFJ Financial Group, Inc.,      
3.45%, 3/02/23   204,000 216,855
2.19%, 2/25/25   407,000 427,261
Mizuho Financial Group, Inc.,      
(3M USD LIBOR + 0.98%), 2.84%, 7/16/25(h)   200,000 214,086
(3M USD LIBOR + 0.83%), 2.23%, 5/25/26(h)   200,000 209,245
(3M USD LIBOR + 1.27%), 1.98%, 9/08/31(h)   200,000 200,046
Nissan Motor Co. Ltd., 4.81%, 9/17/30(b)   600,000 667,842
 
See Notes to Schedules of Investments.
45

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Japan (Continued)
Sumitomo Mitsui Financial Group, Inc.,      
2.35%, 1/15/25   $400,000 $422,741
3.78%, 3/09/26   60,000 67,954
Takeda Pharmaceutical Co. Ltd.,      
2.05%, 3/31/30   400,000 403,267
2.00%, 7/09/40 EUR 110,000 150,136
      2,979,433
Kazakhstan – 0.2%
Kazakhstan Government International Bond, 4.88%, 10/14/44   400,000 530,436
KazMunayGas National Co. JSC, 6.37%, 10/24/48(b)   420,000 581,767
      1,112,203
Kuwait – 0.1%
Equate Petrochemical B.V., 4.25%, 11/03/26(b)   210,000 231,977
Kuwait International Government Bond, 3.50%, 3/20/27(b)   400,000 452,016
MEGlobal Canada ULC, 5.00%, 5/18/25(b)   200,000 223,100
      907,093
Luxembourg – 0.1%
ArcelorMittal S.A.,      
3.60%, 7/16/24   110,000 117,271
4.55%, 3/11/26   360,000 400,853
      518,124
Macau – 0.1%
Sands China Ltd., 5.13%, 8/08/25   300,000 335,250
Malaysia – 0.0%(g)
Petronas Capital Ltd., 3.50%, 4/21/30(b)   200,000 225,250
Mexico – 0.7%
America Movil S.A.B. de C.V.,      
3.13%, 7/16/22   200,000 207,588
2.88%, 5/07/30   200,000 215,083
Comision Federal de Electricidad, 4.75%, 2/23/27(b)   200,000 225,000
Fresnillo PLC, 4.25%, 10/02/50(b)   200,000 212,900
Mexico Government International Bond,      
2.66%, 5/24/31   1,195,000 1,188,475
    Par(a) Value
Mexico (Continued)
Mexico Government International Bond,      
4.75%, 3/08/44   $1,360,000 $1,526,600
4.50%, 1/31/50   420,000 460,429
Petroleos Mexicanos,      
6.37%, 1/23/45   84,000 72,324
5.62%, 1/23/46   640,000 516,352
6.35%, 2/12/48   28,000 23,415
7.69%, 1/23/50   60,000 56,729
6.95%, 1/28/60   130,000 113,945
      4,818,840
Morocco – 0.0%(g)
OCP S.A., 4.50%, 10/22/25(b)   200,000 216,597
Netherlands – 0.6%
Cooperatieve Rabobank U.A.,      
4.62%, 12/01/23   250,000 277,625
4.37%, 8/04/25   440,000 502,842
ING Groep N.V.,      
4.10%, 10/02/23   200,000 218,903
4.62%, 1/06/26(b)   400,000 466,554
NXP B.V./NXP Funding LLC/NXP USA, Inc.,      
2.70%, 5/01/25(b)   80,000 85,598
4.30%, 6/18/29(b)   268,000 312,469
3.40%, 5/01/30(b)   251,000 279,970
Shell International Finance B.V.,      
3.50%, 11/13/23   170,000 183,707
2.88%, 5/10/26   140,000 153,235
3.88%, 11/13/28   49,000 57,210
2.38%, 11/07/29   584,000 614,986
2.75%, 4/06/30   100,000 107,894
4.37%, 5/11/45   126,000 156,961
4.00%, 5/10/46   80,000 94,799
3.25%, 4/06/50   300,000 321,161
      3,833,914
Panama – 0.3%
Panama Government International Bond,      
3.87%, 3/17/28   400,000 452,004
6.70%, 1/26/36   780,000 1,119,308
4.30%, 4/29/53   400,000 478,504
      2,049,816
Peru – 0.4%
Banco de Credito del Peru, (5Y US Treasury CMT + 3.00%), 3.13%, 7/01/30(b)(h)   45,000 46,295
 
See Notes to Schedules of Investments.
46

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Peru (Continued)
Banco Internacional del Peru S.A.A. Interbank, 3.25%, 10/04/26(b)   $33,000 $35,227
Peruvian Government International Bond,      
4.12%, 8/25/27   152,000 177,004
6.55%, 3/14/37   330,000 491,291
5.62%, 11/18/50   350,000 533,750
2.78%, 12/01/60   31,000 29,977
3.23%, 7/28/21(l)   27,000 25,920
Petroleos del Peru S.A., 4.75%, 6/19/32(b)   500,000 565,295
Southern Copper Corp., 5.25%, 11/08/42   700,000 920,275
      2,825,034
Philippines – 0.1%
Philippine Government International Bond,      
4.20%, 1/21/24   400,000 442,765
3.00%, 2/01/28   200,000 221,134
      663,899
Poland – 0.1%
Republic of Poland Government International Bond, 4.00%, 1/22/24   590,000 651,360
Qatar – 0.2%
Qatar Government International Bond,      
3.87%, 4/23/23(b)   200,000 214,500
4.82%, 3/14/49(b)   970,000 1,300,768
      1,515,268
Romania – 0.0%(g)
Romanian Government International Bond, 3.00%, 2/14/31(b)   61,000 64,626
Russia – 0.3%
Russian Federal Bond - OFZ,      
7.75%, 9/16/26 RUB 21,548,000 312,600
8.15%, 2/03/27 RUB 7,757,000 114,814
6.00%, 10/06/27 RUB 4,390,000 58,260
8.50%, 9/17/31 RUB 5,624,000 87,066
Russian Foreign Bond - Eurobond,      
4.75%, 5/27/26   200,000 230,333
5.62%, 4/04/42(b)   800,000 1,080,944
      1,884,017
Saudi Arabia – 0.1%
Saudi Arabian Oil Co., 3.50%, 11/24/70(b)   200,000 194,622
    Par(a) Value
Saudi Arabia (Continued)
Saudi Government International Bond,      
2.90%, 10/22/25   $210,000 $226,257
2.25%, 2/02/33(b)   259,000 255,876
      676,755
South Africa – 0.1%
Anglo American Capital PLC,      
4.00%, 9/11/27(b)   400,000 460,816
5.63%, 4/01/30(b)   200,000 251,984
      712,800
Spain – 0.1%
Banco Santander S.A.,      
2.75%, 5/28/25   400,000 427,488
3.31%, 6/27/29   200,000 222,512
Telefonica Emisiones S.A., 4.10%, 3/08/27   150,000 173,225
      823,225
Sweden – 0.0%(g)
Swedbank AB, 1.30%, 6/02/23(b)   200,000 203,930
Switzerland – 0.7%
Credit Suisse A.G.,      
1.00%, 5/05/23   670,000 679,106
2.95%, 4/09/25   250,000 272,470
Credit Suisse Group A.G.,      
(SOFR + 1.56%), 2.59%, 9/11/25(b)(h)   250,000 263,701
(SOFR + 3.73%), 4.19%, 4/01/31(b)(h)   250,000 289,621
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 9/15/22   435,000 458,116
UBS A.G., 1.75%, 4/21/22(b)   200,000 203,367
UBS Group A.G.,      
(3M USD LIBOR + 0.95%), 2.86%, 8/15/23(b)(h)   400,000 414,542
(5Y USD Swap Rate + 4.34%), 7.00%, 1/31/24(b)(h)(i)   400,000 439,000
4.13%, 9/24/25(b)   200,000 227,127
4.13%, 4/15/26(b)   200,000 229,385
(1Y US Treasury CMT + 1.08%), 1.36%, 1/30/27(b)(h)   200,000 201,847
4.25%, 3/23/28(b)   770,000 896,860
      4,575,142
 
See Notes to Schedules of Investments.
47

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par(a) Value
Taiwan – 0.0%(g)
TSMC Global Ltd., 0.75%, 9/28/25(b)   $200,000 $199,085
Ukraine – 0.1%
Ukraine Government International Bond,      
9.75%, 11/01/28   200,000 243,297
7.38%, 9/25/32   200,000 215,176
7.25%, 3/15/33   200,000 213,734
      672,207
United Arab Emirates – 0.4%
Abu Dhabi Government International Bond,      
2.50%, 10/11/22(b)   610,000 630,240
3.13%, 9/30/49(b)   910,000 953,571
DP World PLC, 5.62%, 9/25/48(b)   500,000 624,400
MDGH - GMTN B.V., 2.88%, 11/07/29(b)   200,000 214,000
      2,422,211
United Kingdom – 1.1%
AstraZeneca PLC, 1.38%, 8/06/30   282,000 271,875
BAE Systems PLC, 3.40%, 4/15/30(b)   468,000 521,468
Barclays Bank PLC, 1.70%, 5/12/22   200,000 203,328
Barclays PLC,      
(3M USD LIBOR + 1.90%), 4.97%, 5/16/29(h)   400,000 475,824
(3M USD LIBOR + 3.05%), 5.09%, 6/20/30(h)   200,000 234,851
BAT Capital Corp.,      
3.22%, 8/15/24   54,000 58,260
3.56%, 8/15/27   300,000 333,155
4.91%, 4/02/30   240,000 283,662
2.73%, 3/25/31   125,000 126,965
4.54%, 8/15/47   210,000 228,639
BAT International Finance PLC, 1.67%, 3/25/26   339,000 344,044
BP Capital Markets PLC, 3.81%, 2/10/24   41,000 44,887
CNH Industrial N.V., 4.50%, 8/15/23   44,000 48,066
HSBC Holdings PLC,      
(SOFR + 1.93%), 2.10%, 6/04/26(h)   200,000 207,546
(3M USD LIBOR + 1.53%), 4.58%, 6/19/29(h)   636,000 745,036
(3M USD LIBOR + 1.61%), 3.97%, 5/22/30(h)   550,000 624,431
    Par(a) Value
United Kingdom (Continued)
Lloyds Banking Group PLC,      
(3M USD LIBOR + 0.81%), 2.91%, 11/07/23(h)   $270,000 $281,180
3.75%, 1/11/27   200,000 225,932
4.37%, 3/22/28   290,000 339,657
Natwest Group PLC,      
(3M USD LIBOR + 1.76%), 4.27%, 3/22/25(h)   400,000 440,663
(3M USD LIBOR + 1.91%), 5.08%, 1/27/30(h)   200,000 240,679
RELX Capital, Inc.,      
3.50%, 3/16/23   197,000 208,940
4.00%, 3/18/29   224,000 261,588
3.00%, 5/22/30   124,000 135,142
Reynolds American, Inc., 5.85%, 8/15/45   108,000 136,137
Santander UK Group Holdings PLC, (1Y US Treasury CMT + 1.25%), 1.53%, 8/21/26(h)   305,000 308,159
Vodafone Group PLC,      
4.37%, 5/30/28   130,000 154,642
4.37%, 2/19/43   254,000 303,516
5.25%, 5/30/48   25,000 33,446
      7,821,718
Uruguay – 0.2%
Uruguay Government International Bond,      
4.37%, 10/27/27   70,000 81,795
4.38%, 1/23/31   230,000 276,577
5.10%, 6/18/50   560,000 752,506
      1,110,878
Total Foreign Issuer Bonds
(Cost $70,024,233)
74,261,746
Term Loans – 0.0%(g)
Distribution/Wholesale – 0.0%(g)
KAR Auction Services, Inc., Tranche B-6 Term Loan, (ICE LIBOR USD 1M + 2.25%), 2.44%, 9/19/26(b)(d)   14,639 14,547
Total Term Loans
(Cost $14,608)
14,547
    
 
See Notes to Schedules of Investments.
48

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par Value
Mortgage-Backed Securities – 27.8%
Federal Home Loan Mortgage Corporation – 4.1%
Multiclass Certificates, Series 2020-RR07, Class BX, 2.61%, 10/27/28   $4,160,000 $717,944
Multifamily Structured Pass Through Certificates,      
Series K736, Class X1, 1.31%, 7/25/26(c)   1,999,137 119,975
Series K095, Class XAM, 1.24%, 6/25/29(c)   500,000 49,294
Series K-1517, Class X1, 1.33%, 7/25/35(c)   239,923 36,071
Pool,      
#ZS4786, 4.50%, 6/01/28   16,963 18,446
3.00%, 6/01/31   300,000 315,566
#ZT1408, 2.00%, 10/01/32   150,657 157,440
#ZS8673, 3.00%, 10/01/32   46,341 48,957
#ZT1970, 3.50%, 4/01/33   69,290 75,451
#ZA2471, 3.00%, 9/01/37   14,031 14,758
#ZS9316, 3.50%, 1/01/38   174,749 190,486
#SC0111, 3.00%, 6/01/38   252,219 266,747
#SD0478, 4.00%, 1/01/45   1,275,524 1,410,646
#SD0480, 3.50%, 6/01/45   2,078,099 2,306,439
#ZM1677, 3.00%, 9/01/46   966,782 1,053,080
#ZS9826, 3.00%, 10/01/46   54,985 59,364
2.50%, 10/20/46   499,998 526,380
#ZS4697, 3.00%, 1/01/47   49,926 53,188
#SD0496, 3.00%, 2/01/47   1,224,800 1,332,947
#ZM2846, 3.50%, 3/01/47   41,965 45,027
#ZM5146, 4.00%, 12/01/47   226,054 242,914
#ZA5318, 3.50%, 3/01/48   50,565 54,418
#ZS4774, 4.50%, 5/01/48   248,052 270,125
#ZA5454, 4.00%, 6/01/48   239,940 259,495
#ZM6880, 4.50%, 6/01/48   35,276 38,429
#ZN2185, 4.50%, 12/01/48   55,131 61,028
#ZN2699, 4.50%, 1/01/49   741,060 802,367
#ZT1857, 4.50%, 3/01/49   1,534,486 1,719,917
#SD0494, 3.50%, 6/01/49   1,929,318 2,138,497
#QA0639, 4.00%, 6/01/49   409,663 446,402
    Par Value
Federal Home Loan Mortgage Corporation
(Continued)
Pool,      
#RA1103, 3.00%, 7/01/49   $135,677 $144,410
#RA1084, 4.50%, 7/01/49   116,164 128,364
#RA1293, 3.00%, 9/01/49   237,533 255,753
#RA1341, 3.00%, 9/01/49   44,819 48,200
#RA1877, 5.00%, 11/01/49   151,171 170,700
#QA7238, 3.50%, 2/01/50   80,351 87,796
#RA2141, 4.00%, 2/01/50   70,776 75,874
#RA2362, 3.50%, 3/01/50   166,209 177,616
#RA2313, 3.50%, 3/01/50   394,820 422,317
#RA2358, 4.00%, 3/01/50   65,044 69,976
#RA2353, 4.50%, 3/01/50   80,917 88,693
#SD0291, 5.00%, 3/01/50   297,563 329,801
#QA8791, 3.50%, 4/01/50   87,184 95,372
#RA2389, 4.50%, 4/01/50   153,948 168,301
#SD8059, 4.50%, 4/01/50   297,844 323,814
#RA2658, 3.50%, 5/01/50   87,027 95,308
#RA2608, 4.50%, 5/01/50   68,308 73,982
#SD0520, 4.00%, 6/01/50   416,031 457,758
#RA3175, 3.00%, 7/01/50   378,326 400,936
#RA3282, 3.00%, 8/01/50   503,768 550,688
#RA3313, 3.00%, 8/01/50   133,455 143,380
#SD0499, 3.00%, 8/01/50   353,669 381,603
#SD0500, 3.00%, 8/01/50   363,535 398,682
#SD0502, 3.00%, 8/01/50   935,080 1,014,643
#SD0519, 3.00%, 8/01/50   612,509 669,462
#RA3474, 3.00%, 9/01/50   1,452,780 1,558,022
#SD0495, 3.00%, 9/01/50   3,036,212 3,201,021
 
See Notes to Schedules of Investments.
49

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par Value
Federal Home Loan Mortgage Corporation
(Continued)
Pool,      
#SD0450, 2.50%, 10/01/50   $98,694 $104,702
#RA3838, 3.00%, 10/01/50   774,953 824,766
#QB5092, 2.50%, 11/01/50   98,565 105,482
#QB5093, 2.50%, 11/01/50   99,476 106,298
#RA4175, 2.50%, 12/01/50   298,781 318,292
Real Estate Mortgage Investment Conduits,      
Series 2019-RR01, Class X, 1.54%, 6/25/28   2,500,000 249,577
Series 4940, Class PI, 4.00%, 7/25/49   75,476 7,450
Series 4999, Class QI, 4.00%, 5/25/50   84,540 11,370
Series 4995, Class BI, 4.50%, 6/25/50   77,007 10,722
Series 5010, Class IK, 2.50%, 9/25/50   97,036 11,267
Series 5010, Class JI, 2.50%, 9/25/50   293,806 45,482
Series 5013, Class IN, 2.50%, 9/25/50   98,978 15,756
Series 5014, Class DI, 4.00%, 9/25/50   85,867 12,031
Series 5029, Class GI, 2.00%, 10/25/50   97,998 9,954
Series 5018, Class MI, 2.00%, 10/25/50   197,983 26,525
Series 5018, Class CI, 4.50%, 10/25/50   85,322 11,993
Series 5040, Class IB, 2.50%, 11/25/50   98,771 13,526
Series 5057, Class TI, 3.00%, 11/25/50   99,417 15,613
Series 5059, Class IB, 2.50%, 1/25/51   399,201 62,837
Series 5069, Class MI, 2.50%, 2/25/51   100,000 13,500
      28,341,413
Federal Home Loan Mortgage Corporation Gold –
1.3%
Pool,      
#Q41209, 3.50%, 6/01/46   47,411 51,714
#G61677, 4.50%, 4/01/47   102,494 113,182
#G60972, 4.50%, 5/01/47   38,571 42,937
#Q48752, 3.50%, 6/01/47   48,203 52,377
#G61047, 4.50%, 7/01/47   163,727 182,261
#G61079, 4.50%, 7/01/47   48,471 53,847
    Par Value
Federal Home Loan Mortgage Corporation Gold
(Continued)
Pool,      
#G08779, 3.50%, 9/01/47   $462,251 $493,623
#Q51461, 3.50%, 10/01/47   461,900 493,255
#Q53534, 3.00%, 1/01/48   22,575 23,786
#G61374, 4.50%, 4/01/48   137,715 151,699
#V84260, 3.50%, 6/01/48   206,951 222,107
#G67713, 4.00%, 6/01/48   1,406,526 1,547,201
#Q59918, 4.50%, 7/01/48   316,656 351,897
#Q57853, 4.50%, 8/01/48   115,527 127,332
#G67715, 4.50%, 8/01/48   229,765 255,389
#G61739, 3.00%, 9/01/48   349,111 378,633
#G61989, 3.50%, 4/01/49   4,087,804 4,542,973
#G67721, 4.50%, 4/01/49   171,714 189,196
      9,273,409
Federal National Mortgage Association – 7.8%
Alternative Credit Enhancement Securities,      
Series 2019-M6, Class A2, 3.45%, 1/01/29   210,000 238,451
Series 2019-M5, Class A2, 3.27%, 2/25/29   100,000 114,068
Series 2019-M4, Class A2, 3.61%, 2/25/31   100,000 117,187
Series 2019-M23, Class 3A3, 2.72%, 10/25/31   99,961 105,846
Series 2020-M36, Class X1, 1.47%, 9/25/34(c)   598,373 65,007
Series 2019-M27, Class A2, 2.70%, 11/25/40   100,000 111,261
Series 2013-M6, Class 1AC, 3.44%, 2/25/43(c)   83,589 93,824
Pool,      
#CA4133, 3.00%, 10/22/25   6,718 7,224
#CA7619, 2.50%, 8/15/27   867 927
#AL6613, 2.50%, 6/01/28   62,874 66,568
#CA2209, 4.50%, 7/21/28   10,373 11,283
#AS0496, 3.00%, 9/01/28   23,327 24,910
#BL2454, 3.16%, 5/01/29   58,731 66,555
#AW1281, 3.00%, 7/01/29   9,324 10,012
#AW4229, 3.00%, 7/01/29   45,382 49,008
#BL3540, 2.79%, 8/01/29   300,000 332,799
 
See Notes to Schedules of Investments.
50

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par Value
Federal National Mortgage Association (Continued)
Pool,      
#AX6435, 3.00%, 1/01/30   $32,283 $34,719
#BL5850, 2.26%, 4/01/30   197,067 210,923
#890696, 3.00%, 9/01/30   140,296 150,808
#BM5304, 3.00%, 9/01/32   44,833 48,617
#BH9243, 3.00%, 1/01/33   285,042 300,994
#BM4614, 3.00%, 3/01/33   53,243 57,502
#FM1680, 2.50%, 12/01/33   184,019 193,276
#CA3022, 3.50%, 1/01/34   143,305 157,949
#BM6019, 3.50%, 5/01/34   287,145 313,886
#CA6849, 3.00%, 8/01/35   137,905 149,303
#CA6876, 3.00%, 8/01/35   140,110 152,088
#CA7253, 2.50%, 10/01/35   246,542 266,404
#CA7255, 2.50%, 10/01/35   247,444 265,821
#CA7938, 2.50%, 11/01/35   421,419 447,703
#CA8377, 1.50%, 12/01/35   98,699 101,584
#CA8387, 2.50%, 12/01/35   541,633 577,915
#CA8388, 2.50%, 12/01/35   615,678 654,634
#CA8389, 3.00%, 12/01/35   157,206 170,874
#CA8391, 3.00%, 12/01/35   77,703 83,833
#MA2832, 3.00%, 12/01/36   95,069 100,866
2.00%, 12/15/37   1,400,000 1,444,439
#FM3123, 3/01/38(m)   265,050 279,244
3.00%, 6/01/41   200,000 210,197
#CA5225, 3.00%, 6/19/41   21,958 23,655
#BM1948, 6.00%, 7/01/41   50,581 61,813
#BM4751, 3.50%, 3/01/43   126,114 137,784
#AU6873, 4.50%, 11/01/43   125,027 143,638
#AL5597, 4.50%, 6/01/44   198,109 221,652
#AS2947, 4.00%, 7/01/44   578,374 634,889
#AY6181, 3.50%, 4/01/45   56,248 60,774
    Par Value
Federal National Mortgage Association (Continued)
Pool,      
#AS5480, 4.50%, 7/01/45   $61,047 $68,211
#AL9475, 4.50%, 11/01/45   79,188 88,511
#FM5434, 4.50%, 5/01/46   100,000 111,390
#AS7313, 3.50%, 6/01/46   475,497 517,977
#AS7488, 3.00%, 7/01/46   945,659 1,036,749
#FM5291, 3.00%, 7/01/46   377,725 409,096
#BM1922, 4.50%, 7/01/46   165,905 190,478
#BC1509, 3.00%, 8/01/46   113,571 122,415
#AS7844, 3.00%, 9/01/46   155,015 166,836
#BC2817, 3.00%, 9/01/46   215,565 230,807
#AL9397, 3.00%, 10/01/46   167,924 180,634
#AL9546, 3.50%, 11/01/46   123,542 132,573
#AS8451, 3.00%, 12/01/46   54,132 57,462
#BC9096, 3.50%, 12/01/46   47,550 51,043
#BM4897, 3.50%, 12/01/46   127,956 138,580
#BM4226, 3.00%, 1/01/47   856,315 933,629
#BM5520, 3.50%, 2/01/47   613,808 657,500
#BM4696, 3.00%, 3/01/47   1,035,814 1,112,433
#FM1349, 3.50%, 3/01/47   414,649 452,069
#AS9453, 4.00%, 4/01/47   717,748 781,967
#BM2000, 3.50%, 5/01/47   161,371 173,000
#FM3347, 3.50%, 5/01/47   290,526 312,094
#MA3088, 4.00%, 8/01/47   318,176 343,987
#CA0148, 4.50%, 8/01/47   63,817 69,518
#890843, 3.00%, 9/01/47   66,821 72,286
#MA3149, 4.00%, 10/01/47   116,115 125,099
#BH4095, 4.00%, 10/01/47   43,364 46,750
#BE2735, 4.50%, 10/01/47   15,091 16,796
#BH5764, 4.50%, 11/01/47   57,448 63,882
 
See Notes to Schedules of Investments.
51

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par Value
Federal National Mortgage Association (Continued)
Pool,      
#BM3208, 4.50%, 11/01/47   $87,553 $96,999
#CA0717, 4.50%, 11/01/47   174,184 189,740
#MA3210, 3.50%, 12/01/47   654,424 698,873
4.00%, 12/01/47   37,469 40,344
#FM1002, 3.50%, 1/01/48   905,544 985,060
#FM2201, 4.00%, 1/01/48   108,450 116,519
#CA1021, 4.50%, 1/01/48   133,549 148,506
#BM5526, 3.50%, 2/01/48   154,365 164,515
#BM5073, 3.00%, 4/01/48   882,044 945,649
#FM3753, 3.50%, 4/01/48   158,438 172,024
#BJ0685, 4.00%, 4/01/48   88,058 94,730
#CA1565, 4.50%, 4/01/48   41,361 45,137
#BJ9172, 4.50%, 5/01/48   269,129 296,814
#BM5896, 4.50%, 5/01/48   143,367 161,641
#BJ2763, 4.50%, 5/01/48   252,164 276,098
#CA1707, 4.50%, 5/01/48   140,349 154,641
#FM5380, 4.00%, 6/01/48   500,000 539,691
#BJ9257, 4.50%, 6/01/48   57,042 63,200
#BK0922, 4.50%, 7/01/48   137,534 149,213
#CA2047, 4.50%, 7/01/48   154,240 171,282
#FM3469, 3.50%, 8/01/48   281,067 302,332
#BN0691, 4.50%, 8/01/48   57,620 63,441
#BM4351, 4.50%, 8/01/48   101,906 113,382
#CA2199, 4.50%, 8/01/48   203,072 223,742
#CA2251, 5.00%, 8/01/48   34,137 37,773
#BK4814, 4.50%, 9/01/48   40,786 44,327
#CA2471, 4.00%, 10/01/48   1,312,839 1,414,717
#BK7603, 4.50%, 10/01/48   52,197 57,736
#CA2482, 4.50%, 10/01/48   212,839 235,439
#FM3141, 3.50%, 11/01/48   356,625 381,133
    Par Value
Federal National Mortgage Association (Continued)
Pool,      
#FM3773, 3.50%, 11/01/48   $400,088 $429,733
#FM3278, 3.50%, 11/01/48   180,022 191,412
#FM3158, 4.00%, 11/01/48   74,399 81,233
#FM5054, 4.00%, 11/01/48   89,596 95,937
#BN1628, 4.50%, 11/01/48   672,065 730,891
#BN1623, 4.50%, 11/01/48   197,124 218,534
#MA3527, 5.00%, 11/01/48   211,729 234,365
#FM5370, 3.00%, 12/01/48   95,803 102,044
#BN0302, 4.50%, 12/01/48   277,335 305,081
#BM5119, 4.50%, 12/01/48   196,569 217,268
#FM1518, 4.50%, 12/01/48   159,638 172,910
#BN0341, 5.00%, 12/01/48   206,400 228,031
#FM3215, 3.50%, 1/01/49   145,821 157,850
#BM5317, 4.50%, 1/01/49   89,099 97,888
#BN3960, 4.50%, 1/01/49   772,439 839,774
#CA2963, 4.50%, 1/01/49   557,897 606,366
#BM5862, 4.50%, 2/01/49   291,776 324,503
#CA3094, 4.50%, 2/01/49   554,707 637,947
#BM5629, 4.50%, 2/01/49   53,026 58,648
#BM5509, 5.00%, 2/01/49   111,375 124,950
#FM1098, 4.00%, 5/01/49   52,896 57,559
#CA3516, 4.50%, 5/01/49   505,517 581,378
#FM1637, 4.50%, 5/01/49   222,389 244,199
#FM5315, 3.50%, 6/01/49   840,339 897,283
#FM1193, 3.50%, 6/01/49   59,741 64,600
#BN6688, 4.00%, 6/01/49   312,577 345,570
#BO0968, 4.00%, 6/01/49   65,691 70,465
 
See Notes to Schedules of Investments.
52

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par Value
Federal National Mortgage Association (Continued)
Pool,      
#CA3809, 3.00%, 7/01/49   $134,322 $143,900
#FM1263, 4.50%, 7/01/49   201,007 219,456
#FM4117, 4.50%, 7/01/49   79,829 87,843
#FM1241, 3.50%, 8/01/49   62,919 68,061
#CA4033, 4.50%, 8/01/49   114,610 125,145
#FM1468, 5.00%, 8/01/49   482,147 532,284
#BN7753, 3.00%, 9/01/49   425,692 459,864
#FM3572, 4.50%, 9/01/49   591,230 650,472
#FM1539, 4.50%, 9/01/49   49,937 54,295
#FM1727, 5.00%, 9/01/49   434,101 488,661
#BO2252, 3.50%, 10/01/49   81,600 89,205
#FM3083, 4.50%, 10/01/49   127,123 137,640
#BO2878, 11/01/49(m)   105,349 110,908
#FM3002, 4.50%, 11/01/49   66,796 72,943
#BO8513, 12/01/49(m)   51,755 54,446
#CA4823, 4.00%, 12/01/49   136,332 146,088
#CA4819, 4.00%, 12/01/49   155,063 170,406
#FM3155, 5.00%, 12/01/49   64,302 70,989
#BO8932, 3.00%, 1/01/50   64,706 68,762
#CA4979, 3.00%, 1/01/50   513,783 542,050
#FM2378, 4.50%, 1/01/50   115,092 125,623
#BP2319, 3.00%, 2/01/50   171,373 182,380
#FM2333, 3.50%, 2/01/50   217,198 231,717
#FM0062, 3.50%, 2/01/50   530,318 572,170
#BO7302, 4.50%, 2/01/50   222,335 241,829
#BO7625, 3.00%, 3/01/50   176,700 188,219
#FM2745, 4.50%, 3/01/50   67,731 73,890
#CA5379, 4.50%, 3/01/50   346,847 386,791
#FM3957, 5.00%, 3/01/50   168,367 186,166
    Par Value
Federal National Mortgage Association (Continued)
Pool,      
#CA5522, 4.00%, 4/01/50   $585,558 $644,298
#FM3948, 4.00%, 4/01/50   579,724 638,042
#BP2389, 4.50%, 4/01/50   96,743 105,303
#MA4031, 4.50%, 5/01/50   538,289 586,051
#CA6000, 3.00%, 6/01/50   185,563 200,349
#CA6053, 3.00%, 6/01/50   268,727 290,140
#BP9421, 3.00%, 7/01/50   97,874 104,964
#FM3978, 4.00%, 7/01/50   83,227 90,353
#BP7009, 3.00%, 8/01/50   88,555 93,796
#BQ1402, 3.00%, 8/01/50   88,665 95,087
#BP8713, 3.00%, 8/01/50   99,060 105,669
#FM5289, 3.00%, 8/01/50   1,336,111 1,406,883
#FM5292, 3.00%, 8/01/50   303,817 329,917
#FM4281, 3.50%, 8/01/50   1,103,870 1,208,753
#FM4532, 3.00%, 9/01/50   275,489 293,994
#FM4737, 3.50%, 9/01/50   94,925 100,953
#CA7070, 4.00%, 9/01/50   74,925 83,649
#CA7073, 4.00%, 9/01/50   34,453 37,905
#FM4577, 2.50%, 10/01/50   98,536 104,846
#BQ5876, 2.50%, 11/01/50   98,691 105,641
#FM4862, 2.50%, 11/01/50   1,525,304 1,626,074
#FM4925, 3.00%, 11/01/50   97,757 105,547
#BQ6341, 3.00%, 11/01/50   96,632 103,445
#CA8136, 2.50%, 12/01/50   435,415 464,181
#CA8137, 2.50%, 12/01/50   1,341,397 1,430,017
#MA4210, 2.50%, 12/01/50   399,998 421,103
#CA8460, 2.50%, 1/01/51   499,201 525,863
#FM5423, 2.50%, 1/01/51   199,202 212,210
#BF0301, 4.50%, 8/01/58   690,305 791,266
#BF0338, 1/01/59(m)   460,268 523,551
 
See Notes to Schedules of Investments.
53

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par Value
Federal National Mortgage Association (Continued)
Pool,      
#CA7241, 2.50%, 9/15/60   $1,964 $2,087
#CA7227, 2.50%, 8/15/61   1,697 1,825
Real Estate Mortgage Investment Conduits,      
Series 2020-32, Class PI, 4.00%, 5/25/50   189,822 25,127
Series 2020-47, Class GZ, 2.00%, 7/25/50   101,173 101,293
Series 2020-56, Class DI, 2.50%, 8/25/50   194,596 30,472
Series 2020-73, Class AI, 2.00%, 10/25/50   97,801 8,492
Series 2020-74, Class EI, 2.50%, 10/25/50   97,407 14,446
Series 2020-89, Class DI, 2.50%, 12/25/50   296,451 39,456
Series 2020-97, Class AI, 2.00%, 1/25/51   498,780 65,089
Series 2021-3, Class QI, 2.50%, 2/25/51   900,000 116,719
Series 2021-3, Class IB, 2.50%, 2/25/51   300,000 47,882
      54,002,544
Government National Mortgage Association – 3.2%
Pool TBA,      
2/01/51(m)   11,721,000 12,342,258
3/01/51(m)   6,025,000 6,318,985
Series 2013-107, Class AD, 2.69%, 11/16/47(c)   143,731 151,819
Series 2014-17, Class AM, 2.70%, 6/16/48(c)   40,353 42,487
Series 2014-H20, Class FA, (1M USD LIBOR + 0.43%, 0.43% Floor), 0.58%, 10/20/64(d)   248,699 248,965
Series 2019-123, Class A, 3.00%, 10/20/49   46,548 47,931
Series 2020-123, Class IL, 2.50%, 8/20/50   99,066 14,129
Series 2020-123, Class NI, 2.50%, 8/20/50   198,054 29,267
Series 2020-127, Class IN, 2.50%, 8/20/50   98,858 13,827
Series 2020-129, Class IE, 2.50%, 9/20/50   98,650 14,067
Series 2020-144, Class IO, 2.50%, 9/20/50   197,311 23,222
Series 2020-146, Class DI, 2.50%, 10/20/50   98,748 11,304
Series 2020-151, Class MI, 2.50%, 10/20/50   594,254 72,483
    Par Value
Government National Mortgage Association
(Continued)
Series 2020-160, Class IH, 2.50%, 10/20/50   $99,328 $14,726
Series 2020-160, Class VI, 2.50%, 10/20/50   99,027 14,594
Series 2020-160, Class YI, 2.50%, 10/20/50   298,260 43,692
Series 2020-181, Class WI, 2.00%, 12/20/50   498,266 53,452
Series 2020-185, Class MI, 2.50%, 12/20/50   99,765 12,910
Series 2020-190, Class IO, 1.06%, 11/16/62(c)   3,615,324 333,773
Series 2020-47, Class MI, 3.50%, 4/20/50   382,351 56,232
Series 2020-47, Class NI, 3.50%, 4/20/50   95,691 15,493
Series 2020-H04, Class FP, (1M USD LIBOR + 0.50%, 0.50% Floor), 0.65%, 6/20/69(d)   272,271 273,442
Series 2020-H09, Class FL, (1M USD LIBOR + 1.15%, 1.15% Floor), 1.28%, 5/20/70(d)   199,462 208,976
Series 2020-H13, Class FA, (1M USD LIBOR + 0.45%, 0.45% Floor, 7.50% Cap), 0.58%, 7/20/70(d)   989,805 994,188
Series 2020-H13, Class FM, (1M USD LIBOR + 0.40%, 0.40% Floor, 11.00% Cap), 0.53%, 8/20/70(d)   279,760 279,917
Series 2021-5, Class IO, 1.11%, 1/16/61(c)   4,800,000 446,402
      22,078,541
Government National Mortgage Association I – 0.1%
Pool,      
#AB2892, 3.00%, 9/15/42   175,168 185,083
#AB9108, 3.00%, 10/15/42   120,305 127,323
#784571, 3.50%, 6/15/48   118,541 127,975
#BS8439, 3.50%, 5/15/50   98,063 105,286
      545,667
Government National Mortgage Association II – 3.4%
Pool,      
4.00%, 5/15/27   2,071 2,220
#MA2677, 3.00%, 3/20/45   371,783 396,644
#MA2678, 3.50%, 3/20/45   21,500 23,139
#MA2753, 3.00%, 4/20/45   1,023,158 1,093,824
 
See Notes to Schedules of Investments.
54

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par Value
Government National Mortgage Association II
(Continued)
Pool,      
#MA2754, 3.50%, 4/20/45   $15,000 $16,097
#MA3173, 3.50%, 10/20/45   15,760 17,139
#MA3310, 3.50%, 12/20/45   78,875 84,876
#MA3376, 3.50%, 1/20/46   16,058 17,235
#MA3596, 3.00%, 4/20/46   65,488 69,660
#MA3663, 3.50%, 5/20/46   626,637 678,086
#MA3736, 3.50%, 6/20/46   824,245 887,037
#MA3802, 3.00%, 7/20/46   14,245 15,212
#MA3873, 3.00%, 8/20/46   201,471 215,157
#MA3937, 3.50%, 9/20/46   74,164 79,894
#MA4003, 3.00%, 10/20/46   20,664 22,044
#MA4068, 3.00%, 11/20/46   142,819 152,529
#MA4126, 3.00%, 12/20/46   253,126 270,340
#MA4195, 3.00%, 1/20/47   72,873 77,608
#MA4261, 3.00%, 2/20/47   44,405 47,372
#MA4322, 4.00%, 3/20/47   277,421 300,138
#MA4384, 4.50%, 4/20/47   298,419 327,492
#MA4451, 3.50%, 5/20/47   757,017 808,897
#MA4452, 4.00%, 5/20/47   63,892 69,252
#MA4511, 6/20/47(m)   565,311 611,721
#MA4587, 7/20/47(m)   67,710 73,202
#784577, 4.00%, 7/20/47   933,780 1,013,781
#MA4837, 3.50%, 11/20/47   532,077 569,010
#MA4838, 4.00%, 11/20/47   314,351 340,424
#MA4899, 3.00%, 12/20/47   99,954 105,868
#MA4900, 3.50%, 12/20/47   112,464 120,148
#MA4901, 4.00%, 12/20/47   135,628 146,677
#MA5019, 3.50%, 2/20/48   268,998 288,249
    Par Value
Government National Mortgage Association II
(Continued)
Pool,      
#MA5020, 4.00%, 2/20/48   $77,305 $83,289
#MA5078, 4.00%, 3/20/48   396,109 427,863
#784674, 3.50%, 4/20/48   139,433 156,059
#MA5137, 4.00%, 4/20/48   66,350 71,395
#MA5138, 4/20/48(m)   86,978 94,664
#MA5193, 4.50%, 5/20/48   272,055 296,086
#MA5265, 4.50%, 6/20/48   170,568 185,302
#MA5331, 4.50%, 7/20/48   91,338 99,397
#MA5467, 4.50%, 9/20/48   218,169 237,423
#MA5529, 4.50%, 10/20/48   194,308 211,475
#MA5530, 5.00%, 10/20/48   269,007 293,607
#MA5596, 4.50%, 11/20/48   776,524 845,022
#MA5652, 4.50%, 12/20/48   56,450 61,433
#MA5711, 4.50%, 1/20/49   554,750 601,010
#MA5712, 5.00%, 1/20/49   422,412 461,227
#MA5762, 3.50%, 2/20/49   114,185 121,570
#MA5817, 4.00%, 3/20/49   518,743 556,242
#MA5818, 4.50%, 3/20/49   97,984 106,622
#MA5877, 4.50%, 4/20/49   76,536 83,226
#BM7486, 3.50%, 7/20/49   408,604 434,346
#784825, 3.50%, 10/20/49   87,517 90,715
#BM9743, 4.00%, 11/20/49   364,268 398,323
#MA6338, 3.00%, 12/20/49   522,996 548,300
#784905, 3.00%, 1/20/50   91,982 96,510
#BM7534, 3.50%, 2/20/50   89,715 95,694
#BS1742, 4.00%, 2/20/50   92,350 101,206
#MA6477, 4.50%, 2/20/50   135,320 146,004
#BT0812, 3.00%, 3/20/50   332,351 348,839
#MA6544, 4.50%, 3/20/50   72,637 78,287
 
See Notes to Schedules of Investments.
55

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par Value
Government National Mortgage Association II
(Continued)
Pool,      
#BS8420, 4.00%, 4/20/50   $192,519 $210,873
#MA6656, 3.00%, 5/20/50   278,506 292,035
#MA6658, 4.00%, 5/20/50   23,954 25,627
#MA6659, 4.50%, 5/20/50   600,499 647,064
#MA6766, 3.00%, 7/20/50   3,164,252 3,325,468
#MA6820, 3.00%, 8/20/50   514,248 539,916
#MA6823, 4.50%, 8/20/50   24,557 26,589
#MA6866, 3.00%, 9/20/50   586,546 618,639
#MA6932, 3.00%, 10/20/50   393,865 416,819
#BS8546, 2.50%, 12/20/50   99,830 106,566
#BT1888, 2.50%, 12/20/50   99,752 104,994
#MA7053, 3.00%, 12/20/50   695,888 741,558
      23,328,256
Uniform Mortgage-Backed Securities – 7.9%
Pool TBA,      
2/01/36(m)   8,789,600 9,163,555
2/01/51(m)   25,990,000 27,380,300
3/01/51(m)   17,351,000 18,094,739
      54,638,594
Total Mortgage-Backed Securities
(Cost $189,426,707)
192,208,424
Municipal Bonds – 0.3%
California – 0.1%
Bay Area Toll Authority Toll Bridge Subordinate Revenue Bonds, Series S1, Build America Bonds, 7.04%, 4/01/50   80,000 143,783
California State Taxable GO Unlimited Refunding Bonds, 4.60%, 4/01/38   215,000 255,820
California State Various Purpose Taxable GO Unlimited Bonds, Build America Bonds,      
7.50%, 4/01/34   35,000 57,469
7.55%, 4/01/39   15,000 26,009
    Par Value
California (Continued)
Los Angeles Community College District GO Unlimited Bonds, Build America Bonds, 6.60%, 8/01/42   $45,000 $74,183
Los Angeles Unified School District GO Unlimited Bonds, Series RY, Build America Bonds, 6.76%, 7/01/34   115,000 171,947
University of California Taxable General Revenue Bonds, Series AD, 4.86%, 5/15/12(n)   15,000 21,641
      750,852
Georgia – 0.0%(g)
Municipal Electric Authority of Georgia Taxable Revenue Bonds, Build America Bonds, 6.64%, 4/01/57   21,000 31,375
Illinois – 0.0%(g)
Illinois State Taxable GO Unlimited Pension Bonds, 5.10%, 6/01/33   200,000 223,824
Missouri – 0.0%(g)
Missouri State Health & Educational Facilities Authority Educational Facilities Taxable Revenue Refunding Bonds, The Washington University, 3.23%, 5/15/50   100,000 115,104
New Jersey – 0.0%(g)
New Jersey State Turnpike Authority Taxable Revenue Bonds, Build America Bonds, 7.41%, 1/01/40   35,000 58,529
New York – 0.1%
Metropolitan Transportation Authority Revenue Bonds, Build America Bonds, 5.87%, 11/15/39   25,000 32,613
New York City Municipal Water Finance Authority Water & Sewer System Second General Resolution Taxable Revenue Bonds, 5.88%, 6/15/44   15,000 23,692
 
See Notes to Schedules of Investments.
56

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par Value
New York (Continued)
New York City Municipal Water Finance Authority Water & Sewer System Taxable Revenue Bonds, Build America Bonds, 6.01%, 6/15/42   $15,000 $23,222
New York State Dormitory Authority Personal Income TRB, Build America Bonds, 5.39%, 3/15/40   30,000 41,112
Port Authority of New York & New Jersey Consolidated 164th Taxable Revenue Bonds, 5.65%, 11/01/40   20,000 28,400
Port Authority of New York & New Jersey Consolidated 168th Revenue Bonds, 4.93%, 10/01/51   30,000 41,748
Port Authority of New York & New Jersey Consolidated Taxable Revenue Bonds, Series 181, 4.96%, 8/01/46   60,000 81,037
      271,824
Ohio – 0.0%(g)
American Municipal Power-Ohio, Inc., Taxable Revenue Bonds, Series B, Combined Hydroelectric Projects, 8.08%, 2/15/50   40,000 74,452
Texas – 0.0%(g)
San Antonio Electric & Gas Junior Lien Revenue Bonds, Build America Bonds, 5.81%, 2/01/41   40,000 60,498
Texas State Taxable GO Unlimited Bonds, Build America Bonds, 5.51%, 4/01/39   60,000 89,839
      150,337
Washington – 0.1%
Seattle Municipal Light & Power Improvement Revenue Bonds, 5.00%, 4/01/44   275,000 351,675
Total Municipal Bonds
(Cost $1,808,948)
2,027,972
U.S. Government Obligations – 16.0%
U.S. Treasury Bonds – 5.5%
4.25%, 5/15/39   51,000 73,342
4.50%, 8/15/39   51,000 75,586
    Par Value
U.S. Treasury Bonds (Continued)
4.37%, 11/15/39   $51,000 $74,667
4.62%, 2/15/40   370,000 557,919
1.13%, 5/15/40   372,000 339,450
3.87%, 8/15/40   370,000 512,508
1.13%, 8/15/40   372,000 338,520
4.25%, 11/15/40   370,000 537,165
1.38%, 11/15/40   2,042,000 1,940,857
3.12%, 2/15/43   198,000 250,207
2.87%, 5/15/43   198,000 240,879
3.62%, 8/15/43   198,000 269,373
3.75%, 11/15/43   198,000 274,447
2.50%, 2/15/45   2,059,000 2,354,740
2.87%, 11/15/46(o)   193,000 236,259
2.75%, 11/15/47   2,059,000 2,472,650
3.00%, 2/15/48(o)   2,252,000 2,830,131
2.25%, 8/15/49(o)   1,070,000 1,169,853
2.38%, 11/15/49   477,000 535,451
2.00%, 2/15/50   5,591,000 5,792,582
1.25%, 5/15/50(o)   9,410,000 8,107,303
1.38%, 8/15/50   7,245,000 6,449,182
1.63%, 11/15/50(o)   2,520,000 2,385,731
      37,818,802
U.S. Treasury Inflation-Indexed Bonds – 1.3%
0.13%, 1/15/31(o)   4,530,000 5,074,107
3.37%, 4/15/32   470,000 1,049,853
2.12%, 2/15/40   610,000 1,127,547
2.13%, 2/15/41   220,000 406,756
1.38%, 2/15/44   870,000 1,382,927
      9,041,190
U.S. Treasury Notes – 9.2%
1.75%, 4/30/22(o)   727,000 741,767
1.75%, 7/15/22   3,158,000 3,233,002
1.50%, 9/15/22   75,000 76,670
1.38%, 10/15/22   84,000 85,785
2.12%, 12/31/22(o)   392,000 406,930
0.50%, 3/15/23   3,158,000 3,182,302
0.25%, 4/15/23   3,158,000 3,165,772
2.75%, 5/31/23   392,000 415,704
0.25%, 11/15/23   30,000 30,068
2.12%, 7/31/24(o)   392,000 417,664
1.75%, 7/31/24   662,000 696,626
1.50%, 9/30/24   384,000 401,175
1.50%, 10/31/24   3,601,000 3,764,311
2.25%, 11/15/24   1,540,000 1,653,936
1.75%, 12/31/24(o)   4,488,000 4,740,625
2.00%, 2/15/25   487,000 519,968
0.50%, 3/31/25   1,540,000 1,550,768
0.38%, 4/30/25   5,141,000 5,148,029
2.12%, 5/15/25   420,000 451,779
0.25%, 5/31/25   11,430,000 11,379,547
 
See Notes to Schedules of Investments.
57

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par Value
U.S. Treasury Notes (Continued)
0.25%, 10/31/25   $80,000 $79,394
1.50%, 8/15/26   558,000 587,142
1.63%, 11/30/26   723,000 766,126
0.63%, 3/31/27   621,000 620,393
0.50%, 4/30/27   621,000 615,202
2.37%, 5/15/27   614,000 679,453
0.50%, 5/31/27   1,958,000 1,937,349
2.25%, 8/15/27   1,729,000 1,901,360
0.38%, 9/30/27   2,110,000 2,061,866
0.50%, 10/31/27   70,000 68,887
0.63%, 11/30/27   2,140,000 2,121,275
0.75%, 1/31/28   5,390,000 5,379,051
2.87%, 8/15/28(o)   122,000 140,186
3.12%, 11/15/28(o)   122,000 142,740
2.62%, 2/15/29   253,000 286,888
2.37%, 5/15/29   253,000 282,194
1.62%, 8/15/29   890,000 939,124
1.75%, 11/15/29   453,000 482,746
1.50%, 2/15/30   574,000 598,103
0.63%, 8/15/30(o)   40,000 38,375
0.88%, 11/15/30(o)   1,870,000 1,832,308
      63,622,590
Total U.S. Government Obligations
(Cost $113,230,754)
110,482,582
    
    Number
of Shares
Value
Investment Companies – 10.1%
BlackRock Allocation Target Shares - BATS, Series A   3,765,668 37,807,307
iShares iBoxx $ Investment Grade Corporate Bond ETF   46,493 6,304,451
Schwab U.S. TIPS ETF   197,814 12,315,900
Vanguard Long-Term Treasury ETF   143,260 13,250,117
Total Investment Companies
(Cost $68,991,103)
69,677,775
    
    Par Value
Short-Term Investments – 11.4%
Borrowed Bond Agreements – 0.5%
BofA Securities, Inc., 0.02%, Open (Purchased on 1/29/21 to be repurchased at $1,256,215, collateralized by U.S. Treasury Bonds, 1.25%, due 5/15/50, par and fair value of $1,446,000 and $1,256,213, respectively)(p)   $1,256,212 $1,256,212
BofA Securities, Inc., (0.05)%, Open (Purchased on 1/29/21 to be repurchased at $103,293, collateralized by U.S. Treasury Notes, 0.88%, due 11/15/30, par and fair value of $105,000 and $103,294, respectively)(p)   103,294 103,294
BofA Securities, Inc., (0.02)%, Open (Purchased on 1/29/21 to be repurchased at $375,862, collateralized by U.S. Treasury Notes, 0.63%, due 8/15/30, par and fair value of $390,000 and $375,863, respectively)(p)   375,863 375,863
BofA Securities, Inc., (0.01)%, Open (Purchased on 1/29/21 to be repurchased at $571,090, collateralized by U.S. Treasury Bonds, 1.63%, due 11/15/50, par and fair value of $598,000 and $571,090, respectively)(p)   571,090 571,090
BofA Securities, Inc., 0.02%, Open (Purchased on 1/29/21 to be repurchased at $1,546,898, collateralized by U.S. Treasury Notes, 0.63%, due 5/15/30, par and fair value of $1,603,000 and $1,546,895, respectively)(p)   1,546,895 1,546,895
      3,853,354
Corporate Bonds – 0.2%
Bank of New York Mellon (The) Corp., (3M USD LIBOR + 3.42%), 3.66%, 3/20/21(d)(i)   105,000 104,344
 
See Notes to Schedules of Investments.
58

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par Value
Corporate Bonds (Continued)
Capital One Financial Corp., 4.75%, 7/15/21   $22,000 $22,442
Cigna Corp., 3.40%, 9/17/21   20,000 20,388
CVS Health Corp., 3.35%, 3/09/21   75,000 75,229
Elanco Animal Health, Inc., 4.91%, 8/27/21   26,000 26,557
Ford Motor Credit Co. LLC, 3.34%, 3/18/21   245,000 245,283
General Motors Financial Co., Inc., 3.45%, 1/14/22   176,000 180,438
Huntington National Bank (The), 3.25%, 5/14/21   250,000 251,509
Lennar Corp., 4.13%, 1/15/22   29,000 29,587
Navient Corp., 6.62%, 7/26/21   27,000 27,607
NBCUniversal Enterprise, Inc., 5.25%, 3/19/21(b)(i)   430,000 431,075
Sherwin-Williams (The) Co., 4.20%, 1/15/22   205,000 210,555
Southern California Edison Co., 2.90%, 3/01/21   30,000 30,064
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 9/20/21(b)   37,500 37,832
State Street Corp., (3M USD LIBOR + 3.60%), 3.81%, 3/15/21(d)(i)   80,000 80,040
      1,772,950
Foreign Issuer Bonds – 0.1%
Royal Bank of Canada, 3.20%, 4/30/21   220,000 221,602
Sumitomo Mitsui Financial Group, Inc., 2.06%, 7/14/21   70,000 70,574
Toronto-Dominion Bank (The), 3.25%, 6/11/21   220,000 222,441
      514,617
Money Market Fund – 4.6%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.01%(q)   31,775,960 31,775,960
U.S. Government Obligations – 0.3%
U.S. Treasury Notes,      
1.50%, 1/31/22   764,000 774,624
    Par Value
U.S. Government Obligations (Continued)
U.S. Treasury Notes,      
1.13%, 7/31/21   $860,000 $864,367
1.75%, 7/31/21(o)   461,000 464,782
      2,103,773
U.S. Treasury Bills – 5.7%
U.S. Treasury Bill,      
0.09%, 2/18/21(r)   1,360,000 1,359,973
0.08%, 3/02/21(r)   1,380,000 1,379,933
0.10%, 3/18/21(r)   1,370,000 1,369,893
0.11%, 4/29/21(r)   4,230,000 4,229,361
0.08%, 3/23/21(r)   400,000 399,967
United States Cash Management Bill,      
0.08%, 4/06/21(r)   6,930,000 6,929,322
0.08%, 5/11/21(r)   400,000 399,945
0.08%, 4/20/21(r)   17,090,000 17,087,778
0.09%, 5/04/21(r)   4,070,000 4,069,064
0.08%, 5/18/21(r)   2,050,000 2,049,547
      39,274,783
Total Short-Term Investments
(Cost $79,297,634)
79,295,437
    
Number of
Contracts
Notional
Amount
Value
Purchased Options – 0.1%
Call Options - Exchange Traded – 0.0%(g)
U.S. Treasury Long Bond Future Expiring 2/21, Strike Price $170.50, Expires 2/05/21 2 337,438 531
Call Options - Over the Counter – 0.0%(g)
Chilean Peso vs. U.S. Dollar, Strike Price $730.00, Expires 3/18/21, Counterparty: Morgan Stanley 2 332,000 7,251
Mexican Peso vs. U.S. Dollar, Strike Price $22.35, Expires 2/12/21, Counterparty: Morgan Stanley 1 220,000 133
Russian Ruble vs. Euro, Strike Price EUR 92.00, Expires 2/05/21, Counterparty: BNP Paribas 2 170,000(s) 1,491
Russian Ruble vs. U.S. Dollar, Strike Price $81.00, Expires 2/12/21, Counterparty: Citibank 1 94,400 80
 
See Notes to Schedules of Investments.
59

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
Number of
Contracts
Notional
Amount
Value
Call Options - Over the Counter (Continued)
South African Rand vs. U.S. Dollar, Strike Price $14.75, Expires 3/18/21, Counterparty: JPMorgan Chase 1 $116,000 $4,872
South Korean Won vs. U.S. Dollar, Strike Price $1,115.00, Expires 2/09/21, Counterparty: Bank of America 2 134,000 901
U.S. Dollar vs. Euro, Strike Price EUR 1.22, Expires 1/29/21, Counterparty: Citibank 1 2,470,000(s) 1,919
U.S. Dollar vs. Euro, Strike Price $1.25, Expires 6/28/21, Counterparty: BNP Paribas 1 190,000(s) 52,364
      69,011
Put Options - Exchange Traded – 0.1%
10-Year U.S. Treasury Note Future Expiring 3/21, Strike Price $137.25, Expires 2/19/21 5 685,156 2,734
1-Year Mid Curve Future Expiring 9/21, Strike Price $997.50, Expires 9/10/21 506 4,661,208,750 53,763
2-Year Mid Curve Future Expiring 9/21, Strike Price $993.75, Expires 9/10/21 698 173,575,150 152,688
3-Year Mid Curve Future Expiring 6/21, Strike Price $992.50, Expires 6/11/21 402 100,344,225 163,312
      372,497
Put Options - Over the Counter – 0.0%(g)
Brazilian Real vs. U.S. Dollar, Strike Price $4.95, Expires 2/05/21, Counterparty: Morgan Stanley 1 221,000 3
Brazilian Real vs. U.S. Dollar, Strike Price $5.05, Expires 3/02/21, Counterparty: Morgan Stanley 1 3,404,814 6,473
Brazilian Real vs. U.S. Dollar, Strike Price $5.20, Expires 3/23/21, Counterparty: HSBC Bank 1 133,000 1,372
Brazilian Real vs. U.S. Dollar, Strike Price BRL 5.25, Expires 2/11/21, Counterparty: Morgan Stanley 1 733,000 1,856
Number of
Contracts
Notional
Amount
Value
Put Options - Over the Counter (Continued)
Brazilian Real vs. U.S. Dollar, Strike Price $5.30, Expires 3/25/21, Counterparty: Deutsche Bank 1 $417,000 $6,929
Brazilian Real vs. U.S. Dollar, Strike Price $5.35, Expires 3/10/21, Counterparty: Morgan Stanley 2 266,000 4,274
Chinese Yuan vs. U.S. Dollar, Strike Price $6.42, Expires 2/04/21, Counterparty: BNP Paribas 1 4,870,000 3,857
Colombian Pesos vs. U.S. Dollar, Strike Price COP 3,760.00, Expires 2/12/21, Counterparty: Morgan Stanley 1 440,000 23,822
Hungarian Forint vs. Euro, Strike Price EUR 340.00, Expires 5/28/21, Counterparty: BNP Paribas 1 60,000(s) 3,636
Indonesian Rupiah vs. U.S. Dollar, Strike Price $14,000.00, Expires 2/09/21, Counterparty: JPMorgan Chase 2 294,000 1,075
Indonesian Rupiah vs. U.S. Dollar, Strike Price $14,100.00, Expires 2/08/21, Counterparty: BNP Paribas 2 294,000 2,148
Japanese Yen vs. Euro, Strike Price EUR 126.00, Expires 2/10/21, Counterparty: Barclays Bank PLC 2 192,000(s) 305
Mexican Peso vs. U.S. Dollar, Strike Price $19.50, Expires 2/12/21, Counterparty: Goldman Sachs 1 477,000 247
Mexican Peso vs. U.S. Dollar, Strike Price MXN 19.50, Expires 2/12/21, Counterparty: Morgan Stanley 1 477,000 801
Mexican Peso vs. U.S. Dollar, Strike Price $19.57, Expires 2/04/21, Counterparty: Morgan Stanley 1 4,040,000 436
Mexican Peso vs. U.S. Dollar, Strike Price $19.60, Expires 2/18/21, Counterparty: Morgan Stanley 1 100,000 116
 
See Notes to Schedules of Investments.
60

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
Number of
Contracts
Notional
Amount
Value
Put Options - Over the Counter (Continued)
Mexican Peso vs. U.S. Dollar, Strike Price $20.00, Expires 2/22/21, Counterparty: Citibank 1 $441,000 $2,060
Mexican Peso vs. U.S. Dollar, Strike Price $20.30, Expires 2/26/21, Counterparty: HSBC Bank 1 134,000 1,430
Mexican Peso vs. U.S. Dollar, Strike Price MXN 20.60, Expires 2/12/21, Counterparty: Goldman Sachs 1 733,000 10,790
Norwegian Kroner vs. U.S. Dollar, Strike Price $8.65, Expires 2/12/21, Counterparty: Bank of America 1 118,000 1,890
Polish Zloty vs. Euro, Strike Price EUR 4.25, Expires 5/28/21, Counterparty: BNP Paribas 1 60,000(s) 1,187
Russian Ruble vs. Euro, Strike Price EUR 89.00, Expires 2/05/21, Counterparty: Bank of America 2 242,000(s) 96
Russian Ruble vs. U.S. Dollar, Strike Price RUB 75.50, Expires 2/12/21, Counterparty: Deutsche Bank 1 441,000 4,123
Russian Ruble vs. U.S. Dollar, Strike Price $76.00, Expires 2/19/21, Counterparty: Citibank 1 294,000 4,438
South Korean Won vs. U.S. Dollar, Strike Price $1,071.00, Expires 2/04/21, Counterparty: Bank of America 2 18,000 17
South Korean Won vs. U.S. Dollar, Strike Price $1,090.00, Expires 2/09/21, Counterparty: Standard Chartered Bank 2 266,000 50
Turkish Lira vs. U.S. Dollar, Strike Price $7.35, Expires 4/23/21, Counterparty: Citibank 2 30,000 10,725
Turkish Lira vs. U.S. Dollar, Strike Price TRY 7.75, Expires 4/22/21, Counterparty: Citibank 1 44,000 2,021
Turkish Lira vs. U.S. Dollar, Strike Price $7.85, Expires 2/08/21, Counterparty: Deutsche Bank 1 118,000 8,272
Number of
Contracts
Notional
Amount
Value
Put Options - Over the Counter (Continued)
U.S. Dollar vs. Australian Dollar, Strike Price AUD 0.75, Expires 3/31/21, Counterparty: Bank of America 1 $2,840,000(t) $16,287
U.S. Dollar vs. Euro, Strike Price EUR 1.20, Expires 3/30/21, Counterparty: Morgan Stanley 1 4,800,000(s) 31,222
      151,958
Put Swaptions - Over the Counter – 0.0%(g)
Pay 1.50% (Semi-Annually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 03/08/2051, Strike Price $1.50, Expires 3/04/21, Counterparty: Citibank 1 1,645,791 64,927
Total Purchased Options
(Premiums Received $694,867)
658,924
    
Total Long Positions110.8%
(Cost $752,600,687)
766,819,026
    
    Par Value
Short Positions – (6.2)%
Mortgage-Backed Securities – (5.7)%
Uniform Mortgage-Backed Securities - (5.7)%
Pool TBA, 2/01/51(m)   (12,993,787) (13,699,929)
Pool TBA, 3/01/51(m)   (24,717,000) (25,545,728)
Total Mortgage-Backed Securities
(Proceeds $39,180,318)
(39,245,657)
U.S. Government Obligations – (0.5)%
U.S. Treasury Bonds – (0.2)%
1.25%, 5/15/50(o)   (1,446,000) (1,245,819)
1.62%, 11/15/50(o)   (598,000) (566,138)
      (1,811,957)
U.S. Treasury Notes – (0.3)%
0.63%, 5/15/30(o)   (1,603,000) (1,542,637)
 
See Notes to Schedules of Investments.
61

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
    Par Value
U.S. Treasury Notes (Continued)
0.63%, 8/15/30(o)   $(390,000) $(374,156)
0.87%, 11/15/30(o)   (105,000) (102,884)
      (2,019,677)
Total U.S. Government Obligations
(Proceeds $4,086,064)
(3,831,634)
Total Short Positions – (6.2)%
(Proceeds $43,266,382)
(43,077,291)
Total Written Options(0.0)%(g)
(Premiums Received $243,311)
(117,370)
Liabilities less Other Assets – (4.6)%(u) (31,883,130)
NET ASSETS – 100.0% $691,741,235
Percentages shown are based on Net Assets.
 
(a) Par value is in USD unless otherwise indicated.
(b) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Morningstar Funds Trust.
(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of January 31, 2021 is disclosed.
(d) Variable rate security. Rate as of January 31, 2021 is disclosed.
(e) Restricted security that has been deemed illiquid. At January 31, 2021, the value of these restricted illiquid securities amounted to $654,930 or 0.09% of net assets. Additional information on these restricted illiquid securities is as follows:
  Security Acquisition Date Acquisition Cost
  Exantas Capital Corp. Ltd., 1.63%, 4/15/36 4/4/19 $500,000
  Security Acquisition Date Acquisition Cost
  PFP Ltd., 1.10%, 4/14/36 4/11/19 $155,808
 
(f) Step coupon bond. Rate as of January 31, 2021 is disclosed.
(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 as of January 31, 2021 is disclosed.
(i) Perpetual bond. Maturity date represents next call date.
(j) This is a Level 3 asset. The fair value price of $90.63 is based on a broker pricing matrix that adjusts for change in yields of various U.S. Treasury securities. During the fiscal period, the Fund purchased $170,000 of this security.
(k) Century bond maturing in 2120.
(l) Century bond maturing in 2121.
(m) When-Issued Security. Coupon rate was not yet in effect at January 31, 2021.
(n) Century bond maturing in 2112.
(o) All or a portion of the security was held as collateral for open futures, options, securities sold short and/or swap agreements.
(p) The amount to be repurchased assumes the maturity will be the day after the period end.
(q) 7-day current yield as of January 31, 2021 is disclosed.
(r) Discount rate at the time of purchase.
(s) The notional amount is EUR.
(t) The notional amount is AUD.
(u) Includes appreciation/ (depreciation) on forward foreign currency exchange, futures and swap contracts.
    
Abbreviations:  
12MTA 12 Month Treasury Average
See Notes to Schedules of Investments.
62

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
1M 1 Month
1Y 1 Year
3M 3 Month
5Y 5 Year
BATS Better Alternative Trading System
CDO Collaterlized Debt Obligation
CLO Collateralized Loan Obligation
CMT Constant Maturity
ETF Exchange-Traded Fund
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
Freddie Mac Federal Home Loan Mortgage Corporation
GMTN Global Medium Term Note
GO Government Obligation
ICE Intercontinental Exchange
IO Interest Only
LIBOR London Interbank Offered Rate
LLC Limited Liability Company
PLC Public Limited Company
REMIC Real Estate Mortgage Investment Conduit
SOFR United States Secured Overnight Financing Rate
TBA To be announced
TIPS Treasury Inflation Protected Securities
TRB Tax Revenue Bonds
USD United States Dollar
EUR Euro
COP Colombian Peso
IDR Indonesian Rupiah
RUB Russian Ruble
BRL Brazilian Real
MXN Mexican Peso
TRY Turkish Lira
AUD Australian Dollar
Sector Diversification (%)  
Corporate Bonds 25.8
Mortgage-Backed Securities 22.1
U.S. Government Obligations 15.4
Short-Term Investments 11.5
Foreign Issuer Bonds 10.7
Investment Companies 10.1
Asset-Backed Securities 8.6
All other sectors less than 5% (4.2)
Total 100.0
See Notes to Schedules of Investments.
63

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
Futures Contracts outstanding at January 31, 2021:
Exchange Traded
           
Description Number of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Unrealized
Appreciation
(Depreciation)
Long Contracts          
Euro Bund 13 3/08/2021 EUR 2,796,323 $(10,665)
10-Year U.S. Treasury Note 441 3/22/2021 USD 60,430,781 (252,641)
Ultra U.S. Treasury Bond 135 3/22/2021 USD 27,637,031 (812,501)
2-Year U.S. Treasury Note 105 3/31/2021 USD 23,202,539 8,804
5-Year U.S. Treasury Note 583 3/31/2021 USD 73,385,125 (34,292)
U.S. Treasury Long Bond 4 3/31/2021 USD 674,875 (1,731)
Total Long Contracts         $(1,103,026)
Short Contracts          
30-Year Euro Buxl (9) 3/08/2021 EUR 2,417,028 $15,028
90-Day Eurodollar (529) 3/15/2021 USD 132,038,400 (87,175)
Ultra 10-Year U.S. Treasury Note (143) 3/22/2021 USD 21,997,422 212,993
Long GILT (16) 3/29/2021 GBP 2,939,137 13,237
U.S. Treasury Long Bond (63) 3/31/2021 USD 10,629,281 235,794
90-Day Eurodollar (161) 6/14/2021 USD 40,187,613 (233,415)
90-Day Eurodollar (157) 12/13/2021 USD 39,171,500 (98,788)
Total Short Contracts         $57,674
          $(1,045,352)
    
Forward Foreign Currency Exchange Contracts outstanding at January 31, 2021:
             
Expiration
Date
Currency
Purchased
Amount
of Currency
Purchased
Currency
Sold
Amount
of Currency
Sold
Counterparty Unrealized
Appreciation
(Depreciation)
             
03/17/21 U.S. Dollars 6,024,919 Euro 4,907,000 BNP $64,017
03/17/21 British Pounds 1,531,084 Euro 1,695,213 Deutsche Bank 39,026
03/17/21 British Pounds 1,297,492 Euro 1,440,812 BNP 27,931
03/17/21 British Pounds 1,726,739 U.S. Dollars 2,339,806 Deutsche Bank 26,664
03/17/21 British Pounds 665,000 U.S. Dollars 889,930 Barclays 21,443
03/17/21 British Pounds 695,854 Euro 769,272 UBS 19,165
02/03/21 U.S. Dollars 579,600 South Korean Won 628,015,920 Citibank 18,152
03/17/21 British Pounds 430,000 U.S. Dollars 571,352 HSBC 17,957
02/02/21 U.S. Dollars 966,000 Swedish Kronor 7,930,745 Bank of America 16,926
02/02/21 U.S. Dollars 966,000 Mexican Pesos 19,470,490 Citibank 16,174
02/02/21 U.S. Dollars 457,000 Brazilian Reals 2,417,948 Citibank 15,075
02/02/21 U.S. Dollars 966,000 Japanese Yen 99,701,053 Bank of America 14,155
02/03/21 U.S. Dollars 386,400 South Korean Won 418,954,200 Bank of America 11,854
03/17/21 British Pounds 290,000 U.S. Dollars 385,641 UBS 11,800
03/17/21 U.S. Dollars 1,957,567 Euro 1,602,207 Barclays 11,246
See Notes to Schedules of Investments.
64

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
Forward Foreign Currency Exchange Contracts outstanding at January 31, 2021: (continued)
             
Expiration
Date
Currency
Purchased
Amount
of Currency
Purchased
Currency
Sold
Amount
of Currency
Sold
Counterparty Unrealized
Appreciation
(Depreciation)
02/26/21 U.S. Dollars 751,365 Mexican Pesos 15,233,934 Barclays $10,167
03/17/21 British Pounds 317,342 Euro 350,000 Goldman Sachs 9,740
02/17/21 Colombian Pesos 481,000,000 U.S. Dollars 125,000 Citibank 9,689
03/17/21 British Pounds 347,264 Euro 384,704 Bank of America 8,592
02/02/21 U.S. Dollars 966,000 Euro 788,974 Bank of America 8,541
03/17/21 U.S. Dollars 834,083 Euro 680,000 Morgan Stanley 8,036
03/17/21 Chinese Yuan Renminbi 12,060,000 U.S. Dollars 1,856,584 HSBC 6,894
02/17/21 U.S. Dollars 446,000 Russian Rubles 33,360,800 Citibank 5,697
03/17/21 British Pounds 270,000 U.S. Dollars 364,473 Goldman Sachs 5,558
02/17/21 U.S. Dollars 139,000 Colombian Pesos 476,700,500 Deutsche Bank 5,515
02/17/21 U.S. Dollars 216,042 Mexican Pesos 4,340,748 Citibank 4,652
03/17/21 U.S. Dollars 3,685,206 Euro 3,030,000 Goldman Sachs 4,438
02/02/21 U.S. Dollars 133,000 Brazilian Reals 703,539 BNP 4,415
03/17/21 U.S. Dollars 417,350 Euro 340,000 Deutsche Bank 4,326
02/17/21 U.S. Dollars 196,388 Mexican Pesos 3,953,742 Morgan Stanley 3,845
02/26/21 U.S. Dollars 241,410 Mexican Pesos 4,883,000 Deutsche Bank 3,830
03/17/21 British Pounds 533,589 Euro 599,000 Citibank 3,626
02/03/21 Indian Rupees 70,746,942 U.S. Dollars 966,000 Citibank 3,392
03/17/21 U.S. Dollars 659,185 Euro 540,000 JPMorgan Chase 3,206
03/17/21 U.S. Dollars 1,470,382 Euro 1,207,793 Citibank 3,185
02/17/21 South African Rand 2,071,571 U.S. Dollars 134,000 UBS 2,650
02/17/21 U.S. Dollars 167,661 Euro 136,000 Barclays 2,562
02/02/21 U.S. Dollars 322,000 Russian Rubles 24,201,520 BNP 2,212
02/17/21 U.S. Dollars 149,000 Norwegian Kroner 1,258,021 Deutsche Bank 2,128
03/17/21 Euro 350,000 U.S. Dollars 423,232 Bank of America 1,939
02/17/21 U.S. Dollars 88,000 South Korean Won 96,351,376 Morgan Stanley 1,849
03/17/21 Euro 520,000 U.S. Dollars 630,038 Goldman Sachs 1,645
02/24/21 Russian Rubles 10,129,680 U.S. Dollars 132,000 BNP 1,630
02/17/21 South African Rand 2,541,179 U.S. Dollars 166,000 Citibank 1,628
02/24/21 Chinese Offshore Yuan 1,908,814 U.S. Dollars 294,000 UBS 1,569
02/02/21 U.S. Dollars 322,000 South African Rand 4,846,905 Citibank 1,543
02/17/21 Indian Rupees 10,846,983 U.S. Dollars 147,000 JPMorgan Chase 1,431
03/17/21 U.S. Dollars 330,138 Australian Dollars 430,000 Goldman Sachs 1,424
03/02/21 U.S. Dollars 183,000 Brazilian Reals 994,413 Citibank 1,397
02/16/21 Turkish Lira 392,782 U.S. Dollars 52,000 Citibank 1,356
03/17/21 Euro 970,000 U.S. Dollars 1,177,091 BNP 1,240
03/17/21 U.S. Dollars 672,770 British Pounds 490,000 RBS 1,232
02/17/21 U.S. Dollars 146,000 Canadian Dollars 185,191 Deutsche Bank 1,171
03/17/21 Euro 294,318 U.S. Dollars 356,412 Morgan Stanley 1,117
02/17/21 Colombian Pesos 500,311,735 U.S. Dollars 139,000 BNP 1,096
02/24/21 U.S. Dollars 294,000 Taiwan Dollars 8,189,370 Citibank 1,092
See Notes to Schedules of Investments.
65

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
Forward Foreign Currency Exchange Contracts outstanding at January 31, 2021: (continued)
             
Expiration
Date
Currency
Purchased
Amount
of Currency
Purchased
Currency
Sold
Amount
of Currency
Sold
Counterparty Unrealized
Appreciation
(Depreciation)
03/02/21 U.S. Dollars 322,000 Swedish Kronor 2,681,656 Citibank $992
02/02/21 U.S. Dollars 322,000 Russian Rubles 24,294,749 JPMorgan Chase 981
02/17/21 U.S. Dollars 67,000 Chilean Pesos 48,541,500 Citibank 925
02/02/21 British Pounds 235,649 U.S. Dollars 322,000 Barclays 875
03/17/21 U.S. Dollars 839,026 Euro 690,000 Bank of America 831
02/17/21 U.S. Dollars 100,000 Russian Rubles 7,519,000 BNP 763
02/02/21 U.S. Dollars 67,000 Brazilian Reals 362,470 Deutsche Bank 752
03/17/21 British Pounds 90,000 U.S. Dollars 122,605 State Street 739
02/16/21 U.S. Dollars 50,000 Norwegian Kroner 422,136 Deutsche Bank 716
02/17/21 U.S. Dollars 51,958 Mexican Pesos 1,053,163 Goldman Sachs 670
02/17/21 U.S. Dollars 55,261 Euro 45,000 JPMorgan Chase 633
02/24/21 Indonesian Rupiahs 618,070,784 U.S. Dollars 43,344 JPMorgan Chase 588
02/02/21 U.S. Dollars 322,000 South African Rand 4,862,039 BNP 543
03/17/21 British Pounds 72,163 Euro 81,000 Barclays 502
03/03/21 U.S. Dollars 322,000 Chilean Pesos 236,145,140 Standard Chartered Bank 497
03/02/21 U.S. Dollars 322,000 Polish Zloty 1,197,264 BNP 483
02/17/21 U.S. Dollars 31,819 Australian Dollars 41,000 JPMorgan Chase 482
03/17/21 British Pounds 102,035 U.S. Dollars 139,408 Citibank 430
03/17/21 Euro 550,000 British Pounds 487,209 BNP 414
03/02/21 U.S. Dollars 322,000 Euro 264,882 Citibank 359
02/02/21 Euro 265,605 U.S. Dollars 322,000 JPMorgan Chase 325
02/24/21 Indonesian Rupiahs 360,079,754 U.S. Dollars 25,304 UBS 289
02/02/21 U.S. Dollars 322,000 South African Rand 4,866,386 Bank of America 255
02/17/21 South African Rand 3,035,610 U.S. Dollars 200,000 BNP 243
03/02/21 U.S. Dollars 322,000 Japanese Yen 33,703,740 Citibank 151
02/24/21 Indonesian Rupiahs 100,976,020 U.S. Dollars 7,048 Deutsche Bank 129
03/17/21 Euro 155,682 U.S. Dollars 189,000 JPMorgan Chase 119
02/17/21 U.S. Dollars 50,000 Mexican Pesos 1,024,622 Bank of America 102
02/17/21 U.S. Dollars 67,000 South Korean Won 74,858,430 Deutsche Bank 67
02/24/21 Indonesian Rupiahs 90,157,597 U.S. Dollars 6,350 Citibank 58
03/17/21 British Pounds 16,226 U.S. Dollars 22,186 Standard Chartered Bank 52
02/17/21 Euro 110,000 U.S. Dollars 133,518 JPMorgan Chase 18
02/24/21 Russian Rubles 4,112,505 U.S. Dollars 54,236 Morgan Stanley 16
03/17/21 U.S. Dollars 10,703 Australian Dollars 14,000 State Street —*
Total Unrealized Appreciation $497,839
             
02/24/21 Taiwan Dollars 5,590,000 U.S. Dollars 200,000 Citibank $(64)
02/17/21 U.S. Dollars 134,000 Mexican Pesos 2,752,990 Citibank (68)
02/24/21 Russian Rubles 1,819,733 U.S. Dollars 24,118 JPMorgan Chase (112)
03/17/21 U.S. Dollars 412,873 Euro 340,000 JPMorgan Chase (151)
See Notes to Schedules of Investments.
66

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
Forward Foreign Currency Exchange Contracts outstanding at January 31, 2021: (continued)
             
Expiration
Date
Currency
Purchased
Amount
of Currency
Purchased
Currency
Sold
Amount
of Currency
Sold
Counterparty Unrealized
Appreciation
(Depreciation)
02/02/21 Japanese Yen 33,711,790 U.S. Dollars 322,000 Citibank $(154)
02/24/21 U.S. Dollars 126,000 Chinese Offshore Yuan 814,808 HSBC (168)
04/20/21 Kazakhstan Tenge 8,334,863 U.S. Dollars 19,570 Citibank (179)
03/17/21 Euro 79,505 U.S. Dollars 96,767 UBS (186)
03/17/21 U.S. Dollars 837,977 Euro 690,000 Citibank (217)
02/17/21 Russian Rubles 7,560,000 U.S. Dollars 100,000 Citibank (221)
02/16/21 Norwegian Kroner 426,242 U.S. Dollars 50,000 JPMorgan Chase (237)
03/03/21 Indian Rupees 23,545,767 U.S. Dollars 322,000 BNP (266)
02/10/21 U.S. Dollars 100,000 Indonesian Rupiahs 1,408,800,000 Citibank (297)
02/24/21 Russian Rubles 4,118,116 U.S. Dollars 54,667 Bank of America (341)
02/02/21 Euro 265,042 U.S. Dollars 322,000 Citibank (358)
02/03/21 U.S. Dollars 322,000 Indian Rupees 23,530,150 JPMorgan Chase (416)
02/02/21 British Pounds 234,698 U.S. Dollars 322,000 JPMorgan Chase (428)
02/17/21 Australian Dollars 41,000 U.S. Dollars 31,819 JPMorgan Chase (482)
03/17/21 Euro 470,856 U.S. Dollars 572,575 JPMorgan Chase (591)
02/17/21 Polish Zloty 191,450 U.S. Dollars 52,000 BNP (595)
03/02/21 Russian Rubles 24,372,141 U.S. Dollars 322,000 JPMorgan Chase (616)
02/17/21 Chilean Pesos 48,755,900 U.S. Dollars 67,000 Deutsche Bank (633)
03/02/21 Brazilian Reals 270,230 U.S. Dollars 50,000 Deutsche Bank (650)
02/02/21 British Pounds 234,486 U.S. Dollars 322,000 BNP (718)
03/17/21 U.S. Dollars 473,131 British Pounds 345,755 Deutsche Bank (721)
03/03/21 Indonesian Rupiahs 4,523,134,000 U.S. Dollars 322,000 Deutsche Bank (772)
02/24/21 Russian Rubles 8,384,123 U.S. Dollars 111,386 Morgan Stanley (784)
03/17/21 British Pounds 250,000 U.S. Dollars 343,476 Goldman Sachs (855)
03/02/21 Brazilian Reals 542,450 U.S. Dollars 100,000 BNP (936)
03/17/21 U.S. Dollars 269,950 Euro 223,000 State Street (945)
02/02/21 Swedish Kronor 2,682,437 U.S. Dollars 322,000 Citibank (992)
02/02/21 Euro 264,454 U.S. Dollars 322,000 JPMorgan Chase (1,072)
02/24/21 Russian Rubles 12,505,235 U.S. Dollars 166,086 HSBC (1,118)
02/16/21 U.S. Dollars 50,000 Turkish Lira 376,425 Bank of America (1,134)
02/17/21 South Korean Won 73,664,691 U.S. Dollars 67,000 Morgan Stanley (1,134)
03/09/21 Peruvian Nuevo
Soles
315,656 U.S. Dollars 88,000 Citibank (1,220)
02/17/21 Russian Rubles 12,558,400 U.S. Dollars 167,000 BNP (1,251)
02/24/21 Colombian Pesos 207,905,519 U.S. Dollars 59,470 Citibank (1,267)
02/24/21 Colombian Pesos 102,730,720 U.S. Dollars 30,029 BNP (1,270)
02/24/21 U.S. Dollars 168,000 Chinese Offshore Yuan 1,093,176 JPMorgan Chase (1,272)
02/17/21 U.S. Dollars 67,000 Colombian Pesos 243,913,500 Citibank (1,300)
03/17/21 British Pounds 240,000 U.S. Dollars 330,230 Deutsche Bank (1,314)
02/02/21 U.S. Dollars 322,000 Russian Rubles 24,472,000 BNP (1,362)
02/17/21 Norwegian Kroner 1,263,310 U.S. Dollars 149,000 Bank of America (1,511)
See Notes to Schedules of Investments.
67

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
Forward Foreign Currency Exchange Contracts outstanding at January 31, 2021: (continued)
             
Expiration
Date
Currency
Purchased
Amount
of Currency
Purchased
Currency
Sold
Amount
of Currency
Sold
Counterparty Unrealized
Appreciation
(Depreciation)
03/02/21 South African Rand 4,866,772 U.S. Dollars 322,000 Citibank $(1,528)
03/17/21 Euro 46,001 British Pounds 41,927 UBS (1,579)
03/17/21 Euro 680,000 U.S. Dollars 827,636 HSBC (1,589)
02/17/21 Mexican Pesos 1,341,715 U.S. Dollars 67,000 Citibank (1,660)
03/17/21 U.S. Dollars 1,949,267 Euro 1,606,000 BNP (1,662)
02/17/21 Russian Rubles 4,949,960 U.S. Dollars 67,000 Bank of America (1,669)
02/24/21 Colombian Pesos 232,115,228 U.S. Dollars 66,834 Barclays (1,854)
02/03/21 U.S. Dollars 322,000 Indonesian Rupiahs 4,547,284,000 JPMorgan Chase (1,999)
02/02/21 U.S. Dollars 966,000 British Pounds 706,525 Bank of America (2,046)
03/17/21 Euro 90,237 British Pounds 81,593 Goldman Sachs (2,204)
02/02/21 Brazilian Reals 353,894 U.S. Dollars 67,000 Deutsche Bank (2,319)
03/17/21 Euro 920,000 British Pounds 817,266 BNP (2,458)
03/17/21 Euro 690,000 U.S. Dollars 840,921 Standard Chartered Bank (2,727)
03/17/21 Euro 1,190,000 U.S. Dollars 1,448,848 Bank of America (3,265)
03/17/21 U.S. Dollars 860,159 Chinese Yuan Renminbi 5,590,000 Barclays (3,593)
02/02/21 Swedish Kronor 5,350,092 U.S. Dollars 644,000 Deutsche Bank (3,754)
02/03/21 South Korean Won 355,971,000 U.S. Dollars 322,000 JPMorgan Chase (3,761)
02/16/21 U.S. Dollars 44,000 Turkish Lira 353,100 Barclays (3,965)
02/24/21 U.S. Dollars 208,330 Colombian Pesos 758,403,402 Deutsche Bank (3,983)
02/02/21 Japanese Yen 67,011,902 U.S. Dollars 644,000 Bank of America (4,238)
03/17/21 Australian Dollars 430,000 U.S. Dollars 332,959 Goldman Sachs (4,245)
03/02/21 Mexican Pesos 6,531,899 U.S. Dollars 322,000 Citibank (4,323)
03/31/21 U.S. Dollars 436,283 Indonesian Rupiahs 6,231,865,386 JPMorgan Chase (4,777)
02/26/21 Mexican Pesos 4,855,387 U.S. Dollars 241,215 BNP (4,979)
02/17/21 Mexican Pesos 5,146,057 U.S. Dollars 255,612 Morgan Stanley (5,005)
02/02/21 Brazilian Reals 426,122 U.S. Dollars 83,000 Citibank (5,118)
03/17/21 U.S. Dollars 1,337,732 British Pounds 980,000 RBS (5,344)
02/24/21 U.S. Dollars 437,600 Indonesian Rupiahs 6,231,865,000 JPMorgan Chase (5,348)
02/17/21 South Korean Won 257,025,240 U.S. Dollars 236,000 Barclays (6,185)
02/26/21 Mexican Pesos 3,285,892 U.S. Dollars 166,274 Barclays (6,400)
03/17/21 Euro 1,509,144 U.S. Dollars 1,839,796 BNP (6,526)
03/17/21 U.S. Dollars 993,200 Chinese Yuan Renminbi 6,470,000 Citibank (6,527)
03/17/21 Euro 2,360,495 U.S. Dollars 2,874,748 Goldman Sachs (7,278)
03/17/21 Euro 2,160,000 U.S. Dollars 2,631,240 Barclays (7,326)
02/17/21 Chilean Pesos 92,929,000 U.S. Dollars 134,000 Citibank (7,504)
02/24/21 U.S. Dollars 1,140,403 Russian Rubles 87,149,491 Citibank (9,266)
02/26/21 Mexican Pesos 10,520,000 U.S. Dollars 521,210 Citibank (9,365)
02/03/21 Indonesian Rupiahs 13,402,284,000 U.S. Dollars 966,000 JPMorgan Chase (11,074)
02/17/21 U.S. Dollars 606,142 South African Rand 9,359,111 Bank of America (11,228)
02/17/21 U.S. Dollars 347,654 Colombian Pesos 1,283,890,324 Morgan Stanley (11,858)
See Notes to Schedules of Investments.
68

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
Forward Foreign Currency Exchange Contracts outstanding at January 31, 2021: (continued)
             
Expiration
Date
Currency
Purchased
Amount
of Currency
Purchased
Currency
Sold
Amount
of Currency
Sold
Counterparty Unrealized
Appreciation
(Depreciation)
03/17/21 Euro 731,182 British Pounds 660,672 JPMorgan Chase $(17,220)
02/02/21 Russian Rubles 71,696,520 U.S. Dollars 966,000 JPMorgan Chase (18,636)
03/17/21 U.S. Dollars 1,049,263 British Pounds 780,000 HSBC (19,716)
03/17/21 U.S. Dollars 772,896 British Pounds 580,000 Morgan Stanley (21,985)
02/02/21 Brazilian Reals 1,651,558 U.S. Dollars 324,000 BNP (22,147)
03/17/21 Euro 1,360,000 U.S. Dollars 1,674,575 Citibank (22,481)
03/17/21 U.S. Dollars 1,888,242 British Pounds 1,394,245 Barclays (22,550)
02/02/21 Mexican Pesos 19,309,857 U.S. Dollars 966,000 Citibank (24,010)
02/02/21 South African Rand 14,244,878 U.S. Dollars 966,000 BNP (24,190)
03/17/21 Euro 1,122,580 British Pounds 1,014,502 Deutsche Bank (26,678)
03/17/21 Euro 1,860,000 British Pounds 1,675,721 Barclays (37,068)
Total Unrealized Depreciation $(478,588)
Net Unrealized Appreciation $19,251
    
*Amount rounds to less than one dollar.
    
Written Call Option Contracts outstanding at January 31, 2021:
Exchange Traded
             
Description Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
10-Year U.S. Treasury Note Future 7 USD 959,219 137.00 2/5/2021 $(2,078)
10-Year U.S. Treasury Note Future 5 USD 685,156 137.25 2/5/2021 (938)
10-Year U.S. Treasury Note Future 36 USD 4,933,125 137.50 2/19/2021 (8,438)
10-Year U.S. Treasury Note Future 18 USD 2,466,563 137.00 2/19/2021 (8,156)
10-Year U.S. Treasury Note Future 14 USD 1,918,438 138.00 2/19/2021 (1,531)
10-Year U.S. Treasury Note Future 7 USD 952,109 136.50 3/26/2021 (3,500)
5-Year U.S. Treasury Note Future 18 USD 2,265,750 126.00 2/19/2021 (1,828)
U.S. Treasury Long Bond Future 2 USD 337,438 169.50 2/5/2021 (1,031)
U.S. Treasury Long Bond Future 2 USD 337,438 170.00 2/5/2021 (750)
U.S. Treasury Long Bond Future 14 USD 2,362,063 172.00 2/19/2021 (4,375)
U.S. Treasury Long Bond Future 7 USD 1,181,032 170.00 2/19/2021 (5,469)
U.S. Treasury Long Bond Future 5 USD 843,594 171.00 2/19/2021 (2,500)
U.S. Treasury Long Bond Future 3 USD 506,156 174.00 2/19/2021 (422)
Total Written Call Options Contracts (Premiums Received $55,207) $(41,016)
    
See Notes to Schedules of Investments.
69

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
Written Put Option Contracts outstanding at January 31, 2021:
Exchange Traded
             
Description Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
10-Year U.S. Treasury Note Future 5 USD 685,156 137.00 2/5/2021 $(1,328)
10-Year U.S. Treasury Note Future 4 USD 548,125 137.00 2/19/2021 (1,687)
5-Year U.S. Treasury Note Future 4 USD 503,500 125.75 2/19/2021 (469)
U.S. Treasury Long Bond Future 3 USD 506,156 169.00 2/5/2021 (3,000)
U.S. Treasury Long Bond Future 9 USD 1,518,469 168.00 2/19/2021 (9,141)
Total Written Put Options Contracts (Premiums Received $13,566) $(15,625)
    
Written Call Option Contracts outstanding at January 31, 2021:
Over the Counter
                 
Description Counterparty Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
Brazilian Real vs. U.S. Dollar Deutsche Bank 2 USD 334,000 USD 5.40 2/9/2021 $(7,167)
Brazilian Real vs. U.S. Dollar Morgan Stanley 2 USD 132,000 USD 5.75 3/10/2021 (1,463)
Brazilian Real vs. U.S. Dollar HSBC Bank 1 USD 83,000 USD 5.50 3/23/2021 (2,432)
Chilean Peso vs. U.S. Dollar Morgan Stanley 2 USD 332,000 USD 780.00 3/18/2021 (1,538)
Japanese Yen vs. Euro Barclays Bank PLC 2 EUR 192,000 EUR 128.00 2/10/2021 (362)
Mexican Peso vs. U.S. Dollar Goldman Sachs 1 USD 220,000 MXN 22.35 2/12/2021 (133)
Mexican Peso vs. U.S. Dollar Morgan Stanley 1 USD 100,000 USD 20.00 2/18/2021 (3,103)
Mexican Peso vs. U.S. Dollar Citibank 1 USD 294,000 USD 21.00 2/22/2021 (2,675)
Russian Ruble vs. Euro Bank of America 2 EUR 170,000 EUR 92.00 2/5/2021 (1,491)
Russian Ruble vs. U.S. Dollar Deutsche Bank 1 USD 94,400 RUB 81.00 2/12/2021 (80)
Russian Ruble vs. U.S. Dollar Citibank 1 USD 206,000 USD 80.00 2/19/2021 (593)
South African Rand vs. U.S. Dollar JPMorgan Chase 1 USD 116,000 USD 15.50 3/18/2021 (2,074)
South Korean Won vs. U.S. Dollar Standard Chartered Bank 2 USD 134,000 USD 1,115.00 2/9/2021 (901)
U.S. Dollar vs. Euro HSBC Bank 1 EUR 2,470,000 EUR 1.22 1/29/2021 (1,919)
Total Written OTC Call Options Contracts (Premiums Received $72,370) $(25,931)
    
See Notes to Schedules of Investments.
70

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
Written Put Option Contracts outstanding at January 31, 2021:
Over the Counter
                 
Description Counterparty Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
Brazilian Real vs. U.S. Dollar Morgan Stanley 1 USD 954,000 BRL 4.95 2/11/2021 $(62)
Brazilian Real vs. U.S. Dollar Deutsche Bank 2 USD 734,000 USD 5.25 2/11/2021 (1,859)
Brazilian Real vs. U.S. Dollar Morgan Stanley 1 USD 3,404,814 USD 4.90 3/2/2021 (1,737)
Brazilian Real vs. U.S. Dollar Morgan Stanley 2 USD 398,000 USD 5.15 3/10/2021 (2,241)
Brazilian Real vs. U.S. Dollar HSBC Bank 1 USD 167,000 USD 4.95 3/23/2021 (445)
Brazilian Real vs. U.S. Dollar Deutsche Bank 1 USD 417,000 USD 4.95 3/25/2021 (1,208)
Chilean Peso vs. U.S. Dollar Morgan Stanley 2 USD 332,000 USD 700.00 3/18/2021 (1,133)
Chinese Yuan vs. U.S. Dollar BNP Paribas 1 USD 4,870,000 USD 6.32 2/4/2021 (99)
Colombian Pesos vs. U.S. Dollar Morgan Stanley 1 USD 171,600 USD 3,600.00 2/12/2021 (2,784)
Mexican Peso vs. U.S. Dollar Goldman Sachs 1 USD 954,000 MXN 19.50 2/12/2021 (493)
Mexican Peso vs. U.S. Dollar HSBC Bank 1 USD 200,000 USD 19.90 2/26/2021 (845)
Russian Ruble vs. U.S. Dollar Deutsche Bank 1 USD 573,000 RUB 72.50 2/12/2021 (234)
Russian Ruble vs. U.S. Dollar Citibank 1 USD 368,000 USD 72.00 2/19/2021 (211)
South African Rand vs. U.S. Dollar JPMorgan Chase 1 USD 116,000 USD 14.00 3/18/2021 (180)
Turkish Lira vs. U.S. Dollar Deutsche Bank 1 USD 147,000 USD 7.55 2/8/2021 (4,617)
Total Written OTC Put Options Contracts (Premiums Received $85,875) $(18,148)
    
Written Put Interest Rate Swaption Contracts outstanding at January 31, 2021:
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 03/08/2051 1.77% Semi-Annually 3M USD LIBOR Quarterly Goldman Sachs 3/4/2021 1.77%   822,891 $(6,284)
Interest Rate Swap Maturing 03/08/2051 1.70% Semi-Annually 3M USD LIBOR Quarterly Citibank 3/4/2021 1.70   822,900 (10,366)
Total Written OTC Put Swaptions Contracts (Premiums Received $16,293) $(16,650)
    
See Notes to Schedules of Investments.
71

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
Interest Rate Swap Contracts outstanding at January 31, 2021:
Exchange Traded
               
Pay Rate Index/
Pay Rate
Receive Rate Index/
Receive Rate
Maturity
Date
  Notional
Amount
Market Value Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3M USD LIBOR (Quarterly) 0.19% (Semi-Annually) 6/15/2022 USD 6,485,000 $1,027 $(21) $1,048
28-Day MXN-TIIE-BANXICO (Monthly) 4.29% (Monthly) 1/13/2023 MXN 17,803,000 790 790
1-Day CORRA (At Maturity) 0.48% (At Maturity) 10/7/2023 CAD 6,495,734 (470) (470)
3M CAD CIDOR (Quarterly) 0.76% (Semi-Annually) 10/7/2023 CAD 15,595,000 1,225 (313) 1,538
3M CAD CIDOR (Quarterly) 0.75% (Semi-Annually) 10/24/2023 CAD 11,067,000 (1,487) (1,487)
3M CAD CIDOR (Quarterly) 0.80% (Semi-Annually) 10/24/2023 CAD 6,020,000 1,557 1,557
3M CAD CIDOR (Quarterly) 0.74% (Semi-Annually) 10/26/2023 CAD 8,320,000 (1,934) (1,934)
3M CAD CIDOR (Quarterly) 0.83% (Semi-Annually) 11/9/2023 CAD 7,937,000 2,784 2,784
3M CAD CIDOR (Quarterly) 0.85% (Semi-Annually) 12/1/2023 CAD 9,255,000 2,409 2,409
0.80% (Semi-Annually) 3M CAD CIDOR (Quarterly) 12/12/2023 CAD 9,627,500 2,461 2,461
0.78% (Semi-Annually) 3M CAD CIDOR (Quarterly) 1/4/2024 CAD 9,627,500 6,348 6,348
3M CAD CIDOR (Quarterly) 0.83% (Semi-Annually) 1/9/2024 CAD 21,305,000 (5,998) (5,998)
28-Day MXN-TIIE-BANXICO (Monthly) 6.67% (Monthly) 8/12/2024 MXN 3,513,241 12,726 12,726
28-Day MXN-TIIE-BANXICO (Monthly) 6.72% (Monthly) 8/13/2024 MXN 3,023,000 11,171 11,171
28-Day MXN-TIIE-BANXICO (Monthly) 6.59% (Monthly) 11/8/2024 MXN 2,592,058 9,341 9,341
28-Day MXN-TIIE-BANXICO (Monthly) 5.04% (Monthly) 11/12/2025 MXN 13,642,000 9,753 9,753
3M USD LIBOR (Quarterly) 0.84% (Semi-Annually) 11/27/2025 USD 14,650,000 (33,003) (6,174) (26,829)
3M USD LIBOR (Quarterly) 1.10% (Semi-Annually) 12/18/2025 USD 18,094,000 2,227 2,227
0.45% (Semi-Annually) 3M USD LIBOR (Quarterly) 5/15/2027 USD 10,533,000 184,764 (5,936) 190,700
0.75% (Semi-Annually) 3M USD LIBOR (Quarterly) 11/15/2027 USD 11,200,000 50,818 (11,045) 61,863
0.78% (Semi-Annually) 3M USD LIBOR (Quarterly) 11/15/2027 USD 1,682,000 4,330 4,253 77
0.80% (Semi-Annually) 3M USD LIBOR (Quarterly) 11/15/2045 USD 8,645,000 1,475,416 79,042 1,396,374
1.20% (Semi-Annually) 3M USD LIBOR (Quarterly) 2/15/2047 USD 1,230,000 111,326 30,718 80,608
1.22% (Semi-Annually) 3M USD LIBOR (Quarterly) 2/15/2047 USD 180,000 15,279 (520) 15,799
1.60% (Semi-Annually) 3M USD LIBOR (Quarterly) 2/15/2047 USD 814,000 3,249 4,780 (1,531)
1.20% (Semi-Annually) 3M USD LIBOR (Quarterly) 10/7/2050 USD 1,437,000 147,451 7,075 140,376
Total       220,773,033 $2,013,560 $101,859 $1,911,701
    
Interest Rate Swap Contracts outstanding at January 31, 2021:
Over the Counter
                 
Pay Rate Index/
Pay Rate
Receive Rate Index/
Receive Rate
Counterparty Maturity
Date
  Notional
Amount
Market
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
7-Day CNY Reverse Repo Rate (Weekly) 2.69% (Quarterly) Standard Chartered Bank 3/17/2026 CNY 30,300,000 $(19,511) $— $(19,511)
Total         30,300,000 $(19,511) $— $(19,511)
    
See Notes to Schedules of Investments.
72

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2021:
Exchange Traded
                 
Reference Obligation Implied
Credit
Spread
Fixed
Deal
Receive Rate
Maturity
Date
  Notional
Amount(1)
Market Value Upfront
Premiums
Paid/
(Received)
Unrealized
Appreciation
(Depreciation)
Markit CDX North America Investment Grade Index Series 34 (Receive Quarterly) 0.69% 1.00% 6/20/2025 USD 32,638,000 $476,262 $387,252 $89,010
Markit CDX North America Investment Grade Index Series 35 (Receive Quarterly) 0.56% 1.00% 12/20/2025 USD 49,076,000 1,095,954 1,121,905 (25,951)
Markit iTraxx Europe Crossover Index Series 34 (Receive Quarterly) 2.70% 5.00% 12/20/2025 EUR 2,360,625 308,064 305,079 2,985
Markit iTraxx Europe Main Index Series 34 (Receive Quarterly) 0.52% 1.00% 12/20/2025 EUR 2,690,000 79,045 78,069 976
Total         86,764,625 $1,959,325 $1,892,305 $67,020
    
(1) The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
    
Credit Default Swap Contracts outstanding - Buy Protection at January 31, 2021:
Over the Counter
                 
Reference Obligation Fixed
Deal
(Pay) Rate
Maturity
Date
Counterparty   Notional
Amount
Market Value Upfront
Premiums
Paid/
(Received)
Unrealized
Appreciation
(Depreciation)
Federal Republic of Brazil, 4.25%, Due: 1/7/2025 (Pay Quarterly) 1.00% 12/20/2025 Barclays USD 593,000 $19,465 $33,318 $(13,853)
Republic of Chile, 3.24%, Due: 2/6/2028 (Pay Quarterly) 1.00% 12/20/2025 Citibank USD 79,000 (1,855) (1,016) (839)
Republic of Colombia, 10.38%, Due: 1/28/2033 (Pay Quarterly) 1.00% 12/20/2025 Citibank USD 670,000 3,344 12,153 (8,809)
Republic of Colombia, 10.38%, Due: 1/28/2033 (Pay Quarterly) 1.00% 12/20/2025 Goldman Sachs USD 159,000 793 2,972 (2,179)
Republic of Colombia, 10.38%, Due: 1/28/2033 (Pay Quarterly) 1.00% 12/20/2025 Barclays USD 70,000 349 1,093 (744)
Republic of Colombia, 10.38%, Due: 1/28/2033 (Pay Quarterly) 1.00% 12/20/2025 Morgan Stanley USD 40,000 200 594 (394)
Republic of Indonesia, 3.70%, Due: 1/15/2025 (Pay Quarterly) 1.00% 12/20/2025 Citibank USD 100,000 (1,249) (30) (1,219)
Republic of Indonesia, 3.70%, Due: 1/15/2025 (Pay Quarterly) 1.00% 12/20/2025 JPMorgan Chase USD 59,000 (737) 111 (848)
See Notes to Schedules of Investments.
73

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
Credit Default Swap Contracts outstanding - Buy Protection at January 31, 2021:
Over the Counter(continued)
                 
Reference Obligation Fixed
Deal
(Pay) Rate
Maturity
Date
Counterparty   Notional
Amount
Market Value Upfront
Premiums
Paid/
(Received)
Unrealized
Appreciation
(Depreciation)
Republic of Indonesia, 4.13%, Due: 1/15/2025 (Pay Quarterly) 1.00% 12/20/2025 Citibank USD 311,000 $(3,884) $292 $(4,176)
Republic of Philippines, 10.63%, Due: 3/16/2025 (Pay Quarterly) 1.00% 12/20/2025 Goldman Sachs USD 198,269 (5,779) (4,375) (1,404)
Republic of South Africa, 5.88%, Due: 9/16/2025 (Pay Quarterly) 1.00% 12/20/2025 Morgan Stanley USD 1,200,692 68,343 101,025 (32,682)
Republic of South Africa, 5.88%, Due: 9/16/2025 (Pay Quarterly) 1.00% 12/20/2025 Goldman Sachs USD 178,860 10,180 14,171 (3,991)
Republic of South Africa, 5.88%, Due: 9/16/2025 (Pay Quarterly) 1.00% 12/20/2025 JPMorgan Chase USD 111,300 6,335 6,352 (17)
Russian Federation, 7.50%, Due: 3/31/2030 (Pay Quarterly) 1.00% 12/20/2025 Bank Of America USD 415,304 (1,178) 2,791 (3,969)
Russian Federation, 7.50%, Due: 3/31/2030 (Pay Quarterly) 1.00% 12/20/2025 Citibank USD 54,696 (155) 342 (497)
United Mexican States, 4.15%, Due: 3/28/2027 (Pay Quarterly) 1.00% 12/20/2025 Barclays USD 529,000 (1,794) 8,823 (10,617)
United Mexican States, 4.15%, Due: 3/28/2027 (Pay Quarterly) 1.00% 12/20/2025 Morgan Stanley USD 59,000 (200) 821 (1,021)
Total         4,828,121 $92,178 $179,437 $(87,259)
    
Inflation Swap Contracts outstanding at January 31, 2021:
Exchange Traded
               
Pay Rate Index/
Pay Rate
Receive Rate Index/
Receive Rate
Maturity
Date
  Notional
Amount
Market Value Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.73% (At Maturity) 1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 9/15/2025 EUR 1,015,000 $17,218 $— $17,218
1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 0.72% (At Maturity) 9/15/2025 EUR 1,015,000 17,869 17,869
0.67% (At Maturity) 1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 10/15/2025 EUR 1,825,000 37,135 37,135
0.68% (At Maturity) 1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 10/15/2025 EUR 770,000 15,027 15,027
0.70% (At Maturity) 1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 11/15/2025 EUR 1,855,000 51,110 51,110
See Notes to Schedules of Investments.
74

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
Inflation Swap Contracts outstanding at January 31, 2021:
Exchange Traded(continued)
               
Pay Rate Index/
Pay Rate
Receive Rate Index/
Receive Rate
Maturity
Date
  Notional
Amount
Market Value Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1.00% (At Maturity) 1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 12/15/2025 EUR 703,000 $6,901 $— $6,901
1.02% (At Maturity) 1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 12/15/2025 EUR 182,000 1,603 1,603
1.03% (At Maturity) 1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 12/15/2025 EUR 656,250 5,574 5,574
1.05% (At Maturity) 1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 1/15/2026 EUR 1,078,525 7,380 7,380
1.11% (At Maturity) 1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 1/15/2026 EUR 1,415,000 4,154 4,154
1.12% (At Maturity) 1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 1/15/2026 EUR 1,415,000 3,232 3,232
0.98% (At Maturity) 1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 9/15/2030 EUR 1,015,000 (23,536) (23,536)
1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 0.96% (At Maturity) 9/15/2030 EUR 1,015,000 (25,660) (25,660)
1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 0.92% (At Maturity) 10/15/2030 EUR 1,825,000 (56,578) (56,578)
1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 0.93% (At Maturity) 10/15/2030 EUR 770,000 (22,764) (22,764)
1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 0.90% (At Maturity) 11/15/2030 EUR 1,855,000 (79,921) (79,921)
1.03% (At Maturity) 1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 12/15/2030 EUR 656,250 5,630 5,630
1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 1.14% (At Maturity) 12/15/2030 EUR 1,765,500 (22,814) (22,814)
1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 1.13% (At Maturity) 12/15/2030 EUR 187,500 (2,703) (2,703)
1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 1.15% (At Maturity) 12/15/2030 EUR 182,000 (1,990) (1,990)
1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 1.22% (At Maturity) 1/15/2031 EUR 1,415,000 (3,460) (3,460)
1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 1.21% (At Maturity) 1/15/2031 EUR 1,415,000 (3,954) (3,954)
1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity) 1.18% (At Maturity) 1/15/2031 EUR 1,078,525 (7,839) (7,839)
1-Day U.S. Consumer Price Index (At Maturity) 2.34% (At Maturity) 1/25/2031 USD 1,480,000 271 271
1-Day U.S. Consumer Price Index (At Maturity) 2.32% (At Maturity) 1/25/2031 USD 1,480,000 (1,804) (1,804)
1-Day UK RPI (At Maturity) 3.33% (At Maturity) 11/15/2040 GBP 320,000 994 994
1-Day UK RPI (At Maturity) 3.38% (At Maturity) 12/15/2040 GBP 320,000 8,763 8,763
1-Day UK RPI (At Maturity) 3.37% (At Maturity) 12/15/2040 GBP 56,000 1,199 1,199
1-Day UK RPI (At Maturity) 3.35% (At Maturity) 12/15/2040 GBP 23,000 315 315
Total       28,788,550 $(68,648) $— $(68,648)
    
See Notes to Schedules of Investments.
75

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
Total Return Swap Contracts outstanding as of January 31, 2021:
Over the Counter                
Pay Rate Index/
Pay Rate
Receive Rate Index/
Receive Rate
Counterparty Maturity
Date
  Notional
Amount
Market
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3M USD LIBOR (Quarterly) Markit iBoxx USD Liquid
High Yield Index (At Maturity)
Barclays 3/22/2021 USD 2,660,000 $11,946 $(884) $12,830
Total         2,660,000 $11,946 $(884) $12,830
See Notes to Schedules of Investments.
76

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
Valuation Hierarchy
The following is a summary of the inputs used, as of January 31, 2021, 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 $$59,313,676 $$59,313,676
Corporate Bonds 178,723,874 154,069 178,877,943
Foreign Issuer Bonds 74,261,746 74,261,746
Term Loans 14,547 14,547
Mortgage-Backed Securities 192,208,424 192,208,424
Municipal Bonds 2,027,972 2,027,972
U.S. Government Obligations 110,482,582 110,482,582
Investment Companies 69,677,775 69,677,775
Short-Term Investments 31,775,960 47,519,477 79,295,437
Purchased Options 373,028 285,896 658,924
Total Assets – Investments at value $101,826,763 $664,838,194 $154,069 $766,819,026
Liabilities:        
U.S. Government Obligations $$(3,831,634) $$(3,831,634)
Mortgage-Backed Securities (39,245,657) (39,245,657)
Total Liabilities – Investments at value $$(43,077,291) $$(43,077,291)
Net Investments $101,826,763 $621,760,903 $154,069 $723,741,735
    
Morningstar Total Return Bond Fund Level 1 Level 2 Level 3 Totals
Derivative Financial Instruments        
Assets:        
Futures contracts $485,856 $$— $485,856
Forward foreign currency exchange contracts 497,839 497,839
Swap agreements at fair value 4,321,107 4,321,107
Total Assets - Derivative Financial Instruments $485,856 $4,818,946 $— $5,304,802
Liabilities:        
Futures contracts $(1,531,208) $$— $(1,531,208)
Forward foreign currency exchange contracts (478,588) (478,588)
Written Options (56,641) (60,729) (117,370)
Swap agreements at fair value (332,257) (332,257)
Total Liabilities - Derivative Financial Instruments $(1,587,849) $(871,574) $— $(2,459,423)
Net Derivative Financial Instruments $(1,101,993) $3,947,372 $— $2,845,379
Investments classified within Level 3 of the fair value hierarchy are valued by Morningstar Investment Management LLC ("MIM") in good faith under procedures adopted by authority of the Fund’s Board of Trustees. MIM employs various methods to determine fair valuations including regular review of key inputs and
See Notes to Schedules of Investments.
77

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Total Return Bond Fund
assumptions, and review of related market activity, if any. However, there are generally no observable trade activities in these securities. MIM reports to the Board of Trustees at their regularly scheduled quarterly meetings, or more often if warranted. The report includes a summary of the results of the process, the key inputs and assumptions noted, and any changes to the inputs and assumptions used. When appropriate, MIM will recommend changes to the procedures and process employed. The value determined for an investment using the fair value procedures may differ significantly from the value realized upon the sale of such investment.
See Notes to Schedules of Investments.
78

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments
Morningstar Municipal Bond Fund
    Par Value
Municipal Bonds – 87.4%
Alabama – 1.3%
Alabama Federal Aid Highway Finance Authority Special Obligation GARVEE Bonds, Series A, 5.00%, 6/01/37   $545,000 $680,313
Black Belt Energy Gas District Gas Prepay Revenue Bonds, Series A-1, Project No. 4, 4.00%, 6/01/24   500,000 558,570
Black Belt Energy Gas District Gas Prepay Revenue Bonds, Series A-1, Project No. 5, 4.00%, 10/01/26(a)(b)(c)   500,000 591,795
Jefferson County Sewer Warrants Senior Lien Revenue Bonds, Series A (AGM Insured), 5.50%, 10/01/53   300,000 335,361
Lower Alabama Gas District Gas Project Revenue Bonds, 4.00%, 12/01/25(a)(b)(c)   500,000 579,440
Mobile Industrial Development Board PCR Bonds, Alabama Power Company Barry Plant Project, 1.00%, 6/26/25(a)(b)(c)   1,000,000 1,025,860
Tuscaloosa County IDA Gulf Opportunity Zone Revenue Refunding Bonds, Series A, Hunt Refining Project, 5.25%, 5/01/44(d)   310,000 358,406
University of West Alabama University Revenue Refunding Bonds (AGM Insured), 5.00%, 1/01/27   505,000 622,579
      4,752,324
Arizona – 1.0%
Arizona Board of Regents Refunding COPS, Series C, University of Arizona, 5.00%, 6/01/28   400,000 422,320
Chandler IDA Industrial Development Variable Revenue Bonds (AMT), Intel Corp., Project, 2.70%, 8/14/23(a)(b)(c)   500,000 527,915
    Par Value
Arizona (Continued)
Maricopa County IDA Revenue Refunding Bonds, Banner Health Obligation Group, 5.00%, 1/01/27   $475,000 $601,849
Phoenix Civic Improvement Corp., Airport Senior Lien Revenue Refunding Bonds (AMT), 5.00%, 7/01/30   250,000 274,500
Pima County IDA Education Revenue Facility Revenue Bonds, Paideia Academies Project, 6.12%, 7/01/45(d)   240,000 260,945
Salt River Project Agricultural Improvement & Power District Electric Revenue Bonds, Salt River Project, 5.00%, 1/01/32   400,000 541,560
Salt River Project Agricultural Improvement & Power District Electric Revenue Refunding Bonds, Series A, 5.00%, 12/01/28   300,000 312,072
Salt River Project Agricultural Improvement & Power District Electric System Revenue Refunding Bonds, Series A, 5.00%, 12/01/45   500,000 587,235
      3,528,396
California – 6.5%
Anaheim Housing & Public Improvement Authority Revenue Bonds, Series A, 5.00%, 10/01/50   900,000 1,048,680
Anaheim Public Financing Authority Lease Revenue Refunding Bonds, Series A, 5.00%, 5/01/46   250,000 276,028
Bay Area Toll Authority Toll Bridge Variable Revenue Bonds, San Francisco Bay Area, (SIFMA Municipal Swap Index Yield + 0.90%), 0.94%, 5/01/23(a)(c)   700,000 705,684
California HFA Municipal Certificates Revenue Bonds, Series 2, Class A, 4.00%, 3/20/33   245,895 280,360
California PFA Revenue Refunding Bonds, Henry Mayo Newhall Hospital, 5.00%, 10/15/47   400,000 461,836
 
See Notes to Schedules of Investments.
79

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
California (Continued)
California State GO Unlimited Refunding Bonds,      
4.00%, 10/01/37   $300,000 $367,728
4.00%, 11/01/37   1,400,000 1,749,902
California State Health Facilities Financing Authority Revenue Bonds, City of Hope Obligated Group, 5.00%, 11/15/49   500,000 605,800
California State Health Facilities Financing Authority Revenue Bonds, Series A, Sutter Health, Prerefunded, 5.00%, 11/15/25(e)   500,000 611,850
California State Health Facilities Financing Authority Revenue Refunding Bonds, Marshall Medical Center (California Mortgage Insured), 4.00%, 11/01/40   750,000 900,113
California State Infrastructure & Economic Development Bank Revenue Refunding Bonds, Los Angeles County Museum of Natural History Foundation, 4.00%, 7/01/50   1,210,000 1,388,221
California State Infrastructure & Economic Development Bank Revenue Refunding Bonds, Series B, 5.00%, 11/01/29   1,250,000 1,664,962
California State Infrastructure & Economic Development Bank Variable Revenue Refunding Bonds, Series S, J. Paul Getty Trust, (1M USD LIBOR + 0.33%), 0.42%, 4/01/22(a)(c)   1,000,000 1,001,100
California State Municipal Finance Authority Revenue Bonds, Charter School John Adams Academies-Lincoln Project, 5.00%, 10/01/57(d)   330,000 348,922
California State Municipal Finance Authority Student Housing Revenue Bonds, Series A-P3, Claremont Colleges Project, 5.00%, 7/01/30(d)   320,000 376,461
    Par Value
California (Continued)
California State Municipal Finance Authority Student Housing Revenue Bonds, UCR North District Phase 1 (BAM Insured), 5.00%, 5/15/28   $500,000 $628,890
California State Various Purpose Bid Group GO Unlimited Refunding Bonds, 5.00%, 8/01/30   600,000 790,368
California Statewide Communities Development Authority Revenue Bonds, Lancer Educational Standard Housing Project, 5.00%, 6/01/34(d)   375,000 436,815
California Statewide Communities Development Authority Revenue Bonds, Loma Linda University Medical, 5.50%, 12/01/58(d)   500,000 600,425
California Statewide Communities Development Authority Revenue Bonds, Series A, Loma Linda University Medical Center, 5.25%, 12/01/56(d)   250,000 285,640
California Statewide Communities Development Authority Special Assessment Bonds, Statewide Community Infrastructure Program, 5.00%, 9/02/34   100,000 120,529
California Tobacco Securitization Agency Tobacco Settlement Senior Revenue Refunding Bonds, Series A, 4.00%, 6/01/40   300,000 366,825
Cathedral City Redevelopment Agency Successor Agency Tax Allocation Revenue Refunding Bonds, Merged Redevelopment Project Area (BAM Insured), 4.00%, 8/01/26   250,000 291,278
Foothill Eastern Transportation Corridor Agency Toll Road Junior Lien Revenue Bonds, Series C, 1/15/26(f)   200,000 242,678
Fresno Airport Revenue Refunding Bonds, Series B (AMT) (BAM Insured), 5.00%, 7/01/28   390,000 426,449
 
See Notes to Schedules of Investments.
80

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
California (Continued)
Los Angeles County Metropolitan Transportation Authority Measure R Junior Subordinate Sales Tax Revenue Bonds, Green Bonds, 4.00%, 6/01/37   $200,000 $248,274
Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International Airport, 5.00%, 5/15/34   510,000 612,551
Los Angeles Department of Airports Airport Subordinate Revenue Bonds, Series C (AMT), Los Angeles International Airport, 5.00%, 5/15/29   1,000,000 1,268,810
Los Angeles Harbor Department Revenue Refunding Bonds, Series A (AMT), 5.00%, 8/01/35   1,250,000 1,425,112
Mesa Water District COPS, 4.00%, 3/15/39   300,000 367,290
Port of Oakland Intermediate Lien Revenue Refunding Bonds (AMT), 11/01/29(f)   250,000 328,705
Rocklin Community Facilities District No. 10 Special Tax Bonds, 5.00%, 9/01/34   150,000 170,310
Sacramento County Sanitation Districts Financing Authority Variable Revenue Refunding Bonds, Series B, Sacramento County Regional (NATL Insured), (3M USD LIBOR + 0.53%), 0.68%, 12/01/35(c)   100,000 93,860
San Diego County Regional Airport Authority Subordinate Revenue Refunding Bonds, Series A, 4.00%, 7/01/37   300,000 360,018
San Francisco City & County Airports Commission International Airport Revenue Bonds, Series A (AMT), 5.00%, 5/01/44   250,000 311,473
San Francisco City & County Airports Community International Revenue Refunding Bonds, Second Series A (AMT), 5.00%, 5/01/28   500,000 527,780
    Par Value
California (Continued)
Sunnyvale Financing Authority Lease Revenue Bonds, Green Bonds, Civic Center Project, 4.00%, 4/01/34   $865,000 $1,073,508
Susanville Natural Gas Revenue Refunding Bonds, Natural Gas Enterprise (AGM Insured), 3.00%, 6/01/26   595,000 659,099
Tobacco Securitization Authority of Southern California Tobacco Settlement Revenue Refunding Bonds, San Diego Asset Securities, 5.00%, 6/01/35   100,000 133,626
      23,557,960
Colorado – 3.3%
Aurora Crossroads Metropolitan District No. 2 Senior Lien GO Limited Bonds, Series A, 5.00%, 12/01/40   500,000 538,100
Colorado Educational & Cultural Authority Revenue Refunding Bonds, Prospect Ridge Academy Project (Moral Obligation Insured),      
5.00%, 3/15/25   485,000 569,147
5.00%, 3/15/26   510,000 617,819
5.00%, 3/15/29   590,000 765,708
5.00%, 3/15/30   310,000 408,853
5.00%, 3/15/35   590,000 763,442
Colorado High Performance Transportation Enterprise Revenue Bonds, C-470 Express Lane, 5.00%, 12/31/56   1,000,000 1,126,450
Colorado State Bridge Enterprise Revenue Bonds (AMT), Central 70 Project, 4.00%, 12/31/24   630,000 703,609
Colorado State COPS, Series A, 4.00%, 12/15/35   1,250,000 1,559,412
Colorado State Health Facilities Authority Hospital Revenue Refunding Bonds, Sanford Health, Series A, 5.00%, 11/01/34   200,000 262,730
 
See Notes to Schedules of Investments.
81

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
Colorado (Continued)
Colorado State Health Facilities Authority Hospital Variable Revenue Refunding Bonds, Adventhealth Obligation, 5.00%, 11/19/26(a)(b)(c)   $1,000,000 $1,263,380
Denver City & County Airport System Subordinate Revenue Refunding Bonds, Series A (AMT), 5.25%, 12/01/43   500,000 620,705
Denver Convention Center Hotel Authority Senior Revenue Refunding Bonds, 5.00%, 12/01/40   250,000 287,248
E-470 Public Highway Authority Senior Revenue Refunding Bonds, Series A,      
5.00%, 9/01/23   150,000 167,979
5.00%, 9/01/40   810,000 920,954
Park Creek Metropolitan District Revenue Refunding Bonds, Series A (NATL, IBC Insured), 5.00%, 12/01/45   500,000 575,715
Sand Creek Metropolitan District GO Limited Refunding Bonds, Series A (AGM Insured),      
4.00%, 12/01/22   125,000 132,890
4.00%, 12/01/23   180,000 197,485
University of Colorado Enterprise Variable Revenue Bonds, Series C, Green Bond, 2.00%, 10/15/24(a)(b)(c)   250,000 264,928
      11,746,554
Connecticut – 1.7%
Connecticut State GO Unlimited Bonds, Series A, 5.00%, 3/15/22   795,000 838,200
Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, Series B-1, 5.00%, 1/01/25(a)(b)(c)   500,000 586,685
Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, Series F, Masonicare Issue, 5.00%, 7/01/27   220,000 253,702
    Par Value
Connecticut (Continued)
Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, Series K, Sacred Heart University, 5.00%, 7/01/27   $400,000 $500,604
Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, Series R, Trinity College, 5.00%, 6/01/32   265,000 349,082
Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, University of Hartford,      
5.00%, 7/01/24   240,000 267,638
5.00%, 7/01/25   260,000 297,562
5.00%, 7/01/31   500,000 605,560
4.00%, 7/01/39   120,000 129,492
4.00%, 7/01/49   100,000 106,117
Connecticut State Special Tax Obligation Revenue Bonds, 5.00%, 5/01/32   500,000 669,440
Hamden GO Unlimited Refunding Bonds, Series A (BAM Insured), 5.00%, 8/01/24   500,000 574,945
Hamden Revenue Refunding Bonds, Whitney Center Project, 5.00%, 1/01/40   125,000 129,963
Hartford County Metropolitan District GO Unlimited Bonds, 5.00%, 7/15/35   750,000 936,938
      6,245,928
Delaware – 0.5%
Delaware State Health Facilities Authority Revenue Refunding Bonds, Christiana Health Care System, 5.00%, 10/01/45   1,000,000 1,276,040
Kent County Student Housing & Dining Facilities Revenue Bonds, CHF-Dover LLC-Delaware State University Project,      
5.00%, 7/01/32   250,000 261,428
5.00%, 7/01/48   100,000 102,939
      1,640,407
 
See Notes to Schedules of Investments.
82

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
District of Columbia – 2.1%
District of Columbia Revenue Bonds, Ingleside Rock Creek Project, 5.00%, 7/01/52   $400,000 $405,236
District of Columbia Revenue Bonds, KIPP DC Project, 4.00%, 7/01/39   100,000 113,000
District of Columbia Revenue Refunding Bonds, National Public Radio, Prerefunded, 4.00%, 4/01/26(e)   250,000 296,938
District of Columbia University Revenue Refunding Bonds, Georgetown University, 5.00%, 4/01/29   350,000 430,595
District of Columbia Water & Sewer Authority Public Utility Revenue Bonds, Series B, 5.00%, 10/01/49   500,000 626,515
District of Columbia Water & Sewer Authority Public Utility Subordinate Lien Revenue Bonds, Series A, Prerefunded, 5.00%, 10/01/23(e)   650,000 733,778
District of Columbia Water & Sewer Authority Public Utility Subordinate Lien Revenue Bonds, Series B, 5.00%, 10/01/37   750,000 894,510
Metropolitan Washington Airports Authority Dulles Toll Road Revenue Refunding Bonds, Dulles Metrorail & Capital Improvement Projects, 5.00%, 10/01/53   750,000 780,052
Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds, Dulles Metrorail & Capital Improvement Projects, Series B,      
4.00%, 10/01/35   350,000 408,828
5.00%, 10/01/47   200,000 244,872
Metropolitan Washington Airports Authority System Revenue Refunding Bonds, Series A (AMT), 5.00%, 10/01/43   500,000 614,450
Washington Metropolitan Area Transit Authority Dedicated Revenue Bonds, Series A, 4.00%, 7/15/40   1,000,000 1,208,390
    Par Value
District of Columbia (Continued)
Washington Metropolitan Area Transit Authority Gross Revenue Bonds, 5.00%, 7/01/43   $300,000 $364,539
Washington Metropolitan Area Transit Authority Gross Revenue Bonds, Series B, 5.00%, 7/01/35   360,000 445,547
      7,567,250
Florida – 4.5%
Alachua County Health Facilities Authority Revenue Bonds, Shands Teaching Hospital & Clinics,      
5.00%, 12/01/44   500,000 571,215
4.00%, 12/01/49   1,000,000 1,152,950
Broward County Airport System Revenue Bonds, Series A (AMT), 5.00%, 10/01/36   750,000 951,802
Central Florida Expressway Authority Senior Lien Revenue Refunding Bonds, 5.00%, 7/01/42   350,000 426,615
Davie Educational Facilities Revenue Bonds, Series B, Nova Southeastern University Project , Prerefunded, 5.00%, 4/01/23(e)   250,000 275,955
Florida State Board of Education Public Education GO Unlimited Refunding Bonds, Capital Outlay, Series E, 5.00%, 6/01/31   1,000,000 1,198,520
Florida State Development Finance Corp., Educational Facilities Revenue Refunding Bonds, Nova Southeastern University Project, 5.00%, 4/01/22   350,000 366,615
Florida State Housing Finance Corp., Multi Family Mortgage Adjustable Revenue Bonds, Series A, Parrish Oaks, 1.25%, 2/01/22(a)(b)(c)   1,000,000 1,010,550
Florida State Municipal Power Agency Revenue Refunding Bonds, Series A, 5.00%, 10/01/31   300,000 367,773
 
See Notes to Schedules of Investments.
83

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
Florida (Continued)
Greater Orlando Aviation Authority Airport Facilities Revenue Bonds, Series A (AMT),      
5.00%, 10/01/40   $500,000 $582,355
5.00%, 10/01/44   1,000,000 1,261,270
Hillsborough County Aviation Authority Subordinate Revenue Bonds, Series B, Tampa International Airport, 5.00%, 10/01/40   470,000 538,502
JEA Bulk Power Supply System Revenue Bonds, Scherer 4 Project, Series A, 3.00%, 10/01/22   225,000 225,446
JEA Electric System Revenue Refunding Bonds, Series Three A, 4.00%, 10/01/37   1,395,000 1,676,260
Lee Memorial Health System Hospital Revenue Refunding Bonds, Series A-1, 5.00%, 4/01/44   600,000 740,682
Leon County School District Sales TRB, 4.00%, 9/01/26   800,000 874,224
Miami-Dade County Aviation Revenue Refunding Bonds, Series A (AMT), 5.00%, 10/01/33   500,000 570,930
Miami-Dade County Educational Facilities Authority Revenue Refunding Bonds, Series A, University of Miami, 5.00%, 4/01/30   250,000 288,183
Miami-Dade County HFA MFH Variable Revenue Bonds, 1.40%, 4/01/22(a)(b)(c)   500,000 503,400
Orlando Community Redevelopment Agency Tax Increment Revenue Refunding Bonds, Republic Drive/Universal, 5.00%, 4/01/22   200,000 209,112
Osceola County Florida Transportation Revenue Refunding CABS, Series A-2,      
0.00%, 10/01/25(g)   125,000 118,199
0.00%, 10/01/26(g)   275,000 254,537
0.00%, 10/01/27(g)   360,000 325,411
    Par Value
Florida (Continued)
Tampa Capital Improvement Cigarette Tax Allocation Revenue CABS, Series A, 0.00%, 9/01/38(g)   $250,000 $149,900
Tampa Hospital Revenue Bonds, H. Lee Moffitt Cancer Center,      
5.00%, 7/01/23   150,000 166,032
5.00%, 7/01/25   150,000 178,368
5.00%, 7/01/26   125,000 153,030
5.00%, 7/01/27   125,000 156,615
Village Community Development District No. 13 Special Assessment, Limited Offering, 2.62%, 5/01/24   500,000 510,020
Volusia County Educational Facilities Authority Revenue Refunding Bonds, Embry-Riddle Aeronautical, 5.00%, 10/15/44   500,000 617,905
      16,422,376
Georgia – 2.8%
Atlanta Development Authority Senior Lien Revenue Bonds, Series A-1, 5.00%, 7/01/30   200,000 228,580
Bartow County Development Authority Revenue Bonds, Georgia Power Company Plant Bowen Project, 1.55%, 8/19/22(a)(b)(c)   500,000 508,940
Bartow County Development Authority Variable Revenue Refunding Bonds, Georgia Power Company Plant Bowen Project, 2.75%, 3/15/23(a)(b)(c)   500,000 523,465
Brookhaven Development Authority Revenue Bonds, Children's Healthcare of Atlanta, 4.00%, 7/01/49   1,000,000 1,179,090
Burke County Development Authority PCR Refunding Bonds, Georgia Power Company Plant Vogtle Project, 1.55%, 8/19/22(a)(b)(c)   100,000 101,788
 
See Notes to Schedules of Investments.
84

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
Georgia (Continued)
Fulton County Development Authority Transportation Corp., Toll Revenue Refunding Bonds, Robert W. Woodruff Arts Center, Inc., Project, 5.00%, 3/15/32   $200,000 $236,038
Gainesville & Hall County Hospital Authority Revenue Refunding Bonds, Northeast Georgia Health System, Inc., Project, 5.00%, 2/15/37   500,000 603,820
Gainesville & Hall County Hospital Authority Revenue Refunding Bonds, Series S, Northeast Georgia Health System, Inc., Project (County Gtd), 5.50%, 8/15/54   500,000 582,720
Glynn-Brunswick Memorial Hospital Authority Revenue Refunding Anticipation Certificates Bonds, Southeast Georgia Health System, 5.00%, 8/01/34   530,000 607,332
Griffin-Spalding County Hospital Authority Revenue Anticipation Certificates Bonds, Wellstar, 5.00%, 4/01/35   150,000 183,315
Main Street Natural Gas Inc., Gas Supply Variable Revenue Bonds, Series B,      
4.00%, 12/01/23   355,000 392,023
4.00%, 12/02/24(a)(b)(c)   100,000 113,218
Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series A, 4.00%, 9/01/23(a)(b)(c)   350,000 381,745
Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series C, 4.00%, 9/01/26(a)(b)(c)   1,110,000 1,306,104
Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Subseries C, 4.00%, 12/01/23(a)(b)(c)   500,000 549,355
Metropolitan Atlanta Rapid Transit Authority Sales Tax Revenue Refunding Bonds, Series A, Third Indenture Series, 4.00%, 7/01/44   300,000 321,801
    Par Value
Georgia (Continued)
Municipal Electric Authority of Georgia Power Revenue Refunding Bonds, Series HH, 5.00%, 1/01/29   $500,000 $636,130
Private Colleges & Universities Authority Revenue Refunding Bonds, Series B, Emory University, 4.00%, 9/01/40   1,500,000 1,839,675
      10,295,139
Hawaii – 0.1%
Hawaii State Airports System Revenue Refunding Bonds (AMT), 5.00%, 7/01/23   500,000 511,070
Illinois – 7.0%
Barrington Alternative Revenue Source GO Unlimited Bonds, 4.50%, 12/15/34   235,000 280,447
Bensenville GO Unlimited Bonds, Series B (AGM Insured), 5.00%, 12/30/24   245,000 255,929
Chicago Board of Education GO Unlimited Bonds, Series A, 12/01/38(f)   500,000 625,905
Chicago City Colleges Capital Appreciation GO Unlimited Bonds (NATL Insured), 0.00%, 1/01/30(g)   750,000 608,640
Chicago GO Unlimited Bonds, Series A, 5.50%, 1/01/49   100,000 120,620
Chicago GO Unlimited Refunding Bonds, Project Series A, 5.00%, 1/01/35   350,000 378,857
Chicago GO Unlimited Refunding Bonds, Series A, 5.00%, 1/01/23   400,000 430,652
Chicago Midway Airport Second Lien Revenue Refunding Bonds, Series A (AMT), 5.00%, 1/01/31   1,045,000 1,155,540
Chicago O'Hare International Airport Senior Lien General Revenue Bonds, Series D (AMT), 5.00%, 1/01/26   140,000 169,316
 
See Notes to Schedules of Investments.
85

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
Illinois (Continued)
Chicago O'Hare International Airport Senior Lien Revenue Refunding Bonds, Series A (AMT), 5.00%, 1/01/31   $250,000 $317,808
Chicago Park District GO Limited Tax Refunding Bonds, Series B, 5.00%, 1/01/26   395,000 439,635
Chicago Wastewater Transmission Second Lien Revenue Bonds, 5.00%, 1/01/39   500,000 552,890
Cook County GO Unlimited Refunding Bonds, Series A, 5.00%, 11/15/25   1,000,000 1,213,710
Cook County Sales TRB, 5.00%, 11/15/37   500,000 537,405
Hillside Incremental Tax Allocation Revenue Refunding Bonds, 5.00%, 1/01/24   100,000 103,668
Illinois State Finance Authority Revenue Refunding Bonds, DePaul University, Unrefunded Balance,      
5.50%, 10/01/23   450,000 454,009
5.50%, 10/01/25   545,000 549,856
Illinois State Finance Authority Revenue Refunding Bonds, Navistar International Corp., 4.75%, 8/01/30(a)(b)(c)(d)   100,000 107,843
Illinois State Finance Authority Revenue Refunding Bonds, Series A, Lutheran Communities, 5.00%, 11/01/40   350,000 388,815
Illinois State Finance Authority Revenue Refunding Bonds, Series C, Presence Health Network, 5.00%, 2/15/23   500,000 547,880
Illinois State Finance Authority Revenue Refunding Bonds, Southern Illinois Healthcare, 5.00%, 3/01/22   300,000 314,529
Illinois State Finance Authority Variable Revenue Bonds, Series B-2, 5.00%, 11/15/26(a)(b)(c)   500,000 609,665
Illinois State GO Unlimited Bonds,      
5.37%, 5/01/23   250,000 274,915
    Par Value
Illinois (Continued)
Illinois State GO Unlimited Bonds,      
5.50%, 5/01/25   $845,000 $994,531
5.50%, 7/01/26   460,000 508,305
Illinois State GO Unlimited Bonds, Series B, 5.00%, 10/01/31   250,000 314,378
Illinois State GO Unlimited Refunding Bonds, 5.00%, 8/01/24   400,000 423,856
Illinois State GO Unlimited Refunding Bonds, Series A, 5.00%, 10/01/25   110,000 128,380
Illinois State GO Unlimited Refunding Bonds, Series B, 5.00%, 10/01/28   250,000 309,268
Illinois State Housing Development Authority MFH Variable Revenue Bonds, Marshall Field Garden (FNMA LOC), (SIFMA Municipal Swap Index Yield + 1.00%), 1.04%, 5/15/25(a)(c)   500,000 509,440
Illinois State Sales Tax Junior Obligations Revenue Bonds, Series A (BAM Insured), 4.00%, 6/15/34   620,000 689,335
Illinois State Sales Tax Revenue Refunding Bonds, Subseries D (BAM Insured), 3.00%, 6/15/31   390,000 409,332
Illinois State Sales TRB, Build Illinois - Junior Obligation, 5.00%, 6/15/23   200,000 217,846
Illinois State Sports Facilities Authority State Tax Supported Revenue CABS (AMBAC Insured), 0.00%, 6/15/25(g)   95,000 87,673
Illinois State Sports Facilities Authority State Tax Supported Revenue Refunding Bonds (AGM Insured), 5.00%, 6/15/27   400,000 451,976
Illinois State Toll Highway Authority Senior Revenue Bonds, Series A, 5.00%, 1/01/45   500,000 645,790
Illinois State Toll Highway Authority Senior Revenue Refunding Bonds, Series A, 5.00%, 1/01/31   525,000 679,702
 
See Notes to Schedules of Investments.
86

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
Illinois (Continued)
Kane, Cook & Dupage Counties, Illinois School District, GO Unlimited Refunding Bonds, Series D, 5.00%, 1/01/28   $215,000 $242,825
Kane, McHenry, Cook & DeKalb Counties, Illinois School District, GO Unlimited Refunding Bonds, 4.25%, 1/01/23   500,000 500,510
Madison, Macoupin Etc. Counties Community College District No. 536 GO Unlimited Refunding Bonds, Lewis & Clark Community (AGM Insured), 4.00%, 5/01/23   700,000 753,963
Metropolitan Pier and Exposition Authority Revenue Refunding Bonds, McCormick Place Expansion Project,      
5.00%, 6/15/42   500,000 612,125
5.00%, 6/15/50   500,000 596,240
Peoria County School District No. 150 GO Unlimited Refunding Bonds, Series A (AGM Insured), 4.00%, 12/01/26   390,000 461,857
Regional Transportation Authority Revenue Bonds, Series A (AGM Insured), 5.75%, 6/01/34   750,000 1,049,520
Regional Transportation Authority Revenue Bonds, Series B (NATL Insured), 5.50%, 6/01/27   350,000 414,778
Sales Tax Securitization Corp., Second Lien Revenue Refunding Bonds, Series A, 4.00%, 1/01/38   250,000 287,285
Sangamon Logan & Menard Counties Community Unit School District No. 15 GO Unlimited Bonds, Series B (BAM Insured),      
5.00%, 12/01/25   300,000 357,552
4.00%, 12/01/39   250,000 287,815
Waukegan City Lake County Water & Sewer System Revenue Refunding Bonds (AGM Insured),      
5.00%, 12/30/26   200,000 247,328
4.00%, 12/30/38   500,000 580,440
    Par Value
Illinois (Continued)
Waukegan City Lake County Water & Sewer System Revenue Refunding Bonds (AGM Insured),      
4.00%, 12/30/40   $500,000 $577,240
Waukegan GO Unlimited Bonds, Series A (AGM Insured), 5.00%, 12/30/32   250,000 290,650
Will County Community High School District No. 210 Lincoln-Way Refunding GO Unlimited Bonds (AGM Insured), 4.00%, 1/01/34   650,000 729,352
Will County Community School District No. 161 Summit Hill Refunding GO Unlimited Bonds, 4.00%, 1/01/24   470,000 516,967
      25,314,793
Indiana – 1.5%
Clarksville Sewage Works Revenue BANS, 2.75%, 12/11/23   125,000 125,103
Indiana Bond Bank Revenue CABS, Hamilton Co., Projects,      
0.00%, 7/15/25(g)   450,000 437,225
0.00%, 7/15/28(g)   900,000 828,774
0.00%, 1/15/29(g)   560,000 510,395
Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series A, Ohio Valley Electric Corp., Project, 5.00%, 6/01/39   100,000 103,716
Indiana State Finance Authority Hospital Revenue Bonds, Indiana University Health Obligated Group, 1.65%, 12/01/42(b)(c)   50,000 50,657
Indiana State Finance Authority Private Activity Revenue Bonds (AMT), Ohio River Bridges East End Crossing Project, 5.25%, 1/01/51   600,000 645,216
Indiana State Finance Authority Revenue Refunding Bonds, Valparaiso University Project,      
5.00%, 10/01/22   265,000 279,281
5.00%, 10/01/23   585,000 637,404
 
See Notes to Schedules of Investments.
87

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
Indiana (Continued)
Knox Middle School Building Corp., Revenue Bonds (State Intercept), 5.00%, 1/15/27   $440,000 $551,069
Warrick County, Indiana Environmental Improvement Variable Revenue Bonds (AMT), Vectren Energy Delivery, 0.88%, 9/01/23(a)(b)(c)   1,000,000 1,001,880
Whiting Environmental Facilities Revenue Refunding Bonds (AMT), BP Products North America, 5.00%, 6/05/26(a)(b)(c)   290,000 359,046
      5,529,766
Iowa – 0.1%
Iowa State Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Iowa Fertilizer Company Project, 3.13%, 12/01/22   65,000 67,009
PEFA, Inc. Gas Project Revenue Bonds, 5.00%, 9/01/26(a)(b)(c)   150,000 183,884
      250,893
Kentucky – 2.3%
Kenton County Airport Board Revenue Refunding Bonds, 5.00%, 1/01/32   400,000 472,824
Kentucky State Economic Development Finance Authority Health System Revenue Refunding Bonds, Norton Healthcare, Inc., Series B (NATL Insured),      
0.00%, 10/01/22(g)   500,000 492,490
0.00%, 10/01/24(g)   280,000 268,352
Kentucky State Economic Development Finance Authority Revenue Bonds, Owensboro Health, 5.25%, 6/01/50   250,000 271,478
Kentucky State Economic Development Finance Authority Revenue Refunding Bonds, Masonic Home Independent Living, 5.00%, 5/15/46   100,000 101,523
    Par Value
Kentucky (Continued)
Kentucky State Economic Development Finance Authority Revenue Refunding Bonds, Series B, Owensboro Health, 5.00%, 6/01/40   $300,000 $335,091
Kentucky State Housing Corp., Revenue Bonds, City View Park Project, 1.16%, 8/01/22(a)(b)(c)   2,000,000 2,021,920
Kentucky State Public Energy Authority Gas Supply Revenue Bonds, Series A, 4.00%, 4/01/24(a)(b)(c)   475,000 525,659
Kentucky State Public Energy Authority Gas Supply Revenue Bonds, Series A-1, 4.00%, 6/01/25(a)(b)(c)   250,000 285,737
Kentucky State Public Energy Authority Gas Supply Variable Revenue Bonds, Series C, Gas Supply, 4.00%, 2/01/28(a)(b)(c)   500,000 600,675
Kentucky State Public Energy Authority Revenue Bonds, Series B, Gas Supply, 4.00%, 1/01/25(a)(b)(c)   650,000 731,594
Lexington-Fayette Urban County Government Lease Revenue Bonds, Series A, 5.25%, 6/01/26   500,000 507,570
Louisville & Jefferson County Metropolitan Government Health System Variable Revenue Bonds, Norton Healthcare, Inc., 5.00%, 10/01/26(a)(b)(c)   1,000,000 1,237,620
Louisville Regional Airport Authority Airport System Revenue Refunding Bonds, Series A (AMT), 5.00%, 7/01/23   500,000 552,550
      8,405,083
Louisiana – 0.6%
Louisiana State Offshore Terminal Authority Deepwater Port Variable Revenue Bonds, Loop LLC Project, 2.00%, 10/01/22(a)(b)(c)   515,000 520,150
 
See Notes to Schedules of Investments.
88

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
Louisiana (Continued)
Louisiana State Public Facilities Authority Revenue Refunding CABS, Loyola University Project, 0.00%, 10/01/22(g)   $300,000 $286,860
Saint James Parish Variable Revenue Bonds, Nustar Logistics, 5.85%, 6/01/25(a)(b)(c)(d)   525,000 598,127
Saint John The Baptist Parish Revenue Refunding Bonds, Marathon Oil Corp., Project, 2.00%, 4/01/23(a)(b)(c)   600,000 611,124
Saint John The Baptist Parish Variable Revenue Refunding Bonds, Marathon Oil Corp., Project, 2.38%, 7/01/26(a)(b)(c)   125,000 130,933
      2,147,194
Maine – 0.5%
Maine Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Series A, 5.00%, 7/01/27   215,000 272,904
Maine Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Series A (State Aid Withholding), 5.00%, 7/01/28   650,000 815,483
Maine State Finance Authority Student Loan Revenue Refunding Bonds (AMT) (AGM Insured), 5.00%, 12/01/24   500,000 578,675
      1,667,062
Maryland – 2.4%
Baltimore Convention Center Hotel Revenue Refunding Bonds, Convention Center Hotel, 5.00%, 9/01/39   500,000 522,880
Baltimore County GO Unlimited Bonds, 5.00%, 3/01/25   1,265,000 1,511,827
Maryland Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Stevenson University Project, 4.00%, 6/01/51   325,000 366,330
    Par Value
Maryland (Continued)
Maryland State Department of Transportation Consolidated Transportation Revenue Bonds, 5.00%, 2/01/22   $260,000 $272,667
Maryland State Economic Development Corp., PCR Refunding Bonds, Potomac Electric Power Company, 1.70%, 9/01/22   500,000 508,955
Maryland State Economic Development Corp., Private Activity Revenue Bonds (AMT), Purple Line Light Rail Projects,      
5.00%, 3/31/36   325,000 360,204
5.00%, 3/31/51   235,000 257,372
Maryland State Economic Development Corp., Revenue Bonds (AMT), Seagirt Marine Terminal Projects, 5.00%, 6/01/44   500,000 566,735
Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Adventist Healthcare Obligated, 5.50%, 1/01/31   300,000 366,114
Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Peninsula Regional Health System,      
5.00%, 7/01/24   350,000 399,854
5.00%, 7/01/27   1,320,000 1,649,195
Maryland State Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Adventist Healthcare, 4.00%, 1/01/26   875,000 989,695
Maryland State Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Arundel Health Systems, 5.00%, 7/01/29   250,000 306,557
Maryland State Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Series A, Broadmead Issue, 4.00%, 7/01/35   185,000 202,814
 
See Notes to Schedules of Investments.
89

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
Maryland (Continued)
Maryland State Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Series A, Mercy Medical Center, 4.00%, 7/01/42   $120,000 $128,887
Maryland State Health & Higher Educational Facilities Authority Variable Revenue Refunding Bonds, University of Maryland, 5.00%, 7/01/27(a)(b)(c)   200,000 248,518
      8,658,604
Massachusetts – 1.1%
Massachusetts Development Finance Agency Revenue Bonds, UMass Boston Student Housing Project, 5.00%, 10/01/48   200,000 207,672
Massachusetts State Consolidated Loan GO Limited Bonds, Series E, 5.25%, 9/01/48   500,000 646,280
Massachusetts State Department of Transportation Metropolitan Highway System Variable Revenue Refunding Bonds, Series A, 5.00%, 1/01/23(a)(b)(c)   500,000 545,215
Massachusetts State Development Finance Agency Revenue Refunding Bonds, Beth Israel Lahey Health, 5.00%, 7/01/38   100,000 126,393
Massachusetts State Development Finance Agency Variable Revenue Refunding Bonds, Partners Healthcare, (SIFMA Municipal Swap Index Yield + 0.50%), 0.54%, 1/26/23(a)(c)   500,000 500,680
Massachusetts State GO Limited Refunding Bonds, Series B, 5.00%, 7/01/34   1,350,000 1,829,642
      3,855,882
    Par Value
Michigan – 1.3%
Detroit Downtown Development Authority Tax Allocation Increment Revenue Refunding Bonds, Series A, Catalyst Development Project (AGM Insured),      
5.00%, 7/01/22   $500,000 $531,365
5.00%, 7/01/43   100,000 113,808
5.00%, 7/01/48   200,000 227,542
Detroit GO Unlimited Bonds, 5.00%, 4/01/27   50,000 59,067
Great Lakes Water Authority Sewage Disposal System Second Lien Revenue Refunding Bonds, Series C, 5.00%, 7/01/36   370,000 445,121
Michigan State Finance Authority Local Government Loan Program Revenue Refunding Bonds,      
5.00%, 7/01/29   425,000 503,340
4.50%, 10/01/29   250,000 263,455
Michigan State Finance Authority Revenue Refunding Bonds, Michigan Health, Escrowed to Maturity, 5.00%, 6/01/23   390,000 432,151
Michigan State Finance Authority Revenue Refunding Bonds, Trinity Health Corp., Prerefunded, 5.00%, 6/01/22(e)   250,000 266,075
Michigan State Finance Authority Revenue Refunding Bonds, Trinity Health Credit Group, 4.00%, 12/01/35   515,000 624,175
Michigan State Finance Authority Variable Revenue Bonds, Bronson Healthcare Group, 3.50%, 11/15/22(a)(b)(c)   250,000 263,042
 
See Notes to Schedules of Investments.
90

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
Michigan (Continued)
Michigan State Hospital Finance Authority Revenue Refunding Bonds, Ascenion Senior, 5.00%, 11/15/47   $420,000 $510,817
Michigan State Strategic Fund Limited Obligation Variable Revenue Bonds (AMT), Consumers Energy Co., 1.80%, 10/01/24(a)(b)(c)   500,000 520,405
      4,760,363
Minnesota – 0.5%
Brooklyn Center MFH Development Variable Revenue Bonds, Sonder House Apartments Project, 1.35%, 7/01/22(a)(b)(c)   1,500,000 1,501,275
City of Shakopee Senior Housing Revenue Bonds, Benedictine Living Community of Shakopee LLC Project, 5.85%, 11/01/25(a)(b)(c)(d)   250,000 271,750
      1,773,025
Mississippi – 0.2%
Mississippi State Hospital Equipment & Facilities Authority Adjustable Revenue Refunding Bonds, North Mississippi Health, 5.00%, 3/01/27(a)(b)(c)   265,000 322,155
Mississippi State Hospital Equipment & Facilities Authority Revenue Refunding Bonds, Forrest Country General Hospital Project, 5.00%, 1/01/24   400,000 450,772
      772,927
Missouri – 0.5%
Missouri Joint Municipal Electric Utility Commission Power Project Revenue Refunding Bonds, Series A, Iatan 2 Project, 5.00%, 1/01/33   310,000 345,712
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Refunding Bonds, A.T. Still University Health Science, 5.00%, 10/01/22   725,000 775,097
    Par Value
Missouri (Continued)
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Refunding Bonds, Series A, St. Luke's Health System, Inc.,      
5.00%, 11/15/23   $150,000 $169,697
5.00%, 11/15/30   250,000 302,450
Saint Louis County IDA Senior Living Facilities Revenue Refunding Bonds, Friendship Village St. Louis, 5.00%, 9/01/48   300,000 334,254
      1,927,210
Nebraska – 0.4%
Central Plains Energy Gas Project Revenue Bonds, Project No. 3, 5.00%, 9/01/22   500,000 536,195
Central Plains Energy Project Gas Supply Revenue Refunding Bonds, 4.00%, 8/01/25(a)(b)(c)   225,000 259,418
Douglas County Hospital Authority No. 2 Revenue Bonds, Children's Hospital Obligated Group, 5.00%, 11/15/25(a)(b)(c)   600,000 722,940
      1,518,553
Nevada – 1.9%
Clark County Passenger Facility Charge Revenue Refunding Bonds, Las Vegas McCarran International, 5.00%, 7/01/22   200,000 213,282
Clark County School District GO Limited Bonds, Series A (AGM Insured), 4.00%, 6/15/38   500,000 600,710
Clark County School District GO Limited Refunding Bonds, Series C, Building, 5.00%, 6/15/23   500,000 553,225
Clark County School District GO Limited Refunding Bonds, Series D, 5.00%, 6/15/23   300,000 331,935
Clark County School District GO Limited Refunding Bonds, Series E, 5.00%, 6/15/25   1,330,000 1,579,747
 
See Notes to Schedules of Investments.
91

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
Nevada (Continued)
Clark County Stadium Improvement GO Limited Bonds, Series A, 5.00%, 5/01/48   $500,000 $614,620
Las Vegas Convention & Visitors Authority Convention Center Expansion Revenue Bonds, Series B, 5.00%, 7/01/43   250,000 299,485
Las Vegas New Convention & Visitors Authority Revenue Bonds, Series B, 5.00%, 7/01/37   1,000,000 1,223,960
Las Vegas Special Improvement District No. 814 Summerlin Village 21 & 24A Special Assessment Bonds, 4.00%, 6/01/49   100,000 105,611
Reno Sales Tax First Lien Revenue Refunding Bonds, Retrac-Reno Transportation Rail Access Corridor Project, 5.00%, 6/01/48   500,000 564,980
Sparks Nevada Tourism Improvement District No. 1 Sales Tax Senior Lien Revenue Refunding Bonds, Series A, 2.50%, 6/15/24(d)   300,000 302,718
Washoe County Water Facilities Variable Revenue Refunding Bonds (AMT), Sierra Pacific, 2.05%, 4/15/22(a)(b)(c)   500,000 509,465
      6,899,738
New Hampshire – 0.3%
National Finance Authority Municipal Certificates Revenue Bonds, Series 1-A, 4.13%, 1/20/34   715,403 811,524
New Hampshire State Health & Education Facilities Authority Revenue Refunding Bonds, Kendal at Hanover Issue, 5.00%, 10/01/36   180,000 207,733
      1,019,257
New Jersey – 3.7%
Garden State Preservation Trust Open Space & Farmland Preservation Revenue Bonds, Series A (AGM Insured), 5.75%, 11/01/28   1,170,000 1,468,373
    Par Value
New Jersey (Continued)
New Jersey Covid-19 GO Unlimited Emergency Bonds, 5.00%, 6/01/26   $385,000 $473,646
New Jersey EDA Revenue Refunding Bonds, Cranes Mill Project, 5.00%, 1/01/49   260,000 297,172
New Jersey State EDA Energy Facility Revenue Bonds, Series A (AMT), UMM Energy Partners,      
5.00%, 6/15/37   190,000 199,236
5.12%, 6/15/43   350,000 366,975
New Jersey State EDA Motor Vehicle Surcharge Revenue Refunding Bonds, Subseries A, 3.38%, 7/01/30   250,000 262,753
New Jersey State EDA Private Activity Revenue Bonds (AMT), The Goethals Project,      
5.00%, 1/01/24   150,000 169,262
5.25%, 1/01/25   100,000 113,249
5.37%, 1/01/43   100,000 110,916
New Jersey State EDA Revenue Bonds, Provident Group Rowan Properties LLC, 5.00%, 1/01/48   125,000 129,391
New Jersey State EDA Revenue Refunding Bonds, Series A, United Methodist Homes, 5.00%, 7/01/29   100,000 108,677
New Jersey State EDA Revenue Refunding Bonds, Series XX, 5.00%, 6/15/23   170,000 188,222
New Jersey State EDA Special Facility Revenue Refunding Bonds (AMT), Port Newark Container, 5.00%, 10/01/47   300,000 344,178
New Jersey State EDA Water Facilities Revenue Refunding Bonds (AMT), New Jersey American Water Co., Inc. Project, 2.20%, 12/03/29(a)(b)(c)   775,000 837,853
New Jersey State Health Care Facilities Financing Authority Revenue Bonds, Valley Health System Obligated Group Series,      
5.00%, 7/01/32   500,000 651,505
5.00%, 7/01/33   1,000,000 1,296,980
 
See Notes to Schedules of Investments.
92

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
New Jersey (Continued)
New Jersey State Health Care Facilities Financing Authority Revenue Refunding Bonds, RWJ Barnajas Health Obligated Group, 5.00%, 7/01/26(a)(b)(c)   $400,000 $492,460
New Jersey State Transportation Trust Fund Authority Revenue Bonds, Series AA, 5.00%, 6/15/40   500,000 636,230
New Jersey State Transportation Trust Fund Authority Revenue Bonds, Transportation Program, 5.25%, 6/15/43   625,000 770,356
New Jersey State Transportation Trust Fund Authority Transportation System Revenue Bonds, Series A, 5.25%, 12/15/22   1,000,000 1,089,840
New Jersey State Transportation Trust Fund Authority Transportation System Revenue Refunding Bonds, 5.00%, 12/15/25   100,000 120,672
New Jersey State Turnpike Authority Revenue Bonds, Series A,      
5.00%, 1/01/27   305,000 382,397
5.00%, 1/01/33   230,000 262,175
New Jersey State Turnpike Authority Turnpike Revenue Refunding Bonds, Series E, 5.00%, 1/01/31   255,000 322,748
New Jersey Turnpike Revenue Bonds, Series A, 1/01/42(f)   240,000 288,504
Newark Housing Authority Port Newark Marine Terminal Rental Revenue Refunding Bonds, Additional Newark Redevelopment Project (NATL Insured), 5.25%, 1/01/24   500,000 549,960
Union County Utilities Authority Resource Recovery Facility Lease Revenue Refunding Bonds (AMT), Series A, Covanta Union, Inc. (County Gtd), 5.25%, 12/01/31   1,500,000 1,556,025
      13,489,755
    Par Value
New Mexico – 0.3%
Farmington PCR Refunding Bonds, Public Service Company of New Mexico San Juan Project, 1.15%, 6/01/24(a)(b)(c)   $250,000 $256,118
New Mexico State Hospital Equipment Loan Council Variable Revenue Bonds, Series B, 5.00%, 8/01/25(a)(b)(c)   500,000 599,600
New Mexico State Municipal Energy Acquisition Authority Gas Supply Revenue Refunding Bonds, Series A, 5.00%, 5/01/25(a)(b)(c)   275,000 326,243
      1,181,961
New York – 8.1%
Build Resource Corp., Revenue Bonds, Friends of Hellenic Classical Charter Schools, Inc., 4.00%, 12/01/31(d)   500,000 540,065
Hempstead Town Local Develop Corp., Education Revenue Refunding Bonds, Academy Charter School Project, 5.66%, 2/01/44   250,000 278,503
Hudson Yards Infrastructure Corp., Senior Revenue Bonds Fiscal 2012, 5.75%, 2/15/47   300,000 301,293
Long Beach GO Limited Bonds, Series A, 5.00%, 9/01/28   665,000 820,876
Metropolitan Transportation Authority Revenue BANS, Series A-1, 5.00%, 2/01/23   750,000 809,017
Metropolitan Transportation Authority Revenue BANS, Series A-2S, 4.00%, 2/01/22   750,000 772,117
Metropolitan Transportation Authority Revenue Bonds, Series A-1-Group 1, Green Bond, 5.00%, 11/15/49   500,000 615,890
Metropolitan Transportation Authority Transportation Revenue Bonds, Series E, 4.00%, 11/15/23   535,000 574,221
 
See Notes to Schedules of Investments.
93

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
New York (Continued)
Metropolitan Transportation Authority Transportation Revenue Refunding Bonds, Series B, Green Bonds, Climate, 4.00%, 11/15/22   $730,000 $764,704
Metropolitan Transportation Authority, New York Transportation Variable Rate Revenue Refunding Bonds, Subseries G-3, (SIFMA Municipal Swap Index Yield + 0.43%), 0.47%, 2/01/25(a)(c)   1,000,000 955,030
Monroe County Industrial Development Agency School Facility Revenue Bonds, Rochester Schools Modernization Project (State Aid Withholding), 5.00%, 5/01/35   800,000 1,059,648
Monroe County Industrial Development Corp., Revenue Bonds, University of Rochester Project, 4.00%, 7/01/50   1,000,000 1,179,790
New York City Housing Development Corp., MFH Revenue Bonds, Series C-2-A, 2.35%, 7/01/22   500,000 500,775
New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds, 4.00%, 11/01/40   400,000 469,676
New York City Transitional Finance Authority Future Tax Subordinate Revenue Bonds, 4.00%, 5/01/36   1,000,000 1,223,440
New York GO Unlimited Bonds, Series 1, 4.00%, 8/01/27   625,000 758,969
New York GO Unlimited Bonds, Series D, Subseries D1, 5.00%, 12/01/42   250,000 313,292
New York State Convention Center Development Corp., Revenue Refunding Bonds, Hotel Unit Fee Secured, 5.00%, 11/15/40   600,000 685,986
New York State Dormitory Authority Non State Supported Debt Revenue Bonds, Fordham University, 4.00%, 7/01/50   600,000 685,776
    Par Value
New York (Continued)
New York State Dormitory Authority Non State Supported Debt Revenue Refunding Bonds, Catholic Health System Obligated, 5.00%, 7/01/36   $400,000 $490,692
New York State Dormitory Authority Non State Supported Debt Revenue Refunding Bonds, Series A, Barnard College, 4.00%, 7/01/49   300,000 342,357
New York State Dormitory Authority Revenues Non State Supported Debt Revenue Bonds, Master Boces Program (State Aid Withholding), 5.00%, 8/15/26   455,000 560,269
New York State Dormitory Authority Revenues Non State Supported Debt Revenue Bonds, Northwell Health Obligated Group, 5.00%, 5/01/24(a)(b)(c)   1,250,000 1,408,950
New York State Dormitory Authority Revenues Non State Supported Debt Revenue Refunding Bonds, Memorial Sloan Kettering Cancer Center, 5.00%, 7/01/42   200,000 247,234
New York State Dormitory Authority Revenues Non State Supported Debt Revenue Refunding Bonds, Series A, Montefiore Obligated Group, 4.00%, 9/01/50   1,000,000 1,147,610
New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series D, 4.00%, 2/15/39   500,000 597,225
New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series E, Unrefunded Balance, 5.00%, 2/15/44   425,000 493,812
New York State Housing Finance Agency Affordable Housing Sustainability Revenue Bonds, Series L-2 (SonyMA Insured), 0.75%, 11/01/25   500,000 501,520
 
See Notes to Schedules of Investments.
94

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
New York (Continued)
New York State Liberty Development Corp., Revenue Refunding Bonds, Class 2, 3 World Trade Center Project,      
5.15%, 11/15/34(d)   $500,000 $554,245
5.37%, 11/15/40(d)   150,000 166,110
New York State Mortgage Agency Homeowner Mortgage Revenue Refunding Bonds, Series 214 (AMT),      
2.85%, 4/01/22   360,000 369,580
2.90%, 10/01/22   140,000 145,295
New York State Transportation Development Corp., Special Facility Revenue Refunding Bonds (AMT), John F. Kennedy International Airport Project, 5.38%, 8/01/36   250,000 290,940
New York State Transportation Development Corp., Special Facility Revenue Refunding Bonds (AMT), Terminal 4 John F. Kennedy International Airport Project, 5.00%, 12/01/33   250,000 324,152
New York State Transportation Development Corporation Special Facilities Revenue Bonds (AMT), Delta Air Lines, Inc., Laguardia Airport Terminal C&D Redevelopment Project, 5.00%, 10/01/35   500,000 626,730
New York State Urban Development Corp., Revenue Refunding Bonds, Group 2, Series E, 4.00%, 3/15/37   500,000 601,750
New York State Urban Development Corp., State Personal Income Tax Revenue Refunding Bonds, 4.00%, 3/15/45   500,000 592,620
Niagara Frontier Transportation Authority Revenue Refunding Bonds (AMT), Buffalo Niagara International Airport, 5.00%, 4/01/26   250,000 298,058
    Par Value
New York (Continued)
Onondaga County Trust Cultural Resource Revenue Refunding Bonds, Syracuse University Project, 4.00%, 12/01/47   $500,000 $589,025
Port Authority of New York & New Jersey Consolidated 211th Revenue Refunding Bonds, 5.00%, 9/01/48   830,000 1,030,644
Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 218 (AMT), 5.00%, 11/01/31   1,065,000 1,392,349
Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 221 (AMT), 4.00%, 7/15/40   500,000 593,115
Sales Tax Asset Receivable Corp., Revenue Refunding Bonds, Series A, Fiscal 2015, 5.00%, 10/15/30   245,000 286,630
Suffolk County GO Limited Refunding Bonds, Series D (BAM Insured), 5.00%, 10/15/24   390,000 454,701
Triborough Bridge & Tunnel Authority General Revenue Bonds, Series A, MTA Bridges and Tunnels, 4.00%, 11/15/54   1,500,000 1,764,900
Yonkers Economic Development Corp., Educational Revenue Bonds, Charter School Educational Excellence Project, 5.00%, 10/15/49   100,000 112,845
      29,292,426
North Carolina – 1.0%
North Carolina State Medical Care Commission Health Care Facilities Revenue Refunding Bonds, Vidant Health, 5.00%, 6/01/45   500,000 575,135
North Carolina State Medical Care Commission Retirement Facilities Revenue Refunding Bonds, First Mortgage, 4.00%, 1/01/25   250,000 260,290
 
See Notes to Schedules of Investments.
95

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
North Carolina (Continued)
North Carolina State Medical Care Commission Retirement Facilities Revenue Refunding Bonds, First Mortgage, United Church Services, 5.00%, 9/01/37   $155,000 $160,327
North Carolina State Medical Care Commission Retirement Facilities Revenue Refunding Bonds, Series A, Sharon Towers, 5.00%, 7/01/49   100,000 110,085
North Carolina State Turnpike Authority Senior Lien Revenue Bonds, Triangle Expressway, 4.00%, 1/01/55   400,000 452,976
North Carolina State Turnpike Authority Senior Lien Revenue Bonds, Triangle Expressway (AGM Insured), 5.00%, 1/01/49   500,000 621,595
North Carolina State Turnpike Authority Senior Lien Revenue Refunding Bonds, 5.00%, 1/01/40   550,000 676,302
North Carolina Turnpike Authority Triangle Expressway System Revenue BANS, 5.00%, 2/01/24   200,000 227,376
Raleigh Durham Airport Authority Revenue Refunding Bonds, Series A (AMT), 5.00%, 5/01/36   500,000 645,360
      3,729,446
North Dakota – 0.4%
University of North Dakota COPS, Infrastructure Energy Improvement, 5.00%, 4/01/48   500,000 595,475
Watford City North Dakota State Aid Certificates Indebtedness Revenue Refunding Bonds (AGM Insured), 3.00%, 12/01/23   800,000 845,984
      1,441,459
    Par Value
Ohio – 2.6%
Akron Bath Copley Joint Township Hospital District Revenue Refunding Bonds, Summa Health Obligated Group Hospital,      
5.00%, 11/15/26   $350,000 $430,769
5.00%, 11/15/27   370,000 465,197
Allen County Ohio Hospital Facilities Revenue Refunding Bonds, Bon Secours Mercy Health, Inc., 5.00%, 12/01/28   400,000 529,860
American Municipal Power-Ohio, Inc., Variable Revenue Refunding Bonds, Series A, 2.30%, 2/15/22(a)(b)(c)   1,250,000 1,260,000
Buckeye Tobacco Settlement Financing Authority Revenue Refunding Bonds, Senior-Class 2, Series B-2, 5.00%, 6/01/55   850,000 990,437
Cleveland-Cuyahoga County Port Authority Cultural Facilities Revenue Refunding Bonds, Playhouse Square Foundation Project, 5.50%, 12/01/43   175,000 191,994
Cleveland-Cuyahoga County Port Authority Euclid Avenue Development Corp., Revenue Refunding Bonds, 5.00%, 8/01/23   370,000 405,069
Conotton Valley Union Local School District COPS, School Facilities Project (FHLMC Insured), 4.00%, 12/01/42   500,000 552,285
Franklin County Convention Facilities Authority Hotel Project Revenue Bonds, Greater Columbus Convention Center,      
5.00%, 12/01/34   170,000 180,290
5.00%, 12/01/35   525,000 557,476
5.00%, 12/01/36   305,000 323,959
Franklin County Revenue Bonds, Series A, 5.00%, 12/01/36   300,000 391,986
Marion County Health Care Facilities Revenue Refunding Bonds, United Church Homes, Inc., 5.12%, 12/01/49   100,000 107,902
 
See Notes to Schedules of Investments.
96

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
Ohio (Continued)
Miami Valley Career Technology Center GO Unlimited Bonds, 4.00%, 12/01/37   $250,000 $294,195
Middleburg Heights Hospital Revenue Refunding Bonds, Southwest General Health Center, 8/01/41(f)   500,000 563,160
Ohio State Air Quality Development Authority Revenue Refunding Bonds (AMT), American Electric Power Company Project, 2.10%, 10/01/24(a)(b)(c)   500,000 525,740
Ohio State Air Quality Development Authority Revenue Refunding Bonds, Ohio Valley Electric Corp., 3.25%, 9/01/29   50,000 54,825
Ohio State Higher Educational Facilities Commission Revenue Refunding Bonds, Xavier University 2020 Project, 5.00%, 5/01/35   880,000 1,139,811
Ohio State Hospital Revenue Refunding Bonds, Premier Health Partners Obligated Group, 5.00%, 11/15/26   145,000 174,109
Ohio State Hospital Revenue Refunding Bonds, Series A, 4.00%, 1/15/50   325,000 379,896
      9,518,960
Oklahoma – 1.5%
Bryan County School Finance Authority Educational Facilities Lease Revenue Refunding Bonds, Durant Public Schools Project, 4.00%, 12/01/23   620,000 682,626
Carter County Public Facilities Authority Educational Facilities Lease Revenue Bonds, 5.00%, 9/01/27   500,000 598,275
Kingfisher Special Projects Authority Educational Facilities Lease Revenue Bonds, Kingfisher Public Schools Project, 4.00%, 3/01/24   600,000 665,208
    Par Value
Oklahoma (Continued)
Muskogee Industrial Trust Educational Lease Revenue Bonds, Muskogee Public Schools Project, 5.00%, 9/01/23   $900,000 $989,748
Oklahoma County Finance Authority Revenue Refunding Bonds, Series A, Epworth Villa Project, 5.88%, 4/01/30   50,000 50,014
Oklahoma State Development Finance Authority Revenue Refunding Bonds, Oklahoma City University Project, 5.00%, 8/01/24   590,000 659,083
Tulsa County Industrial Authority Educational Facilities Lease Revenue Bonds, Berryhill Public Schools Project, 4.00%, 9/01/26   500,000 577,875
Wagoner County School Development Authority Educational Facilities Lease Revenue Bonds, Wagoner Public Schools Project, 4.00%, 9/01/23   1,060,000 1,146,136
      5,368,965
Oregon – 1.2%
Medford Hospital Facilities Authority Revenue Refunding Bonds, Series A, Asante Projects, 5.00%, 8/15/45   500,000 644,415
Multnomah County Hospital Facilities Authority Revenue Refunding Bonds, Adventist Health System, 5.00%, 3/01/25(a)(b)(c)   500,000 575,500
Multnomah County School District No. 1J Portland GO Unlimited Bonds (School Board Guaranty Program), 5.00%, 6/15/24   250,000 290,245
Oregon State Facilities Authority Revenue Refunding Bonds, Series A, Legacy Health Project, 5.00%, 6/01/46   1,000,000 1,159,070
 
See Notes to Schedules of Investments.
97

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
Oregon (Continued)
Port of Portland Airport Revenue Refunding Bonds, Portland International Airport, 5.00%, 7/01/40   $615,000 $801,265
Port of Portland Airport Revenue Refunding Bonds, Portland International Airport (AMT), 5.00%, 7/01/25   750,000 895,095
      4,365,590
Pennsylvania – 4.5%
Allegheny County Sanitary Authority Revenue Bonds, Series B, 4.00%, 6/01/25   100,000 115,653
Berks County Municipal Authority Revenue Refunding Bonds, Series B, Tower Health Project,      
5.00%, 2/01/25(a)(b)(c)   500,000 559,650
5.00%, 2/01/27(a)(b)(c)   500,000 580,165
Commonwealth Financing Authority Taxable Revenue Refunding Bonds, Series B-1, 5.00%, 6/01/26   300,000 355,998
Cumberland County Municipal Authority Revenue Bonds, AICUP Financing Program-Messiah College Project, 3.75%, 4/30/22(a)(b)(c)   500,000 503,265
Delaware Valley Regional Financial Authority Revenue Bonds, Series A (AMBAC Insured), 5.50%, 8/01/28   225,000 297,889
Doylestown Hospital Authority Revenue Bonds, Series A, Doylestown Hospital, 5.00%, 7/01/49   165,000 189,296
Lancaster County GO Unlimited Refunding Bonds, Series A, 4.00%, 11/01/25   275,000 319,019
Laurel Highlands School District GO Limited Refunding Bonds (BAM State Aid Withholding), 4.00%, 2/01/26   350,000 398,220
    Par Value
Pennsylvania (Continued)
Lehigh County General Purpose Authority Revenue Refunding Bonds, Muhlenberg College Project, (SIFMA Municipal Swap Index Yield + 0.58%), 0.62%, 11/01/24(a)(c)   $460,000 $458,979
Lehigh County IDA Revenue Refunding Bonds, PPL Electric Utilities Corp., Project, 1.80%, 8/15/22(a)(b)(c)   330,000 337,171
Luzerne County IDA Revenue Refunding Bonds (AMT), Pennsylvania-American Water Co., Project, 2.45%, 12/03/29(a)(b)(c)   750,000 828,172
Montgomery County IDA Revenue Bonds, Acts Retirement-Life Communities, 5.00%, 11/15/45   1,500,000 1,809,600
Pennsylvania State Economic Development Financing Authority UPMC Revenue Bonds, Series A-1,      
5.00%, 4/15/24   1,200,000 1,379,724
5.00%, 4/15/25   200,000 238,482
4.00%, 4/15/45   500,000 577,875
Pennsylvania State Higher Educational Facilities Authority Revenue Refunding Bonds, Thomas Jefferson University, 5.00%, 9/01/39   500,000 568,235
Pennsylvania State Housing Finance Agency SFM Revenue Refunding Bonds (AMT), Series 125A, 2.37%, 10/01/25   1,085,000 1,126,230
Pennsylvania State Housing Finance Agency Special Limited Obligation MFH Revenue Bonds, Norris Homes Phase V, 1.40%, 1/01/23(a)(b)(c)   1,000,000 1,017,960
Pennsylvania State Turnpike Commission Turnpike Variable Revenue Refunding Bonds, Series B, (SIFMA Municipal Swap Index Yield + 0.70%), 0.74%, 12/01/23(c)   500,000 502,405
 
See Notes to Schedules of Investments.
98

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
Pennsylvania (Continued)
Philadelphia Airport Revenue Refunding Bonds, Series A (AMT), 5.00%, 6/15/26   $485,000 $492,949
Philadelphia Airport Revenue Refunding Bonds, Series B (AMT),      
5.00%, 7/01/30   510,000 628,896
5.00%, 7/01/33   400,000 487,828
5.00%, 7/01/35   155,000 188,198
Philadelphia Authority for Industrial Development Temple University Revenue Refunding Bonds, Series 1-2015, 5.00%, 4/01/33   400,000 460,236
Philadelphia Authority for Industrial Development University Revenue Refunding Bonds, Saint Joseph's University, 4.00%, 11/01/45   500,000 574,230
Philadelphia School District GO Limited Bonds, Series A (State Aid Withholding), 4.00%, 9/01/35   300,000 352,152
Philadelphia School District GO Limited Refunding Bonds, Series C (State Aid Withholding), 5.00%, 9/01/33   500,000 641,970
Wilkes-Barre Area School District GO Limited Bonds (BAM State Aid Withholding), 5.00%, 4/15/23   200,000 219,236
      16,209,683
Puerto Rico – 0.7%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Senior Lien Revenue Bonds, Series A, 5.25%, 7/01/42   815,000 856,769
Puerto Rico Commonwealth Aqueduct & Sewer Authority Senior Lien Revenue Refunding Bonds, Series A, 5.00%, 7/01/30(d)   250,000 306,320
Puerto Rico Commonwealth Public Improvement GO Unlimited Refunding Bonds, Series A, 5.00%, 7/01/41(h)   225,000 167,625
    Par Value
Puerto Rico (Continued)
Puerto Rico Electric Power Authority Power Revenue Bonds, Series TT-RSA-1,      
5.00%, 7/01/32(h)   $65,000 $55,413
5.00%, 7/01/37(h)   240,000 204,600
Puerto Rico Electric Power Authority Power Revenue Refunding Bonds, Series ZZ-RSA-1, 5.25%, 7/01/23(h)   175,000 149,406
Puerto Rico Sales Tax Financing Corp., Restructured TRB, Series A-1, 4.75%, 7/01/53   258,000 288,730
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue CABS, Series A-1,      
0.00%, 7/01/27(g)   225,000 202,491
0.00%, 7/01/31(g)   500,000 393,840
      2,625,194
Rhode Island – 0.2%
Rhode Island Commerce Corp., First Lien Special Facility Revenue Refunding Bonds, Rhode Island Airport Corp., International, 5.00%, 7/01/31   500,000 607,345
South Carolina – 0.5%
Connector 2000 Association, Inc. Toll Road Revenue CABS, Senior Series A-1, 0.00%, 1/01/32(g)   400,000 191,788
South Carolina State Jobs EDA Hospital Revenue Refunding Bonds, Prisma Health Obligated Group, 5.00%, 5/01/38   400,000 490,424
South Carolina State Jobs EDA Hospital Variable Revenue Bonds, Bon Secours Mercy Health, 5.00%, 10/01/25(a)(b)(c)   850,000 1,014,645
      1,696,857
 
See Notes to Schedules of Investments.
99

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
South Dakota – 0.3%
South Dakota State Board of Regents Housing & Auxiliary Facilities System Revenue Refunding Bonds,      
4.00%, 4/01/26   $375,000 $439,849
4.00%, 4/01/27   425,000 509,150
      948,999
Tennessee – 0.8%
Greeneville Health & Educational Facilities Board Revenue Refunding Bonds, Ballad Health Obligation Group, 5.00%, 7/01/31   140,000 152,922
Metropolitan Government Nashville & Davidson County Health & Educational Facility Board Revenue Bonds, Vanderbilt University Medical Center, 5.00%, 7/01/46   500,000 582,645
Metropolitan Government Nashville & Davidson County Health & Educational Facility Board Revenue Refunding Bonds, Trevecca Nazarene University, 3.00%, 10/01/24   420,000 430,294
Metropolitan Government of Nashville & Davidson County Health & Education Facilities Board Revenue Bonds, Vanderbilt Medical Center, 5.00%, 7/01/40   400,000 471,104
Metropolitan Nashville Airport Authority Subordinate Revenue Bonds, Series B (AMT), 5.00%, 7/01/39   1,000,000 1,283,730
      2,920,695
Texas – 7.2%
Austin Airport System Revenue Bonds, Series A, 5.00%, 11/15/46   1,380,000 1,637,467
Austin Airport System Revenue Bonds, Series B (AMT), 5.00%, 11/15/32   100,000 128,324
Austin Convention Enterprises, Inc., Convention Center Revenue Refunding Bonds, First Tier, 5.00%, 1/01/32   400,000 435,896
    Par Value
Texas (Continued)
Board of Managers Joint Guadalupe County-City of Seguin Hospital Mortgage Revenue Refunding Bonds, 5.00%, 12/01/40   $200,000 $213,420
Central Regional Mobility Authority Senior Lien Revenue Refunding Bonds, Series A, Prerefunded, 5.00%, 1/01/23(e)   635,000 693,579
Central Texas Regional Mobility Authority Senior Lien Revenue Refunding Bonds, Series A, 5.00%, 1/01/49   500,000 625,300
Dallas Independent School District GO Unlimited Bonds, 2020-Multi-Modal (PSF, Gtd), Unrefunded Balance, 5.00%, 2/15/22(a)(b)(c)   195,000 204,557
Dallas Texas Housing Finance Corp., Estates at Shiloh Revenue Bonds, 1.51%, 7/01/23(a)(b)(c)   500,000 511,285
Dallas-Fort Worth International Airport Improvement Revenue Bonds, Series B, 5.00%, 11/01/44   350,000 375,238
Dallas-Fort Worth International Airport Joint Improvement Revenue Bonds, Series C, 5.00%, 11/01/34   445,000 496,130
Dallas-Fort Worth International Airport Joint Revenue Refunding Bonds, Series A (AMT), 5.25%, 11/01/30   1,100,000 1,232,253
El Paso Texas Airport Revenue Bonds (AMT), 5.00%, 8/15/27   375,000 466,391
Grand Parkway Transportation Corp., System Toll Revenue Refunding Bonds, Grand Parkway System - First, 4.00%, 10/01/45   1,265,000 1,505,186
Harris County Cultural Education Facilities Finance Corp., Variable Revenue Bonds, Memorial Hermann Health System,      
5.00%, 12/01/22(a)(b)(c)   100,000 108,065
5.00%, 12/01/24(a)(b)(c)   1,000,000 1,173,210
 
See Notes to Schedules of Investments.
100

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
Texas (Continued)
Harris County Cultural Educational Facilities Finance Corp., Revenue Refunding Bonds, Hospital Memorial Hermann Health, Prerefunded, 5.00%, 12/01/22(e)   $300,000 $326,241
Harris County Cultural Educational Facilities Finance Corp., Revenue Refunding Bonds, Texas Children's Hospital, 4.00%, 10/01/38   350,000 420,231
Houston Airport System Revenue Refunding Bonds (AMT), United Airlines, Inc., Improvement Projects, 5.00%, 7/15/27   175,000 202,272
Houston Airport System Revenue Refunding Bonds (AMT), United Airlines, Inc., Terminal, 5.00%, 7/01/27   125,000 144,406
Houston Airport System Revenue Refunding Bonds, Subseries D, 5.00%, 7/01/22   555,000 591,691
Houston Airport System Subordinate Revenue Refunding Bonds, Series B, 5.00%, 7/01/26   500,000 619,310
Houston Hotel Occupancy Tax & Special Revenue Refunding Bonds, Convention & Entertainment, 5.00%, 9/01/36   510,000 598,322
Lower Colorado River Authority Transmission Contract Revenue Refunding Bonds, LCRA Transmission Services Corp. Project, 5.00%, 5/15/35   250,000 326,072
Montgomery County Toll Road Authority Senior Lien Revenue Bonds, 5.00%, 9/15/37   500,000 569,615
New Hope Cultural Educational Facilities Finance Corp., Retirement Facilities Revenue Refunding Bonds, Presbyterian Village North Project, 5.25%, 10/01/49   100,000 105,473
    Par Value
Texas (Continued)
New Hope Cultural Educational Facilities Finance Corp., Retirement Facilities Revenue Refunding Bonds, Westminster Manor Project, 5.00%, 11/01/31   $250,000 $284,515
North Texas Tollway Authority Revenue Refunding Bonds, Series A, 5.00%, 1/01/26   70,000 79,386
Northside Texas Independent School District GO Unlimited Refunding Bonds (PSF, Gtd), 1.60%, 8/01/24(a)(b)(c)   350,000 363,237
Northside Texas Independent School District Variable GO Unlimited Bonds (PSF, Gtd), 2.75%, 8/01/23(a)(b)(c)   1,000,000 1,057,580
Port Beaumont Navigation District Dock & Wharf Facility Revenue Refunding Bonds (AMT), Jefferson Gulf Coast Energy Project, 4.00%, 1/01/50(d)   375,000 389,749
San Antonio Airport System Subordinate Lien Revenue Refunding Bonds, Series A (AMT), 5.00%, 7/01/30   250,000 323,238
San Antonio Water Junior Lien Variable Revenue Bonds, Series A, 2.63%, 5/01/24(a)(b)(c)   1,125,000 1,209,105
Tarrant County Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds, Cook Children's Medical Center, 4.00%, 12/01/45   1,030,000 1,212,166
Tarrant County Cultural Educational Facilities Finance Corp., Revenue Refunding Bonds, Texas Health Resources System Obligation,      
5.00%, 2/15/34   400,000 485,984
5.00%, 2/15/47   700,000 834,057
Texas City Industrial Development Corp., Revenue Bonds, Series 2012, NRG Energy Project, 4.12%, 12/01/45   545,000 600,138
 
See Notes to Schedules of Investments.
101

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
Texas (Continued)
Texas State PFA Lease Revenue Refunding Bonds, 4.00%, 2/01/36   $250,000 $303,808
Texas State Private Activity Bond Surface Transportation Corp., Revenue Bonds (AMT), Segment 3C Project, 5.00%, 6/30/58   1,000,000 1,216,450
Texas State Private Activity Bond Surface Transportation Corp., Senior Lien Revenue Bonds (AMT), Blueridge Transportation,      
5.00%, 12/31/45   500,000 569,500
5.00%, 12/31/55   200,000 226,596
Texas State Private Activity Bond Surface Transportation Corp., Senior Lien Revenue Refunding Bonds, North Tarrant Express, 4.00%, 12/31/38   750,000 876,015
Texas State Transportation Commission Central Turnpike System Revenue Refunding Bonds, Series A, 5.00%, 8/15/39   750,000 979,687
Texas State Transportation Commission Central Turnpike System Subordinate Revenue Refunding Bonds, Series C, 5.00%, 8/15/42   100,000 112,443
Texas State Transportation Commission First Tier Toll Revenue Bonds, State Highway, 5.00%, 8/01/57   100,000 117,343
Texas State Transportation Commission First Tier Toll Revenue CABS, 0.00%, 8/01/29(g)   480,000 399,902
Texas State Water Development Board Revenue Bonds, State Water Implementation Fund, 4.00%, 10/15/38   510,000 628,580
      25,979,413
Utah – 0.3%
Salt Lake City Airport Revenue Bonds, Series A (AMT), 5.00%, 7/01/47   805,000 963,279
    Par Value
Virginia – 3.6%
Botetourt County Residential Care Facility Revenue Refunding Bonds, Series A, Glebe, Inc., 4.75%, 7/01/23   $175,000 $183,937
Chesapeake Bay Bridge & Tunnel District Revenue Bonds, First Tier General Resolution (AGM Insured), 5.00%, 7/01/41   1,000,000 1,194,320
Chesapeake Bay Bridge & Tunnel District Revenue First Tier General Resolution Revenue BANS, 5.00%, 11/01/23   300,000 335,253
Chesapeake Bay Bridge & Tunnel District Revenue First Tier General Resolution Revenue Bonds, 5.00%, 7/01/51   750,000 859,927
Chesapeake Hospital Authority Hospital Facilities Revenue Refunding Bonds, Chesapeake Regional Medical Center, 5.00%, 7/01/31   500,000 646,365
Chesapeake Transportation System Senior Toll Road Revenue Bonds, Series A, 5.00%, 7/15/47   500,000 526,935
Fairfax County EDA Residential Care Facilities Revenue Bonds, Series A, Vinson Hall LLC, 5.00%, 12/01/42   180,000 193,752
Fairfax County EDA Residential Care Facilities Revenue Refunding Bonds, Series A, Goodwin House, Inc., 5.00%, 10/01/36   150,000 168,323
Fairfax County EDA Revenue Refunding Bonds, Wiehle Avenue Metrorail Station, 5.00%, 8/01/33   1,000,000 1,354,880
Fairfax County IDA Health Care Revenue Bonds, Inova Health System, 4.00%, 5/15/42   250,000 260,468
Fairfax County IDA Health Care Revenue Refunding Bonds, Inova Health System, 5.00%, 5/15/23(a)(b)(c)   500,000 554,415
 
See Notes to Schedules of Investments.
102

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
Virginia (Continued)
Fairfax County Water Authority Revenue Refunding Bonds, 5.00%, 4/01/45   $500,000 $616,695
Hampton Roads Transportation Accountability Commission Revenue BANS, Series A, 5.00%, 7/01/22   750,000 800,467
Hampton Roads Transportation Accountability Commission Senior Lien Revenue Bonds, Series A, 5.50%, 7/01/57   300,000 377,505
James City County EDA Residential Care Facilities Variable Revenue Bonds, United Methodist Home, 6.00%, 6/01/43   103,778 108,370
Newport News Economic Development Authority Residential Care Facilities Revenue Refunding Bonds, Lifespire of Virginia, 5.00%, 12/01/38   500,000 562,100
Spotsylvania County EDA Housing Revenue Bonds, Palmers Creek Apartments Project (FHA 221(D4) GNMA Insured), 1.45%, 2/01/22(a)(b)(c)   500,000 505,520
Virginia Small Business Financing Authority Private Activity Revenue Bonds (AMT), Transform 66 P3 Project, 5.00%, 12/31/56   50,000 58,720
Virginia State Small Business Financing Authority Revenue Bonds (AMT), 95 Express Lanes LLC Project, 5.00%, 7/01/49   645,000 668,768
Virginia State Small Business Financing Authority Senior Lien Revenue Bonds (AMT), 95 Express Lane, 5.00%, 7/01/34   800,000 830,232
Virginia State Small Business Financing Authority Senior Lien Revenue Bonds (AMT), Elizabeth River Crossings OpCo, LLC Project,      
4.50%, 1/01/23   135,000 142,066
    Par Value
Virginia (Continued)
Virginia State Small Business Financing Authority Senior Lien Revenue Bonds (AMT), Elizabeth River Crossings OpCo, LLC Project,      
5.00%, 1/01/27   $250,000 $263,472
Virginia State Small Business Financing Authority Senior Lien Revenue Bonds (AMT), Express Lanes LLC, 5.00%, 7/01/34   225,000 233,503
Westmoreland County IDA Lease Revenue BANS, Westmoreland County High School, 2.00%, 6/01/22   500,000 507,425
York County EDA PCR Bonds, Series A, Electric & Power, 1.90%, 6/01/23(a)(b)(c)   1,000,000 1,035,260
      12,988,678
Washington – 3.6%
Central Puget Sound Regional Transit Authority Sales & Use Tax Improvement Revenue Refunding Bonds, Series S-1, Green Bond, 5.00%, 11/01/31   1,000,000 1,205,270
Energy Electric Revenue Refunding Bonds, Columbia Generating Station, 5.00%, 7/01/36   1,200,000 1,618,452
King County Public Hospital District No. 1 GO Limited Tax Refunding Bonds, Valley Medical Center, 5.00%, 12/01/26   550,000 677,699
King County School District No. 210 Federal Way GO Unlimited Bonds (School Board Guaranty Program), 4.00%, 12/01/33   500,000 597,370
King County Sewer Revenue Refunding Bonds, 5.00%, 7/01/42   250,000 308,172
Port of Seattle Airport Intermediate Lien Revenue Bonds (AMT),      
5.00%, 4/01/32   490,000 617,709
5.00%, 4/01/44   500,000 609,210
Seattle Municipal Light & Power Revenue Refunding Bonds, 4.00%, 9/01/40   500,000 554,700
 
See Notes to Schedules of Investments.
103

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
Washington (Continued)
Seattle Municipal Light & Power Variable Revenue Refunding Bonds, (SIFMA Municipal Swap Index Yield + 0.35%), 0.39%, 11/01/22(c)   $900,000 $900,918
Washington State GO Unlimited Bonds, Series A-1, 5.00%, 8/01/40   1,000,000 1,185,200
Washington State GO Unlimited Bonds, Series C,      
5.00%, 2/01/26   350,000 432,418
5.00%, 2/01/40   2,000,000 2,632,900
Washington State Health Care Facilities Authority Revenue Bonds, Series A, Providence Health & Services, 4.00%, 10/01/34   500,000 520,645
Washington State Health Care Facilities Authority Revenue Refunding Bonds, Series B, Commonspirit Health, 5.00%, 8/01/26(a)(b)(c)   615,000 742,379
Washington State Higher Educational Facilities Authority Revenue Bonds, Seattle University Project,      
5.00%, 5/01/22   215,000 226,429
4.00%, 5/01/50   250,000 286,528
      13,115,999
West Virginia – 0.1%
Princeton Hospital Revenue Refunding Bonds, Princeton Community Hospital Project, 5.00%, 5/01/22   500,000 525,940
Wisconsin – 2.4%
Barneveld School District Revenue BANS, 4.00%, 3/01/24   500,000 501,345
Milwaukee Corp., Purpose GO Unlimited Bonds, Series B3, 4.00%, 4/01/26   1,000,000 1,106,580
PFA Education Revenue Bonds, North Carolina Leadership Academy, 5.00%, 6/15/49(d)   100,000 105,775
    Par Value
Wisconsin (Continued)
PFA Educational Revenue Bonds, Piedmont Community Charter School,      
5.00%, 6/15/39   $490,000 $586,025
5.00%, 6/15/49   150,000 175,991
PFA Exempt Facilities Revenue Refunding Bonds (AMT), National Gypsum Co., 4.00%, 8/01/35   370,000 373,456
PFA Hospital Revenue Refunding Bonds, Series A, WakeMed Hospital, 4.00%, 10/01/49   500,000 558,955
PFA Revenue Bonds, Roseman University of Health System, 5.00%, 4/01/50(d)   250,000 285,060
Wisconsin State COPS, 5.00%, 3/01/23   500,000 501,960
Wisconsin State Health & Educational Facilities Authority Revenue Bonds, Series B, Marshfield Clinic, 5.00%, 2/15/24   1,250,000 1,304,025
Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Beloit Health System, Inc., 5.00%, 7/01/23   645,000 714,763
Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Benevolent Corp., Cedar Community, 5.00%, 6/01/41   250,000 268,130
Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Series B1, Ascension Health Credit Group, 5.00%, 11/15/39   350,000 422,065
 
See Notes to Schedules of Investments.
104

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Par Value
Wisconsin (Continued)
Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Series B5, 5.00%, 12/03/24(a)(b)(c)   $1,000,000 $1,174,140
Wisconsin State Transportation Revenue Refunding Bonds, Series 1, Prerefunded, 4.50%, 7/01/22(e)   400,000 424,800
      8,503,070
Total Municipal Bonds
(Cost $303,205,895)
316,241,468
    
    Number
of Shares
 
Investment Companies – 0.3%
iShares National Muni Bond ETF   8,220 966,672
Total Investment Companies
(Cost $933,497)
966,672
Short-Term Investments – 12.0%
Money Market Fund – 2.0%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.01%(i)   7,268,924 7,268,924
Municipal Bonds – 10.0%
Metropolitan Transportation Authority Revenue BANS, Series B-2A, 5.00%, 5/15/21   875,000 885,062
Central Regional Mobility Authority Senior Lien Revenue Refunding Bonds, Series A, 5.00%, 1/01/22   300,000 312,405
Dallas-Fort Worth International Airport Revenue Bonds, Series H (AMT), Prerefunded, 5.00%, 11/01/21(e)   400,000 414,264
Massachusetts State Educational Financing Authority Revenue Bonds, Series J (AMT), 5.00%, 7/01/21   500,000 509,795
    Number
of Shares
Value
Municipal Bonds (Continued)
Oregon State Housing & Community Services Department Housing Development Revenue Bonds, Series I, Ya Po Ah Terrace Project (HUD Sector 8 Program), 2.20%, 5/01/21(a)(b)(c)   500,000 $502,455
Bartow County Development Authority Revenue Refunding Bonds, Series B, Georgia Power Company Plant Bowen Project, 2.05%, 11/19/21(a)(b)(c)   275,000 278,718
Colorado State Health Facilities Authority Revenue Bonds, Series A, Catholic Health, Prerefunded, 5.00%, 2/01/21(e)   380,000 380,000
Maryland State & Local Facilities GO Unlimited Bonds, Loan of 2013-1, Prerefunded, 4.00%, 3/01/21(e)   600,000 601,902
Kentucky State Housing Corp., Variable Revenue Bonds, Beecher Phase I Project, 2.00%, 9/01/21(a)(b)(c)   480,000 484,896
Louisville & Jefferson County Metropolitan Government Pollution Control Variable Revenue Refunding Bonds, Louisville Gas & Electric Company Project, 1.85%, 4/01/21(a)(b)(c)   905,000 906,756
Atlanta Urban Residential Finance Authority MFH Revenue Bonds, Creekside at Adamsville Place, 1.95%, 5/01/21(a)(b)(c)   500,000 502,150
Maryland State Community Development Administration Department Housing & Community Development MFH Revenue Bonds, Series A, Bay Country Apartments, 2.52%, 2/01/21(d)   1,000,000 1,000,000
E-470 Public Highway Authority Senior Variable Revenue Refunding Bonds, Libor Index, 0.50%, 9/01/21(a)(c)   500,000 500,010
 
See Notes to Schedules of Investments.
105

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Number
of Shares
Value
Municipal Bonds (Continued)
Illinois State Sports Facilities Authority State Tax Supported Revenue CABS (AMBAC Insured), 0.00%, 6/15/21(g)   410,000 $407,950
Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series A, 5.00%, 5/15/21   750,000 760,245
Snohomish County Housing Authority Revenue Bonds, 5.00%, 4/01/21   545,000 549,017
Northwest Georgia Housing Authority MFH Revenue Bonds, Charles Height Apartments Project (FHA 221(D4) Insured), 1.54%, 8/01/21(a)(b)(c)   400,000 402,484
Utah State Housing Corp., MFH Revenue Bonds, Lincoln Apartments Project, 1.54%, 8/01/21(a)(b)(c)   500,000 503,230
Allegheny County Hospital Development Authority Revenue Refunding Bonds, University of Pittsburgh Medical Center, 5.00%, 7/15/21   100,000 102,157
Indianapolis Local Public Improvement Bond Bank Revenue Notes, Series B, Fieldhouse Project, 1.45%, 6/01/21   1,000,000 1,000,080
Chicago GO Unlimited Refunding Bonds, Series A, 5.00%, 1/01/22   300,000 308,658
Greeneville Health & Educational Facilities Board MFH Revenue Bonds, People RD Portfolio Project, 1.45%, 12/01/21(a)(b)(c)   500,000 505,060
Indianapolis MFH Revenue Bonds, Regency Park Apartments, Series A, 1.40%, 9/01/21(a)(b)(c)   1,000,000 1,006,730
Louisiana State Housing Corp., MFH Variable Revenue Bonds, Hollywood Acres & Hollywood Heights Project, Series 2019, 1.44%, 12/01/21(a)(b)(c)   1,000,000 1,010,450
    Number
of Shares
Value
Municipal Bonds (Continued)
Madison, Macoupin Etc. Counties Community College District No. 536 GO Unlimited Refunding Bonds, Lewis & Clark Community (AGM Insured), 4.00%, 5/01/21   675,000 $681,048
Massachusetts State HFA Revenue Bonds, Colonial Village Projects, 1.45%, 1/01/22(a)(b)(c)   760,000 767,691
Michigan State Strategic Fund Limited Obligation Adjustable Revenue Refunding Bonds, Detroit Edison Co., Pollution Control Bonds Project, 1.45%, 9/01/21(a)(b)(c)   600,000 601,974
Minnesota State HFA Housing Bonds, White Oak Estates, Series F (HUD Sector 8 Program), 1.35%, 8/01/21   1,000,000 1,000,710
Nassau County Local Economic Assistance Corp., Revenue Refunding Bonds, South Nassau Communities Hospital Project, 5.00%, 7/01/21   715,000 728,463
Nevada State Housing Division Multi-Unit Holding Revenue Bonds, Silver Terrace Apartments, 1.19%, 4/01/21(a)(b)(c)   500,000 500,800
Ohio State Housing Finance Agency MFH Revenue Notes, Wesley Tower Apartments Project, 1.40%, 6/01/21(a)(b)(c)   1,500,000 1,505,745
San Antonio Housing Trust Finance Corp., MFH Variable Revenue Bonds, Majestic Ranch Apartments (FHA 221(D4) Insured), 1.40%, 1/01/22(a)(b)(c)   1,000,000 1,008,470
Southern Illinois State University Revenue Bonds, Series A, Housing & Auxiliary Facilities System (NATL Insured), 5.25%, 4/01/21   1,000,000 1,003,720
 
See Notes to Schedules of Investments.
106

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Number
of Shares
Value
Municipal Bonds (Continued)
Washington State Housing Finance Commission Revenue Bonds, Columbia Park Apartments Project (FHA/GNMA Insured), 1.39%, 7/01/21(a)(b)(c)   1,000,000 $1,004,750
Will County Community High School District No. 210 Lincoln-Way Refunding GO Unlimited Bonds (AGM Insured), 4.00%, 1/01/22   975,000 996,401
Goodhue County Education District No. 6051 COPS, 5.00%, 2/01/21   340,000 340,000
Illinois State Finance Authority Revenue Bonds, Series A, Carle Foundation, 5.00%, 8/15/21   500,000 511,510
New Jersey State EDA Revenue Refunding Bonds, School Facilities Construction, Unrefunded Balance, 5.00%, 3/01/21   400,000 401,548
Pennsylvania State Higher Educational Facilities Authority Variable Revenue Refunding Bonds, AICUP Financing Program-York College of Pennsylvania Project, 2.88%, 4/30/21(a)(b)(c)   500,000 500,085
RBC Municipal Products Inc., Trust Floater Certificates Revenue Bonds, Series C-16 for Missouri Health (Royal Bank of Canada LOC), 0.10%, 2/09/21(a)(c)(d)(j)   500,000 500,000
Sacramento County Airport System Revenue Refunding Bonds, Series B, Escrowed to Maturity, 5.00%, 7/01/21   1,950,000 1,988,785
Long Beach Harbor Revenue Notes, Series C, 4.00%, 7/15/21   600,000 610,560
Connecticut State Higher Education Supplemental Loan Authority Revenue Refunding Bonds, Series C, Chesla Loan Program, 5.00%, 11/15/21   200,000 207,390
    Number
of Shares
Value
Municipal Bonds (Continued)
Florida State Development Finance Corp., Educational Facilities Revenue Refunding Bonds, Nova Southeastern University Project, 5.00%, 4/01/21   345,000 $347,318
Illinois State Finance Authority Revenue Refunding Bonds, Series A, OSF Healthcare System, 5.00%, 11/15/21   1,100,000 1,137,092
Lackawanna County IDA Revenue Refunding Bonds, University of Scranton, 5.00%, 11/01/21   375,000 387,885
North Carolina Medical Care Commission Health Care Facilities Revenue Refunding Bonds, Deerfield Episcopal Retirement Community, 4.00%, 11/01/21   150,000 153,386
Saint James Parish Variable Revenue Bonds, Series A-1, Nucor Steel, 0.12%, 2/09/21(a)(c)(j)   400,000 400,000
Yuma IDA Hospital Revenue Bonds, Series A, Yuma Regional Medical Center, 5.00%, 8/01/21   675,000 689,756
Broward County Port Facilities Subordinate Revenue Refunding Bonds, Series D (AMT), 5.00%, 9/01/21   750,000 767,985
Oyster Bay GO Limited BANS, Series C, 4.00%, 8/27/21   1,000,000 1,021,020
Sand Creek Metropolitan District GO Limited Refunding Bonds, Series A (AGM Insured), 2.00%, 12/01/21   150,000 151,988
Sierra View Local Health Care District Revenue Refunding Bonds, Tulare County, 4.00%, 7/01/21   225,000 228,089
New Jersey EDA Revenue Bonds, Provident Group Rowan-Properties LLC, 5.00%, 1/01/22   150,000 152,178
 
See Notes to Schedules of Investments.
107

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
    Number
of Shares
Value
Municipal Bonds (Continued)
Suffolk County GO Limited TANS, Series I, 3.00%, 9/24/21   1,000,000 $1,016,790
Suffolk County GO Limited TANS, Series I, 2.00%, 7/22/21   1,000,000 1,007,970
      36,155,581
Total Short-Term Investments
(Cost $43,263,671)
43,424,505
Total Investments – 99.7%
(Cost $347,403,063)
360,632,645
Other Assets less Liabilities – 0.3% 1,039,709
NET ASSETS – 100.0% $361,672,354
Percentages shown are based on Net Assets.
    
 
(a) Maturity date represents the puttable date.    
(b) These securities are remarketed by an agent, and the interest rate is determined by general market conditions and supply and demand.    
(c) Variable rate security. Rate as of January 31, 2021 is disclosed.    
(d) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Morningstar Funds Trust.    
(e) Maturity date represents the prerefunded date.    
(f) When-Issued Security. Coupon rate was not yet in effect at January 31, 2021.    
(g) Zero coupon bond.    
(h) Issuer has defaulted on terms of debt obligation. Income is not being accrued.    
(i) 7-day current yield as of January 31, 2021 is disclosed.    
(j) 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.    
    
Abbreviations:  
1M 1 Month
3M 3 Month
AGM Assured Guarantee Municipal Corporation
AMBAC American Municipal Bond Assurance Corporation
AMT Alternative Minimum Tax
BAM Build America Mutual
BANS Bond Anticipation Notes
CABS Capital Appreciation Bonds
COPS Certificates of Participation
EDA Economic Development Authority
ETF Exchange-Traded Fund
FHA Federal Housing Administration
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
GARVEE Grant Anticipation Revenue Vehicle
GNMA Government National Mortgage Association
GO Government Obligation
Gtd Guaranteed
HFA Housing Finance Authority
See Notes to Schedules of Investments.
108

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Municipal Bond Fund
IBC Insured Bond Certificates
IDA Industrial Development Authority
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
TANS Tax Anticipation Notes
TRB Tax Revenue Bonds
USD United States Dollar
Municipal Issue Type (%)(a)  
Revenue Bonds 82.0
General Obligation Unlimited Bonds 8.8
General Obligation Limited Bonds 3.1
Certificates of Participation 1.2
Revenue Notes 0.9
General Obligation Limited Notes 0.8
Tax Allocation Bonds 0.4
Special Assessment Bonds 0.2
Total 97.4
    
(a)Excludes Investment Companies, Short-Term Money Market Fund Investments and Other.


    
Sector Diversification (%)  
Medical 17.2
General 13.2
Transportation 12.2
General Obligation 9.0
Airport 7.7
Multifamily Housing 6.1
Higher Education 5.8
Development 5.7
All other sectors less than 5% 23.1
Total 100.0
 
Valuation Hierarchy
The following is a summary of the inputs used, as of January 31, 2021, in valuing the Fund's investments carried at fair value:
Morningstar Municipal Bond Fund Level 1 Level 2 Level 3 Totals
Investments        
Municipal Bonds $$316,241,468 $— $316,241,468
Investment Companies 966,672 966,672
Short-Term Investments 7,268,924 36,155,581 43,424,505
Total Investments $8,235,596 $352,397,049 $— $360,632,645
See Notes to Schedules of Investments.
109

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments
Morningstar Defensive Bond Fund
    Par Value
Asset-Backed Securities – 37.0%
Automobile – 7.6%
Ally Auto Receivables Trust, Series 2019-1, Class A4, 3.02%, 4/15/24   $308,000 $320,815
American Credit Acceptance Receivables Trust,      
Series 2020-2, Class B, 2.48%, 9/13/24(a)   160,000 163,734
Series 2020-4, Class B, 0.85%, 12/13/24(a)   264,000 264,948
Series 2020-3, Class C, 1.85%, 6/15/26(a)   392,000 400,195
Series 2020-4, Class C, 1.31%, 12/14/26(a)   433,000 436,197
Avis Budget Rental Car Funding AESOP LLC,      
Series 2019-1A, Class A, 3.45%, 3/20/23(a)   302,000 309,797
Series 2017-1A, Class A, 3.07%, 9/20/23(a)   643,000 664,736
Series 2017-2A, Class A, 2.97%, 3/20/24(a)   322,000 335,850
Carmax Auto Owner Trust,      
Series 2019-1, Class A4, 3.26%, 8/15/24   240,000 252,696
Series 2019-1, Class B, 3.45%, 11/15/24   129,000 135,998
Chesapeake Funding II LLC,      
Series 2017-2A, Class A1, 1.99%, 5/15/29(a)   7,838 7,843
Series 2017-4A, Class C, 2.76%, 11/15/29(a)   142,000 143,747
Series 2019-1A, Class B, 3.11%, 4/15/31(a)   324,000 336,247
Series 2020-1A, Class C, 2.14%, 8/16/32(a)   159,000 163,225
DT Auto Owner Trust,      
Series 2020-3A, Class B, 0.91%, 12/16/24(a)   135,000 135,833
Series 2020-2A, Class B, 2.08%, 3/16/26(a)   163,000 166,536
Series 2020-3A, Class C, 1.47%, 6/15/26(a)   149,000 151,854
Exeter Automobile Receivables Trust,      
Series 2021-1A, Class A3, 3/15/24(b)   96,000 96,002
Series 2020-2A, Class B, 2.08%, 7/15/24(a)   265,000 269,295
Series 2020-3A, Class B, 0.79%, 9/16/24   192,000 192,751
Series 2021-1A, Class B, 2/18/25(b)   268,000 267,988
    Par Value
Automobile (Continued)
Exeter Automobile Receivables Trust,      
Series 2020-3A, Class C, 1.32%, 7/15/25   $137,000 $139,012
Ford Credit Auto Lease Trust, Series 2020-B, Class C, 1.70%, 2/15/25   149,000 151,804
Ford Credit Auto Owner Trust, Series 2019-A, Class A4, 2.85%, 8/15/24   324,000 337,896
GM Financial Automobile Leasing Trust, Series 2020-1, Class B, 1.84%, 12/20/23   133,000 135,432
Honda Auto Receivables Owner Trust,      
Series 2020-1, Class A3, 1.61%, 4/22/24   505,000 515,169
Series 2019-1, Class A4, 2.90%, 6/18/24   302,000 313,211
Series 2019-2, Class A4, 2.54%, 3/21/25   605,000 627,824
Hyundai Auto Lease Securitization Trust, Series 2020-A, Class B, 2.12%, 5/15/24(a)   157,000 160,897
Nissan Auto Lease Trust, Series 2020-A, Class A4, 1.88%, 4/15/25   256,000 261,843
Nissan Auto Receivables Owner Trust,      
Series 2018-B, Class A4, 3.16%, 12/16/24   245,000 254,211
Series 2019-A, Class A4, 3.00%, 9/15/25   308,000 323,241
Prestige Auto Receivables Trust,      
Series 2019-1A, Class B, 2.53%, 1/16/24(a)   156,000 158,617
Series 2020-1A, Class B, 0.77%, 10/15/24(a)   164,000 164,420
Santander Consumer Auto Receivables Trust, Series 2020-AA, Class B, 2.26%, 12/15/25(a)   312,000 322,869
Santander Drive Auto Receivables Trust,      
Series 2020-2, Class B, 0.96%, 11/15/24   194,000 195,350
Series 2020-3, Class C, 1.12%, 1/15/26   423,000 428,298
Toyota Auto Receivables Owner Trust,      
Series 2019-A, Class A4, 3.00%, 5/15/24   308,000 322,290
Series 2020-A, Class A3, 1.66%, 5/15/24   554,000 564,731
 
See Notes to Schedules of Investments.
110

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Defensive Bond Fund
    Par Value
Automobile (Continued)
Westlake Automobile Receivables Trust,      
Series 2020-1A, Class C, 2.52%, 4/15/25(a)   $761,000 $785,717
Series 2020-2A, Class C, 2.01%, 7/15/25(a)   220,000 225,405
Series 2020-3A, Class B, 0.78%, 11/17/25(a)   330,000 331,127
Series 2020-3A, Class C, 1.24%, 11/17/25(a)   155,000 156,618
Wheels SPV 2 LLC, Series 2019-1A, Class A3, 2.35%, 5/22/28(a)   621,000 638,334
World Omni Auto Receivables Trust,      
Series 2020-A, Class A3, 1.70%, 1/17/23   412,000 420,875
Series 2019-C, Class A3, 1.96%, 12/16/24   704,000 718,191
Series 2019-A, Class B, 3.34%, 6/16/25   304,000 319,457
World Omni Automobile Lease Securitization Trust, Series 2019-B, Class B, 2.13%, 2/18/25   109,000 111,205
      14,300,331
Automobile Floor Plan – 0.4%
Navistar Financial Dealer Note Master Trust, Series 2020-1, Class C, (1M USD LIBOR + 2.15%), 2.28%, 7/25/25(a)(c)   457,000 461,958
NextGear Floorplan Master Owner Trust, Series 2019-2A, Class A2, 2.07%, 10/15/24(a)   263,000 270,752
      732,710
Commercial Mortgage-Backed Securities – 4.7%
Citigroup Commercial Mortgage Trust,      
Series 2012-GC8, Class A4, 3.02%, 9/10/45   132,640 135,399
Series 2013-GC11, Class A3, 2.81%, 4/10/46   471,866 488,273
Commercial Mortgage Trust,      
Series 2012-CCRE2, Class A4, 3.15%, 8/15/45   148,000 152,587
Series 2012-CCRE5, Class A3, 2.54%, 12/10/45   475,745 485,368
    Par Value
Commercial Mortgage-Backed Securities
(Continued)
Commercial Mortgage Trust,      
Series 2013-LC6, Class A4, 2.94%, 1/10/46   $320,949 $333,071
Series 2013-CCRE7, Class A4, 3.21%, 3/10/46   497,817 523,335
Series 2015-CCRE22, Class A3, 3.21%, 3/10/48   81,000 82,590
GS Mortgage Securities Corp. Trust, Series 2012-ALOHA, Class A, 3.55%, 4/10/34(a)   588,000 598,263
Hawaii Hotel Trust, Series 2019-MAUI, Class C, (1M USD LIBOR + 1.65%, 1.65% Floor), 1.78%, 5/15/38(a)(c)   616,000 612,905
JPMorgan Chase Commercial Mortgage Securities Trust,      
Series 2016-WIKI, Class A, 2.80%, 10/05/31(a)   245,000 245,974
Series 2012-HSBC, Class A, 3.09%, 7/05/32(a)   521,606 537,518
Series 2012-C8, Class AS, 3.42%, 10/15/45(a)   313,000 323,643
Series 2015-C30, Class ASB, 3.56%, 7/15/48   500,083 527,838
LoanCore Issuer Ltd., Series 2021-CRE4, Class A, 7/15/35(a)(b)(d)   237,000 237,000
UBS Commercial Mortgage Trust, Series 2012-C1, Class A3, 3.40%, 5/10/45   438,310 446,277
VCC Trust, Series 2020-MC1, Class A, 4.50%, 6/25/45(a)   289,602 290,573
VNDO Mortgage Trust,      
Series 2012-6AVE, Class A, 3.00%, 11/15/30(a)   55,000 57,074
Series 2012-6AVE, Class B, 3.30%, 11/15/30(a)   775,000 803,811
Wells Fargo Commercial Mortgage Trust, Series 2012-LC5, Class A3, 2.92%, 10/15/45   333,480 343,401
 
See Notes to Schedules of Investments.
111

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Defensive Bond Fund
    Par Value
Commercial Mortgage-Backed Securities
(Continued)
WFRBS Commercial Mortgage Trust,      
Series 2013-C11, Class A5, 3.07%, 3/15/45   $124,000 $129,384
Series 2013-C11, Class A3, 2.70%, 3/15/45   69,905 71,517
Series 2012-C8, Class A3, 3.00%, 8/15/45   617,000 633,649
Series 2012-C9, Class A3, 2.87%, 11/15/45   682,488 704,433
      8,763,883
Other – 23.0%
ABPCI Direct Lending Fund ABS I Ltd., Series 2020-1A, Class B, 4.94%, 12/20/30(a)(d)   891,000 897,381
ABPCI Direct Lending Fund CLO X L.P., Series 2020-10A, Class A1A, (3M USD LIBOR + 1.95%, 1.95% Floor), 2.20%, 1/20/32(a)(c)   250,000 249,998
ABPCI Direct Lending Fund IX LLC, Series 2020-9A, Class A1, (3M USD LIBOR + 1.95%, 1.95% Floor), 2.19%, 11/18/31(a)(c)   304,000 305,512
AGL CLO 6 Ltd., Series 2020-6A, Class E, (3M USD LIBOR + 7.48%, 7.48% Floor), 7.71%, 7/20/31(a)(c)(d)   250,000 241,703
AGL CLO 7 Ltd., Series 2020-7A, Class A1, (3M USD LIBOR + 1.80%, 1.80% Floor), 2.04%, 7/15/31(a)(c)   771,000 773,425
Battalion CLO 18 Ltd., Series 2020-18A, Class A1, (3M USD LIBOR + 1.80%, 1.80% Floor), 2.04%, 10/15/32(a)(c)   390,000 391,579
CARS-DB4 L.P., Series 2020-1A, Class A1, 2.69%, 2/15/50(a)   150,162 156,077
Cayuga Park CLO Ltd., Series 2020-1A, Class E, (3M USD LIBOR + 7.33%, 7.33% Floor), 7.55%, 7/17/31(a)(c)(d)   434,000 438,594
Cerberus Loan Funding XXI L.P., Series 2017-4A, Class A, (3M USD LIBOR + 1.45%, 1.45% Floor), 1.69%, 10/15/27(a)(c)   223,564 223,109
    Par Value
Other (Continued)
Cerberus Loan Funding XXIII L.P., Series 2018-2A, Class A, (3M USD LIBOR + 1.00%, 1.00% Floor), 1.24%, 4/15/28(a)(c)   $178,205 $177,416
Cerberus Loan Funding XXIX L.P., Series 2020-2A, Class A, (3M USD LIBOR + 1.90%, 1.90% Floor), 2.13%, 10/15/32(a)(c)   939,000 936,675
Cerberus Loan Funding XXV L.P., Series 2018-4RA, Class A1TR, (3M USD LIBOR + 1.53%, 1.53% Floor), 1.77%, 10/15/30(a)(c)   797,000 788,356
Cerberus Loan Funding XXVIII L.P.,      
Series 2020-1A, Class A, (3M USD LIBOR + 1.85%, 1.85% Floor), 2.09%, 10/15/31(a)(c)   825,000 821,794
Series 2020-1A, Class D, (3M USD LIBOR + 5.30%, 5.30% Floor), 5.54%, 10/15/31(a)(c)   764,000 764,619
CIFC Funding Ltd., Series 2020-2A, Class E, (3M USD LIBOR + 7.64%, 7.64% Floor), 7.86%, 8/24/32(a)(c)(d)   686,000 700,803
Coinstar Funding LLC, Series 2017-1A, Class A2, 5.22%, 4/25/47(a)   893,200 897,633
Conn's Receivables Funding LLC, Series 2020-A, Class B, 4.27%, 6/16/25(a)   304,000 305,773
CoreVest American Finance Trust, Series 2018-1, Class A, 3.81%, 6/15/51(a)   268,008 279,907
Dell Equipment Finance Trust,      
Series 2020-1, Class C, 4.26%, 6/22/23(a)   336,000 355,216
Series 2019-1, Class B, 2.94%, 3/22/24(a)   606,000 618,399
Series 2019-2, Class B, 2.06%, 10/22/24(a)   198,000 202,178
Series 2020-2, Class D, 1.92%, 3/23/26(a)   255,000 259,848
Elm Trust,      
Series 2020-3A, Class A2, 2.95%, 8/20/29(a)   134,000 135,129
 
See Notes to Schedules of Investments.
112

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Defensive Bond Fund
    Par Value
Other (Continued)
Elm Trust,      
Series 2020-3A, Class B, 4.48%, 8/20/29(a)   $332,000 $334,032
Series 2020-4A, Class A2, 2.29%, 10/20/29(a)   113,000 113,215
Series 2020-4A, Class B, 3.87%, 10/20/29(a)   338,000 338,611
Finance of America HECM Buyout,      
Series 2020-HB1, Class M1, 2.11%, 2/25/30(a)   104,000 104,385
Series 2020-HB2, Class A, 1.71%, 7/25/30(a)   604,668 608,857
Fortress Credit Opportunities IX CLO Ltd.,      
Series 2016-7A, Class BR, (3M USD LIBOR + 2.45%, 2.45% Floor), 2.67%, 12/15/28(a)(c)   395,000 394,001
Series 2017-9A, Series A1T, (3M USD LIBOR + 1.55%), 1.77%, 11/15/29(a)(c)   569,000 566,934
Series 2017-9A, Class AFR2, 2.53%, 11/15/29(a)   272,000 271,691
Fortress Credit Opportunities VII CLO Ltd., Series 2016-7I, Class E, (3M USD LIBOR + 7.49%), 7.71%, 12/15/28(c)   302,000 295,402
Fortress Credit Opportunities XIII CLO Ltd.,      
Series 2020-13A, Class A, (3M USD LIBOR + 2.25%, 2.25% Floor), 2.49%, 7/15/28(a)(c)   573,920 575,141
Series 2020-13A, Class C, (3M USD LIBOR + 4.00%, 4.00% Floor), 4.24%, 7/15/28(a)(c)   289,000 279,292
Series 2020-13A, Class D, (3M USD LIBOR + 4.05%, 4.05% Floor), 4.29%, 7/15/28(a)(c)   578,000 575,586
Golub Capital BDC CLO 4 LLC, Series 2020-1A, Class A1, (3M USD LIBOR + 2.35%, 2.35% Floor), 2.55%, 11/05/32(a)(c)   761,000 762,493
    Par Value
Other (Continued)
Golub Capital Partners ABS Funding Ltd.,      
Series 2020-1A, Class A2, 3.21%, 1/22/29(a)(d)   $769,000 $769,330
Series 2020-1A, Class B, 4.50%, 1/22/29(a)(d)   476,000 476,204
Golub Capital Partners CLO Ltd., Series 2020-49A, Class A1, (3M USD LIBOR + 2.50%, 2.50% Floor), 2.72%, 7/20/32(a)(c)   319,000 319,619
GreatAmerica Leasing Receivables Funding LLC,      
Series 2020-1, Class A3, 1.76%, 8/15/23(a)   192,000 195,858
Series 2019-1, Class A4, 3.21%, 2/18/25(a)   302,000 315,323
Series 2019-1, Class B, 3.37%, 2/18/25(a)   308,000 324,246
Hercules Capital Funding Trust,      
Series 2018-1A, Class A, 4.61%, 11/22/27(a)   535,690 540,940
Series 2019-1A, Class A, 4.70%, 2/20/28(a)   450,000 454,351
HPEFS Equipment Trust,      
Series 2019-1A, Class B, 2.32%, 9/20/29(a)   100,000 101,442
Series 2020-1A, Class C, 2.03%, 2/20/30(a)   334,000 340,703
Series 2020-2A, Class C, 2.00%, 7/22/30(a)   289,000 294,112
Ivy Hill Middle Market Credit Fund IX Ltd., Series 9A, Class CR, (3M USD LIBOR + 2.35%), 2.57%, 1/18/30(a)(c)   778,000 740,471
Ivy Hill Middle Market Credit Fund X Ltd., Series 10A, Class A1AR, (3M USD LIBOR + 1.25%), 1.47%, 7/18/30(a)(c)   273,000 270,944
John Deere Owner Trust, Series 2019-A, Class A4, 3.00%, 1/15/26   299,000 311,020
Kayne CLO 8 Ltd., Series 2020-8A, Class E, (3M USD LIBOR + 7.15%, 7.15% Floor), 7.39%, 7/15/31(a)(c)(d)   859,000 871,597
MelTel Land Funding LLC, Series 2019-1A, Class C, 6.07%, 4/15/49(a)   188,000 198,725
 
See Notes to Schedules of Investments.
113

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Defensive Bond Fund
    Par Value
Other (Continued)
Nationstar HECM Loan Trust,      
Series 2019-1A, Class M1, 2.67%, 6/25/29(a)   $606,000 $608,486
Series 2019-2A, Class M1, 2.36%, 11/25/29(a)   100,000 101,117
Series 2020-1A, Class A1, 1.27%, 9/25/30(a)   760,714 761,931
Series 2020-1A, Class M1, 1.47%, 9/25/30(a)   230,000 230,467
Series 2020-1A, Class M2, 1.97%, 9/25/30(a)   206,000 206,377
NRZ Advance Receivables Trust,      
Series 2020-T3, Class AT3, 1.32%, 10/15/52(a)   292,000 293,248
Series 2020-T2, Class AT2, 1.48%, 9/15/53(a)   930,000 934,790
NRZ Excess Spread-Collateralized Notes, Series 2018-FNT1, Class A, 3.61%, 5/25/23(a)   298,668 299,813
Octagon Investment Partners 46 Ltd., Series 2020-2A, Class E, (3M USD LIBOR + 7.86%, 7.86% Floor), 8.10%, 7/15/33(a)(c)(d)   853,000 854,524
Ocwen Master Advance Receivables Trust, Series 2020-T1, Class AT1, 1.28%, 8/15/52(a)   954,000 959,541
OHA Credit Funding 6 Ltd., Series 2020-6A, Class E, (3M USD LIBOR + 7.33%, 7.33% Floor), 7.56%, 7/20/31(a)(c)(d)   582,000 584,409
Owl Rock CLO III Ltd., Series 2020-3A, Class A1L, (3M USD LIBOR + 1.80%), 2.02%, 4/20/32(a)(c)   400,000 396,770
Owl Rock Technology Financing LLC, Series 2020-1A, Class A, (3M USD LIBOR + 2.95%, 2.95% Floor), 3.15%, 1/15/31(a)(c)   788,000 788,216
    Par Value
Other (Continued)
Parliament Funding II Ltd., Series 2020-1A, Class A, (3M USD LIBOR + 2.45%, 2.45% Floor), 2.67%, 8/12/30(a)(c)   $426,000 $425,998
PFS Financing Corp.,      
Series 2019-A, Class B, 3.13%, 4/15/24(a)   603,000 616,729
Series 2020-F, Class A, 0.93%, 8/15/24(a)   186,000 187,233
Series 2020-F, Class B, 1.42%, 8/15/24(a)   100,000 100,653
Series 2020-A, Class B, 1.77%, 6/15/25(a)   881,000 894,241
Series 2020-E, Class B, 1.57%, 10/15/25(a)   465,000 467,369
Silvermore CLO Ltd., Series 2014-1A, Class A1R, (3M USD LIBOR + 1.17%), 1.39%, 5/15/26(a)(c)   56,771 56,771
Sound Point CLO XVII,      
Series 2017-3A, Class A1A, (3M USD LIBOR + 1.22%), 1.44%, 10/20/30(a)(c)   263,000 263,000
Series 2017-3A, Class A1B, (3M USD LIBOR + 1.22%), 1.44%, 10/20/30(a)(c)   263,000 262,870
SpringCastle America Funding LLC, Series 2020-AA, Class A, 1.97%, 9/25/37(a)   634,503 639,177
Stratus CLO Ltd., Series 2020-2A, Class D, (3M USD LIBOR + 3.65%, 3.65% Floor), 3.92%, 10/15/28(a)(c)   448,000 450,448
Telos CLO Ltd., Series 2014-5A, Class A1R, (3M USD LIBOR + 0.95%, 0.95% Floor), 1.17%, 4/17/28(a)(c)   155,984 155,860
Towd Point Mortgage Trust,      
Series 2017-2, Class A1, 2.75%, 4/25/57(a)   469,931 478,886
Series 2018-2, Class A1, 3.25%, 3/25/58(a)   485,958 507,820
TVEST LLC, Series 2020-A, Class A, 4.50%, 7/15/32(a)   229,313 229,937
VCAT LLC,      
Series 2020-NPL1, Class A1, (Step to 6.67% on 9/25/23), 3.67%, 8/25/50(a)(e)   229,963 232,668
 
See Notes to Schedules of Investments.
114

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Defensive Bond Fund
    Par Value
Other (Continued)
VCAT LLC,      
Series 2021-NPL1, Class A1, 2.29%, 12/26/50(a)   $121,881 $121,907
VCO CLO LLC, Series 2018-1A, Class A, (3M USD LIBOR + 1.50%, 1.50% Floor), 1.72%, 7/20/30(a)(c)   193,559 193,082
Venture XXIX CLO Ltd., Series 2017-29A, Class A, (3M USD LIBOR + 1.28%), 1.50%, 9/07/30(a)(c)   324,000 324,000
Vericrest Opportunity Loan Trust, Series 2020-NPL6, Class A1A, (Step to 6.97% on 7/25/23), 3.97%, 4/25/50(a)(e)   180,321 180,929
Verizon Owner Trust,      
Series 2019-A, Class B, 3.02%, 9/20/23   585,000 606,604
Series 2019-B, Class B, 2.40%, 12/20/23   605,000 625,083
Series 2019-C, Class B, 2.06%, 4/22/24   375,000 386,748
VOLT XCI LLC, Series 2020-NPL7, Class A1, (Step to 6.11% on 2/25/24), 3.11%, 11/25/50(a)(e)   468,092 469,873
Volvo Financial Equipment LLC, Series 2019-1A, Class A4, 3.13%, 11/15/23(a)   302,000 313,559
Voya CLO Ltd., Series 2020-2A, Class E, (3M USD LIBOR + 7.85%, 7.85% Floor), 8.07%, 7/19/31(a)(c)(d)   928,000 929,572
Wellfleet CLO Ltd., Series 2016-1A, Class AR, (3M USD LIBOR + 0.91%), 1.13%, 4/20/28(a)(c)   230,537 230,607
West CLO Ltd., Series 2014-2A, Series A1BR, 2.72%, 1/16/27(a)   35,453 35,425
Whitebox CLO II Ltd., Series 2020-2A, Class A1, (3M USD LIBOR + 1.75%, 1.75% Floor), 1.99%, 10/24/31(a)(c)   963,000 966,652
Woodmont Trust, Series 2017-1A, Class A1R, (3M USD LIBOR + 2.00%, 2.00% Floor), 2.22%, 10/18/32(a)(c)   959,000 957,797
    Par Value
Other (Continued)
Zais CLO 14 Ltd., Series 2020-14A, Class A1A, (3M USD LIBOR + 1.40%, 1.40% Floor), 1.64%, 4/15/32(a)(c)   $697,000 $685,279
Zais CLO 7 Ltd., Series 2017-2A, Class A, (3M USD LIBOR + 1.29%), 1.53%, 4/15/30(a)(c)   311,757 310,181
      42,992,296
Whole Loan – 1.3%
BRAVO Residential Funding Trust, Series 2019-1, Class A1C, 3.50%, 3/25/58(a)   304,438 313,887
CIM Trust,      
Series 2017-7, Class A, 3.00%, 4/25/57(a)   167,339 170,710
Series 2018-R3, Class A1, 5.00%, 12/25/57(a)   355,749 378,417
PRPM LLC,      
Series 2020-3, Class A1, (Step to 5.86% on 10/25/23), 2.86%, 9/25/25(a)(e)   544,366 549,047
Series 2020-5, Class A1, (Step to 6.10% on 11/25/23), 3.10%, 11/25/25(a)(e)   548,050 554,136
RCO V Mortgage LLC, Series 2020-1, Class A1, (Step to 6.11% on 10/25/23), 3.11%, 9/25/25(a)(e)   489,963 491,130
      2,457,327
Total Asset-Backed Securities
(Cost $68,101,544)
69,246,547
    
    Number
of Shares
 
Common Stocks – 0.2%
Oil & Gas Services – 0.2%
PHI Group, Inc.(f)*   30,348 364,176
Retail – 0.0%(g)
J.C. Penney Earnout(h)*   3,405 20,430
Total Common Stocks
(Cost $252,192)
384,606
    
 
See Notes to Schedules of Investments.
115

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Defensive Bond Fund
    Par Value
Corporate Bonds – 1.8%
Airlines – 0.3%
American Airlines Pass Through Trust, Series 2016-2, Class A, 3.65%, 6/15/28   $518,889 $497,938
Coal – 0.2%
Natural Resource Partners L.P./NRP Finance Corp., 9.12%, 6/30/25(a)   391,000 366,562
Commercial Services – 0.4%
StoneMor Partners L.P./Cornerstone Family Services of West Virginia Subsidiary, 11.50%, 6/30/24(i)   804,661 798,626
Food Service – 0.1%
Aramark Services, Inc., 6.38%, 5/01/25(a)   159,000 169,176
Housewares – 0.0%(g)
CD&R Smokey Buyer, Inc., 6.75%, 7/15/25(a)   73,000 78,293
Investment Management Companies – 0.3%
Golub Capital BDC, Inc., 3.38%, 4/15/24   513,000 528,315
Leisure Time – 0.2%
Royal Caribbean Cruises Ltd., 11.50%, 6/01/25(a)   274,000 317,326
Telecommunications – 0.3%
Consolidated Communications, Inc., 6.50%, 10/01/28(a)   381,000 414,463
Frontier Communications Corp., 5.87%, 10/15/27(a)   137,000 147,536
      561,999
Total Corporate Bonds
(Cost $3,078,560)
3,318,235
Foreign Issuer Bonds – 0.4%
Canada – 0.3%
Air Canada Pass Through Trust, Series 2020-1, Class C, 10.50%, 7/15/26(a)(d)   470,000 533,685
    Par Value
Ireland – 0.1%
Cimpress PLC, 7.00%, 6/15/26(a)   $175,000 $183,969
Total Foreign Issuer Bonds
(Cost $598,843)
717,654
Term Loans – 2.9%
Advertising – 0.6%
ABG Intermediate Holdings 2 LLC, Amendment No. 5 Incremental Term Loan, (3M USD LIBOR + 5.25%, 1.00% Floor), 6.25%, 9/27/24(c)   199,500 199,500
ABG Intermediate Holdings 2 LLC, Initial Term Loan, (3M USD LIBOR + 3.50%, 1.00% Floor), 4.50%, 9/27/24(a)(c)   472,436 472,290
CB Poly Investments LLC, Closing Date Term Loan, (3M USD LIBOR + 4.50%, 1.00% Floor), 5.50%, 8/16/23(c)   374,878 352,385
      1,024,175
Airlines – 0.1%
Delta Air Lines, Inc., Term Loan, (1M USD LIBOR + 4.75%, 1.00% Floor), 5.75%, 4/29/23(c)   165,170 167,730
Commercial Services – 0.4%
MediaCo Holding, Inc., Term Loan, (1M USD LIBOR + 4.50%, 1.00% Floor), 7.89%, 11/25/24(c)(j)   715,706 665,607
Electronics – 0.1%
Tech Data Corp., Non-FILO Term Loan, (1M USD LIBOR + 3.50%), 3.62%, 6/30/25(c)   253,365 254,822
Environmental Control – 0.2%
Packers Holdings LLC, 2020 Incremental Term Loan, (1M USD LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/04/24(c)   89,000 89,779
Packers Holdings LLC, Initial Term Loan,      
(1M USD LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/04/24(c)   136,648 136,614
12/04/24(k)   224,421 224,365
      450,758
 
See Notes to Schedules of Investments.
116

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Defensive Bond Fund
    Par Value
Insurance – 0.3%
Asurion LLC, New B-7 Term Loan, 11/03/24(k)   $186,000 $185,269
Asurion LLC, Replacement B-2 Term Loan, (1M USD LIBOR + 6.50%), 6.62%, 8/04/25(c)   342,000 342,000
      527,269
Retail – 0.2%
J.C. Penney Corp., Inc., Loan,      
(1M USD LIBOR + 11.75%, 1.25% Floor), 13.00%, 4/01/21(c)   311,618 381,732
(3M USD LIBOR + 4.25%, 1.00% Floor), 5.25%, 6/23/23(c)(l)   201,877 15,141
      396,873
Software – 0.2%
Solera LLC, Dollar Term Loan,      
(1M USD LIBOR + 2.75%), 2.87%, 3/03/23(a)(c)   316,170 314,567
3/03/23(k)   41,922 41,709
      356,276
Telecommunications – 0.6%
Cincinnati Bell, Inc., Tranche B Term Loan, (1M USD LIBOR + 3.25%, 1.00% Floor), 4.25%, 10/02/24(c)   325,668 325,414
Frontier Communications Corp., Initial Term Loan, (1M USD LIBOR + 4.75%, 1.00% Floor), 5.75%, 10/08/21(c)   370,000 369,652
LOGIX Holding Co. LLC, Initial Term Loan, (1M USD LIBOR + 5.75%, 1.00% Floor), 6.75%, 12/22/24(c)   203,385 191,182
Windstream Services II LLC, Initial Term Loan, (1M USD LIBOR + 6.25%, 1.00% Floor), 7.25%, 9/21/27(c)   314,418 309,013
      1,195,261
    Par Value
Transportation – 0.2%
Hanjin International Corp., Term Loan, (3M USD LIBOR + 5.00%), 5.22%, 12/11/22(c)   $424,000 $424,000
Total Term Loans
(Cost $5,554,749)
5,462,771
    
    Number
of Shares
 
Warrants – 0.1%
Oil & Gas Services – 0.1%
PHI Group, Inc. (f)(m)*   14,039 110,837
Telecommunications – 0.0%(g)
Windstream Services LLC (n)*   318 3,498
Total Warrants
(Cost $256,977)
114,335
    
    Par  
Mortgage-Backed Securities – 2.3%
Federal Home Loan Mortgage Corporation – 1.1%
Multifamily Structured Pass Through Certificates,      
Series K024, Class A2, 2.57%, 9/25/22   52,000 53,507
Series K042, Class A1, 2.27%, 6/25/24   107,804 111,148
Real Estate Mortgage Investment Conduits,      
Series 4336, Class WV, 3.00%, 10/15/25   254,207 258,824
Series 4387, Class VA, 3.00%, 2/15/26   336,744 345,360
Series 4220, Class EH, 2.50%, 6/15/28   504,993 522,875
Series 4311, Class QC, 2.25%, 10/15/28   500,869 515,502
Series 4162, Class P, 3.00%, 2/15/33   341,662 361,569
      2,168,785
Federal National Mortgage Association – 0.3%
Interest Strip, Series 284, Class 1, 0.00%, 7/25/27(o)   140,324 133,846
 
See Notes to Schedules of Investments.
117

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Defensive Bond Fund
    Par Value
Federal National Mortgage Association (Continued)
Real Estate Mortgage Investment Conduits,      
Series 2014-3, Class AM, 2.50%, 1/25/32   $272,403 $279,276
Series 2012-144, Class PD, 3.50%, 4/25/42   170,487 181,101
      594,223
Government National Mortgage Association – 0.9%
Series 2012-150, Class IO, 0.63%, 11/16/52(p)   2,013,941 43,995
Series 2014-138, Class A, 2.70%, 1/16/44   14,668 14,671
Series 2014-148, Class A, 2.65%, 11/16/43   318,040 321,021
Series 2015-108, Class IO, 0.71%, 10/16/56(p)   489,468 18,861
Series 2015-47, Class IO, 0.61%, 10/16/56(p)   2,588,823 83,961
Series 2015-7, Class IO, 0.64%, 1/16/57(p)   2,800,855 91,757
Series 2019-39, Class A, 3.10%, 5/16/59   297,390 303,602
Series 2020-42, Class IO, 1.06%, 3/16/62(p)   2,276,075 190,741
Series 2020-43, Class IO, 1.27%, 11/16/61(p)   1,409,788 127,377
Series 2020-71, Class IO, 1.20%, 1/16/62(p)   1,886,130 164,524
Series 2020-75, Class IO, 1.12%, 2/16/62(p)   3,158,435 260,387
      1,620,897
Total Mortgage-Backed Securities
(Cost $4,765,883)
4,383,905
    
    Number
of Shares
 
Investment Companies – 45.3%
Schwab Intermediate-Term U.S. Treasury ETF   324,315 18,800,541
    Number
of Shares
Value
Schwab Short-Term U.S. Treasury ETF   441,265 $22,685,434
Vanguard Intermediate-Term Corporate Bond ETF   72,880 7,017,615
Vanguard Mortgage-Backed Securities ETF   172,813 9,350,911
Vanguard Short-Term Corporate Bond ETF   215,248 17,889,261
Vanguard Short-Term Inflation-Protected Securities ETF   172,874 8,875,351
Total Investment Companies
(Cost $83,294,342)
84,619,113
Short-Term Investments – 10.4%
Money Market Fund – 8.4%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.01%(q)   15,615,466 15,615,466
U.S. Treasury Bills – 2.0%
U.S. Treasury Bill, 0.04%, 2/02/21(r)   3,744,000 3,743,998
Total Short-Term Investments
(Cost $19,359,461)
19,359,464
Total Investments – 100.4%
(Cost $185,262,551)
187,606,630
Liabilities less Other Assets – (0.4)% (672,080)
NET ASSETS – 100.0% $186,934,550
 
Percentages shown are based on Net Assets.
    
 
(a) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Morningstar Funds Trust.    
(b) When-Issued Security. Coupon rate was not yet in effect at January 31, 2021.    
(c) Variable rate security. Rate as of January 31, 2021 is disclosed.    
(d) Restricted security that has been deemed illiquid. At January 31, 2021, the value of these restricted illiquid securities amounted to $7,534,802 or 4.03% of net assets. Additional information on these restricted illiquid securities is as follows:    
See Notes to Schedules of Investments.
118

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Defensive Bond Fund
  Security Acquisition Date Acquisition Cost
  ABPCI Direct Lending Fund ABS I Ltd., 4.94%, 12/20/30 12/16/20 $891,000
  AGL CLO 6 Ltd., 7.71%, 7/20/31 7/21/20 242,688
  Air Canada Pass Through Trust, 10.50%, 7/15/26 5/29/20 448,341
  Cayuga Park CLO Ltd., 7.55%, 7/17/31 6/29/20 429,783
  CIFC Funding Ltd., 7.86%, 8/24/32 7/20/20 675,937
  Golub Capital Partners ABS Funding Ltd., 3.21%, 1/22/29 11/2/20 769,000
  Security Acquisition Date Acquisition Cost
  Golub Capital Partners ABS Funding Ltd., 4.50%, 1/22/29 11/2/20 $476,000
  Kayne CLO 8 Ltd., 7.39%, 7/15/31 7/1/20 842,341
  LoanCore Issuer Ltd., 7/15/35 1/28/21 237,000
  Octagon Investment Partners 46 Ltd., 8.10%, 7/15/33 6/26/20 827,954
  OHA Credit Funding 6 Ltd., 7.56%, 7/20/31 7/1/20 576,356
  Voya CLO Ltd., 8.07%, 7/19/31 8/5/20 909,901
 
(e) Step coupon bond. Rate as of January 31, 2021 is disclosed.
(f) This restricted security constituted 0.25% of total net assets at January 31, 2021. This security is not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale.
(g) Amount rounds to less than 0.05%.
(h) This is a Level 3 asset which is fair valued by the Pricing Committee (see Note 4 in Notes to Schedule of Investments). The fair value price of $6.00 is based on an independent third-party broker quote. During the fiscal period, the Fund obtained the security via a reorganization event at no cost.
(i) Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.
(j) This is a Level 3 asset which is fair valued by the Pricing Committee (see Note 4 in Notes to Schedule of Investments). The fair value price of $93.00 is derived using a pricing model which involves amortized cost and a 10% discount. If the financial condition of the underlying assets were to deteriorate, or if the market comparables were to fall, the value of the investment could be lower. During the fiscal period, the Fund did not add or detract from its position in this asset.
(k) Position is unsettled. Contract rate was not determined at January 31, 2021 and does not take effect until settlement date.
(l) Issuer has defaulted on terms of debt obligation.
(m) This is a Level 3 asset which is fair valued by the Pricing Committee (see Note 4 in Notes to Schedule of Investments). The fair value price of $7.89 is based on recent trade activity obtained from market makers in the security. During the fiscal period, the Fund did not add or detract from its position in this asset.
(n) This is a Level 3 asset which is fair valued by the Pricing Committee (see Note 4 in Notes to Schedule of Investments). The fair value price of $11.00 is based on an independent third-party broker quote. During the fiscal period, the Fund obtained $146,140 of this security via a reorganization event.
(o) Zero coupon bond.
(p) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of January 31, 2021 is disclosed.
(q) 7-day current yield as of January 31, 2021 is disclosed.
(r) Discount rate at the time of purchase.
* Non-Income Producing Security
    
Abbreviations:  
1M 1 Month
3M 3 Month
ABS Asset-Backed Security
BDC Business Development Company
CLO Collateralized Loan Obligation
ETF Exchange-Traded Fund
IO Interest Only
LIBOR London Interbank Offered Rate
LLC Limited Liability Company
PLC Public Limited Company
Strip Separate Trading of Registered Interest and Principal
USD United States Dollar
See Notes to Schedules of Investments.
119

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Defensive Bond Fund
Country Diversification (%)  
United States 78.2
Cayman Islands 10.8
All other countries less than 5% 11.0
Total 100.0
Sector Diversification (%)  
Investment Companies 45.3
Asset-Backed Securities 37.0
Short-Term Investments 10.4
All other sectors less than 5% 7.3
Total 100.0
Valuation Hierarchy
The following is a summary of the inputs used, as of January 31, 2021, in valuing the Fund's investments carried at fair value:
Morningstar Defensive Bond Fund Level 1 Level 2 Level 3 Totals
Investments        
Asset-Backed Securities $$69,246,547 $$69,246,547
Common Stocks 364,176 20,430 384,606
Corporate Bonds 3,318,235 3,318,235
Foreign Issuer Bonds 717,654 717,654
Term Loans 4,797,164 665,607 5,462,771
Mortgage-Backed Securities 4,383,905 4,383,905
Warrants 114,335 114,335
Investment Companies 84,619,113 84,619,113
Short-Term Investments 15,615,466 3,743,998 19,359,464
Total Investments $100,598,755 $86,207,503 $800,372 $187,606,630
Investments classified within Level 3 of the fair value hierarchy are valued by Morningstar Investment Management LLC ("MIM") in good faith under procedures adopted by authority of the Fund’s Board of Trustees. MIM employs various methods to determine fair valuations including regular review of key inputs and assumptions, and review of related market activity, if any. However, there are generally no observable trade activities in these securities. MIM reports to the Board of Trustees at their regularly scheduled quarterly meetings, or more often if warranted. The report includes a summary of the results of the process, the key inputs and assumptions noted, and any changes to the inputs and assumptions used. When appropriate, MIM will recommend changes to the procedures and process employed. The value determined for an investment using the fair value procedures may differ significantly from the value realized upon the sale of such investment.
See Notes to Schedules of Investments.
120

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments
Morningstar Multisector Bond Fund
    Par(a) Value
Asset-Backed Securities – 0.3%
Commercial Mortgage-Backed Securities – 0.3%
GS Mortgage Securities Trust,      
Series 2011-GC5, Class D, 5.38%, 8/10/44(b)(c)   $295,000 $180,430
Series 2011-GC5, Class C, 5.38%, 8/10/44(b)(c)   35,000 29,435
MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV, Class C, 4.28%, 10/15/30(b)(c)   100,000 69,250
Wells Fargo Commercial Mortgage Trust, Series 2016-C36, Class C, 4.18%, 11/15/59(c)   45,000 39,121
WFRBS Commercial Mortgage Trust,      
Series 2011-C3, Class D, 5.63%, 3/15/44(b)(c)   225,000 105,891
Series 2012-C7, Class D, 4.81%, 6/15/45(b)(c)   320,000 166,312
Series 2012-C10, Class C, 4.36%, 12/15/45(c)   90,000 56,845
      647,284
Total Asset-Backed Securities
(Cost $664,346)
647,284
    
    Number
of Shares
 
Common Stocks – 0.5%
Aerospace/Defense – 0.0%(d)
Lockheed Martin Corp.   86 27,677
Banks – 0.0%(d)
Morgan Stanley   474 31,782
Beverages – 0.0%(d)
Coca-Cola (The) Co.   575 27,686
Chemicals – 0.0%(d)
Hexion Holdings Corp., Class B*   434 5,668
Commercial Services – 0.0%(d)
Automatic Data Processing, Inc.   176 29,061
Computers – 0.1%
Accenture PLC, Class A   124 29,998
Apple, Inc.   246 32,462
      62,460
    Number
of Shares
Value
Cosmetics/Personal Care – 0.0%(d)
Procter & Gamble (The) Co.   224 $28,719
Diversified Financial Services – 0.0%(d)
BlackRock, Inc.   44 30,855
Electric – 0.1%
Duke Energy Corp.   339 31,866
NextEra Energy, Inc.   419 33,885
      65,751
Engineering & Construction – 0.0%(d)
Mcdermott International Ltd.*   1,932 1,971
Healthcare - Products – 0.0%(d)
Abbott Laboratories   289 35,717
Healthcare - Services – 0.0%(d)
Anthem, Inc.   96 28,510
UnitedHealth Group, Inc.   89 29,689
      58,199
Insurance – 0.0%(d)
Progressive (The) Corp.   330 28,773
Machinery - Diversified – 0.0%(d)
Deere & Co.   121 34,945
Media – 0.0%(d)
Comcast Corp., Class A   594 29,445
Mining – 0.0%(d)
Newmont Corp.   505 30,098
Oil & Gas – 0.0%(d)
Battalion Oil Corp.*   363 2,668
Chevron Corp.   340 28,968
      31,636
Pharmaceuticals – 0.1%
Johnson & Johnson   202 32,952
Merck & Co., Inc.   369 28,439
      61,391
Pipelines – 0.0%(d)
Williams (The) Cos., Inc.   1,367 29,021
Real Estate Investment Trusts – 0.0%(d)
American Tower Corp.   140 31,830
Retail – 0.1%
Home Depot (The), Inc.   116 31,415
Starbucks Corp.   302 29,237
Walmart, Inc.   206 28,941
      89,593
 
See Notes to Schedules of Investments.
121

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
    Number
of Shares
Value
Software – 0.0%(d)
Microsoft Corp.   143 $33,170
Telecommunications – 0.1%
AT&T, Inc.   9,213 263,768
Cisco Systems, Inc.   689 30,716
      294,484
Transportation – 0.0%(d)
Union Pacific Corp.   149 29,423
United Parcel Service, Inc., Class B   181 28,055
      57,478
Total Common Stocks
(Cost $1,218,561)
1,157,410
Convertible Preferred Stocks – 0.7%
Agriculture – 0.5%
Bunge Ltd., 4.87%,   10,975 1,189,141
Banks – 0.1%
Bank of America Corp., 7.25%,   75 109,708
Wells Fargo & Co., 7.50%,   144 207,936
      317,644
Electric – 0.0%(d)
NextEra Energy, Inc., 5.28%, 3/01/23*   1,664 88,924
Healthcare - Products – 0.1%
Boston Scientific Corp., 5.50%, 6/01/23   2,333 254,904
Total Convertible Preferred Stocks
(Cost $1,613,590)
1,850,613
    
    Par(a)  
Convertible Bonds – 1.9%
Airlines – 0.1%
Southwest Airlines Co., 1.25%, 5/01/25   $180,000 253,575
Biotechnology – 0.4%
BioMarin Pharmaceutical, Inc.,      
0.60%, 8/01/24   140,000 149,893
1.25%, 5/15/27(b)   650,000 679,372
Guardant Health, Inc., 0.00%, 11/15/27(b)(e)   95,000 126,424
      955,689
    Par(a) Value
Commercial Services – 0.1%
Chegg, Inc., 0.00%, 9/01/26(b)(e)   $45,000 $52,132
Shift4 Payments, Inc., 0.00%, 12/15/25(b)(e)   170,000 194,530
      246,662
Computers – 0.0%(d)
Lumentum Holdings, Inc., 0.50%, 12/15/26   60,000 73,661
Energy - Alternate Sources – 0.0%(d)
Sunrun, Inc., 0.00%, 2/01/26(b)(e)   40,000 40,535
Entertainment – 0.0%(d)
Marriott Vacations Worldwide Corp., 0.00%, 1/15/26(b)(e)   100,000 100,500
Healthcare - Products – 0.1%
Integra LifeSciences Holdings Corp., 0.50%, 8/15/25(b)   180,000 201,890
Healthcare - Services – 0.2%
Teladoc Health, Inc., 1.25%, 6/01/27(b)   285,000 402,206
Internet – 0.1%
Palo Alto Networks, Inc., 0.38%, 6/01/25(b)   10,000 13,191
Uber Technologies, Inc., 0.00%, 12/15/25(b)(e)   115,000 119,868
      133,059
Media – 0.6%
DISH Network Corp.,      
2.38%, 3/15/24   135,000 123,282
0.00%, 12/15/25(b)(e)   100,000 93,929
3.37%, 8/15/26   1,195,000 1,101,901
Liberty Media Corp., 0.50%, 12/01/50(b)   215,000 220,612
      1,539,724
Oil & Gas Services – 0.0%(d)
Oil States International, Inc., 1.50%, 2/15/23   70,000 56,478
Pharmaceuticals – 0.2%
Aerie Pharmaceuticals, Inc., 1.50%, 10/01/24   85,000 85,972
 
See Notes to Schedules of Investments.
122

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
    Par(a) Value
Pharmaceuticals (Continued)
Flexion Therapeutics, Inc., 3.37%, 5/01/24   $50,000 $44,750
Neurocrine Biosciences, Inc., 2.25%, 5/15/24   150,000 224,273
      354,995
Software – 0.1%
Bentley Systems, Inc., 0.13%, 1/15/26(b)   30,000 30,053
LivePerson, Inc., 0.00%, 12/15/26(b)(e)   95,000 105,844
      135,897
Trucking & Leasing – 0.0%(d)
Greenbrier (The) Cos., Inc., 2.87%, 2/01/24   85,000 84,862
Total Convertible Bonds
(Cost $4,266,021)
4,579,733
Corporate Bonds – 23.8%
Advertising – 0.1%
Lamar Media Corp., 3.75%, 2/15/28   165,000 167,727
Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 6/15/25(b)   140,000 148,225
Terrier Media Buyer, Inc., 8.88%, 12/15/27(b)   45,000 48,656
      364,608
Aerospace/Defense – 1.5%
Boeing (The) Co.,      
5.15%, 5/01/30   300,000 355,832
3.25%, 2/01/35   30,000 29,918
3.55%, 3/01/38   5,000 4,945
3.50%, 3/01/39   25,000 24,697
5.71%, 5/01/40   40,000 50,631
3.38%, 6/15/46   520,000 487,109
3.65%, 3/01/47   25,000 24,404
3.63%, 3/01/48   45,000 43,671
3.85%, 11/01/48   5,000 4,966
3.90%, 5/01/49   120,000 122,200
3.75%, 2/01/50   115,000 115,628
5.81%, 5/01/50   655,000 861,212
3.82%, 3/01/59   25,000 24,212
5.93%, 5/01/60   100,000 133,976
Moog, Inc., 4.25%, 12/15/27(b)   15,000 15,563
Spirit AeroSystems, Inc.,      
7.50%, 4/15/25(b)   330,000 353,994
4.60%, 6/15/28   210,000 201,271
    Par(a) Value
Aerospace/Defense (Continued)
TransDigm, Inc.,      
6.25%, 3/15/26(b)   $305,000 $321,665
6.37%, 6/15/26   330,000 340,725
5.50%, 11/15/27   225,000 232,146
      3,748,765
Airlines – 0.3%
American Airlines Group, Inc., 5.00%, 6/01/22(b)   10,000 9,450
American Airlines, Inc., 11.75%, 7/15/25(b)   175,000 203,018
Delta Air Lines, Inc., 7.38%, 1/15/26   195,000 223,901
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 1/20/26(b)   175,000 181,453
United Airlines Pass Through Trust, Series 2020-1, Class B, 4.88%, 1/15/26   50,000 51,126
      668,948
Apparel – 0.1%
Hanesbrands, Inc.,      
4.63%, 5/15/24(b)   85,000 89,709
4.87%, 5/15/26(b)   35,000 37,888
      127,597
Auto Manufacturers – 1.2%
Ford Motor Co.,      
8.50%, 4/21/23   720,000 806,184
9.00%, 4/22/25   710,000 863,488
Ford Motor Credit Co. LLC, 4.14%, 2/15/23   205,000 211,150
General Motors Co.,      
6.25%, 10/02/43   570,000 769,488
5.20%, 4/01/45   105,000 128,422
PM General Purchaser LLC, 9.50%, 10/01/28(b)   120,000 131,838
      2,910,570
Auto Parts & Equipment – 0.2%
Clarios Global L.P./Clarios U.S. Finance Co., 8.50%, 5/15/27(b)   205,000 217,095
Goodyear Tire & Rubber (The) Co., 5.00%, 5/31/26   285,000 291,444
Meritor, Inc., 4.50%, 12/15/28(b)   45,000 45,675
Tenneco, Inc., 7.88%, 1/15/29(b)   45,000 50,625
      604,839
 
See Notes to Schedules of Investments.
123

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
    Par(a) Value
Banks – 0.2%
Freedom Mortgage Corp., 7.62%, 5/01/26(b)   $220,000 $233,134
Provident Funding Associates L.P./PFG Finance Corp., 6.38%, 6/15/25(b)   140,000 142,800
      375,934
Building Materials – 0.4%
American Woodmark Corp., 4.88%, 3/15/26(b)   120,000 122,700
Boise Cascade Co., 4.88%, 7/01/30(b)   15,000 16,294
Builders FirstSource, Inc., 5.00%, 3/01/30(b)   290,000 309,937
Cornerstone Building Brands, Inc., 6.12%, 1/15/29(b)   145,000 151,525
CP Atlas Buyer, Inc., 7.00%, 12/01/28(b)   55,000 56,341
JELD-WEN, Inc., 4.63%, 12/15/25(b)   43,000 43,860
Masonite International Corp., 5.37%, 2/01/28(b)   160,000 171,298
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 1/15/29(b)   40,000 42,100
U.S. Concrete, Inc., 5.12%, 3/01/29(b)   165,000 168,507
      1,082,562
Chemicals – 0.2%
Chemours (The) Co., 5.38%, 5/15/27   130,000 139,912
Hexion, Inc., 7.87%, 7/15/27(b)   90,000 96,188
Olin Corp.,      
5.13%, 9/15/27   35,000 36,313
5.62%, 8/01/29   20,000 21,425
5.00%, 2/01/30   135,000 141,434
      435,272
Commercial Services – 0.7%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.75%, 7/15/27(b)   160,000 162,701
Jaguar Holding Co. II/PPD Development L.P., 5.00%, 6/15/28(b)   130,000 138,125
MPH Acquisition Holdings LLC, 5.75%, 11/01/28(b)   180,000 178,425
    Par(a) Value
Commercial Services (Continued)
Nielsen Finance LLC/Nielsen Finance Co.,      
5.63%, 10/01/28(b)   $190,000 $203,381
5.87%, 10/01/30(b)   180,000 199,575
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28(b)   470,000 500,550
Sabre GLBL, Inc.,      
9.25%, 4/15/25(b)   175,000 207,629
7.37%, 9/01/25(b)   65,000 70,037
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(b)   70,000 72,975
      1,733,398
Computers – 0.1%
NCR Corp.,      
8.12%, 4/15/25(b)   25,000 27,375
5.00%, 10/01/28(b)   75,000 77,062
5.25%, 10/01/30(b)   80,000 83,600
Presidio Holdings, Inc.,      
4.87%, 2/01/27(b)   25,000 26,307
8.25%, 2/01/28(b)   25,000 27,688
Science Applications International Corp., 4.88%, 4/01/28(b)   5,000 5,263
      247,295
Distribution/Wholesale – 0.1%
Performance Food Group, Inc., 5.50%, 10/15/27(b)   120,000 126,716
Wolverine Escrow LLC, 9.00%, 11/15/26(b)   60,000 57,150
      183,866
Diversified Financial Services – 1.1%
Nationstar Mortgage Holdings, Inc., 6.00%, 1/15/27(b)   360,000 380,700
Navient Corp.,      
5.50%, 1/25/23   55,000 57,627
6.12%, 3/25/24   295,000 314,175
5.00%, 3/15/27   300,000 304,875
4.88%, 3/15/28   230,000 228,275
OneMain Finance Corp.,      
6.87%, 3/15/25   140,000 160,650
8.87%, 6/01/25   45,000 50,225
Quicken Loans LLC, 5.25%, 1/15/28(b)   945,000 1,008,787
 
See Notes to Schedules of Investments.
124

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
    Par(a) Value
Diversified Financial Services (Continued)
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc.,      
3.63%, 3/01/29(b)   $105,000 $105,047
3.88%, 3/01/31(b)   100,000 101,375
      2,711,736
Electric – 0.1%
NRG Energy, Inc., 5.25%, 6/15/29(b)   10,000 11,000
Pattern Energy Operations L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28(b)   45,000 47,592
PG&E Corp.,      
5.00%, 7/01/28   110,000 118,688
5.25%, 7/01/30   105,000 115,736
Tallen Energy Supply LLC, 10.50%, 1/15/26(b)   70,000 64,400
      357,416
Electrical Component & Equipment – 0.2%
Energizer Holdings, Inc., 4.38%, 3/31/29(b)   165,000 168,713
WESCO Distribution, Inc.,      
7.12%, 6/15/25(b)   120,000 130,800
7.25%, 6/15/28(b)   165,000 185,355
      484,868
Electronics – 0.0%(d)
Sensata Technologies, Inc., 3.75%, 2/15/31(b)   75,000 76,972
Engineering & Construction – 0.0%(d)
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 2/01/26(b)   30,000 30,525
Entertainment – 0.8%
AMC Entertainment Holdings, Inc., 10.50%, 4/15/25(b)   45,000 45,900
Caesars Entertainment, Inc.,      
6.25%, 7/01/25(b)   175,000 185,155
8.12%, 7/01/27(b)   235,000 257,912
Caesars Resort Collection LLC/CRC Finco, Inc.,      
5.75%, 7/01/25(b)   80,000 83,963
5.25%, 10/15/25(b)   80,000 79,842
Cedar Fair L.P./Canada's Wonderland Co./Magnum Management Corp., 5.37%, 6/01/24   100,000 100,000
    Par(a) Value
Entertainment (Continued)
Cedar Fair L.P./Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC, 6.50%, 10/01/28(b)   $140,000 $147,700
International Game Technology PLC, 5.25%, 1/15/29(b)   430,000 459,025
Live Nation Entertainment, Inc.,      
4.75%, 10/15/27(b)   165,000 165,413
3.75%, 1/15/28(b)   85,000 85,638
Scientific Games International, Inc.,      
7.00%, 5/15/28(b)   145,000 153,700
7.25%, 11/15/29(b)   35,000 37,713
Six Flags Entertainment Corp., 4.88%, 7/31/24(b)   100,000 99,250
Speedway Motorsports LLC/Speedway Funding II, Inc., 4.88%, 11/01/27(b)   60,000 59,400
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.12%, 10/01/29(b)   125,000 129,063
      2,089,674
Food – 0.4%
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 4/15/29(b)   95,000 108,181
Kraft Heinz Foods Co.,      
3.95%, 7/15/25   85,000 92,704
3.00%, 6/01/26   85,000 89,839
5.50%, 6/01/50   45,000 55,150
Lamb Weston Holdings, Inc., 4.87%, 5/15/28(b)   40,000 44,288
Post Holdings, Inc.,      
5.00%, 8/15/26   180,000 185,675
5.50%, 12/15/29(b)   5,000 5,431
4.63%, 4/15/30(b)   135,000 140,600
TreeHouse Foods, Inc., 4.00%, 9/01/28   120,000 121,200
U.S. Foods, Inc., 2/15/29(b)(f)   140,000 140,525
      983,593
Food Service – 0.1%
Aramark Services, Inc.,      
6.38%, 5/01/25(b)   225,000 239,400
 
See Notes to Schedules of Investments.
125

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
    Par(a) Value
Food Service (Continued)
Aramark Services, Inc.,      
4.75%, 6/01/26   $80,000 $81,800
5.00%, 2/01/28(b)   20,000 20,850
      342,050
Healthcare - Products – 0.1%
Avantor Funding, Inc., 4.62%, 7/15/28(b)   220,000 231,594
Hill-Rom Holdings, Inc., 4.38%, 9/15/27(b)   20,000 20,775
      252,369
Healthcare - Services – 1.2%
Catalent Pharma Solutions, Inc., 4.88%, 1/15/26(b)   55,000 56,169
CHS/Community Health Systems, Inc.,      
8.12%, 6/30/24(b)   105,000 110,250
8.00%, 3/15/26(b)   430,000 462,250
8.00%, 3/15/26   20,000 21,500
5.62%, 3/15/27(b)   100,000 105,000
6.00%, 1/15/29(b)   45,000 47,813
DaVita, Inc., 3.75%, 2/15/31(b)   230,000 228,131
Encompass Health Corp.,      
4.50%, 2/01/28   260,000 270,725
4.75%, 2/01/30   265,000 285,031
LifePoint Health, Inc., 5.38%, 1/15/29(b)   230,000 231,725
ModivCare, Inc., 5.87%, 11/15/25(b)   50,000 53,000
RP Escrow Issuer LLC, 5.25%, 12/15/25(b)   65,000 67,438
Select Medical Corp., 6.25%, 8/15/26(b)   30,000 32,096
Surgery Center Holdings, Inc., 6.75%, 7/01/25(b)   100,000 102,755
Tenet Healthcare Corp.,      
6.25%, 2/01/27(b)   150,000 158,011
4.63%, 6/15/28(b)   20,000 21,000
6.12%, 10/01/28(b)   695,000 728,012
      2,980,906
Home Builders – 0.2%
Installed Building Products, Inc., 5.75%, 2/01/28(b)   25,000 26,625
KB Home, 4.80%, 11/15/29   50,000 55,073
Taylor Morrison Communities, Inc.,      
5.75%, 1/15/28(b)   125,000 140,938
5.13%, 8/01/30(b)   160,000 176,000
    Par(a) Value
Home Builders (Continued)
Tri Pointe Homes, Inc., 5.70%, 6/15/28   $70,000 $78,575
      477,211
Household Products/Wares – 0.1%
Prestige Brands, Inc., 5.13%, 1/15/28(b)   125,000 132,928
Housewares – 0.0%(d)
Newell Brands, Inc., 4.88%, 6/01/25   50,000 55,063
Insurance – 0.1%
AmWINS Group, Inc., 7.75%, 7/01/26(b)   50,000 53,594
AssuredPartners, Inc., 5.63%, 1/15/29(b)   85,000 86,275
      139,869
Internet – 1.7%
ANGI Group LLC, 3.88%, 8/15/28(b)   95,000 94,644
Arches Buyer, Inc., 6.12%, 12/01/28(b)   40,000 41,000
Endurance Acquisition Merger Sub, 2/15/29(b)(f)   185,000 182,225
Expedia Group, Inc.,      
4.63%, 8/01/27(b)   125,000 138,512
3.25%, 2/15/30   700,000 714,989
Netflix, Inc.,      
5.37%, 11/15/29(b)   170,000 212,075
4.87%, 6/15/30(b)   435,000 525,791
Uber Technologies, Inc.,      
7.50%, 5/15/25(b)   835,000 894,469
8.00%, 11/01/26(b)   785,000 845,837
7.50%, 9/15/27(b)   455,000 499,044
6.25%, 1/15/28(b)   80,000 86,000
      4,234,586
Investment Management Companies – 0.4%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,      
6.75%, 2/01/24   55,000 56,100
6.25%, 5/15/26   165,000 174,337
5.25%, 5/15/27   640,000 673,600
4.38%, 2/01/29(b)   130,000 129,350
      1,033,387
Iron/Steel – 0.3%
Allegheny Technologies, Inc.,      
7.87%, 8/15/23   180,000 197,676
5.88%, 12/01/27   60,000 63,007
 
See Notes to Schedules of Investments.
126

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
    Par(a) Value
Iron/Steel (Continued)
Carpenter Technology Corp., 6.38%, 7/15/28   $20,000 $21,868
Cleveland-Cliffs, Inc.,      
9.87%, 10/17/25(b)   185,000 216,913
6.75%, 3/15/26(b)   35,000 37,661
United States Steel Corp.,      
6.87%, 8/15/25   20,000 19,710
6.25%, 3/15/26   105,000 100,800
      657,635
Leisure Time – 0.3%
Carnival Corp.,      
7.63%, 3/01/26(b)   135,000 142,763
9.87%, 8/01/27(b)   135,000 154,912
Royal Caribbean Cruises Ltd., 11.50%, 6/01/25(b)   145,000 167,928
Viking Ocean Cruises Ship VII Ltd., 5.63%, 2/15/29(b)   175,000 175,000
      640,603
Lodging – 1.0%
Boyd Gaming Corp.,      
6.00%, 8/15/26   55,000 56,856
4.75%, 12/01/27   330,000 339,488
Marriott Ownership Resorts, Inc.,      
6.12%, 9/15/25(b)   125,000 132,813
4.75%, 1/15/28   265,000 266,988
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 9/15/26   371,000 385,899
MGM Resorts International, 5.50%, 4/15/27   260,000 281,572
Wyndham Destinations, Inc.,      
3.90%, 3/01/23   245,000 248,675
6.62%, 7/31/26(b)   245,000 273,616
4.63%, 3/01/30(b)   65,000 67,233
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 3/01/25(b)   355,000 366,537
      2,419,677
Machinery - Diversified – 0.0%(d)
GrafTech Finance, Inc., 4.63%, 12/15/28(b)   50,000 50,625
Media – 2.5%
AMC Networks, Inc., 2/15/29(f)   205,000 204,744
    Par(a) Value
Media (Continued)
Block Communications, Inc., 4.88%, 3/01/28(b)   $20,000 $20,675
CCO Holdings LLC/CCO Holdings Capital Corp.,      
5.38%, 6/01/29(b)   185,000 200,725
4.75%, 3/01/30(b)   1,565,000 1,664,722
4.50%, 8/15/30(b)   105,000 110,578
4.50%, 5/01/32(b)   55,000 57,200
Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24   160,000 166,250
CSC Holdings LLC,      
5.50%, 4/15/27(b)   200,000 210,940
5.75%, 1/15/30(b)   500,000 538,750
Diamond Sports Group LLC/Diamond Sports Finance Co.,      
5.38%, 8/15/26(b)   255,000 205,912
6.62%, 8/15/27(b)   180,000 114,300
DISH DBS Corp.,      
7.75%, 7/01/26   310,000 338,675
7.37%, 7/01/28   65,000 67,681
Gray Television, Inc., 4.75%, 10/15/30(b)   245,000 244,387
iHeartCommunications, Inc.,      
6.38%, 5/01/26   10,000 10,653
8.37%, 5/01/27   1,135,000 1,210,614
4.75%, 1/15/28(b)   180,000 183,825
Meredith Corp., 6.87%, 2/01/26   216,000 218,408
Nexstar Broadcasting, Inc., 5.63%, 7/15/27(b)   20,000 21,229
Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 9/15/28(b)   185,000 194,713
Townsquare Media, Inc., 6.87%, 2/01/26(b)   35,000 36,138
Univision Communications, Inc., 6.62%, 6/01/27(b)   80,000 84,136
      6,105,255
Mining – 0.5%
Alcoa Nederland Holding B.V., 5.50%, 12/15/27(b)   200,000 215,276
Freeport-McMoRan, Inc.,      
5.00%, 9/01/27   80,000 85,200
4.13%, 3/01/28   125,000 131,475
4.37%, 8/01/28   70,000 74,177
4.25%, 3/01/30   280,000 303,537
4.62%, 8/01/30   55,000 61,065
5.40%, 11/14/34   20,000 24,900
 
See Notes to Schedules of Investments.
127

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
    Par(a) Value
Mining (Continued)
Novelis Corp., 4.75%, 1/30/30(b)   $305,000 $320,776
      1,216,406
Miscellaneous Manufacturing – 0.0%(d)
Hillenbrand, Inc., 5.75%, 6/15/25   50,000 53,750
Office/Business Equipment – 0.1%
Xerox Holdings Corp.,      
5.00%, 8/15/25(b)   100,000 104,878
5.50%, 8/15/28(b)   100,000 103,095
      207,973
Oil & Gas – 2.2%
Antero Resources Corp.,      
8.37%, 7/15/26(b)   25,000 26,380
7.62%, 2/01/29(b)   75,000 76,687
Apache Corp.,      
4.25%, 1/15/30   150,000 148,125
4.75%, 4/15/43   5,000 4,750
4.25%, 1/15/44   115,000 105,800
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/26(b)   130,000 124,150
California Resources Corp., 7.12%, 2/01/26(b)   30,000 29,631
Centennial Resource Production LLC, 8.00%, 6/01/25(b)   82,000 77,900
Comstock Resources, Inc., 9.75%, 8/15/26   100,000 106,500
Continental Resources, Inc.,      
4.50%, 4/15/23   14,000 14,369
3.80%, 6/01/24   190,000 194,750
4.38%, 1/15/28   65,000 66,625
5.75%, 1/15/31(b)   30,000 32,469
4.90%, 6/01/44   100,000 96,625
CVR Energy, Inc., 5.25%, 2/15/25(b)   60,000 58,782
Endeavor Energy Resources L.P./EER Finance, Inc.,      
6.62%, 7/15/25(b)   55,000 58,747
5.50%, 1/30/26(b)   35,000 36,225
EQT Corp.,      
7.87%, 2/01/25   105,000 123,737
5.00%, 1/15/29   10,000 10,875
8.75%, 2/01/30   155,000 196,850
Hilcorp Energy I L.P./Hilcorp Finance Co.,      
5.75%, 2/01/29(b)   60,000 60,462
    Par(a) Value
Oil & Gas (Continued)
Hilcorp Energy I L.P./Hilcorp Finance Co.,      
6.00%, 2/01/31(b)   $50,000 $50,750
Indigo Natural Resources LLC, 2/01/29(b)(f)   70,000 69,125
Matador Resources Co., 5.88%, 9/15/26   90,000 85,950
Murphy Oil Corp., 6.38%, 12/01/42   100,000 87,500
Nabors Industries, Inc., 9.00%, 2/01/25(b)   28,000 28,420
Occidental Petroleum Corp.,      
2.70%, 2/15/23   44,000 43,469
2.90%, 8/15/24   790,000 762,350
3.50%, 6/15/25   380,000 368,600
5.55%, 3/15/26   65,000 68,331
3.40%, 4/15/26   20,000 19,319
3.20%, 8/15/26   25,000 23,437
3.00%, 2/15/27   35,000 32,287
8.50%, 7/15/27   90,000 106,200
3.50%, 8/15/29   525,000 487,132
8.87%, 7/15/30   85,000 106,739
7.50%, 5/01/31   10,000 11,525
4.10%, 2/15/47   5,000 4,138
4.20%, 3/15/48   15,000 12,562
4.40%, 8/15/49   165,000 139,837
Ovintiv, Inc.,      
7.37%, 11/01/31   40,000 50,919
7.20%, 11/01/31   95,000 119,612
6.50%, 8/15/34   215,000 263,478
6.63%, 8/15/37   35,000 42,072
PBF Holding Co. LLC/PBF Finance Corp.,      
9.25%, 5/15/25(b)   90,000 86,818
6.00%, 2/15/28   70,000 40,616
Range Resources Corp.,      
5.00%, 3/15/23   53,000 53,150
9.25%, 2/01/26   115,000 125,326
8.25%, 1/15/29(b)   45,000 47,250
SM Energy Co., 10.00%, 1/15/25(b)   61,000 67,634
Southwestern Energy Co.,      
6.45%, 1/23/25   155,000 162,459
7.50%, 4/01/26   25,000 26,120
7.75%, 10/01/27   15,000 15,900
Sunoco L.P./Sunoco Finance Corp., 4.50%, 5/15/29(b)   145,000 148,262
 
See Notes to Schedules of Investments.
128

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
    Par(a) Value
Oil & Gas (Continued)
Transocean Guardian Ltd., 5.88%, 1/15/24(b)   $49,300 $43,138
Vine Oil & Gas L.P./Vine Oil & Gas Finance Corp., 9.75%, 4/15/23(b)   50,000 46,500
      5,497,364
Oil & Gas Services – 0.1%
Transocean Proteus Ltd., 6.25%, 12/01/24(b)   148,800 136,896
Packaging & Containers – 0.1%
Berry Global, Inc., 4.50%, 2/15/26(b)   55,000 56,097
Graham Packaging Co., Inc., 7.13%, 8/15/28(b)   65,000 70,281
Mauser Packaging Solutions Holding Co., 7.25%, 4/15/25(b)   190,000 187,293
      313,671
Pharmaceuticals – 0.7%
Bausch Health Cos., Inc.,      
5.00%, 1/30/28(b)   45,000 46,364
6.25%, 2/15/29(b)   600,000 645,750
7.25%, 5/30/29(b)   50,000 55,750
5.25%, 1/30/30(b)   100,000 103,256
5.25%, 2/15/31(b)   250,000 257,567
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.00%, 6/30/28(b)   230,000 194,925
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.87%, 9/01/25(b)   210,000 228,900
Par Pharmaceutical, Inc., 7.50%, 4/01/27(b)   86,000 92,499
      1,625,011
Pipelines – 1.6%
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.62%, 12/15/25(b)   25,000 26,453
Buckeye Partners L.P.,      
5.85%, 11/15/43   45,000 44,888
5.60%, 10/15/44   60,000 57,900
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 6.00%, 2/01/29(b)   85,000 81,883
DCP Midstream Operating L.P.,      
5.38%, 7/15/25   50,000 53,485
5.63%, 7/15/27   195,000 212,550
    Par(a) Value
Pipelines (Continued)
DCP Midstream Operating L.P.,      
5.13%, 5/15/29   $25,000 $27,190
Energy Transfer Operating L.P., (3M USD LIBOR + 4.03%), 6.25%, 2/15/23(g)(h)   80,000 65,166
EnLink Midstream Partners L.P.,      
5.60%, 4/01/44   10,000 8,025
5.05%, 4/01/45   5,000 3,999
5.45%, 6/01/47   340,000 271,787
EQM Midstream Partners L.P.,      
6.00%, 7/01/25(b)   155,000 162,141
6.50%, 7/01/27(b)   160,000 172,816
5.50%, 7/15/28   25,000 25,894
4.50%, 1/15/29(b)   55,000 53,240
4.75%, 1/15/31(b)   100,000 96,538
Genesis Energy L.P./Genesis Energy Finance Corp., 7.75%, 2/01/28   175,000 162,312
Harvest Midstream I L.P., 7.50%, 9/01/28(b)   100,000 105,025
Hess Midstream Operations L.P., 5.62%, 2/15/26(b)   444,000 459,025
New Fortress Energy, Inc., 6.75%, 9/15/25(b)   320,000 334,000
NuStar Logistics L.P.,      
5.75%, 10/01/25   85,000 89,463
5.62%, 4/28/27   120,000 126,000
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.,      
5.50%, 9/15/24(b)   17,000 17,314
6.00%, 3/01/27(b)   90,000 90,900
5.50%, 1/15/28(b)   130,000 128,700
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,      
5.87%, 4/15/26   80,000 83,801
5.50%, 3/01/30   45,000 47,840
4.88%, 2/01/31(b)   250,000 261,875
Western Midstream Operating L.P.,      
5.30%, 2/01/30   300,000 330,000
5.45%, 4/01/44   100,000 104,875
5.30%, 3/01/48   10,000 10,250
6.50%, 2/01/50   105,000 118,125
      3,833,460
 
See Notes to Schedules of Investments.
129

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
    Par(a) Value
Real Estate – 0.1%
Realogy Group LLC/Realogy Co-Issuer Corp.,      
7.63%, 6/15/25(b)   $185,000 $200,956
9.37%, 4/01/27(b)   90,000 99,995
5.75%, 1/15/29(b)   45,000 45,956
      346,907
Real Estate Investment Trusts – 0.9%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 5.75%, 5/15/26(b)   285,000 296,400
Iron Mountain, Inc., 4.87%, 9/15/29(b)   565,000 588,730
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,      
5.25%, 10/01/25(b)   95,000 94,762
4.25%, 2/01/27(b)   390,000 377,454
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 4.50%, 1/15/28   191,000 200,550
Service Properties Trust,      
4.35%, 10/01/24   170,000 166,948
7.50%, 9/15/25   120,000 135,678
4.75%, 10/01/26   65,000 62,725
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.87%, 2/15/25(b)   45,000 48,488
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 8.25%, 10/15/23   60,000 60,816
VICI Properties L.P./VICI Note Co., Inc.,      
3.50%, 2/15/25(b)   55,000 55,975
3.75%, 2/15/27(b)   65,000 65,975
4.13%, 8/15/30(b)   70,000 72,890
      2,227,391
Retail – 0.9%
Asbury Automotive Group, Inc.,      
4.50%, 3/01/28   19,000 19,523
4.75%, 3/01/30   22,000 23,137
Carvana Co.,      
5.63%, 10/01/25(b)   415,000 428,956
5.88%, 10/01/28(b)   140,000 145,425
Golden Nugget, Inc., 6.75%, 10/15/24(b)   105,000 105,241
    Par(a) Value
Retail (Continued)
Group 1 Automotive, Inc., 4.00%, 8/15/28(b)   $30,000 $30,713
IRB Holding Corp., 6.75%, 2/15/26(b)   40,000 41,300
Ken Garff Automotive LLC, 4.88%, 9/15/28(b)   50,000 51,378
L Brands, Inc.,      
5.25%, 2/01/28   235,000 248,230
6.62%, 10/01/30(b)   90,000 101,250
6.87%, 11/01/35   5,000 5,796
6.75%, 7/01/36   65,000 74,263
LBM Acquisition LLC, 6.25%, 1/15/29(b)   50,000 50,610
Lithia Motors, Inc., 4.38%, 1/15/31(b)   105,000 111,169
Murphy Oil USA, Inc., 4.75%, 9/15/29   20,000 21,275
Nordstrom, Inc., 5.00%, 1/15/44   85,000 83,599
PetSmart, Inc.,      
7.12%, 3/15/23(b)   75,000 75,337
8.87%, 6/01/25(b)   160,000 167,053
QVC, Inc.,      
4.85%, 4/01/24   5,000 5,431
4.45%, 2/15/25   10,000 10,700
Staples, Inc., 7.50%, 4/15/26(b)   200,000 204,018
White Cap Buyer LLC, 6.87%, 10/15/28(b)   35,000 36,239
Yum! Brands, Inc.,      
4.75%, 1/15/30(b)   10,000 10,734
3.63%, 3/15/31   255,000 250,193
      2,301,570
Software – 0.2%
BY Crown Parent LLC/BY Bond Finance, Inc., 4.25%, 1/31/26(b)   95,000 97,375
Camelot Finance S.A., 4.50%, 11/01/26(b)   75,000 78,000
Dun & Bradstreet (The) Corp., 6.87%, 8/15/26(b)   9,000 9,630
J2 Global, Inc., 4.63%, 10/15/30(b)   95,000 99,037
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 9/01/25(b)   190,000 195,225
      479,267
Telecommunications – 0.7%
CommScope Technologies LLC,      
6.00%, 6/15/25(b)   34,000 34,680
5.00%, 3/15/27(b)   950,000 941,687
 
See Notes to Schedules of Investments.
130

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
    Par(a) Value
Telecommunications (Continued)
CommScope, Inc.,      
8.25%, 3/01/27(b)   $115,000 $123,625
7.12%, 7/01/28(b)   90,000 95,761
LogMeIn, Inc., 5.50%, 9/01/27(b)   95,000 99,394
Lumen Technologies, Inc.,      
5.62%, 4/01/25   50,000 54,500
5.13%, 12/15/26(b)   95,000 101,021
ViaSat, Inc., 6.50%, 7/15/28(b)   185,000 199,800
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 8/15/28(b)   100,000 101,250
      1,751,718
Toys/Games/Hobbies – 0.0%(d)
Mattel, Inc., 5.88%, 12/15/27(b)   30,000 33,082
Total Corporate Bonds
(Cost $53,517,621)
58,765,068
Foreign Government Inflation-Linked Bonds – 0.9%
Sovereign – 0.9%
Argentina Treasury Bond,      
1.10%, 4/17/21 ARS 1,862,900 27,596
1.00%, 8/05/21 ARS 1,785,100 28,278
1.20%, 3/18/22 ARS 44,170,525 668,565
1.30%, 9/20/22 ARS 38,800 552
1.40%, 3/25/23 ARS 42,293,339 615,408
1.50%, 3/25/24 ARS 21,313,347 291,831
Bonos de la Tesoreria de la Republica, 1.50%, 3/01/26 CLP 6,500 297,746
Brazil Notas do Tesouro Nacional, Serie B, 6.00%, 5/15/35 BRL 230,000 186,626
Letras de la Nacion Argentina con Ajuste por CER,      
0.00%, 2/26/21(e) ARS 156,500 2,093
0.00%, 5/21/21(e) ARS 8,312,094 104,362
0.00%, 9/13/21(e) ARS 4,617,607 56,615
      2,279,672
Total Foreign Government Inflation-Linked Bonds
(Cost $2,529,208)
2,279,672
    Par(a) Value
Foreign Issuer Bonds – 61.9%
Angola – 0.6%
Angolan Government International Bond,      
8.25%, 5/09/28(b)   $660,000 $658,426
9.37%, 5/08/48(b)   200,000 197,976
9.13%, 11/26/49(b)   600,000 585,294
      1,441,696
Argentina – 0.3%
Argentine Republic Government International Bond,      
(Step to 0.50% on 7/09/21), 0.13%, 7/09/30(i)   695,870 266,351
(Step to 1.13% on 7/09/21), 0.12%, 7/09/35(i)   1,169,164 399,574
Letras Del Tesoro En Pesos A Descuento, 0.00%, 3/31/21(e) ARS 2,073,280 22,947
YPF S.A., 6.95%, 7/21/27(b)   120,000 73,800
      762,672
Australia – 0.2%
Mineral Resources Ltd., 8.13%, 5/01/27(b)   350,000 388,063
Bahrain – 0.6%
Bahrain Government International Bond,      
5.25%, 1/25/33(b)   750,000 745,821
6.00%, 9/19/44   200,000 198,500
7.50%, 9/20/47   200,000 225,863
Oil and Gas Holding (The) Co. BSCC, 7.50%, 10/25/27   215,000 244,473
      1,414,657
Brazil – 4.0%
Amaggi Luxembourg International S.a.r.l., 5.25%, 1/28/28(b)   200,000 203,116
Brazil Letras do Tesouro Nacional,      
0.00%, 7/01/21(e) BRL 3,245,000 587,562
0.00%, 1/01/22(e) BRL 6,100,000 1,081,908
Brazil Notas do Tesouro Nacional, Serie F,      
10.00%, 1/01/23 BRL 17,599,000 3,499,261
10.00%, 1/01/25 BRL 8,490,000 1,747,277
Brazilian Government International Bond,      
3.88%, 6/12/30   200,000 205,750
4.75%, 1/14/50   1,000,000 998,750
 
See Notes to Schedules of Investments.
131

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
    Par(a) Value
Brazil (Continued)
CSN Islands XII Corp., 7.00%, 3/23/21(g)   $100,000 $97,690
MARB BondCo PLC, 3.95%, 1/29/31(b)   220,000 218,900
MV24 Capital B.V., 6.75%, 6/01/34(b)   189,264 205,967
Petrobras Global Finance B.V.,      
6.90%, 3/19/49   90,000 107,531
6.85%, 6/05/15(j)   333,000 388,445
Suzano Austria GmbH, 3.75%, 1/15/31   235,000 249,441
Usiminas International S.a.r.l., 5.87%, 7/18/26(b)   200,000 215,040
      9,806,638
Canada – 1.3%
1011778 B.C. ULC/New Red Finance, Inc., 4.00%, 10/15/30(b)   490,000 488,162
Baytex Energy Corp., 8.75%, 4/01/27(b)   120,000 94,500
Bombardier, Inc.,      
6.00%, 10/15/22(b)   185,000 183,612
6.12%, 1/15/23(b)   485,000 488,637
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 4.88%, 2/15/30(b)   145,000 148,715
Cenovus Energy, Inc.,      
4.25%, 4/15/27   15,000 16,429
5.25%, 6/15/37   10,000 11,220
5.40%, 6/15/47   175,000 204,415
Empire Communities Corp., 7.00%, 12/15/25(b)   85,000 89,735
GFL Environmental, Inc., 4.00%, 8/01/28(b)   200,000 198,090
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 9/15/28(b)   80,000 82,600
Mattamy Group Corp.,      
5.25%, 12/15/27(b)   140,000 147,350
4.63%, 3/01/30(b)   65,000 67,438
MEG Energy Corp.,      
7.12%, 2/01/27(b)   100,000 103,250
2/01/29(b)(f)   65,000 64,513
Methanex Corp.,      
5.25%, 12/15/29   15,000 15,703
5.65%, 12/01/44   90,000 93,600
Open Text Corp., 3.88%, 2/15/28(b)   115,000 117,587
    Par(a) Value
Canada (Continued)
Parkland Corp.,      
6.00%, 4/01/26(b)   $224,000 $235,200
5.87%, 7/15/27(b)   80,000 85,600
Seven Generations Energy Ltd.,      
6.87%, 6/30/23(b)   11,000 11,124
5.38%, 9/30/25(b)   171,000 173,616
      3,121,096
Cayman Islands – 0.2%
OZLM XXIII Ltd., Series 2019-23A, Class E, (3M USD LIBOR + 6.80%, 6.80% Floor), 7.04%, 4/15/32(b)(k)(l)   260,000 260,403
Pikes Peak CLO 4, Series 2019-4A, Class E, (3M USD LIBOR + 6.77%, 6.77% Floor), 7.01%, 7/15/32(b)(k)(l)   260,000 258,047
      518,450
Chile – 1.0%
AES Gener S.A., (5Y USD Swap Rate + 4.64%), 7.12%, 3/26/79(b)(h)   200,000 219,750
Bonos de la Tesoreria de la Republica en pesos,      
4.70%, 9/01/30(b) CLP 355,000,000 570,682
5.00%, 3/01/35 CLP 355,000,000 583,563
Chile Government International Bond,      
2.45%, 1/31/31   400,000 421,000
2.55%, 1/27/32   225,000 237,607
3.10%, 1/22/61   265,000 268,448
Kenbourne Invest S.A., 6.88%, 11/26/24(b)   200,000 215,950
      2,517,000
China – 3.8%
Agricultural Development Bank of China, 3.75%, 1/25/29 CNY 10,340,000 1,611,130
China Development Bank,      
3.23%, 1/10/25 CNY 12,510,000 1,930,333
3.48%, 1/08/29 CNY 7,990,000 1,226,485
China Evergrande Group, 8.25%, 3/23/22   600,000 572,994
China Government Bond,      
2.36%, 7/02/23 CNY 7,100,000 1,086,110
1.99%, 4/09/25 CNY 2,500,000 371,747
Easy Tactic Ltd., 8.12%, 2/27/23   400,000 378,000
 
See Notes to Schedules of Investments.
132

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
    Par(a) Value
China (Continued)
Fantasia Holdings Group Co. Ltd., 10.87%, 1/09/23   $200,000 $204,525
Kaisa Group Holdings Ltd., 8.50%, 6/30/22   400,000 403,002
Meituan, 3.05%, 10/28/30(b)   210,000 218,257
Prosus N.V., 4.03%, 8/03/50(b)   200,000 199,294
Ronshine China Holdings Ltd., 8.75%, 10/25/22   200,000 205,006
Sunac China Holdings Ltd., 7.88%, 2/15/22   200,000 204,505
Tencent Holdings Ltd.,      
2.39%, 6/03/30(b)   200,000 201,804
3.24%, 6/03/50(b)   400,000 398,714
Yuzhou Group Holdings Co. Ltd., 6.00%, 10/25/23   200,000 203,867
      9,415,773
Colombia – 1.9%
Bancolombia S.A., (5Y US Treasury CMT + 2.94%), 4.62%, 12/18/29(h)   200,000 206,500
Colombian TES,      
7.50%, 8/26/26 COP 2,943,000,000 956,959
5.75%, 11/03/27 COP 770,000,000 229,132
6.00%, 4/28/28 COP 5,375,000,000 1,607,169
7.75%, 9/18/30 COP 3,140,100,000 1,024,112
Ecopetrol S.A., 5.87%, 5/28/45   270,000 306,450
Geopark Ltd., 5.50%, 1/17/27(b)   200,000 200,502
Grupo Aval Ltd., 4.38%, 2/04/30(b)   200,000 206,600
      4,737,424
Congo, The Democ. Rep. of – 0.1%
HTA Group Ltd., 7.00%, 12/18/25(b)   255,000 272,595
Costa Rica – 0.1%
Costa Rica Government International Bond,      
6.12%, 2/19/31(b)   200,000 200,500
5.63%, 4/30/43   200,000 178,400
      378,900
Czech Republic – 1.0%
Czech Republic Government Bond,      
2.50%, 8/25/28 CZK 3,570,000 183,330
2.75%, 7/23/29 CZK 8,230,000 432,959
    Par(a) Value
Czech Republic (Continued)
Czech Republic Government Bond,      
0.95%, 5/15/30 CZK $20,360,000 $922,319
2.00%, 10/13/33 CZK 18,340,000 911,970
      2,450,578
Dominican Republic – 0.7%
Dominican Republic International Bond,      
4.50%, 1/30/30(b)   220,000 230,010
4.88%, 9/23/32(b)   1,030,000 1,098,495
5.30%, 1/21/41(b)   150,000 154,875
5.87%, 1/30/60(b)   315,000 329,805
      1,813,185
Ecuador – 0.3%
Ecuador Government International Bond,      
0.00%, 7/31/30(b)(e)   83,525 36,369
(Step to 1.00% on 7/31/21), 0.50%, 7/31/35(b)(i)   1,094,407 508,282
(Step to 0.50% on 7/31/21), 0.50%, 7/31/40(b)(i)   670,130 297,538
      842,189
Egypt – 1.8%
Egypt Government Bond,      
14.31%, 10/13/23 EGP 3,787,000 245,147
14.06%, 1/12/26 EGP 5,818,000 369,534
Egypt Government International Bond,      
6.59%, 2/21/28   300,000 326,678
7.05%, 1/15/32(b)   635,000 677,862
7.63%, 5/29/32(b)   450,000 498,420
8.50%, 1/31/47   300,000 330,962
8.70%, 3/01/49(b)   250,000 278,125
Egypt Treasury Bill,      
11.61%, 4/06/21(m) EGP 19,375,000 1,218,383
11.56%, 4/20/21(m) EGP 1,500,000 93,216
11.46%, 4/27/21(m) EGP 5,150,000 319,419
      4,357,746
Finland – 0.1%
Nokia OYJ, 4.38%, 6/12/27   224,000 247,412
France – 0.2%
Altice France S.A., 5.13%, 1/15/29(b)   490,000 505,313
Germany – 0.3%
Cheplapharm Arzneimittel GmbH, 5.50%, 1/15/28(b)   200,000 205,750
 
See Notes to Schedules of Investments.
133

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
    Par(a) Value
Germany (Continued)
Deutsche Bank A.G., (5Y USD Swap Rate + 2.55%), 4.87%, 12/01/32(h)   $400,000 $427,632
Vertical U.S. Newco, Inc., 5.25%, 7/15/27(b)   200,000 210,000
      843,382
Ghana – 0.6%
Ghana Government International Bond,      
8.12%, 1/18/26   550,000 624,186
8.13%, 3/26/32   400,000 420,364
Ghana Treasury Note, 19.75%, 3/08/21 GHS 220,000 37,990
Republic of Ghana Government Bonds,      
24.50%, 6/21/21 GHS 580,000 102,741
24.75%, 7/19/21 GHS 678,000 120,874
18.25%, 7/25/22 GHS 1,530,000 268,374
      1,574,529
Guatemala – 0.1%
Banco Industrial S.A., (5Y US Treasury CMT + 4.44%), 4.88%, 1/29/31(b)(h)   150,000 153,375
Hungary – 0.7%
Hungary Government Bond,      
2.75%, 12/22/26 HUF 203,500,000 740,665
3.00%, 8/21/30 HUF 107,770,000 398,731
3.25%, 10/22/31 HUF 123,230,000 465,140
2.25%, 4/20/33 HUF 31,090,000 107,143
      1,711,679
India – 0.9%
Adani Ports & Special Economic Zone Ltd.,      
4.20%, 8/04/27(b)   215,000 234,378
4.37%, 7/03/29(b)   200,000 219,033
India Government Bond, 8.15%, 6/11/22 INR 107,500,000 1,553,644
Network i2i Ltd., (5Y US Treasury CMT + 4.27%), 5.65%, 1/15/25(g)(h)   200,000 211,600
      2,218,655
Indonesia – 4.6%
Indonesia Asahan Aluminium Persero PT,      
4.75%, 5/15/25(b)   200,000 221,200
6.53%, 11/15/28(b)   400,000 501,903
5.45%, 5/15/30(b)   750,000 883,784
    Par(a) Value
Indonesia (Continued)
Indonesia Treasury Bond,      
7.00%, 5/15/22 IDR $25,056,000,000 $1,848,251
5.63%, 5/15/23 IDR 469,000,000 34,163
8.37%, 3/15/24 IDR 6,781,000,000 528,349
6.50%, 6/15/25 IDR 9,474,000,000 705,982
8.37%, 9/15/26 IDR 16,928,000,000 1,367,515
7.00%, 5/15/27 IDR 7,420,000,000 561,559
6.13%, 5/15/28 IDR 4,429,000,000 316,455
9.00%, 3/15/29 IDR 12,844,000,000 1,070,663
7.00%, 9/15/30 IDR 5,360,000,000 401,786
6.50%, 2/15/31 IDR 1,240,000,000 90,103
7.50%, 8/15/32 IDR 10,750,000,000 813,938
8.37%, 3/15/34 IDR 6,653,000,000 538,741
7.50%, 6/15/35 IDR 1,600,000,000 121,778
7.50%, 5/15/38 IDR 600,000,000 44,849
8.37%, 4/15/39 IDR 2,450,000,000 199,817
Minejesa Capital B.V., 5.63%, 8/10/37(b)   200,000 219,864
Perusahaan Penerbit SBSN Indonesia III,      
4.15%, 3/29/27   330,000 375,533
3.80%, 6/23/50(b)   400,000 431,752
      11,277,985
Iraq – 0.2%
Iraq International Bond, 5.80%, 1/15/28   437,500 413,193
Ireland – 0.1%
C&W Senior Financing DAC, 6.88%, 9/15/27(b)   200,000 212,925
Israel – 0.8%
Leviathan Bond Ltd.,      
6.50%, 6/30/27(b)   272,000 307,001
6.75%, 6/30/30(b)   85,000 97,016
Teva Pharmaceutical Finance Co. LLC, 6.15%, 2/01/36   50,000 54,925
Teva Pharmaceutical Finance Netherlands III B.V.,      
3.15%, 10/01/26   225,000 214,639
4.10%, 10/01/46   1,512,000 1,326,780
      2,000,361
Italy – 0.1%
Telecom Italia Capital S.A.,      
6.37%, 11/15/33   60,000 74,041
6.00%, 9/30/34   10,000 11,950
7.20%, 7/18/36   39,000 51,522
 
See Notes to Schedules of Investments.
134

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
    Par(a) Value
Italy (Continued)
UniCredit S.p.A., (5Y US Treasury CMT + 4.75%), 5.46%, 6/30/35(b)(h)   $200,000 $214,864
      352,377
Ivory Coast – 0.3%
Ivory Coast Government International Bond,      
4.88%, 1/30/32(b) EUR 325,000 406,926
6.87%, 10/17/40(b) EUR 275,000 376,726
      783,652
Japan – 2.1%
Japan Treasury Discount Bill,      
(0.10%), 6/16/21(m) JPY 190,600,000 1,820,331
(0.12%), 11/22/21(m) JPY 126,100,000 1,205,021
(0.12%), 12/20/21(m) JPY 220,850,000 2,110,707
      5,136,059
Kazakhstan – 0.5%
KazMunayGas National Co. JSC,      
3.50%, 4/14/33(b)   825,000 889,564
5.75%, 4/19/47   240,000 309,548
      1,199,112
Kenya – 0.3%
Kenya Government International Bond, 8.00%, 5/22/32(b)   725,000 836,411
Lebanon – 0.1%
Lebanon Government International Bond, 8.25%, 5/17/34(n)   1,050,000 137,834
Luxembourg – 0.4%
Altice Financing S.A., 5.00%, 1/15/28(b)   240,000 246,000
ARD Finance S.A., (100% Cash), 6.50%, 6/30/27(b)(o)   600,000 627,000
      873,000
Macau – 0.3%
Studio City Finance Ltd.,      
6.00%, 7/15/25(b)   215,000 225,750
5.00%, 1/15/29(b)   200,000 202,000
Wynn Macau Ltd., 5.12%, 12/15/29(b)   200,000 201,708
      629,458
    Par(a) Value
Malaysia – 1.6%
Malaysia Government Bond,      
3.48%, 3/15/23 MYR $3,450,000 $881,943
4.18%, 7/15/24 MYR 2,650,000 703,583
3.90%, 11/16/27 MYR 3,375,000 910,357
3.89%, 8/15/29 MYR 3,065,000 827,773
4.50%, 4/15/30 MYR 517,000 145,544
4.23%, 6/30/31 MYR 770,000 213,386
4.89%, 6/08/38 MYR 545,000 155,640
      3,838,226
Mexico – 6.4%
Banco Mercantil del Norte S.A., (10Y US Treasury CMT + 5.47%), 7.50%, 6/27/29(b)(g)(h)   200,000 219,000
Cemex S.A.B. de C.V.,      
7.37%, 6/05/27(b)   260,000 293,410
5.20%, 9/17/30(b)   200,000 217,500
3.88%, 7/11/31(b)   490,000 490,735
Mexican Bonos,      
6.50%, 6/09/22 MXN 51,437,000 2,585,163
8.00%, 12/07/23 MXN 37,330,000 2,002,679
8.00%, 9/05/24 MXN 4,218,000 230,697
10.00%, 12/05/24 MXN 41,630,000 2,433,707
5.75%, 3/05/26 MXN 16,795,000 861,126
7.50%, 6/03/27 MXN 8,850,000 494,044
8.50%, 5/31/29 MXN 25,767,400 1,535,661
7.75%, 5/29/31 MXN 22,496,500 1,284,745
Mexico Cetes, 0.00%, 6/17/21(e) MXN 16,545,000 79,423
Mexico Government International Bond,      
2.66%, 5/24/31   400,000 397,816
3.77%, 5/24/61   600,000 578,106
Petroleos Mexicanos,      
6.50%, 3/13/27   525,000 540,881
5.35%, 2/12/28   185,000 177,415
5.95%, 1/28/31   622,000 590,203
6.62%, 6/15/35   919,000 863,892
      15,876,203
Morocco – 0.1%
Morocco Government International Bond, 3.00%, 12/15/32(b)   225,000 226,634
Netherlands – 0.1%
Ziggo B.V., 4.88%, 1/15/30(b)   200,000 209,621
Nigeria – 0.9%
IHS Netherlands Holdco B.V., 8.00%, 9/18/27   200,000 215,750
 
See Notes to Schedules of Investments.
135

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
    Par(a) Value
Nigeria (Continued)
Nigeria Government International Bond,      
7.14%, 2/23/30(b)   $600,000 $643,500
7.87%, 2/16/32   200,000 219,502
7.70%, 2/23/38(b)   565,000 594,747
7.63%, 11/28/47   500,000 522,445
      2,195,944
Norway – 0.8%
Aker BP ASA, 5.88%, 3/31/25(b)   205,000 211,191
Norway Government Bond,      
3.75%, 5/25/21(b) NOK 1,858,000 219,446
2.00%, 5/24/23(b) NOK 7,871,000 953,296
3.00%, 3/14/24(b) NOK 4,328,000 544,787
      1,928,720
Oman – 1.0%
Oman Government International Bond,      
6.00%, 8/01/29   400,000 420,628
6.25%, 1/25/31(b)   200,000 212,006
7.37%, 10/28/32(b)   250,000 283,504
6.50%, 3/08/47   600,000 585,960
7.00%, 1/25/51(b)   740,000 747,844
Oryx Funding Ltd., 5.80%, 2/03/31(b)   200,000 204,500
      2,454,442
Pakistan – 0.1%
Pakistan Government International Bond, 6.88%, 12/05/27   335,000 359,430
Panama – 0.7%
Panama Government International Bond,      
3.16%, 1/23/30   625,000 679,694
2.25%, 9/29/32   850,000 857,225
3.87%, 7/23/60   200,000 222,302
      1,759,221
Paraguay – 0.1%
Paraguay Government International Bond, 5.60%, 3/13/48   300,000 377,703
Peru – 1.3%
Banco de Credito del Peru, (5Y US Treasury CMT + 3.00%), 3.13%, 7/01/30(b)(h)   102,000 104,935
Nexa Resources S.A.,      
5.37%, 5/04/27   200,000 219,000
6.50%, 1/18/28(b)   200,000 232,500
    Par(a) Value
Peru (Continued)
Peru Government Bond,      
6.15%, 8/12/32 PEN $3,350,000 $1,107,504
5.40%, 8/12/34 PEN 70,000 21,095
Peruvian Government International Bond,      
2.78%, 1/23/31   172,000 184,814
1.86%, 12/01/32   585,000 578,272
6.90%, 8/12/37 PEN 1,371,000 457,725
2.78%, 12/01/60   240,000 232,080
3.23%, 7/28/21(p)   160,000 153,600
      3,291,525
Poland – 1.7%
Republic of Poland Government Bond,      
2.50%, 4/25/24 PLN 4,030,000 1,165,352
3.25%, 7/25/25 PLN 5,750,000 1,738,260
2.50%, 7/25/26 PLN 4,270,000 1,270,097
      4,173,709
Qatar – 0.4%
Qatar Government International Bond,      
3.75%, 4/16/30(b)   570,000 663,252
4.40%, 4/16/50(b)   255,000 326,132
      989,384
Romania – 1.4%
Romania Government Bond,      
4.25%, 6/28/23 RON 2,130,000 558,197
3.25%, 4/29/24 RON 4,480,000 1,157,510
5.00%, 2/12/29 RON 1,050,000 308,571
3.65%, 9/24/31 RON 1,260,000 336,743
Romanian Government International Bond,      
3.00%, 2/14/31(b)   270,000 286,049
2.62%, 12/02/40(b) EUR 595,000 755,892
      3,402,962
Russia – 1.8%
Russian Federal Bond - OFZ,      
6.50%, 2/28/24 RUB 43,924,000 602,243
7.10%, 10/16/24 RUB 80,200,000 1,123,974
7.75%, 9/16/26 RUB 57,417,000 832,956
7.05%, 1/19/28 RUB 40,100,000 562,934
6.90%, 5/23/29 RUB 45,121,000 627,121
8.50%, 9/17/31 RUB 35,600,000 551,132
7.70%, 3/23/33 RUB 11,250,000 163,592
      4,463,952
 
See Notes to Schedules of Investments.
136

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
    Par(a) Value
Saudi Arabia – 1.4%
Saudi Arabian Oil Co.,      
2.25%, 11/24/30(b)   $400,000 $398,973
3.25%, 11/24/50(b)   250,000 243,765
3.50%, 11/24/70(b)   450,000 437,899
Saudi Government International Bond,      
2.75%, 2/03/32(b)   1,350,000 1,404,648
2.25%, 2/02/33(b)   700,000 691,558
3.75%, 1/21/55   200,000 211,725
      3,388,568
Senegal – 0.1%
Senegal Government International Bond, 4.75%, 3/13/28 EUR 200,000 257,601
South Africa – 3.0%
Eskom Holdings SOC Ltd.,      
6.75%, 8/06/23   400,000 418,658
7.13%, 2/11/25   200,000 214,051
6.35%, 8/10/28   575,000 638,839
Republic of South Africa Government Bond,      
8.00%, 1/31/30 ZAR 29,900,000 1,886,330
7.00%, 2/28/31 ZAR 17,600,000 994,742
8.25%, 3/31/32 ZAR 9,700,000 580,432
8.87%, 2/28/35 ZAR 5,800,000 339,128
8.50%, 1/31/37 ZAR 17,375,409 957,804
9.00%, 1/31/40 ZAR 6,000,000 338,457
8.75%, 1/31/44 ZAR 5,132,414 278,576
Republic of South Africa Government International Bond,      
4.30%, 10/12/28   200,000 203,486
5.00%, 10/12/46   225,000 204,214
5.75%, 9/30/49   350,000 337,330
      7,392,047
South Korea – 2.3%
Korea Treasury Bond, 1.38%, 12/10/29 KRW 6,654,400,000 5,771,122
Thailand – 1.8%
Bangkok Bank PCL, (5Y US Treasury CMT + 4.73%), 5.00%, 9/23/25(b)(g)(h)   300,000 314,625
Thailand Government Bond,      
2.88%, 12/17/28 THB 44,200,000 1,676,916
3.40%, 6/17/36 THB 13,400,000 559,636
3.30%, 6/17/38 THB 45,968,000 1,891,091
      4,442,268
    Par(a) Value
Turkey – 1.1%
Turkey Government International Bond,      
4.75%, 1/26/26   $200,000 $203,000
4.88%, 10/09/26   505,000 511,313
6.12%, 10/24/28   200,000 213,017
5.25%, 3/13/30   418,000 415,427
5.88%, 6/26/31   770,000 784,291
6.87%, 3/17/36   323,000 344,721
5.75%, 5/11/47   400,000 365,808
      2,837,577
Ukraine – 0.9%
Ukraine Government International Bond,      
7.75%, 9/01/22   350,000 372,181
7.75%, 9/01/26   665,000 748,817
7.75%, 9/01/27   505,000 566,241
(0.06%), 5/31/40(m)   391,000 442,737
      2,129,976
United Arab Emirates – 0.9%
Abu Dhabi Government International Bond,      
1.70%, 3/02/31   825,000 818,480
3.12%, 9/30/49(b)   200,000 209,576
DP World Salaam, (5Y US Treasury CMT + 5.75%), 6.00%, 10/01/25(g)(h)   400,000 439,509
Galaxy Pipeline Assets Bidco Ltd.,      
1.75%, 9/30/27(b)   400,000 404,388
2.63%, 3/31/36(b)   200,000 201,923
Shelf Drilling Holdings Ltd., 8.25%, 2/15/25(b)   184,000 100,280
      2,174,156
United Kingdom – 0.4%
Ardonagh Midco 2 PLC, 11.50%, 1/15/27(b)(o)   212,820 230,378
Connect Finco S.a.r.l./Connect U.S. Finco LLC, 6.75%, 10/01/26(b)   200,000 213,660
Virgin Media Finance PLC, 5.00%, 7/15/30(b)   235,000 241,756
Virgin Media Secured Finance PLC, 5.50%, 5/15/29(b)   230,000 247,956
      933,750
Uruguay – 0.4%
Uruguay Government International Bond, 4.97%, 4/20/55   360,000 480,154
 
See Notes to Schedules of Investments.
137

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
    Par(a) Value
Uruguay (Continued)
Uruguay Monetary Regulation Bill,      
7.48%, 5/07/21(m) UYU $5,607,000 $130,617
7.26%, 6/18/21(m) UYU 16,200,000 374,432
      985,203
Vietnam – 0.1%
Mong Duong Finance Holdings B.V., 5.13%, 5/07/29(b)   250,000 253,573
Zambia – 0.5%
First Quantum Minerals Ltd.,      
7.25%, 4/01/23(b)   430,000 439,193
6.88%, 3/01/26(b)   800,000 833,000
      1,272,193
Total Foreign Issuer Bonds
(Cost $147,742,024)
152,731,084
    
    Number
of Shares
 
Warrants – 0.0%(d)
Engineering & Construction – 0.0%(d)
Mcdermott International Ltd. , 2/08/21(q)*   8,166 361
Total Warrants
(Cost $6,000)
361
Investment Companies – 0.6%
iShares iBoxx High Yield Corporate Bond ETF (Germany)   18,168 1,580,071
Total Investment Companies
(Cost $1,480,664)
1,580,071
Short-Term Investments – 8.5%
U.S. Government Agencies – 3.0%
Federal Home Loan Bank Discount Notes, 0.00%, 2/01/21(e)   7,470,000 7,470,000
    Number
of Shares
Value
Money Market Fund – 3.5%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.01%(r)   8,496,369 $8,496,369
U.S. Treasury Bills – 2.0%
U.S. Treasury Bill, 0.08%, 3/09/21(m)   2,460,000 2,459,858
U.S. Treasury Bill, 0.08%, 4/08/21(m)   2,530,000 2,529,687
      4,989,545
Total Short-Term Investments
(Cost $20,955,798)
20,955,914
    
Number of
Contracts
Notional
Amount
 
Purchased Options – 0.0%(d)
Put Options - Over the Counter – 0.0%(d)
Russian Ruble vs. U.S. Dollar, Strike Price USD $73.40, Expires 2/10/21, Counterparty: Barclays Bank PLC 1 1,300,000 1,320
Total Purchased Options
(Cost $28,002)
1,320
    
Total Investments – 99.1%
(Cost $234,021,835)
244,548,530
Other Assets less Liabilities – 0.9%(s) 2,304,016
NET ASSETS – 100.0% $246,852,546
 
Percentages shown are based on Net Assets.
    
 
(a) Par value is in USD unless otherwise indicated.    
(b) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Morningstar Funds Trust.    
(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of January 31, 2021 is disclosed.    
(d) Amount rounds to less than 0.05%.    
(e) Zero coupon bond.    
See Notes to Schedules of Investments.
138

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
(f) When-Issued Security. Coupon rate was not yet in effect at January 31, 2021.    
(g) Perpetual bond. Maturity date represents next call date.    
(h) Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate as of January 31, 2021 is disclosed.    
(i) Step coupon bond. Rate as of January 31, 2021 is disclosed.    
(j) Century bond maturing in 2115.    
(k) Restricted security that has been deemed illiquid. At January 31, 2021, the value of these restricted illiquid securities amounted to $518,450 or 0.21% of net assets. Additional information on these restricted illiquid securities is as follows:    
  Security Acquisition Date Acquisition Cost
  OZLM XXIII Ltd., 7.04%, 4/15/32 11/19/20 $249,925
  Security Acquisition Date Acquisition Cost
  Pikes Peak CLO 4, 7.01%, 7/15/32 11/19/20 $252,200
 
(l) Variable rate security. Rate as of January 31, 2021 is disclosed.
(m) Discount rate at the time of purchase.
(n) Issuer has defaulted on terms of debt obligation.
(o) Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.
(p) Century bond maturing in 2121.
(q) This is a Level 3 asset which is fair valued by the Pricing Committee (see Note 4 in Notes to Schedule of Investments). The fair value price of $0.05 is based on a pricing model which utilizes projected earnings along with discounted multiples. During the fiscal period, the Fund acquired $400 of this asset.
(r) 7-day current yield as of January 31, 2021 is disclosed.
(s) Includes appreciation/ (depreciation) on forward foreign currency exchange contracts.
* Non-Income Producing Security
    
Abbreviations:  
3M 3 Month
5Y 5 Year
10Y 10 Year
ARS Argentine Peso
BRL Brazilian Real
CLO Collateralized Loan Obligation
CLP Chilean Peso
CMT Constant Maturity
CNY Chinese Offshore Yuan
COP Colombian Peso
CP Commercial Paper
CVR Contingent Value Rights
CZK Czech Republic Koruna
EGP Egyptian Pound
ETF Exchange-Traded Fund
EUR Euro
GHS Ghanaian Cedi
HUF Hungarian Forint
IDR Indonesian Rupiah
INR Indian Rupee
JPY Japanese Yen
KRW South Korean Won
LIBOR London Interbank Offered Rate
LLC Limited Liability Company
MXN Mexican Peso
MYR Malaysian Ringgit
NOK Norwegian Kroner
PCL Public Company Limited
See Notes to Schedules of Investments.
139

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
PEN Peruvian Nuevo Sole
PLC Public Limited Company
PLN Polish Zloty
REIT Real Estate Investment Trust
RON Romania New Leu
RUB Russian Ruble
THB Thai Baht
USD United States Dollar
UYU Uruguay Peso
ZAR South African Rand
Concentration by Currency (%)  
U.S. Dollar 54.2
All other currencies less than 5% 45.8
Total 100.0
Sector Diversification (%)  
Foreign Issuer Bonds 61.9
Corporate Bonds 23.8
Short-Term Investments 8.5
All other sectors less than 5% 5.8
Total 100.0
 
Forward Foreign Currency Exchange Contracts outstanding at January 31, 2021:
             
Expiration
Date
Currency
Purchased
Amount
of Currency
Purchased
Currency
Sold
Amount
of Currency
Sold
Counterparty Unrealized
Appreciation
(Depreciation)
             
04/13/21 Norwegian Kroner 9,512,600 Euro 870,356 JPMorgan Chase $52,391
03/02/21 U.S. Dollars 571,072 Brazilian Reals 2,881,000 Citibank 44,934
02/26/21 U.S. Dollars 1,300,610 Mexican Pesos 26,217,000 Citibank 25,036
03/23/21 U.S. Dollars 1,183,956 Mexican Pesos 23,910,000 HSBC 24,026
03/01/21 U.S. Dollars 883,954 Russian Rubles 65,531,154 Bank of America 19,767
02/25/21 Australian Dollars 1,589,000 Japanese Yen 125,404,369 JPMorgan Chase 17,070
04/05/21 U.S. Dollars 1,150,298 Brazilian Reals 6,216,900 JPMorgan Chase 16,101
03/17/21 Australian Dollars 2,321,000 Japanese Yen 184,184,579 HSBC 15,115
04/07/21 Turkish Lira 10,359,765 U.S. Dollars 1,363,000 JPMorgan Chase 15,041
02/02/21 U.S. Dollars 1,216,155 Brazilian Reals 6,574,900 JPMorgan Chase 14,470
02/26/21 U.S. Dollars 465,000 South African Rand 6,881,040 Citibank 11,646
02/10/21 Norwegian Kroner 1,890,000 Euro 172,857 Deutsche Bank 10,840
02/26/21 Indian Rupees 43,904,850 U.S. Dollars 590,000 BNP 10,283
02/26/21 Indian Rupees 49,948,000 U.S. Dollars 673,199 Deutsche Bank 9,709
06/11/21 Swedish Kronor 6,148,000 Euro 597,602 Deutsche Bank 9,403
02/09/21 Euro 2,019,902 Swiss Francs 2,176,000 Citibank 8,225
03/15/21 Swedish Kronor 3,028,000 Euro 292,493 Deutsche Bank 7,237
03/15/21 Chinese Offshore Yuan 3,265,040 U.S. Dollars 497,710 JPMorgan Chase 7,122
05/03/21 Australian Dollars 483,000 U.S. Dollars 362,603 Deutsche Bank 6,717
04/16/21 Swedish Kronor 2,395,500 Euro 230,883 Deutsche Bank 6,245
02/25/21 Australian Dollars 423,534 Japanese Yen 33,262,885 Citibank 6,102
06/16/21 Norwegian Kroner 2,104,600 Euro 197,853 Deutsche Bank 4,776
06/15/21 Norwegian Kroner 1,376,700 Euro 128,155 Deutsche Bank 4,672
09/15/21 Norwegian Kroner 1,379,700 Euro 128,151 Deutsche Bank 4,651
See Notes to Schedules of Investments.
140

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
Forward Foreign Currency Exchange Contracts outstanding at January 31, 2021: (continued)
             
Expiration
Date
Currency
Purchased
Amount
of Currency
Purchased
Currency
Sold
Amount
of Currency
Sold
Counterparty Unrealized
Appreciation
(Depreciation)
03/22/21 U.S. Dollars 270,460 Mexican Pesos 5,479,523 JPMorgan Chase $4,604
02/10/21 Russian Rubles 24,876,720 U.S. Dollars 324,000 Bank of America 4,485
02/26/21 U.S. Dollars 325,000 Brazilian Reals 1,754,903 Citibank 4,480
03/08/21 Czech Republic Koruna 19,834,364 U.S. Dollars 921,000 Barclays 3,924
02/18/21 Chinese Offshore Yuan 1,630,160 U.S. Dollars 248,884 JPMorgan Chase 3,648
06/18/21 Norwegian Kroner 1,743,000 Euro 164,130 Deutsche Bank 3,616
02/10/21 Swedish Kronor 2,000,000 Euro 194,483 Deutsche Bank 3,302
03/03/21 U.S. Dollars 240,855 South Korean Won 266,000,000 HSBC 2,984
03/16/21 Chinese Offshore Yuan 1,177,380 U.S. Dollars 179,440 HSBC 2,589
06/16/21 Chinese Offshore Yuan 1,184,240 U.S. Dollars 179,441 HSBC 2,541
04/07/21 Turkish Lira 1,259,115 U.S. Dollars 165,000 Bank of America 2,486
03/08/21 U.S. Dollars 927,295 Czech Republic Koruna 19,834,364 Citibank 2,370
02/16/21 Swedish Kronor 3,831,000 Euro 375,960 Deutsche Bank 2,134
06/16/21 Swedish Kronor 2,925,100 Euro 286,292 Deutsche Bank 2,061
04/15/21 Swedish Kronor 757,000 Euro 73,125 Deutsche Bank 1,775
06/15/21 Swedish Kronor 1,148,300 Euro 111,713 Deutsche Bank 1,633
09/15/21 Swedish Kronor 1,149,700 Euro 111,719 Deutsche Bank 1,632
04/07/21 Thai Baht 6,481,390 U.S. Dollars 215,000 Goldman Sachs 1,512
02/16/21 Indian Rupees 7,273,995 U.S. Dollars 98,273 HSBC 1,274
03/15/21 Indian Rupees 7,273,995 U.S. Dollars 98,002 HSBC 1,131
04/07/21 Thai Baht 15,525,000 U.S. Dollars 517,655 Barclays 960
03/15/21 Indian Rupees 5,852,477 U.S. Dollars 78,864 Citibank 896
04/14/21 Chinese Offshore Yuan 2,346,260 U.S. Dollars 361,107 HSBC 874
06/16/21 Indian Rupees 5,126,142 U.S. Dollars 68,339 HSBC 660
06/16/21 Indian Rupees 3,943,186 U.S. Dollars 52,557 Citibank 520
03/01/21 Russian Rubles 26,569,727 U.S. Dollars 350,000 Goldman Sachs 386
07/14/21 Chinese Offshore Yuan 2,166,920 U.S. Dollars 332,054 Citibank 355
02/10/21 Euro 139,051 Swiss Francs 150,000 Goldman Sachs 337
02/09/21 Euro 850,000 Japanese Yen 108,028,200 Deutsche Bank 282
05/03/21 Indian Rupees 48,054,500 U.S. Dollars 650,000 Bank of America 258
02/26/21 U.S. Dollars 163,000 South African Rand 2,470,835 Bank of America 210
03/09/21 Indian Rupees 674,000 U.S. Dollars 9,066 JPMorgan Chase 132
02/09/21 Indian Rupees 610,800 U.S. Dollars 8,235 HSBC 129
03/09/21 Indian Rupees 612,480 U.S. Dollars 8,235 HSBC 123
02/08/21 Indian Rupees 519,600 U.S. Dollars 7,008 JPMorgan Chase 109
03/08/21 Indian Rupees 521,000 U.S. Dollars 7,007 JPMorgan Chase 104
See Notes to Schedules of Investments.
141

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
Forward Foreign Currency Exchange Contracts outstanding at January 31, 2021: (continued)
             
Expiration
Date
Currency
Purchased
Amount
of Currency
Purchased
Currency
Sold
Amount
of Currency
Sold
Counterparty Unrealized
Appreciation
(Depreciation)
03/08/21 Indian Rupees 506,200 U.S. Dollars 6,809 Citibank $100
02/08/21 Indian Rupees 378,700 U.S. Dollars 5,108 Citibank 79
11/02/21 Canadian Dollars 243,000 Euro 155,588 Bank of America 76
06/08/21 Indian Rupees 384,100 U.S. Dollars 5,108 Citibank 67
06/09/21 Indian Rupees 226,200 U.S. Dollars 3,006 Citibank 41
02/22/21 Euro 158,500 U.S. Dollars 192,425 Bank of America 7
Total Unrealized Appreciation $412,465
             
04/16/21 Euro 531,500 U.S. Dollars 646,570 Deutsche Bank $(468)
02/26/21 U.S. Dollars 163,000 South African Rand 2,481,267 HSBC (477)
04/19/21 Swedish Kronor 2,395,500 Euro 236,688 Deutsche Bank (822)
03/29/21 Japanese Yen 12,253,804 Euro 97,167 Citibank (1,019)
02/26/21 U.S. Dollars 170,000 South African Rand 2,599,300 Bank of America (1,254)
03/02/21 Malaysian Ringgit 1,048,840 U.S. Dollars 260,000 Goldman Sachs (1,538)
02/10/21 Swiss Francs 150,000 Euro 140,504 Goldman Sachs (2,101)
07/27/21 Norwegian Kroner 4,350,000 Euro 418,527 Deutsche Bank (2,322)
06/15/21 Japanese Yen 33,276,141 U.S. Dollars 320,858 Citibank (2,693)
06/15/21 Japanese Yen 46,691,564 U.S. Dollars 449,736 HSBC (3,301)
04/06/21 Hungarian Forints 381,679,740 U.S. Dollars 1,300,000 BNP (3,349)
03/31/21 Japanese Yen 11,972,993 Euro 97,167 Citibank (3,705)
06/30/21 Japanese Yen 11,980,673 Euro 97,167 Citibank (3,738)
02/22/21 U.S. Dollars 188,480 Euro 158,500 HSBC (3,953)
03/22/21 Mexican Pesos 5,479,523 U.S. Dollars 270,000 Bank of America (4,143)
03/01/21 Russian Rubles 13,332,467 U.S. Dollars 180,000 BNP (4,179)
08/03/21 Canadian Dollars 2,147,000 Euro 1,381,685 Deutsche Bank (4,328)
02/26/21 Japanese Yen 43,073,857 Euro 342,449 Citibank (4,481)
03/03/21 South Korean Won 266,000,000 U.S. Dollars 242,484 HSBC (4,613)
03/01/21 Russian Rubles 25,628,960 U.S. Dollars 343,000 Bank of America (5,020)
02/10/21 U.S. Dollars 322,800 Russian Rubles 24,876,720 BNP (5,686)
02/23/21 Hungarian Forints 117,648,000 U.S. Dollars 405,543 Bank of America (5,748)
04/07/21 Japanese Yen 41,364,600 U.S. Dollars 403,370 JPMorgan Chase (8,189)
02/26/21 Brazilian Reals 923,004 U.S. Dollars 180,000 Citibank (11,420)
06/15/21 Japanese Yen 156,320,810 U.S. Dollars 1,506,634 JPMorgan Chase (11,996)
02/23/21 U.S. Dollars 387,000 Hungarian Forints 117,648,000 Goldman Sachs (12,795)
04/30/21 Japanese Yen 42,029,284 Euro 342,450 Citibank (14,760)
07/13/21 Japanese Yen 32,336,444 Australian Dollars 424,999 JPMorgan Chase (15,800)
02/25/21 Japanese Yen 32,098,337 Australian Dollars 423,534 Citibank (17,222)
03/16/21 Japanese Yen 92,100,000 U.S. Dollars 896,981 HSBC (17,332)
03/11/21 Japanese Yen 92,100,000 U.S. Dollars 896,935 HSBC (17,340)
04/06/21 Japanese Yen 82,533,153 Euro 665,700 JPMorgan Chase (20,603)
02/09/21 Swiss Francs 2,176,000 Euro 2,030,343 Citibank (20,898)
02/02/21 Brazilian Reals 6,574,900 U.S. Dollars 1,222,765 JPMorgan Chase (21,080)
See Notes to Schedules of Investments.
142

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
Forward Foreign Currency Exchange Contracts outstanding at January 31, 2021: (continued)
             
Expiration
Date
Currency
Purchased
Amount
of Currency
Purchased
Currency
Sold
Amount
of Currency
Sold
Counterparty Unrealized
Appreciation
(Depreciation)
03/08/21 U.S. Dollars 347,104 Mexican Pesos 7,591,000 Citibank $(21,816)
03/16/21 U.S. Dollars 432,454 Mexican Pesos 9,398,000 Citibank (23,849)
07/30/21 Japanese Yen 275,750,000 U.S. Dollars 2,664,045 Morgan Stanley (26,125)
04/13/21 Japanese Yen 54,339,284 Australian Dollars 715,008 JPMorgan Chase (27,500)
05/03/21 U.S. Dollars 341,503 Australian Dollars 483,000 Morgan Stanley (27,817)
02/26/21 U.S. Dollars 653,727 Indian Rupees 49,948,000 Deutsche Bank (29,181)
04/16/21 U.S. Dollars 950,775 Euro 806,283 Deutsche Bank (29,358)
02/10/21 U.S. Dollars 1,816,156 Mexican Pesos 37,970,000 HSBC (34,255)
03/11/21 U.S. Dollars 413,236 Mexican Pesos 9,306,000 Citibank (38,870)
03/17/21 Japanese Yen 178,231,911 Australian Dollars 2,321,000 HSBC (71,970)
02/09/21 Japanese Yen 347,990,950 Euro 2,830,000 Deutsche Bank (112,451)
03/24/21 South Korean Won 4,950,000,000 U.S. Dollars 4,543,077 Standard Chartered Bank (116,910)
02/25/21 Japanese Yen 228,215,996 Australian Dollars 3,011,000 JPMorgan Chase (122,230)
03/24/21 U.S. Dollars 4,253,564 South Korean Won 4,950,000,000 Standard Chartered Bank (172,602)
Total Unrealized Depreciation $(1,113,307)
Net Unrealized Depreciation $(700,842)
See Notes to Schedules of Investments.
143

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Multisector Bond Fund
Valuation Hierarchy
The following is a summary of the inputs used, as of January 31, 2021, in valuing the Fund's investments carried at fair value:
Morningstar Multisector Bond Fund Level 1 Level 2 Level 3 Totals
Investments        
Assets:        
Asset-Backed Securities $$647,284 $$647,284
Common Stocks 1,151,742 5,668 1,157,410
Convertible Preferred Stocks 1,850,613 1,850,613
Convertible Bonds 4,579,733 4,579,733
Corporate Bonds 58,765,068 58,765,068
Foreign Government Inflation-Linked Bonds 2,279,672 2,279,672
Foreign Issuer Bonds 152,731,084 152,731,084
Warrants 361 361
Investment Companies 1,580,071 1,580,071
Short-Term Investments 8,496,369 12,459,545 20,955,914
Purchased Options 1,320 1,320
Total Investments $13,078,795 $231,469,374 $361 $244,548,530
    
Morningstar Multisector Bond Fund Level 1 Level 2 Level 3 Totals
Derivative Financial Instruments        
Assets:        
Forward foreign currency exchange contracts $— $412,465 $— $412,465
Total Assets - Derivative Financial Instruments $— $412,465 $— $412,465
Liabilities:        
Forward foreign currency exchange contracts $— $(1,113,307) $— $(1,113,307)
Total Liabilities - Derivative Financial Instruments $— $(1,113,307) $— $(1,113,307)
Net Derivative Financial Instruments $— $(700,842) $— $(700,842)
Investments classified within Level 3 of the fair value hierarchy are valued by Morningstar Investment Management LLC ("MIM") in good faith under procedures adopted by authority of the Fund’s Board of Trustees. MIM employs various methods to determine fair valuations including regular review of key inputs and assumptions, and review of related market activity, if any. However, there are generally no observable trade activities in these securities. MIM reports to the Board of Trustees at their regularly scheduled quarterly meetings, or more often if warranted. The report includes a summary of the results of the process, the key inputs and assumptions noted, and any changes to the inputs and assumptions used. When appropriate, MIM will recommend changes to the procedures and process employed. The value determined for an investment using the fair value procedures may differ significantly from the value realized upon the sale of such investment.
See Notes to Schedules of Investments.
144

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments
Morningstar Unconstrained Allocation Fund
    Par(a) Value
Asset-Backed Securities – 0.1%
Commercial Mortgage-Backed Securities – 0.1%
Benchmark Mortgage Trust, Series 2020-B17, Class A2, 2.21%, 3/15/53   $45,000 $47,304
Whole Loan – 0.0%(b)
STACR Trust, Series 2018-HRP1, Class M2, (1M USD LIBOR + 1.65%), 1.78%, 4/25/43(c)(d)   33,700 33,511
Total Asset-Backed Securities
(Cost $78,971)
80,815
    
    Number
of Shares
 
Common Stocks – 15.4%
Advertising – 0.8%
Omnicom Group, Inc.   23,526 1,467,552
Apparel – 0.5%
Tapestry, Inc.   26,747 845,740
Beverages – 0.3%
Anheuser-Busch InBev S.A./N.V. (Belgium)   8,775 550,831
Commercial Services – 3.1%
Atlantia S.p.A. (Italy)*   35,272 558,780
Bureau Veritas S.A. (France)*   44,505 1,167,801
H&R Block, Inc.   120,126 2,069,771
Nielsen Holdings PLC   85,376 1,906,446
      5,702,798
Computers – 0.5%
Cognizant Technology Solutions Corp., Class A   11,613 905,233
Electric – 0.6%
National Grid PLC (United Kingdom)   89,304 1,037,328
Engineering & Construction – 1.1%
Ferrovial S.A. (Spain)   49,408 1,184,483
Vinci S.A. (France)   9,428 874,241
      2,058,724
Entertainment – 0.6%
International Game Technology PLC   67,603 1,089,084
Environmental Control – 0.7%
Stericycle, Inc.*   18,397 1,204,636
    Number
of Shares
Value
Gas – 0.5%
Snam S.p.A. (Italy)   176,364 $924,802
Healthcare - Products – 0.9%
EssilorLuxottica S.A. (France)   5,874 830,923
Medtronic PLC   7,723 859,802
      1,690,725
Healthcare - Services – 1.3%
Fresenius Medical Care A.G. & Co. KGaA (Germany)   14,616 1,182,419
MEDNAX, Inc.*   40,590 1,106,889
      2,289,308
Pharmaceuticals – 2.2%
CVS Health Corp.   27,025 1,936,341
Henry Schein, Inc.*   8,669 570,854
McKesson Corp.   8,887 1,550,515
      4,057,710
Software – 0.5%
Oracle Corp.   15,043 909,048
Telecommunications – 1.3%
Cisco Systems, Inc.   27,583 1,229,650
SES S.A. (France)   133,259 1,135,936
      2,365,586
Water – 0.5%
United Utilities Group PLC (United Kingdom)   73,449 925,810
Total Common Stocks
(Cost $22,779,475)
28,024,915
    
    Par(a)  
Corporate Bonds – 2.2%
Aerospace/Defense – 0.3%
Boeing (The) Co.,      
5.71%, 5/01/40   $50,000 63,289
5.81%, 5/01/50   160,000 210,372
3.95%, 8/01/59   100,000 99,865
5.93%, 5/01/60   100,000 133,976
      507,502
Airlines – 0.3%
Delta Air Lines, Inc.,      
7.00%, 5/01/25(c)   80,000 92,767
7.38%, 1/15/26   85,000 97,598
3.75%, 10/28/29   35,000 34,320
 
See Notes to Schedules of Investments.
145

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Unconstrained Allocation Fund
    Par(a) Value
Airlines (Continued)
Southwest Airlines Co., 5.13%, 6/15/27   $235,000 $277,502
      502,187
Auto Manufacturers – 0.4%
General Motors Co.,      
6.80%, 10/01/27   70,000 89,913
6.25%, 10/02/43   130,000 175,497
5.95%, 4/01/49   20,000 27,147
General Motors Financial Co., Inc., (SOFR + 1.20%), 1.27%, 11/17/23(d)   380,000 383,885
      676,442
Banks – 0.1%
Bank of America Corp., (3M USD LIBOR + 3.15%), 4.08%, 3/20/51(e)   100,000 121,052
Insurance – 0.1%
Metropolitan Life Global Funding I, (SOFR + 0.57%), 0.63%, 1/13/23(c)(d)   150,000 151,087
Media – 0.0%(b)
Walt Disney (The) Co.,      
4.63%, 3/23/40   10,000 12,754
4.70%, 3/23/50   35,000 46,819
      59,573
Miscellaneous Manufacturing – 0.2%
General Electric Co., 4.35%, 5/01/50   405,000 466,483
Oil & Gas – 0.6%
Apache Corp.,      
4.75%, 4/15/43   160,000 152,000
4.25%, 1/15/44   40,000 36,800
5.35%, 7/01/49   45,000 44,325
Devon Energy Corp., 5.60%, 7/15/41   45,000 53,794
Exxon Mobil Corp., 3.45%, 4/15/51   165,000 178,899
Hess Corp.,      
5.60%, 2/15/41   135,000 159,565
5.80%, 4/01/47   95,000 117,011
Occidental Petroleum Corp.,      
6.20%, 3/15/40   30,000 31,125
6.60%, 3/15/46   45,000 48,474
4.40%, 4/15/46   155,000 136,245
    Par(a) Value
Oil & Gas (Continued)
Occidental Petroleum Corp.,      
4.20%, 3/15/48   $140,000 $117,250
4.40%, 8/15/49   60,000 50,850
      1,126,338
Software – 0.2%
Oracle Corp.,      
3.60%, 4/01/50   185,000 205,059
3.85%, 4/01/60   140,000 161,451
      366,510
Total Corporate Bonds
(Cost $3,619,074)
3,977,174
Foreign Issuer Bonds – 6.1%
Australia – 0.7%
Australia Government Bond, 5.75%, 7/15/22 AUD 740,000 612,398
New South Wales Treasury Corp., 4.00%, 4/08/21 AUD 150,000 115,495
Queensland Treasury Corp., 5.50%, 6/21/21 AUD 335,000 261,508
Western Australian Treasury Corp., 7.00%, 7/15/21 AUD 335,000 264,254
      1,253,655
Brazil – 0.6%
Brazil Notas do Tesouro Nacional, Serie F,      
10.00%, 1/01/27 BRL 3,150,000 659,185
10.00%, 1/01/29 BRL 895,000 189,127
Petrobras Global Finance B.V., 6.75%, 6/03/50   190,000 222,317
      1,070,629
Canada – 0.5%
Bank of Montreal, (SOFR + 0.68%), 0.75%, 3/10/23(d)   195,000 197,034
Bank of Nova Scotia (The), (SOFR + 0.55%), 0.62%, 9/15/23(d)   525,000 528,740
Canadian Imperial Bank of Commerce, (SOFR + 0.80%), 0.87%, 3/17/23(d)   205,000 207,358
      933,132
Colombia – 0.6%
Colombian TES,      
6.25%, 11/26/25 COP 1,278,000,000 396,783
6.00%, 4/28/28 COP 2,290,000,000 684,729
      1,081,512
 
See Notes to Schedules of Investments.
146

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Unconstrained Allocation Fund
    Par(a) Value
France – 0.1%
Total Capital International S.A., 3.13%, 5/29/50   $135,000 $138,314
Indonesia – 0.5%
Indonesia Treasury Bond, 9.00%, 3/15/29 IDR 10,750,000,000 896,109
Malaysia – 0.5%
Malaysia Government Bond,      
3.88%, 3/10/22 MYR 2,940,000 743,873
3.90%, 11/16/27 MYR 1,000,000 269,736
      1,013,609
Mexico – 1.8%
Mexican Bonos,      
8.50%, 5/31/29 MXN 12,110,000 721,720
7.75%, 11/23/34 MXN 3,760,000 214,109
8.50%, 11/18/38 MXN 12,700,000 757,391
7.75%, 11/13/42 MXN 16,000,000 887,481
8.00%, 11/07/47 MXN 5,160,000 293,377
Petroleos Mexicanos,      
6.75%, 9/21/47   60,000 52,410
7.69%, 1/23/50   380,000 359,282
      3,285,770
Poland – 0.0%(b)
Republic of Poland Government Bond, 2.00%, 4/25/21 PLN 426,000 114,988
Russia – 0.1%
Russian Federal Bond - OFZ, 7.65%, 4/10/30 RUB 8,000,000 116,526
South Africa – 0.7%
Republic of South Africa Government Bond,      
6.50%, 2/28/41 ZAR 11,300,000 487,846
8.75%, 2/28/48 ZAR 13,835,000 749,847
      1,237,693
Total Foreign Issuer Bonds
(Cost $10,364,548)
11,141,937
U.S. Government Obligations – 5.6%
U.S. Treasury Floating Rate Notes – 5.6%
(3M US Treasury MMY + 0.30%), 0.37%, 10/31/21(d)   1,370,000 1,372,862
(3M US Treasury MMY + 0.15%), 0.22%, 1/31/22(d)   3,295,000 3,299,187
(3M US Treasury MMY + 0.11%), 0.18%, 4/30/22(d)   1,175,000 1,176,182
    Par(a) Value
U.S. Treasury Floating Rate Notes (Continued)
(3M US Treasury MMY + 0.06%), 0.12%, 7/31/22(d)   $570,000 $570,174
(3M US Treasury MMY + 0.06%), 0.12%, 10/31/22(d)   3,167,000 3,167,995
(3M US Treasury MMY + 0.05%), 0.11%, 1/31/23(d)   490,000 490,010
      10,076,410
Total U.S. Government Obligations
(Cost $10,069,747)
10,076,410
    
    Number
of Shares
 
Investment Companies – 65.7%
Invesco KBW Bank ETF   103,894 5,225,868
iShares Core DAX UCITS ETF DE (Germany)* EUR 54,067 7,502,192
iShares Global Energy ETF   432,611 9,037,244
iShares MSCI Europe Financials ETF   337,809 5,681,947
iShares MSCI Mexico ETF   126,597 5,087,934
iShares MSCI South Korea ETF   53,632 4,724,979
iShares MSCI United Kingdom ETF   365,111 10,668,544
iShares STOXX Europe 600 Telecommunications UCITS ETF DE (Germany) EUR 202,389 4,756,959
JPMorgan BetaBuilders Japan ETF   812,225 22,539,244
Schwab Fundamental Emerging Markets Large Company Index ETF   332,210 9,411,509
Schwab U.S. TIPS ETF   82,673 5,147,221
Vanguard Consumer Staples ETF   30,852 5,145,805
Vanguard Long-Term Treasury ETF   139,135 12,868,596
Vanguard Small-Cap ETF   20,402 4,051,633
Vanguard Total Stock Market ETF   38,064 7,384,035
Total Investment Companies
(Cost $94,665,527)
119,233,710
 
See Notes to Schedules of Investments.
147

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Unconstrained Allocation Fund
    Number
of Shares
Value
Short-Term Investments – 4.8%
Money Market Fund – 4.8%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.01%(f)   8,713,022 $8,713,022
Total Short-Term Investments
(Cost $8,713,022)
8,713,022
Total Investments – 99.9%
(Cost $150,290,364)
181,247,983
Other Assets less Liabilities – 0.1%(g) 254,512
NET ASSETS – 100.0% $181,502,495
Percentages shown are based on Net Assets.
    
All securities are United States companies, unless noted otherwise in parentheses.
(a) Par value is in USD unless otherwise indicated.    
(b) Amount rounds to less than 0.05%.    
(c) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Morningstar Funds Trust.    
(d) Variable rate security. Rate as of January 31, 2021 is disclosed.    
(e) Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate as of January 31, 2021 is disclosed.    
(f) 7-day current yield as of January 31, 2021 is disclosed.    
(g) Includes appreciation/ (depreciation) on forward foreign currency exchange contracts and futures contracts.    
* Non-Income Producing Security    
    
Abbreviations:  
1M 1 Month
3M 3 Month
AUD Australian Dollar
BRL Brazilian Real
COP Colombian Peso
DAX Deutscher Aktienindex
ETF Exchange-Traded Fund
EUR Euro
IDR Indonesian Rupiah
LIBOR London Interbank Offered Rate
MMY Money Market Yield
MSCI Morgan Stanley Capital International
MXN Mexican Peso
MYR Malaysian Ringgit
PLC Public Limited Company
PLN Polish Zloty
RUB Russian Ruble
SOFR United States Secured Overnight Financing Rate
TIPS Treasury Inflation Protected Securities
UCITS Undertakings for Collective Investment in Transferable Securities
USD United States Dollar
ZAR South African Rand
See Notes to Schedules of Investments.
148

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Unconstrained Allocation Fund
Concentration by Currency (%)  
U.S. Dollar 77.4
Euro 11.4
All other currencies less than 5% 11.2
Total 100.0

    
Country Diversification (%)  
United States 76.4
Germany 7.4
All other countries less than 5% 16.2
Total 100.0
 
Futures Contracts outstanding at January 31, 2021:
Exchange Traded
           
Description Number of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Unrealized
Appreciation
(Depreciation)
Short Contracts          
Ultra U.S. Treasury Bond (10) 3/22/2021 USD 2,047,188 $74,656
    
Forward Foreign Currency Exchange Contracts outstanding at January 31, 2021:
             
Expiration
Date
Currency
Purchased
Amount
of Currency
Purchased
Currency
Sold
Amount
of Currency
Sold
Counterparty Unrealized
Appreciation
(Depreciation)
             
03/08/21 British Pounds 1,780,000 U.S. Dollars 2,374,128 Citibank $65,170
02/22/21 Chilean Pesos 710,000,000 U.S. Dollars 928,991 HSBC 37,535
02/19/21 British Pounds 670,000 U.S. Dollars 888,269 HSBC 29,808
03/09/21 Norwegian Kroner 6,600,000 U.S. Dollars 749,318 Citibank 21,197
02/19/21 Czech Republic Koruna 10,200,000 U.S. Dollars 456,382 JPMorgan Chase 19,243
02/09/21 Indian Rupees 57,000,000 U.S. Dollars 764,628 HSBC 15,955
02/03/21 Mexican Pesos 6,500,000 U.S. Dollars 301,568 Citibank 15,424
02/10/21 Russian Rubles 33,000,000 U.S. Dollars 424,336 Citibank 11,413
02/11/21 Hungarian Forints 131,000,000 U.S. Dollars 436,550 HSBC 8,658
02/19/21 British Pounds 190,000 U.S. Dollars 253,547 Goldman Sachs 6,803
02/12/21 U.S. Dollars 368,066 South African Rand 5,500,000 Citibank 5,016
02/24/21 U.S. Dollars 481,975 Japanese Yen 50,000,000 Citibank 4,531
04/14/21 U.S. Dollars 135,619 Brazilian Reals 720,000 HSBC 4,300
02/03/21 U.S. Dollars 398,907 Mexican Pesos 8,100,000 Citibank 3,886
05/14/21 Canadian Dollars 1,020,000 U.S. Dollars 794,083 Goldman Sachs 3,703
02/24/21 Russian Rubles 35,000,000 U.S. Dollars 458,165 Citibank 3,552
04/14/21 Brazilian Reals 2,810,000 U.S. Dollars 511,095 HSBC 1,413
03/08/21 British Pounds 160,000 U.S. Dollars 218,106 Morgan Stanley 1,156
04/20/21 Czech Republic Koruna 11,800,000 U.S. Dollars 549,272 JPMorgan Chase 1,085
04/27/21 Polish Zloty 2,440,000 U.S. Dollars 654,805 Citibank 906
02/25/21 U.S. Dollars 38,695 Australian Dollars 50,000 Goldman Sachs 478
02/10/21 U.S. Dollars 462,535 Russian Rubles 35,000,000 Citibank 376
02/11/21 Hungarian Forints 13,000,000 U.S. Dollars 43,817 Barclays 364
02/05/21 Canadian Dollars 900,000 U.S. Dollars 703,482 Goldman Sachs 340
See Notes to Schedules of Investments.
149

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Unconstrained Allocation Fund
Forward Foreign Currency Exchange Contracts outstanding at January 31, 2021: (continued)
             
Expiration
Date
Currency
Purchased
Amount
of Currency
Purchased
Currency
Sold
Amount
of Currency
Sold
Counterparty Unrealized
Appreciation
(Depreciation)
02/09/21 U.S. Dollars 780,822 Indian Rupees 57,000,000 HSBC $238
02/05/21 Canadian Dollars 60,000 U.S. Dollars 46,879 National Australia Bank 42
Total Unrealized Appreciation $262,592
             
05/10/21 Indian Rupees 57,000,000 U.S. Dollars 770,833 HSBC $(174)
04/28/21 Hungarian Forints 150,000,000 U.S. Dollars 509,753 HSBC (237)
02/05/21 Canadian Dollars 60,000 U.S. Dollars 47,174 Morgan Stanley (253)
05/12/21 Russian Rubles 35,000,000 U.S. Dollars 457,905 Citibank (288)
03/09/21 Norwegian Kroner 500,000 U.S. Dollars 58,867 Goldman Sachs (495)
02/10/21 Russian Rubles 2,000,000 U.S. Dollars 27,012 Citibank (603)
02/03/21 Mexican Pesos 600,000 U.S. Dollars 30,229 Barclays (969)
02/24/21 Japanese Yen 50,000,000 U.S. Dollars 478,651 Citibank (1,206)
02/03/21 Mexican Pesos 1,000,000 U.S. Dollars 50,094 Citibank (1,326)
02/22/21 Chilean Pesos 80,000,000 U.S. Dollars 110,345 HSBC (1,441)
02/24/21 Russian Rubles 5,000,000 U.S. Dollars 67,492 Citibank (1,533)
02/12/21 U.S. Dollars 97,328 South African Rand 1,500,000 Citibank (1,685)
04/22/21 Colombian Pesos 610,000,000 U.S. Dollars 173,648 JPMorgan Chase (3,285)
05/13/21 Mexican Pesos 8,100,000 U.S. Dollars 394,468 Citibank (3,626)
02/05/21 U.S. Dollars 793,898 Canadian Dollars 1,020,000 Goldman Sachs (3,768)
02/25/21 Australian Dollars 520,000 U.S. Dollars 401,583 Citibank (4,121)
02/25/21 U.S. Dollars 186,137 Australian Dollars 250,000 Barclays (4,951)
04/30/21 Chilean Pesos 180,000,000 U.S. Dollars 251,200 HSBC (6,054)
03/11/21 South Korean Won 260,000,000 U.S. Dollars 239,140 HSBC (6,642)
04/15/21 South Korean Won 580,000,000 U.S. Dollars 528,378 Citibank (9,689)
04/29/21 South Korean Won 850,000,000 U.S. Dollars 771,220 Citibank (10,952)
04/12/21 Polish Zloty 3,190,000 U.S. Dollars 869,968 Citibank (12,846)
02/12/21 U.S. Dollars 693,781 South African Rand 10,900,000 HSBC (25,717)
02/25/21 U.S. Dollars 607,008 Australian Dollars 830,000 HSBC (27,402)
Total Unrealized Depreciation $(129,263)
Net Unrealized Appreciation $133,329
See Notes to Schedules of Investments.
150

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Unconstrained Allocation Fund
Valuation Hierarchy
The following is a summary of the inputs used, as of January 31, 2021, in valuing the Fund's investments carried at fair value:
Morningstar Unconstrained Allocation Fund Level 1 Level 2 Level 3 Totals
Investments        
Assets:        
Asset-Backed Securities $$80,815 $— $80,815
Common Stocks 17,651,561 10,373,354 28,024,915
Corporate Bonds 3,977,174 3,977,174
Foreign Issuer Bonds 11,141,937 11,141,937
U.S. Government Obligations 10,076,410 10,076,410
Investment Companies 119,233,710 119,233,710
Short-Term Investments 8,713,022 8,713,022
Total Investments $145,598,293 $35,649,690 $— $181,247,983
    
Morningstar Unconstrained Allocation Fund Level 1 Level 2 Level 3 Totals
Derivative Financial Instruments        
Assets:        
Futures contracts $74,656 $$— $74,656
Forward foreign currency exchange contracts 262,592 262,592
Total Assets - Derivative Financial Instruments $74,656 $262,592 $— $337,248
Liabilities:        
Forward foreign currency exchange contracts $$(129,263) $— $(129,263)
Total Liabilities - Derivative Financial Instruments $$(129,263) $— $(129,263)
Net Derivative Financial Instruments $74,656 $133,329 $— $207,985
See Notes to Schedules of Investments.
151

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments
Morningstar Alternatives Fund
    Par(a) Value
Long Positions – 109.4%
Asset-Backed Securities – 8.6%
Automobile – 2.6%
AmeriCredit Automobile Receivables Trust, Series 2016-3, Class D, 2.71%, 9/08/22   $479,473 $481,843
Drive Auto Receivables Trust,      
Series 2017-3, Class D, 3.53%, 12/15/23(b)   278,489 282,463
Series 2019-1, Class D, 4.09%, 6/15/26   700,000 734,322
Series 2019-4, Class B, 2.23%, 1/16/24   500,000 504,549
Series 2020-1, Class A3, 2.02%, 11/15/23   135,000 135,988
Series 2020-2, Class A2A, 0.85%, 7/17/23   210,434 210,769
Series 2020-2, Class A3, 0.83%, 5/15/24   240,000 241,253
Series 2020-2, Class D, 3.05%, 5/15/28   290,000 306,273
Santander Drive Auto Receivables Trust,      
Series 2019-1, Class C, 3.42%, 4/15/25   1,000,000 1,016,588
Series 2019-1, Class D, 3.65%, 4/15/25   700,000 730,087
Series 2019-3, Class B, 2.28%, 9/15/23   500,000 503,396
Series 2020-2, Class B, 0.96%, 11/15/24   110,000 110,766
Westlake Automobile Receivables Trust,      
Series 2018-3A, Class C, 3.61%, 10/16/23(b)   150,140 151,401
Series 2019-1A, Class C, 3.45%, 3/15/24(b)   500,000 509,573
Series 2020-2A, Class B, 1.32%, 7/15/25(b)   260,000 263,362
Series 2020-3A, Class B, 0.78%, 11/17/25(b)   510,000 511,741
      6,694,374
Other – 0.6%
Conn's Receivables Funding LLC, Series 2020-A, Class A, 1.71%, 6/16/25(b)   309,487 309,959
Enva LLC, Series 2019-A, Class A, 3.96%, 6/22/26(b)   21,396 21,429
Marlette Funding Trust,      
Series 2018-4A, Class A, 3.71%, 12/15/28(b)   116,678 117,078
    Par(a) Value
Other (Continued)
Marlette Funding Trust,      
Series 2020-2A, Class A, 1.02%, 9/16/30(b)   $368,055 $368,762
Prosper Marketplace Issuance Trust, Series 2019-3A, Class A, 3.19%, 7/15/25(b)   103,713 103,987
Upstart Securitization Trust,      
Series 2019-3, Class A, 2.68%, 1/21/30(b)   291,852 294,806
Series 2020-1, Class A, 2.32%, 4/22/30(b)   174,096 175,950
Series 2021-1, Class A, 0.87%, 3/20/31(b)   195,000 194,999
      1,586,970
Whole Loan – 5.4%
Connecticut Avenue Securities Trust,      
Series 2018-R07, Class 1M2, (1M USD LIBOR + 2.40%), 2.53%, 4/25/31(b)(c)   415,754 417,077
Series 2018-R07, Class 1M2C, (1M USD LIBOR + 2.40%), 2.53%, 4/25/31(b)(c)   800,000 799,385
Series 2019-R01, Class 2M2, (1M USD LIBOR + 2.45%), 2.58%, 7/25/31(b)(c)   62,120 62,280
Series 2019-R01, Class 2M2C, (1M USD LIBOR + 2.45%), 2.58%, 7/25/31(b)(c)   800,000 799,945
Series 2019-R02, Class 1M2, (1M USD LIBOR + 2.30%, 2.30% Floor), 2.43%, 8/25/31(b)(c)   416,518 417,509
Series 2019-R04, Class 2M2, (1M USD LIBOR + 2.10%), 2.23%, 6/25/39(b)(c)   430,672 431,376
Series 2019-R05, Class 1M2, (1M USD LIBOR + 2.00%), 2.13%, 7/25/39(b)(c)   354,451 354,953
Series 2019-R06, Class 2M2, (1M USD LIBOR + 2.10%), 2.23%, 9/25/39(b)(c)   613,851 615,258
Series 2019-R07, Class 1M2, (1M USD LIBOR + 2.10%), 2.23%, 10/25/39(b)(c)   609,344 609,726
 
See Notes to Schedules of Investments.
152

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Par(a) Value
Whole Loan (Continued)
FHLMC Structured Agency Credit Risk Debt Notes,      
Series 2017-DNA1, Class B1, (1M USD LIBOR + 4.95%, 4.95% Floor), 5.08%, 7/25/29(c)   $250,000 $268,170
Series 2017-DNA3, Class B1, (1M USD LIBOR + 4.45%), 4.58%, 3/25/30(c)   300,000 314,293
Series 2017-HQA3, Class M2, (1M USD LIBOR + 2.35%), 2.48%, 4/25/30(c)   363,721 368,781
Series 2018-DNA1, Class B1, (1M USD LIBOR + 3.15%), 3.28%, 7/25/30(c)   300,000 298,499
Series 2020-HQA5, Class M1, (30D Average SOFR + 1.10%), 1.18%, 11/25/50(b)(c)   130,000 130,267
FNMA Connecticut Avenue Securities,      
Series 2017-C01, Class 1B1, (1M USD LIBOR + 5.75%), 5.88%, 7/25/29(c)   245,000 266,465
Series 2017-C02, Class 2B1, (1M USD LIBOR + 5.50%), 5.63%, 9/25/29(c)   350,000 372,863
Series 2017-C03, Class 1B1, (1M USD LIBOR + 4.85%), 4.98%, 10/25/29(c)   85,000 91,903
Series 2017-C04, Class 2B1, (1M USD LIBOR + 5.05%), 5.18%, 11/25/29(c)   250,000 270,942
Series 2017-C05, Class 1B1, (1M USD LIBOR + 3.60%, 3.60% Floor), 3.73%, 1/25/30(c)   150,000 155,622
Series 2018-C01, Class 1B1, (1M USD LIBOR + 3.55%, 3.55% Floor), 3.68%, 7/25/30(c)   308,000 314,548
Series 2018-C02, Class 2B1, (1M USD LIBOR + 4.00%, 4.00% Floor), 4.13%, 8/25/30(c)   325,000 334,762
Series 2018-C04, Class 2M2, (1M USD LIBOR + 2.55%, 2.55% Floor), 2.68%, 12/25/30(c)   365,544 368,286
    Par(a) Value
Whole Loan (Continued)
FNMA Connecticut Avenue Securities,      
Series 2018-C06, Class 2M2, (1M USD LIBOR + 2.10%, 2.10% Floor), 2.23%, 3/25/31(c)   $344,203 $344,635
Freddie Mac STACR, Series 2019-HQA3, Class M2, (1M USD LIBOR + 1.85%), 1.98%, 9/25/49(b)(c)   354,613 354,056
Freddie Mac STACR REMIC Trust,      
Series 2019-HQA4, Class M2, (1M USD LIBOR + 2.05%), 2.18%, 11/25/49(b)(c)   484,195 484,648
Series 2020-DNA1, Class M2, (1M USD LIBOR + 1.70%), 1.83%, 1/25/50(b)(c)   950,000 948,564
Series 2020-DNA2, Class M2, (1M USD LIBOR + 1.85%, 1.85% Floor), 1.98%, 2/25/50(b)(c)   850,000 847,872
Series 2020-DNA4, Class M1, (1M USD LIBOR + 1.50%), 1.63%, 8/25/50(b)(c)   260,775 261,201
Series 2020-DNA5, Class M1, (30D Average SOFR + 1.30%), 1.38%, 10/25/50(b)(c)   358,534 359,326
Series 2020-DNA6, Class M1, (30D Average SOFR + 0.90%), 0.98%, 12/25/50(b)(c)   310,000 310,484
Series 2020-HQA1, Class M2, (1M USD LIBOR + 1.90%), 2.03%, 1/25/50(b)(c)   140,000 140,022
Series 2020-HQA3, Class M1, (1M USD LIBOR + 1.55%), 1.68%, 7/25/50(b)(c)   257,342 257,662
Series 2021-DNA1, Class M1, (30D Average SOFR + 0.65%), 0.73%, 1/25/51(b)(c)   370,000 370,290
 
See Notes to Schedules of Investments.
153

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Par(a) Value
Whole Loan (Continued)
Freddie Mac STACR Trust,      
Series 2019-DNA4, Class M2, (1M USD LIBOR + 1.95%), 2.08%, 10/25/49(b)(c)   $671,041 $670,643
Series 2019-HQA1, Class M2, (1M USD LIBOR + 2.35%), 2.48%, 2/25/49(b)(c)   542,940 545,385
      13,957,698
Total Asset-Backed Securities
(Cost $21,909,581)
22,239,042
    
    Number
of Shares
 
Common Stocks – 28.3%
Aerospace/Defense – 0.4%
Aerojet Rocketdyne Holdings, Inc.(d)*   18,635 969,765
Auto Manufacturers – 0.8%
Navistar International Corp.(d)*   32,368 1,424,192
Stellantis N.V.   45,920 698,250
      2,122,442
Auto Parts & Equipment – 0.1%
Romeo Power, Inc.*   9,716 172,653
Banks – 0.5%
CIT Group, Inc.(d)   21,703 800,841
TCF Financial Corp.(d)   10,148 394,351
      1,195,192
Beverages – 0.2%
Coca-Cola Amatil Ltd. (Australia)   40,208 400,234
Biotechnology – 1.0%
Alexion Pharmaceuticals, Inc.(d)*   13,844 2,122,701
Amgen, Inc.   752 181,555
Gilead Sciences, Inc.   2,917 191,355
      2,495,611
Chemicals – 0.2%
Tikkurila OYJ (Finland)   13,974 556,824
Commercial Services – 2.2%
Automatic Data Processing, Inc.   1,146 189,227
Calisen PLC (United Kingdom)*   96,303 339,766
Cardtronics PLC, Class A(d)*   37,289 1,448,678
    Number
of Shares
Value
Commercial Services (Continued)
G4S PLC (United Kingdom)*   107,101 $380,135
HMS Holdings Corp.*   18,986 699,064
IHS Markit Ltd.(d)   29,522 2,570,776
PRGX Global, Inc.*   23,534 176,976
      5,804,622
Computers – 0.8%
Amdocs Ltd.   2,638 186,296
MTS Systems Corp.(d)   27,817 1,628,407
Seagate Technology PLC   3,053 201,864
      2,016,567
Cosmetics/Personal Care – 0.1%
Colgate-Palmolive Co.   2,256 175,968
Procter & Gamble (The) Co.   1,370 175,648
      351,616
Diversified Financial Services – 2.4%
Boston Private Financial Holdings, Inc.   62,864 766,312
Cboe Global Markets, Inc.   1,677 153,831
Eaton Vance Corp.   56,887 3,819,393
Houlihan Lokey, Inc.   2,635 170,880
Virtu Financial, Inc. Class A   7,446 206,775
Waddell & Reed Financial, Inc., Class A(d)   43,398 1,097,536
Western Union (The) Co.   5,686 126,627
      6,341,354
Electric – 1.7%
Alliant Energy Corp.   3,222 156,750
Ameren Corp.   2,483 180,564
American Electric Power Co., Inc.   2,295 185,688
Avangrid, Inc.   2,168 100,313
CMS Energy Corp.   2,951 167,853
Consolidated Edison, Inc.   2,654 187,850
Duke Energy Corp.   1,504 141,376
Eversource Energy   963 84,263
IDACORP, Inc.   511 45,121
PNM Resources, Inc.   56,686 2,750,405
WEC Energy Group, Inc.   2,083 185,179
Xcel Energy, Inc.   2,843 181,924
      4,367,286
Electronics – 0.4%
Coherent, Inc.*   1,287 258,481
FLIR Systems, Inc.   13,634 709,650
Garmin Ltd.   1,106 127,035
      1,095,166
 
See Notes to Schedules of Investments.
154

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Number
of Shares
Value
Energy - Alternate Sources – 0.0%(e)
Atlantica Sustainable Infrastructure PLC (Spain)   2,882 $119,171
Engineering & Construction – 0.1%
Signature Aviation PLC (United Kingdom)*   50,911 286,028
Entertainment – 0.5%
William Hill PLC (United Kingdom)*   360,978 1,333,935
Food – 0.4%
Campbell Soup Co.   3,979 191,430
Conagra Brands, Inc.   1,810 62,626
Flowers Foods, Inc.   8,264 189,741
General Mills, Inc.   3,284 190,800
JM Smucker (The) Co.   1,082 125,956
Kellogg Co.   3,129 184,423
Kroger (The) Co.   5,481 189,095
      1,134,071
Forest Products & Paper – 0.1%
Ahlstrom-Munksjo OYJ (Finland)   14,587 315,451
Gas – 0.0%(e)
Atmos Energy Corp.   1,059 94,251
Healthcare - Products – 2.0%
BioTelemetry, Inc.*   7,577 541,452
Cantel Medical Corp.*   9,364 739,475
Oxford Immunotec Global PLC*   42,066 919,142
Varian Medical Systems, Inc.*   16,389 2,877,417
      5,077,486
Healthcare - Services – 0.6%
Magellan Health, Inc.*   15,277 1,435,732
Holding Companies - Diversified – 0.1%
Class Acceleration Corp.*   8,958 96,299
Edify Acquisition Corp.*   538 5,525
Hamilton Lane Alliance Holdings I, Inc.*   1,519 15,995
Tastemaker Acquisition Corp.*   6,032 61,587
      179,406
Household Products/Wares – 0.1%
Clorox (The) Co.   935 195,845
Kimberly-Clark Corp.   1,407 185,865
      381,710
    Number
of Shares
Value
Housewares – 0.1%
Hunter Douglas N.V. (Netherlands)*   3,462 $271,405
Insurance – 1.9%
RSA Insurance Group PLC (United Kingdom)   74,404 685,934
TOWER Ltd. (New Zealand)*   192,415 95,169
Watford Holdings Ltd.*   29,681 1,025,775
Willis Towers Watson PLC(d)   15,595 3,164,849
      4,971,727
Internet – 0.7%
Grubhub, Inc.(d)*   25,201 1,896,879
Media – 0.2%
Comcast Corp., Class A   3,794 188,068
Tele Columbus A.G. (Germany)(b)*   53,283 208,857
      396,925
Mining – 0.3%
KAZ Minerals PLC (Kazakhstan)   30,537 302,026
Newmont Corp.   2,986 177,966
Southern Copper Corp. (Peru)(f)   2,673 177,514
      657,506
Miscellaneous Manufacturing – 0.2%
3M Co.   1,116 196,037
A.O. Smith Corp.   1,305 70,861
Danimer Scientific, Inc.*   7,878 334,815
      601,713
Oil & Gas – 0.1%
Devon Energy Corp.   1 14
TORC Oil & Gas Ltd. (Canada)   85,274 168,714
      168,728
Packaging & Containers – 0.1%
Packaging Corp. of America   935 125,720
Sonoco Products Co.   769 44,533
      170,253
Pharmaceuticals – 0.6%
AbbVie, Inc.   1,671 171,244
CVS Health Corp.   1,872 134,129
Eli Lilly and Co.   968 201,315
Johnson & Johnson   1,152 187,926
Merck & Co., Inc.   2,215 170,710
 
See Notes to Schedules of Investments.
155

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Number
of Shares
Value
Pharmaceuticals (Continued)
Pfizer, Inc.   5,033 $180,685
Recipharm AB, Class B (Sweden)*   16,227 446,634
      1,492,643
Real Estate – 0.3%
CA Immobilien Anlagen A.G. (Austria)   9,395 404,624
McCarthy & Stone PLC (United Kingdom)(b)*   177,979 292,142
      696,766
Real Estate Investment Trusts – 0.1%
Public Storage   823 187,331
Retail – 0.6%
Applegreen PLC (Ireland)*   79,519 550,052
Home Depot (The), Inc.   670 181,449
MSC Industrial Direct Co., Inc., Class A   649 50,343
Sportsman's Warehouse Holdings, Inc.(d)*   47,278 828,311
      1,610,155
Semiconductors – 2.5%
Inphi Corp.*   4,046 682,196
Intel Corp.   1,121 62,227
Maxim Integrated Products, Inc.(d)   35,342 3,099,847
Siltronic A.G. (Germany)   2,126 362,321
Texas Instruments, Inc.   1,092 180,933
Xilinx, Inc.(d)   15,432 2,014,956
      6,402,480
Software – 4.3%
Change Healthcare, Inc.*   74,617 1,780,362
Codemasters Group Holdings PLC (United Kingdom)*   140,260 1,154,992
IMImobile PLC (United Kingdom)*   31,205 252,258
Paychex, Inc.   1,746 152,461
Pluralsight, Inc., Class A(d)*   111,488 2,318,950
RealPage, Inc.(d)*   29,366 2,542,215
Slack Technologies, Inc., Class A(d)*   72,086 3,039,866
      11,241,104
Telecommunications – 1.4%
Acacia Communications, Inc.(f)*   20,784 2,377,690
Cincinnati Bell, Inc.*   12,447 189,692
Cisco Systems, Inc.   4,066 181,262
Juniper Networks, Inc.   6,261 152,894
    Number
of Shares
Value
Telecommunications (Continued)
Orange Belgium S.A. (Belgium)   14,761 $398,158
TalkTalk Telecom Group PLC (United Kingdom)   190,022 254,015
Verizon Communications, Inc.   3,219 176,240
      3,729,951
Transportation – 0.1%
C.H. Robinson Worldwide, Inc.   1,940 165,986
Union Pacific Corp.   242 47,788
United Parcel Service, Inc., Class B   1,162 180,110
      393,884
Water – 0.1%
Suez S.A. (France)   11,257 231,034
Total Common Stocks
(Cost $70,686,347)
73,367,057
Convertible Preferred Stocks – 1.8%
Auto Parts & Equipment – 0.2%
Aptiv PLC, 5.50%   2,745 426,710
Chemicals – 0.3%
International Flavors & Fragrances, Inc., 6.00%   2,777 116,662
Lyondellbasell Advanced Polymers, Inc., 6.00%   669 719,175
      835,837
Computers – 0.2%
NCR Corp., 5.50%(g)   380 498,220
Diversified Financial Services – 0.7%
AMG Capital Trust II, 5.15%(d)   18,015 878,231
Cowen, Inc., 5.63%(d)   723 804,679
      1,682,910
Electronics – 0.1%
Fortive Corp., 5.00%   347 333,224
Savings & Loans – 0.3%
New York Community Capital Trust V, 6.00%   16,768 770,322
Total Convertible Preferred Stocks
(Cost $3,989,673)
4,547,223
    
 
See Notes to Schedules of Investments.
156

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Par(a) Value
Convertible Bonds – 26.4%
Aerospace/Defense – 0.1%
Kaman Corp., 3.25%, 5/01/24(d)   $353,000 $385,194
Airlines – 0.4%
Copa Holdings S.A., 4.50%, 4/15/25(b)(d)   405,000 684,447
Southwest Airlines Co., 1.25%, 5/01/25(d)   346,000 487,427
      1,171,874
Apparel – 0.2%
Under Armour, Inc., 1.50%, 6/01/24(b)(d)   266,000 441,843
Auto Manufacturers – 0.2%
NIO, Inc., 0.00%, 2/01/26(b)(h)   424,000 435,840
Auto Parts & Equipment – 0.1%
Meritor, Inc., 3.25%, 10/15/37(d)   346,000 384,893
Biotechnology – 3.0%
Apellis Pharmaceuticals, Inc., 3.50%, 9/15/26(d)   340,000 492,941
Bridgebio Pharma, Inc., 2.25%, 2/01/29(b)   399,000 385,549
Exact Sciences Corp., 0.38%, 3/15/27(d)   620,000 887,258
Gossamer Bio, Inc., 5.00%, 6/01/27(d)   322,000 304,278
Halozyme Therapeutics, Inc., 1.25%, 12/01/24(b)(d)   571,000 1,175,734
Innoviva, Inc., 2.13%, 1/15/23(d)   558,000 552,071
Insmed, Inc., 1.75%, 1/15/25(d)   436,000 527,086
Ionis Pharmaceuticals, Inc., 0.13%, 12/15/24(d)   585,000 615,936
Ligand Pharmaceuticals, Inc., 0.75%, 5/15/23(d)   796,000 838,415
NeoGenomics, Inc., 0.25%, 1/15/28   340,000 365,105
Radius Health, Inc., 3.00%, 9/01/24(d)   806,000 725,400
Theravance Biopharma, Inc., 3.25%, 11/01/23(d)   380,000 371,166
Travere Therapeutics, Inc., 2.50%, 9/15/25(d)   476,000 471,405
      7,712,344
    Par(a) Value
Commercial Services – 0.6%
2U, Inc., 2.25%, 5/01/25(b)(d)   $251,000 $411,893
FTI Consulting, Inc., 2.00%, 8/15/23(d)   420,000 521,430
Sabre GLBL, Inc., 4.00%, 4/15/25(b)(d)   203,000 335,557
Stride, Inc., 1.13%, 9/01/27(b)(d)   428,000 378,780
      1,647,660
Computers – 0.3%
Lumentum Holdings, Inc., 0.50%, 12/15/26(d)   611,000 750,116
Diversified Financial Services – 0.7%
Encore Capital Europe Finance Ltd., 4.50%, 9/01/23(d)   400,000 399,432
Encore Capital Group, Inc., 2.88%, 3/15/21(d)   339,000 332,858
PRA Group, Inc., 3.50%, 6/01/23(d)   785,000 798,502
WisdomTree Investments, Inc., 4.25%, 6/15/23(b)(d)   352,000 398,033
      1,928,825
Electric – 0.3%
NRG Energy, Inc., 2.75%, 6/01/48(d)   651,000 779,572
Electronics – 1.1%
GoPro, Inc., 1.25%, 11/15/25(b)(d)   306,000 365,380
II-VI, Inc., 0.25%, 9/01/22(d)   560,000 1,028,467
Knowles Corp., 3.25%, 11/01/21(d)   357,000 410,811
OSI Systems, Inc., 1.25%, 9/01/22(d)   696,000 736,394
Vishay Intertechnology, Inc., 2.25%, 6/15/25(d)   325,000 343,511
      2,884,563
Energy - Alternate Sources – 0.9%
Canadian Solar, Inc., 2.50%, 10/01/25(b)(d)   157,000 261,164
Enphase Energy, Inc., 0.25%, 3/01/25(b)(d)   304,000 714,908
SunPower Corp., 4.00%, 1/15/23(d)   563,000 1,298,682
      2,274,754
Engineering & Construction – 0.3%
Granite Construction, Inc., 2.75%, 11/01/24(d)   710,000 818,275
 
See Notes to Schedules of Investments.
157

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Par(a) Value
Entertainment – 0.3%
Cinemark Holdings, Inc., 4.50%, 8/15/25(b)(d)   $560,000 $909,513
Food – 0.2%
Chefs' Warehouse (The), Inc., 1.88%, 12/01/24(d)   636,000 636,795
Healthcare - Products – 0.6%
LivaNova USA, Inc., 3.00%, 12/15/25(b)(d)   350,000 447,890
NanoString Technologies, Inc., 2.63%, 3/01/25(b)(d)   422,000 695,794
Varex Imaging Corp., 4.00%, 6/01/25(b)(d)   244,000 287,957
      1,431,641
Home Builders – 0.3%
Winnebago Industries, Inc., 1.50%, 4/01/25(d)   562,000 733,339
Insurance – 0.5%
MGIC Investment Corp., 9.00%, 4/01/63(b)(d)   919,000 1,210,782
Internet – 2.7%
21Vianet Group, Inc., 0.00%, 2/01/26(b)(h)   408,000 418,146
Boingo Wireless, Inc., 1.00%, 10/01/23(d)   660,000 603,900
FireEye, Inc., 1.63%, 6/01/35   18,000 17,754
iQIYI, Inc., 2.00%, 4/01/25   613,000 584,266
JOYY, Inc., 1.38%, 6/15/26(d)   731,000 808,851
Match Group Financeco 3, Inc., 2.00%, 1/15/30(b)(d)   369,000 670,719
Momo, Inc., 1.25%, 7/01/25(d)   878,000 735,874
Palo Alto Networks, Inc., 0.75%, 7/01/23(d)   568,000 805,341
Perficient, Inc., 1.25%, 8/01/25(b)(d)   505,000 622,982
Q2 Holdings, Inc., 0.75%, 6/01/26(d)   500,000 771,289
Zillow Group, Inc., 2.75%, 5/15/25(d)   503,000 1,052,527
      7,091,649
Investment Management Companies – 0.2%
New Mountain Finance Corp., 5.75%, 8/15/23(d)   416,000 427,981
    Par(a) Value
Leisure Time – 1.2%
Callaway Golf Co., 2.75%, 5/01/26(b)(d)   $428,000 $765,178
NCL Corp. Ltd., 6.00%, 5/15/24(b)(d)   614,000 1,181,643
Royal Caribbean Cruises Ltd.,      
4.25%, 6/15/23(b)(d)   567,000 688,680
2.88%, 11/15/23(b)   350,000 395,673
      3,031,174
Lodging – 0.4%
Huazhu Group Ltd., 3.00%, 5/01/26(b)(d)   249,000 337,146
Marcus (The) Corp., 5.00%, 9/15/25(b)(d)   425,000 739,513
      1,076,659
Machinery - Construction & Mining – 0.2%
Bloom Energy Corp., 2.50%, 8/15/25(b)(d)   234,000 537,780
Machinery - Diversified – 0.3%
Middleby (The) Corp., 1.00%, 9/01/25(b)(d)   562,000 707,066
Media – 0.2%
fuboTV, Inc., 3.25%, 2/15/26(b)   379,000 379,000
Liberty Interactive LLC, 3.50%, 1/15/31(d)   219,761 195,580
      574,580
Oil & Gas Services – 0.3%
Helix Energy Solutions Group, Inc.,      
4.13%, 9/15/23(d)   273,000 259,198
6.75%, 2/15/26   376,000 396,815
      656,013
Pharmaceuticals – 1.0%
Coherus Biosciences, Inc., 1.50%, 4/15/26(b)(d)   534,000 653,264
Flexion Therapeutics, Inc., 3.38%, 5/01/24(d)   645,000 577,275
Jazz Investments I Ltd.,      
1.50%, 8/15/24(d)   719,000 759,755
2.00%, 6/15/26(b)   276,000 348,944
Zogenix, Inc., 2.75%, 10/01/27(b)(d)   350,000 372,806
      2,712,044
Pipelines – 0.3%
Cheniere Energy, Inc., 4.25%, 3/15/45(d)   1,056,000 855,795
 
See Notes to Schedules of Investments.
158

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Par(a) Value
Real Estate Investment Trusts – 4.1%
Apollo Commercial Real Estate Finance, Inc.,      
4.75%, 8/23/22   $522,000 $496,655
5.38%, 10/15/23(d)   1,073,000 994,143
Arbor Realty Trust, Inc., 4.75%, 11/01/22   979,000 990,626
Blackstone Mortgage Trust, Inc., 4.75%, 3/15/23   650,000 651,906
Granite Point Mortgage Trust, Inc.,      
5.63%, 12/01/22(b)   1,072,000 1,003,875
6.38%, 10/01/23   624,000 568,620
iStar, Inc., 3.13%, 9/15/22(d)   458,000 544,133
KKR Real Estate Finance Trust, Inc., 6.13%, 5/15/23   694,000 691,831
MFA Financial, Inc., 6.25%, 6/15/24(d)   912,000 903,522
New York Mortgage Trust, Inc., 6.25%, 1/15/22   644,000 644,403
Pebblebrook Hotel Trust, 1.75%, 12/15/26(d)   50,000 53,204
PennyMac Corp., 5.50%, 11/01/24(d)   1,085,000 1,067,369
Redwood Trust, Inc., 4.75%, 8/15/23   883,000 841,195
Summit Hotel Properties, Inc., 1.50%, 2/15/26   260,000 255,773
Two Harbors Investment Corp., 6.25%, 1/15/26   487,000 490,297
Western Asset Mortgage Capital Corp., 6.75%, 10/01/22   512,000 455,680
      10,653,232
Retail – 0.8%
Bloomin' Brands, Inc., 5.00%, 5/01/25(b)(d)   564,000 1,108,260
Burlington Stores, Inc., 2.25%, 4/15/25(b)(d)   306,000 409,510
National Vision Holdings, Inc., 2.50%, 5/15/25(b)(d)   271,000 445,931
      1,963,701
Semiconductors – 0.2%
Cree, Inc., 0.88%, 9/01/23(d)   301,000 527,799
Software – 3.2%
8x8, Inc., 0.50%, 2/01/24(d)   446,000 669,206
    Par(a) Value
Software (Continued)
Avaya Holdings Corp., 2.25%, 6/15/23(d)   $519,000 $566,086
Envestnet, Inc., 1.75%, 6/01/23(d)   477,000 608,519
Everbridge, Inc., 0.13%, 12/15/24(d)   440,000 600,571
Health Catalyst, Inc., 2.50%, 4/15/25(b)(d)   157,000 279,923
i3 Verticals LLC, 1.00%, 2/15/25(b)(d)   598,000 577,818
J2 Global, Inc., 1.75%, 11/01/26(b)(d)   856,000 917,062
MicroStrategy, Inc., 0.75%, 12/15/25(b)(d)   435,000 779,561
New Relic, Inc., 0.50%, 5/01/23(d)   718,000 734,323
Nuance Communications, Inc., 1.00%, 12/15/35(d)   397,000 761,764
Splunk, Inc., 1.13%, 6/15/27(b)(d)   167,000 174,979
Tabula Rasa HealthCare, Inc., 1.75%, 2/15/26(b)(d)   612,000 670,248
Workiva, Inc., 1.13%, 8/15/26(d)   606,000 842,607
      8,182,667
Telecommunications – 0.4%
Infinera Corp., 2.13%, 9/01/24(d)   365,000 439,317
Vonage Holdings Corp., 1.75%, 6/01/24(d)   514,000 546,623
      985,940
Transportation – 0.8%
Air Transport Services Group, Inc., 1.13%, 10/15/24(d)   656,000 687,725
Golar LNG Ltd., 2.75%, 2/15/22   518,000 498,340
SEACOR Holdings, Inc., 3.25%, 5/15/30(d)   489,000 468,980
SFL Corp. Ltd., 4.88%, 5/01/23(d)   394,000 368,874
      2,023,919
Total Convertible Bonds
(Cost $55,573,741)
68,545,822
Corporate Bonds – 15.5%
Aerospace/Defense – 0.2%
Boeing (The) Co.,      
4.51%, 5/01/23   100,000 107,609
4.88%, 5/01/25   15,000 16,924
 
See Notes to Schedules of Investments.
159

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Par(a) Value
Aerospace/Defense (Continued)
Howmet Aerospace, Inc.,      
5.90%, 2/01/27   $25,000 $29,125
5.95%, 2/01/37   25,000 30,594
Signature Aviation U.S. Holdings, Inc., 4.00%, 3/01/28(b)   75,000 76,453
Spirit AeroSystems, Inc., 5.50%, 1/15/25(b)   10,000 10,488
TransDigm, Inc.,      
6.25%, 3/15/26(b)   100,000 105,464
5.50%, 11/15/27   75,000 77,382
Triumph Group, Inc., 8.88%, 6/01/24(b)   24,000 26,402
      480,441
Agriculture – 0.2%
Altria Group, Inc.,      
3.80%, 2/14/24   100,000 109,010
2.35%, 5/06/25   180,000 189,877
Bunge Ltd. Finance Corp., 1.63%, 8/17/25   50,000 51,181
Darling Ingredients, Inc., 5.25%, 4/15/27(b)   25,000 26,437
Philip Morris International, Inc., 1.50%, 5/01/25   100,000 103,147
Vector Group Ltd., 5.75%, 2/01/29(b)   60,000 61,952
      541,604
Airlines – 0.1%
American Airlines, Inc., 11.75%, 7/15/25(b)   25,000 29,002
Delta Air Lines, Inc., 7.38%, 1/15/26   75,000 86,116
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 1/20/26(b)   25,000 25,922
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27(b)   73,781 80,698
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 9/20/25(b)   50,000 56,725
      278,463
Auto Manufacturers – 0.5%
Allison Transmission, Inc., 3.75%, 1/30/31(b)   30,000 29,944
    Par(a) Value
Auto Manufacturers (Continued)
American Honda Finance Corp., 1.20%, 7/08/25   $75,000 $76,297
Ford Motor Co.,      
8.50%, 4/21/23   75,000 83,977
9.00%, 4/22/25   100,000 121,618
9.63%, 4/22/30   50,000 70,859
4.75%, 1/15/43   25,000 25,233
5.29%, 12/08/46   25,000 26,336
Ford Motor Credit Co. LLC, 3.38%, 11/13/25   200,000 204,190
General Motors Financial Co., Inc.,      
3.55%, 7/08/22   200,000 208,279
1.70%, 8/18/23   270,000 276,119
2.75%, 6/20/25   135,000 143,427
Navistar International Corp., 6.63%, 11/01/25(b)   50,000 52,120
      1,318,399
Auto Parts & Equipment – 0.1%
Aptiv Corp., 4.15%, 3/15/24   75,000 82,516
Lear Corp., 3.80%, 9/15/27   145,000 161,878
Meritor, Inc., 4.50%, 12/15/28(b)   30,000 30,450
Real Hero Merger Sub 2, Inc., 6.25%, 2/01/29(b)   15,000 15,388
Tenneco, Inc., 7.88%, 1/15/29(b)   10,000 11,250
      301,482
Banks – 1.9%
Bank of America Corp.,      
4.13%, 1/22/24   200,000 220,817
(SOFR + 0.74%), 0.81%, 10/24/24(i)   135,000 135,801
4.00%, 1/22/25   100,000 111,423
(SOFR + 0.91%), 0.98%, 9/25/25(i)   40,000 40,313
(3M USD LIBOR + 0.81%), 3.37%, 1/23/26(i)   50,000 54,855
(SOFR + 1.15%), 1.32%, 6/19/26(i)   210,000 212,439
Citigroup, Inc.,      
4.00%, 8/05/24   150,000 165,801
(SOFR + 0.69%), 0.78%, 10/30/24(i)   450,000 451,367
(3M USD LIBOR + 1.15%), 3.52%, 10/27/28(i)   50,000 56,072
(SOFR + 1.42%), 2.98%, 11/05/30(i)   110,000 118,777
Fifth Third Bancorp, 3.65%, 1/25/24   50,000 54,325
 
See Notes to Schedules of Investments.
160

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Par(a) Value
Banks (Continued)
Freedom Mortgage Corp., 7.63%, 5/01/26(b)   $60,000 $63,582
Goldman Sachs Group (The), Inc.,      
4.00%, 3/03/24   100,000 110,091
(3M USD LIBOR + 1.20%), 3.27%, 9/29/25(i)   150,000 163,243
3.50%, 11/16/26   50,000 55,608
(SOFR + 0.79%), 1.09%, 12/09/26(i)   450,000 450,814
(3M USD LIBOR + 1.16%), 3.81%, 4/23/29(i)   50,000 57,215
3.80%, 3/15/30   50,000 57,657
(SOFR + 1.09%), 1.99%, 1/27/32(i)   115,000 115,124
JPMorgan Chase & Co.,      
(SOFR + 1.59%), 2.01%, 3/13/26(i)   100,000 104,245
(SOFR + 0.80%), 1.05%, 11/19/26(i)   180,000 180,131
(SOFR + 0.70%), 1.04%, 2/04/27(i)   205,000 204,771
(3M USD LIBOR + 1.38%), 3.54%, 5/01/28(i)   50,000 56,651
(3M USD LIBOR + 1.16%), 3.70%, 5/06/30(i)   20,000 22,832
(SOFR + 3.79%), 4.49%, 3/24/31(i)   110,000 132,101
Morgan Stanley,      
4.10%, 5/22/23   25,000 26,963
(SOFR + 0.46%), 0.53%, 1/25/24(i)   205,000 205,080
(3M USD LIBOR + 0.85%), 3.74%, 4/24/24(i)   160,000 171,192
3.70%, 10/23/24   50,000 55,493
(SOFR + 0.75%), 0.86%, 10/21/25(i)   130,000 130,501
(SOFR + 1.99%), 2.19%, 4/28/26(i)   100,000 104,909
(SOFR + 0.72%), 0.99%, 12/10/26(i)   360,000 358,975
(3M USD LIBOR + 1.63%), 4.43%, 1/23/30(i)   50,000 59,729
Santander Holdings USA, Inc., 3.45%, 6/02/25   40,000 43,514
SVB Financial Group, 1.80%, 2/02/31   70,000 69,002
Truist Financial Corp., 4.00%, 5/01/25   50,000 56,426
Wells Fargo & Co.,      
3.07%, 1/24/23   100,000 102,684
(3M USD LIBOR + 0.83%), 2.41%, 10/30/25(i)   50,000 52,809
      4,833,332
    Par(a) Value
Beverages – 0.0%(e)
PepsiCo, Inc., 2.75%, 3/19/30   $65,000 $70,969
Biotechnology – 0.0%(e)
Emergent BioSolutions, Inc., 3.88%, 8/15/28(b)   20,000 20,531
Regeneron Pharmaceuticals, Inc., 1.75%, 9/15/30   25,000 24,318
Royalty Pharma PLC,      
0.75%, 9/02/23(b)   10,000 10,039
1.20%, 9/02/25(b)   5,000 5,036
      59,924
Building Materials – 0.2%
Boise Cascade Co., 4.88%, 7/01/30(b)   60,000 65,175
Builders FirstSource, Inc., 5.00%, 3/01/30(b)   50,000 53,437
Carrier Global Corp., 1.92%, 2/15/23   100,000 102,823
Griffon Corp., 5.75%, 3/01/28   25,000 26,438
Masonite International Corp., 5.75%, 9/15/26(b)   100,000 104,375
Standard Industries, Inc., 3.38%, 1/15/31(b)   50,000 49,375
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 1/15/29(b)   20,000 21,050
U.S. Concrete, Inc., 5.13%, 3/01/29(b)   15,000 15,319
      437,992
Chemicals – 0.4%
Air Products and Chemicals, Inc., 1.85%, 5/15/27   110,000 115,438
Chemours (The) Co.,      
5.38%, 5/15/27   50,000 53,813
5.75%, 11/15/28(b)   65,000 67,275
DuPont de Nemours, Inc., 2.17%, 5/01/23   100,000 100,626
Element Solutions, Inc., 3.88%, 9/01/28(b)   75,000 75,512
Huntsman International LLC, 5.13%, 11/15/22   120,000 127,496
Ingevity Corp., 3.88%, 11/01/28(b)   45,000 45,117
Minerals Technologies, Inc., 5.00%, 7/01/28(b)   50,000 52,500
 
See Notes to Schedules of Investments.
161

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Par(a) Value
Chemicals (Continued)
Olin Corp., 9.50%, 6/01/25(b)   $50,000 $62,212
Rayonier AM Products, Inc., 7.63%, 1/15/26(b)   55,000 57,613
Sherwin-Williams (The) Co.,      
3.13%, 6/01/24   160,000 172,801
2.95%, 8/15/29   90,000 98,129
W.R. Grace & Co.-Conn., 5.63%, 10/01/24(b)   50,000 54,261
      1,082,793
Commercial Services – 0.4%
ADT Security (The) Corp., 4.88%, 7/15/32(b)   25,000 27,062
AMN Healthcare, Inc., 4.63%, 10/01/27(b)   15,000 15,581
APX Group, Inc., 6.75%, 2/15/27(b)   50,000 53,250
ASGN, Inc., 4.63%, 5/15/28(b)   100,000 103,392
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 10.50%, 5/15/25(b)   50,000 58,898
Gartner, Inc.,      
4.50%, 7/01/28(b)   30,000 31,641
3.75%, 10/01/30(b)   40,000 41,250
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 2/01/26(b)   10,000 10,163
MPH Acquisition Holdings LLC, 5.75%, 11/01/28(b)   55,000 54,519
PayPal Holdings, Inc., 2.40%, 10/01/24   200,000 212,477
Prime Security Services Borrower LLC/Prime Finance, Inc.,      
5.75%, 4/15/26(b)   50,000 54,740
3.38%, 8/31/27(b)   10,000 9,891
6.25%, 1/15/28(b)   50,000 53,250
S&P Global, Inc., 1.25%, 8/15/30   110,000 106,666
Service Corp. International, 3.38%, 8/15/30   15,000 15,225
    Par(a) Value
Commercial Services (Continued)
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(b)   $10,000 $10,425
United Rentals North America, Inc., 3.88%, 2/15/31   40,000 41,812
      900,242
Computers – 0.4%
Austin BidCo, Inc., 7.13%, 12/15/28(b)   15,000 15,544
Booz Allen Hamilton, Inc., 3.88%, 9/01/28(b)   10,000 10,275
Crowdstrike Holdings, Inc., 3.00%, 2/15/29   10,000 10,119
Dell International LLC/EMC Corp., 5.85%, 7/15/25(b)   475,000 563,881
Dell, Inc., 6.50%, 4/15/38   50,000 61,750
Hewlett Packard Enterprise Co., 4.45%, 10/02/23   200,000 219,431
HP, Inc., 2.20%, 6/17/25   70,000 73,511
NetApp, Inc., 1.88%, 6/22/25   20,000 20,785
Unisys Corp., 6.88%, 11/01/27(b)   45,000 49,837
      1,025,133
Cosmetics/Personal Care – 0.1%
Edgewell Personal Care Co., 5.50%, 6/01/28(b)   50,000 53,487
Procter & Gamble (The) Co., 3.00%, 3/25/30   100,000 113,092
      166,579
Distribution/Wholesale – 0.1%
Avient Corp., 5.75%, 5/15/25(b)   100,000 106,125
H&E Equipment Services, Inc., 3.88%, 12/15/28(b)   70,000 69,689
      175,814
Diversified Financial Services – 0.8%
Air Lease Corp.,      
3.50%, 1/15/22   50,000 51,379
3.38%, 7/01/25   55,000 59,095
2.88%, 1/15/26   45,000 47,412
Ally Financial, Inc.,      
3.05%, 6/05/23   30,000 31,533
1.45%, 10/02/23   25,000 25,405
5.75%, 11/20/25   50,000 58,181
 
See Notes to Schedules of Investments.
162

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Par(a) Value
Diversified Financial Services (Continued)
American Express Co.,      
2.50%, 7/30/24   $50,000 $53,119
4.20%, 11/06/25   50,000 57,684
Ameriprise Financial, Inc., 3.00%, 4/02/25   100,000 108,318
Capital One Bank USA N.A., (SOFR + 0.62%), 2.01%, 1/27/23(i)   250,000 253,980
Credit Acceptance Corp., 6.63%, 3/15/26   100,000 106,000
Curo Group Holdings Corp., 8.25%, 9/01/25(b)   50,000 49,000
Home Point Capital, Inc., 5.00%, 2/01/26(b)   20,000 20,250
Intercontinental Exchange, Inc.,      
4.00%, 10/15/23   50,000 54,661
3.75%, 9/21/28   100,000 114,907
LPL Holdings, Inc., 4.63%, 11/15/27(b)   100,000 104,375
Nationstar Mortgage Holdings, Inc.,      
6.00%, 1/15/27(b)   100,000 105,750
5.50%, 8/15/28(b)   25,000 25,813
5.13%, 12/15/30(b)   80,000 83,000
Navient Corp.,      
7.25%, 9/25/23   75,000 82,594
4.88%, 3/15/28   65,000 64,512
NFP Corp., 6.88%, 8/15/28(b)   75,000 78,836
OneMain Finance Corp.,      
6.88%, 3/15/25   25,000 28,687
8.88%, 6/01/25   100,000 111,610
PennyMac Financial Services, Inc., 5.38%, 10/15/25(b)   60,000 62,850
SLM Corp., 4.20%, 10/29/25   50,000 53,015
Visa, Inc., 1.90%, 4/15/27   50,000 52,597
      1,944,563
Electric – 0.7%
AEP Texas, Inc., 3.95%, 6/01/28   50,000 58,443
Berkshire Hathaway Energy Co.,      
4.05%, 4/15/25(b)   100,000 112,666
1.65%, 5/15/31(b)   25,000 24,666
Calpine Corp.,      
4.63%, 2/01/29(b)   25,000 25,250
3.75%, 3/01/31(b)   50,000 48,625
Clearway Energy Operating LLC, 5.00%, 9/15/26   100,000 103,750
    Par(a) Value
Electric (Continued)
Dominion Energy, Inc., 3.38%, 4/01/30   $50,000 $55,923
DPL, Inc., 4.35%, 4/15/29   100,000 112,467
DTE Energy Co., 1.05%, 6/01/25   55,000 55,309
Duke Energy Corp.,      
3.75%, 4/15/24   30,000 32,765
3.40%, 6/15/29   50,000 56,055
Entergy Louisiana LLC, 1.60%, 12/15/30   90,000 88,987
Eversource Energy, 2.90%, 10/01/24   50,000 54,021
Exelon Generation Co. LLC, 3.25%, 6/01/25   50,000 54,292
National Rural Utilities Cooperative Finance Corp., 2.40%, 3/15/30   100,000 106,856
NextEra Energy Capital Holdings, Inc., 2.75%, 5/01/25   100,000 107,661
NextEra Energy Operating Partners L.P., 4.50%, 9/15/27(b)   50,000 55,500
NRG Energy, Inc., 3.63%, 2/15/31(b)   70,000 72,887
Pacific Gas and Electric Co., 1.75%, 6/16/22   20,000 20,054
Pattern Energy Operations L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28(b)   40,000 42,304
PG&E Corp., 5.25%, 7/01/30   100,000 110,225
Public Service Enterprise Group, Inc., 1.60%, 8/15/30   10,000 9,704
Southern California Edison Co., 2.95%, 2/01/51   6,000 5,725
Terraform Global Operating LLC, 6.13%, 3/01/26(b)   125,000 128,125
Union Electric Co., 2.95%, 3/15/30   100,000 110,426
Vistra Operations Co. LLC, 5.00%, 7/31/27(b)   50,000 52,815
      1,705,501
Electrical Component & Equipment – 0.0%(e)
Energizer Holdings, Inc., 4.75%, 6/15/28(b)   35,000 36,488
Electronics – 0.0%(e)
Flex Ltd., 4.88%, 5/12/30   15,000 17,743
 
See Notes to Schedules of Investments.
163

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Par(a) Value
Electronics (Continued)
Roper Technologies, Inc., 1.00%, 9/15/25   $45,000 $45,279
Sensata Technologies, Inc., 4.38%, 2/15/30(b)   25,000 26,906
      89,928
Energy - Alternate Sources – 0.1%
Enviva Partners Finance Corp., 6.50%, 1/15/26(b)   200,000 210,710
Engineering & Construction – 0.2%
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 2/01/26(b)   5,000 5,088
Fluor Corp., 4.25%, 9/15/28   100,000 100,914
MasTec, Inc., 4.50%, 8/15/28(b)   40,000 42,132
PowerTeam Services LLC, 9.03%, 12/04/25(b)   20,000 22,150
TopBuild Corp., 5.63%, 5/01/26(b)   200,000 206,000
Tutor Perini Corp., 6.88%, 5/01/25(b)   100,000 101,437
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 9/15/28(b)   15,000 15,600
      493,321
Entertainment – 0.3%
Caesars Entertainment, Inc., 6.25%, 7/01/25(b)   55,000 58,192
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 7/01/25(b)   10,000 10,495
International Game Technology PLC, 5.25%, 1/15/29(b)   200,000 213,500
Mohegan Gaming & Entertainment, 8.00%, 2/01/26(b)   90,000 90,079
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 11/15/27(b)(j)   15,000 16,092
Scientific Games International, Inc., 8.63%, 7/01/25(b)   45,000 48,656
Six Flags Theme Parks, Inc., 7.00%, 7/01/25(b)   100,000 107,750
    Par(a) Value
Entertainment (Continued)
Vail Resorts, Inc., 6.25%, 5/15/25(b)   $100,000 $106,250
WMG Acquisition Corp., 3.00%, 2/15/31(b)   55,000 53,281
      704,295
Environmental Control – 0.0%(e)
Stericycle, Inc., 3.88%, 1/15/29(b)   35,000 35,998
Waste Connections, Inc., 2.60%, 2/01/30   5,000 5,309
      41,307
Food – 0.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC,      
4.63%, 1/15/27(b)   50,000 52,398
3.50%, 3/15/29(b)   30,000 29,625
Campbell Soup Co., 3.95%, 3/15/25   100,000 112,284
Chobani LLC/Chobani Finance Corp., Inc., 4.63%, 11/15/28(b)   30,000 30,600
Conagra Brands, Inc.,      
4.60%, 11/01/25   30,000 34,870
1.38%, 11/01/27   90,000 89,867
General Mills, Inc.,      
4.00%, 4/17/25   30,000 33,781
2.88%, 4/15/30   90,000 97,714
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30(b)   25,000 28,375
Kraft Heinz Foods Co.,      
3.95%, 7/15/25   50,000 54,532
3.88%, 5/15/27   50,000 54,703
4.25%, 3/01/31   100,000 112,350
5.20%, 7/15/45   50,000 58,015
4.38%, 6/01/46   100,000 106,223
5.50%, 6/01/50   50,000 61,278
U.S. Foods, Inc., 2/15/29(b)(j)   20,000 20,075
United Natural Foods, Inc., 6.75%, 10/15/28(b)   20,000 21,154
      997,844
Forest Products & Paper – 0.0%(e)
Clearwater Paper Corp., 4.75%, 8/15/28(b)   30,000 31,041
Resolute Forest Products, Inc., 3/01/26(b)(j)   20,000 19,900
      50,941
 
See Notes to Schedules of Investments.
164

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Par(a) Value
Gas – 0.1%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.75%, 5/20/27   $25,000 $28,429
NiSource, Inc., 0.95%, 8/15/25   100,000 100,056
Southern California Gas Co., 2.55%, 2/01/30   30,000 31,932
      160,417
Healthcare - Products – 0.3%
Hologic, Inc.,      
4.63%, 2/01/28(b)   50,000 53,000
3.25%, 2/15/29(b)   60,000 60,900
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics S.A., 7.25%, 2/01/28(b)   50,000 53,500
Teleflex, Inc., 4.88%, 6/01/26   100,000 103,500
Thermo Fisher Scientific, Inc., 4.13%, 3/25/25   130,000 147,005
Zimmer Biomet Holdings, Inc., 3.70%, 3/19/23   240,000 255,205
      673,110
Healthcare - Services – 0.5%
Akumin, Inc., 7.00%, 11/01/25(b)   20,000 21,000
Charles River Laboratories International, Inc., 4.25%, 5/01/28(b)   100,000 105,250
CHS/Community Health Systems, Inc.,      
8.00%, 3/15/26(b)   50,000 53,750
5.63%, 3/15/27(b)   25,000 26,250
6.00%, 1/15/29(b)   15,000 15,938
4/15/29(b)(j)   5,000 5,086
2/15/31(b)(j)   10,000 10,000
DaVita, Inc.,      
4.63%, 6/01/30(b)   100,000 105,120
3.75%, 2/15/31(b)   30,000 29,756
HCA, Inc.,      
5.25%, 4/15/25   115,000 134,066
4.13%, 6/15/29   185,000 213,034
Humana, Inc.,      
3.85%, 10/01/24   10,000 11,040
4.50%, 4/01/25   125,000 143,135
LifePoint Health, Inc., 5.38%, 1/15/29(b)   30,000 30,225
Magellan Health, Inc., 4.90%, 9/22/24   50,000 54,885
    Par(a) Value
Healthcare - Services (Continued)
ModivCare, Inc., 5.88%, 11/15/25(b)   $35,000 $37,100
Molina Healthcare, Inc.,      
4.38%, 6/15/28(b)   200,000 209,110
3.88%, 11/15/30(b)   50,000 53,438
Prime Healthcare Services, Inc., 7.25%, 11/01/25(b)   15,000 16,088
RP Escrow Issuer LLC, 5.25%, 12/15/25(b)   15,000 15,563
Syneos Health, Inc., 3.63%, 1/15/29(b)   15,000 14,981
Tenet Healthcare Corp., 6.13%, 10/01/28(b)   65,000 68,087
UnitedHealth Group, Inc., 2.00%, 5/15/30   25,000 25,793
      1,398,695
Home Builders – 0.2%
Century Communities, Inc.,      
5.88%, 7/15/25   100,000 104,000
6.75%, 6/01/27   100,000 107,000
KB Home, 4.80%, 11/15/29   100,000 110,146
M/I Homes, Inc., 4.95%, 2/01/28   25,000 26,331
Meritage Homes Corp., 5.13%, 6/06/27   100,000 112,350
New Home (The) Co., Inc., 7.25%, 10/15/25(b)   30,000 30,938
Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 4/01/29(b)   50,000 51,250
Tri Pointe Homes, Inc., 5.70%, 6/15/28   50,000 56,125
Williams Scotsman International, Inc., 4.63%, 8/15/28(b)   15,000 15,450
Winnebago Industries, Inc., 6.25%, 7/15/28(b)   10,000 10,775
      624,365
Housewares – 0.0%(e)
Newell Brands, Inc., 4.70%, 4/01/26   100,000 110,750
Insurance – 0.3%
Aon Corp., 2.80%, 5/15/30   20,000 21,507
AssuredPartners, Inc., 5.63%, 1/15/29(b)   15,000 15,225
Berkshire Hathaway Finance Corp., 1.85%, 3/12/30   110,000 113,567
Berkshire Hathaway, Inc., 3.13%, 3/15/26   95,000 105,395
 
See Notes to Schedules of Investments.
165

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Par(a) Value
Insurance (Continued)
Marsh & McLennan Cos., Inc.,      
3.88%, 3/15/24   $200,000 $220,189
4.38%, 3/15/29   50,000 59,958
2.25%, 11/15/30   50,000 51,823
MGIC Investment Corp., 5.25%, 8/15/28   50,000 53,500
Radian Group, Inc., 6.63%, 3/15/25   100,000 112,767
      753,931
Internet – 0.5%
Arches Buyer, Inc., 4.25%, 6/01/28(b)   15,000 14,981
Booking Holdings, Inc.,      
4.10%, 4/13/25   100,000 112,819
4.63%, 4/13/30   23,000 27,897
eBay, Inc., 1.90%, 3/11/25   210,000 218,925
Endurance Acquisition Merger Sub, 2/15/29(b)(j)   45,000 44,325
Expedia Group, Inc., 3.60%, 12/15/23(b)   70,000 74,508
GrubHub Holdings, Inc., 5.50%, 7/01/27(b)   100,000 105,250
Match Group Holdings II LLC, 4.13%, 8/01/30(b)   75,000 77,250
Netflix, Inc.,      
3.63%, 6/15/25(b)   100,000 108,625
5.88%, 11/15/28   50,000 62,750
6.38%, 5/15/29   75,000 96,985
5.38%, 11/15/29(b)   75,000 93,562
TripAdvisor, Inc., 7.00%, 7/15/25(b)   5,000 5,401
Uber Technologies, Inc.,      
7.50%, 5/15/25(b)   75,000 80,342
6.25%, 1/15/28(b)   25,000 26,875
VeriSign, Inc., 4.75%, 7/15/27   100,000 106,259
      1,256,754
Investment Management Companies – 0.2%
Ares Capital Corp.,      
3.63%, 1/19/22   60,000 61,565
4.25%, 3/01/25   100,000 108,230
3.88%, 1/15/26   172,000 184,911
2.15%, 7/15/26   88,000 87,281
Goldman Sachs BDC, Inc., 2.88%, 1/15/26   95,000 97,413
    Par(a) Value
Investment Management Companies (Continued)
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.38%, 2/01/29(b)   $60,000 $59,700
Owl Rock Capital Corp., 3.40%, 7/15/26   20,000 20,491
      619,591
Iron/Steel – 0.1%
Big River Steel LLC/BRS Finance Corp., 6.63%, 1/31/29(b)   30,000 32,372
Commercial Metals Co., 5.38%, 7/15/27   100,000 105,750
Reliance Steel & Aluminum Co., 1.30%, 8/15/25   40,000 40,541
United States Steel Corp., 12.00%, 6/01/25(b)   50,000 58,000
      236,663
Leisure Time – 0.1%
Carnival Corp.,      
11.50%, 4/01/23(b)   30,000 34,050
7.63%, 3/01/26(b)   10,000 10,575
9.88%, 8/01/27(b)   30,000 34,425
Life Time, Inc., 5.75%, 1/15/26(b)   5,000 5,051
NCL Corp. Ltd., 5.88%, 3/15/26(b)   25,000 24,750
Royal Caribbean Cruises Ltd.,      
9.13%, 6/15/23(b)   50,000 54,125
11.50%, 6/01/25(b)   25,000 28,953
      191,929
Lodging – 0.1%
Hilton Domestic Operating Co., Inc., 4.00%, 5/01/31(b)   50,000 51,371
Las Vegas Sands Corp.,      
3.20%, 8/08/24   20,000 21,010
3.90%, 8/08/29   100,000 104,710
Marriott International, Inc., 5.75%, 5/01/25   80,000 92,786
      269,877
Machinery - Construction & Mining – 0.1%
BWX Technologies, Inc., 4.13%, 6/30/28(b)   115,000 120,175
Caterpillar Financial Services Corp., 0.80%, 11/13/25   160,000 160,265
      280,440
 
See Notes to Schedules of Investments.
166

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Par(a) Value
Machinery - Diversified – 0.0%(e)
GrafTech Finance, Inc., 4.63%, 12/15/28(b)   $10,000 $10,125
Media – 0.5%
AMC Networks, Inc., 2/15/29(j)   45,000 44,944
Beasley Mezzanine Holdings LLC, 2/01/26(b)(j)   5,000 5,025
Cable One, Inc., 4.00%, 11/15/30(b)   10,000 10,300
CCO Holdings LLC/CCO Holdings Capital Corp.,      
4.75%, 3/01/30(b)   200,000 212,744
4.50%, 5/01/32(b)   100,000 104,000
Charter Communications Operating LLC/Charter Communications Operating Capital,      
4.46%, 7/23/22   200,000 210,102
2.80%, 4/01/31   100,000 102,992
DISH DBS Corp.,      
5.88%, 11/15/24   100,000 103,627
7.75%, 7/01/26   50,000 54,625
7.38%, 7/01/28   20,000 20,825
GCI LLC, 4.75%, 10/15/28(b)   20,000 20,844
Nexstar Broadcasting, Inc., 5.63%, 7/15/27(b)   100,000 106,146
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 9/15/26(b)   25,000 25,447
Scripps Escrow II, Inc.,      
3.88%, 1/15/29(b)   20,000 20,000
5.38%, 1/15/31(b)   25,000 25,250
Scripps Escrow, Inc., 5.88%, 7/15/27(b)   75,000 78,750
Sinclair Television Group, Inc., 4.13%, 12/01/30(b)   15,000 14,944
Sirius XM Radio, Inc., 4.13%, 7/01/30(b)   115,000 118,587
TEGNA, Inc., 4.75%, 3/15/26(b)   55,000 58,300
Townsquare Media, Inc., 6.88%, 2/01/26(b)   15,000 15,487
Urban One, Inc., 7.38%, 2/01/28(b)   15,000 15,277
      1,368,216
Mining – 0.1%
Arconic Corp., 6.13%, 2/15/28(b)   75,000 80,432
Freeport-McMoRan, Inc.,      
4.38%, 8/01/28   80,000 84,774
    Par(a) Value
Mining (Continued)
Freeport-McMoRan, Inc.,      
5.45%, 3/15/43   $50,000 $62,500
Joseph T Ryerson & Son, Inc., 8.50%, 8/01/28(b)   15,000 16,919
Kaiser Aluminum Corp., 6.50%, 5/01/25(b)   75,000 80,063
      324,688
Miscellaneous Manufacturing – 0.0%(e)
General Electric Co., 3.63%, 5/01/30   30,000 33,276
Hillenbrand, Inc., 5.75%, 6/15/25   25,000 26,875
      60,151
Office/Business Equipment – 0.0%(e)
Xerox Holdings Corp., 5.50%, 8/15/28(b)   25,000 25,774
Oil & Gas – 0.8%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 2/15/26(b)   10,000 10,225
Antero Resources Corp.,      
8.38%, 7/15/26(b)   5,000 5,276
7.63%, 2/01/29(b)   10,000 10,225
Apache Corp.,      
4.63%, 11/15/25   25,000 25,516
4.88%, 11/15/27   35,000 35,962
4.25%, 1/15/30   50,000 49,375
5.10%, 9/01/40   25,000 25,314
4.75%, 4/15/43   25,000 23,750
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 8.25%, 12/31/28(b)   10,000 10,177
Chevron Corp., 1.55%, 5/11/25   80,000 82,556
Chevron USA, Inc.,      
3.85%, 1/15/28   30,000 34,743
3.25%, 10/15/29   20,000 22,554
CNX Resources Corp.,      
7.25%, 3/14/27(b)   125,000 134,412
6.00%, 1/15/29(b)   40,000 41,338
Comstock Resources, Inc., 9.75%, 8/15/26   35,000 37,275
Continental Resources, Inc., 4.38%, 1/15/28   75,000 76,875
CVR Energy, Inc., 5.25%, 2/15/25(b)   25,000 24,493
EQT Corp.,      
3.90%, 10/01/27   100,000 103,875
 
See Notes to Schedules of Investments.
167

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Par(a) Value
Oil & Gas (Continued)
EQT Corp.,      
8.75%, 2/01/30   $100,000 $127,000
Exxon Mobil Corp., 2.99%, 3/19/25   80,000 86,823
Hess Corp., 4.30%, 4/01/27   50,000 55,322
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 2/01/31(b)   30,000 30,450
Indigo Natural Resources LLC, 2/01/29(b)(j)   10,000 9,875
Occidental Petroleum Corp.,      
2.90%, 8/15/24   150,000 144,750
8.00%, 7/15/25   40,000 45,210
5.50%, 12/01/25   25,000 26,125
8.50%, 7/15/27   65,000 76,700
6.38%, 9/01/28   45,000 48,937
3.50%, 8/15/29   75,000 69,590
6.13%, 1/01/31   25,000 27,414
6.45%, 9/15/36   25,000 27,434
4.40%, 4/15/46   50,000 43,950
Ovintiv Exploration, Inc., 5.38%, 1/01/26   50,000 54,597
Ovintiv, Inc., 6.50%, 8/15/34   50,000 61,274
Range Resources Corp.,      
4.88%, 5/15/25   100,000 97,868
9.25%, 2/01/26   30,000 32,694
Southwestern Energy Co.,      
7.50%, 4/01/26   100,000 104,480
7.75%, 10/01/27   75,000 79,500
8.38%, 9/15/28   15,000 16,052
Sunoco L.P./Sunoco Finance Corp., 4.50%, 5/15/29(b)   35,000 35,788
Talos Production, Inc., 12.00%, 1/15/26(b)   60,000 56,850
      2,112,624
Oil & Gas Services – 0.0%(e)
Archrock Partners L.P./Archrock Partners Finance Corp., 6.25%, 4/01/28(b)   50,000 51,063
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 4.49%, 5/01/30   50,000 59,330
      110,393
    Par(a) Value
Packaging & Containers – 0.2%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 4/30/25(b)   $200,000 $210,750
Ball Corp., 2.88%, 8/15/30   45,000 44,788
Berry Global, Inc., 4.50%, 2/15/26(b)   75,000 76,496
Graphic Packaging International LLC, 3.50%, 3/01/29(b)   10,000 10,238
Silgan Holdings, Inc., 4.75%, 3/15/25   100,000 101,625
      443,897
Pharmaceuticals – 0.6%
AbbVie, Inc.,      
3.85%, 6/15/24   100,000 109,884
2.60%, 11/21/24   370,000 395,164
3.80%, 3/15/25   70,000 77,849
AdaptHealth LLC,      
6.13%, 8/01/28(b)   30,000 32,250
4.63%, 8/01/29(b)   25,000 25,594
Bausch Health Cos., Inc., 5.25%, 2/15/31(b)   35,000 36,059
Bristol-Myers Squibb Co., 1.45%, 11/13/30   75,000 73,570
CVS Health Corp., 1.30%, 8/21/27   65,000 65,113
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 9/01/25(b)   100,000 109,000
Horizon Therapeutics USA, Inc., 5.50%, 8/01/27(b)   200,000 213,000
Johnson & Johnson, 1.30%, 9/01/30   90,000 88,727
McKesson Corp., 0.90%, 12/03/25   75,000 74,810
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25(b)   15,000 16,050
Par Pharmaceutical, Inc., 7.50%, 4/01/27(b)   100,000 107,557
Viatris, Inc.,      
1.65%, 6/22/25(b)   30,000 30,888
2.70%, 6/22/30(b)   10,000 10,496
Zoetis, Inc., 2.00%, 5/15/30   100,000 101,299
      1,567,310
Pipelines – 0.7%
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.75%, 3/01/27(b)   75,000 74,798
 
See Notes to Schedules of Investments.
168

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Par(a) Value
Pipelines (Continued)
Cheniere Corpus Christi Holdings LLC, 5.88%, 3/31/25   $255,000 $295,273
Cheniere Energy Partners L.P., 5.63%, 10/01/26   50,000 52,125
Cheniere Energy, Inc., 4.63%, 10/15/28(b)   25,000 26,068
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 6.00%, 2/01/29(b)   30,000 28,900
DCP Midstream Operating L.P., 5.60%, 4/01/44   25,000 26,125
Energy Transfer Operating L.P., 4.05%, 3/15/25   50,000 54,514
EnLink Midstream LLC,      
5.63%, 1/15/28(b)   25,000 24,953
5.38%, 6/01/29   25,000 23,875
EnLink Midstream Partners L.P.,      
4.85%, 7/15/26   50,000 48,552
5.45%, 6/01/47   25,000 19,984
EQM Midstream Partners L.P.,      
4.13%, 12/01/26   100,000 96,850
6.50%, 7/01/27(b)   20,000 21,602
6.50%, 7/15/48   10,000 9,625
Genesis Energy L.P./Genesis Energy Finance Corp., 8.00%, 1/15/27   20,000 19,000
Harvest Midstream I L.P., 7.50%, 9/01/28(b)   35,000 36,759
Hess Midstream Operations L.P., 5.13%, 6/15/28(b)   75,000 77,835
New Fortress Energy, Inc., 6.75%, 9/15/25(b)   115,000 120,031
NGL Energy Operating LLC/NGL Energy Finance Corp., 2/01/26(b)(j)   70,000 70,686
NuStar Logistics L.P., 5.63%, 4/28/27   25,000 26,250
ONEOK, Inc., 2.75%, 9/01/24   50,000 52,668
Sabine Pass Liquefaction LLC,      
5.63%, 4/15/23   100,000 109,364
4.50%, 5/15/30(b)   120,000 139,637
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 5.50%, 1/15/28(b)   100,000 99,000
    Par(a) Value
Pipelines (Continued)
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 3/01/30   $25,000 $26,578
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30   70,000 76,661
Western Midstream Operating L.P.,      
4.65%, 7/01/26   50,000 52,500
4.75%, 8/15/28   25,000 26,438
5.30%, 2/01/30   75,000 82,500
5.50%, 8/15/48   25,000 24,750
Williams (The) Cos., Inc., 3.60%, 3/15/22   40,000 41,187
      1,885,088
Real Estate – 0.0%(e)
Howard Hughes (The) Corp., 2/01/31(b)(j)   15,000 14,969
Kennedy-Wilson, Inc., 3/01/31(j)   45,000 45,000
Realogy Group LLC/Realogy Co-Issuer Corp.,      
7.63%, 6/15/25(b)   20,000 21,725
5.75%, 1/15/29(b)   25,000 25,531
      107,225
Real Estate Investment Trusts – 0.8%
American Tower Corp.,      
0.60%, 1/15/24   135,000 135,151
5.00%, 2/15/24   80,000 90,118
2.90%, 1/15/30   10,000 10,615
Camden Property Trust, 3.15%, 7/01/29   50,000 55,381
Crown Castle International Corp.,      
3.20%, 9/01/24   30,000 32,422
1.35%, 7/15/25   200,000 203,139
Digital Realty Trust L.P., 4.75%, 10/01/25   80,000 93,163
Diversified Healthcare Trust, 9.75%, 6/15/25   100,000 113,470
Equinix, Inc.,      
2.63%, 11/18/24   80,000 85,166
1.25%, 7/15/25   200,000 202,169
2.15%, 7/15/30   100,000 99,725
Federal Realty Investment Trust, 3.95%, 1/15/24   50,000 54,685
GLP Capital L.P./GLP Financing II, Inc., 4.00%, 1/15/31   75,000 81,622
 
See Notes to Schedules of Investments.
169

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Par(a) Value
Real Estate Investment Trusts (Continued)
HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, 9/15/30(b)   $35,000 $35,219
Iron Mountain, Inc.,      
5.25%, 7/15/30(b)   40,000 42,500
4.50%, 2/15/31(b)   30,000 30,675
5.63%, 7/15/32(b)   50,000 54,000
iStar, Inc., 4.25%, 8/01/25   100,000 98,250
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 5.75%, 2/01/27   100,000 112,444
MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 3/15/31   35,000 35,476
New Residential Investment Corp., 6.25%, 10/15/25(b)   25,000 24,938
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/28(b)   35,000 36,662
Public Storage, 3.39%, 5/01/29   25,000 28,312
SBA Communications Corp., 3.13%, 2/01/29(b)   10,000 10,006
Service Properties Trust,      
7.50%, 9/15/25   50,000 56,532
4.38%, 2/15/30   75,000 68,250
Simon Property Group L.P., 3.50%, 9/01/25   65,000 71,688
Starwood Property Trust, Inc., 5.50%, 11/01/23(b)   35,000 36,400
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 2/15/25(b)   50,000 53,875
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 2/15/29(b)(j)   20,000 19,955
VICI Properties L.P./VICI Note Co., Inc., 4.13%, 8/15/30(b)   50,000 52,064
Welltower, Inc., 4.00%, 6/01/25   25,000 28,166
XHR L.P., 6.38%, 8/15/25(b)   30,000 31,350
      2,183,588
Retail – 0.4%
Abercrombie & Fitch Management Co., 8.75%, 7/15/25(b)   25,000 27,750
    Par(a) Value
Retail (Continued)
Asbury Automotive Group, Inc., 4.75%, 3/01/30   $35,000 $36,810
BCPE Ulysses Intermediate, Inc., 7.75%, 4/01/27(b)(g)   15,000 14,925
Dollar General Corp., 3.50%, 4/03/30   50,000 56,689
Gap (The), Inc.,      
8.63%, 5/15/25(b)   50,000 55,959
8.88%, 5/15/27(b)   50,000 58,375
Group 1 Automotive, Inc., 4.00%, 8/15/28(b)   20,000 20,475
Home Depot (The), Inc., 3/15/51(j)   50,000 47,070
L Brands, Inc.,      
6.88%, 7/01/25(b)   50,000 54,447
5.25%, 2/01/28   25,000 26,408
6.63%, 10/01/30(b)   35,000 39,375
LBM Acquisition LLC, 6.25%, 1/15/29(b)   20,000 20,244
Lithia Motors, Inc.,      
5.25%, 8/01/25(b)   50,000 51,875
4.38%, 1/15/31(b)   15,000 15,881
Lowe's Cos., Inc., 4.00%, 4/15/25   45,000 50,798
Macy's, Inc., 8.38%, 6/15/25(b)   25,000 27,688
Michaels Stores, Inc., 4.75%, 10/01/27(b)   30,000 30,750
Murphy Oil USA, Inc., 3.75%, 2/15/31(b)   25,000 25,000
Park River Holdings, Inc., 5.63%, 2/01/29(b)   20,000 19,875
QVC, Inc., 4.38%, 9/01/28   90,000 93,600
Rite Aid Corp., 8.00%, 11/15/26(b)   50,000 53,750
Ross Stores, Inc., 4.70%, 4/15/27   2,000 2,346
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 9/30/26(b)   10,000 10,525
White Cap Buyer LLC, 6.88%, 10/15/28(b)   10,000 10,354
Yum! Brands, Inc., 4.75%, 1/15/30(b)   50,000 53,670
      904,639
Semiconductors – 0.4%
Amkor Technology, Inc., 6.63%, 9/15/27(b)   100,000 108,875
Broadcom, Inc.,      
4.70%, 4/15/25   225,000 256,180
4.25%, 4/15/26   100,000 113,370
 
See Notes to Schedules of Investments.
170

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Par(a) Value
Semiconductors (Continued)
Broadcom, Inc.,      
4.30%, 11/15/32   $120,000 $138,407
Intel Corp., 3.75%, 3/25/27   200,000 229,816
Microchip Technology, Inc., 4.25%, 9/01/25(b)   100,000 104,721
Micron Technology, Inc., 4.64%, 2/06/24   86,000 95,594
Qorvo, Inc., 4.38%, 10/15/29   100,000 109,125
      1,156,088
Software – 0.3%
Black Knight InfoServ LLC, 3.63%, 9/01/28(b)   100,000 101,195
BY Crown Parent LLC/BY Bond Finance, Inc., 4.25%, 1/31/26(b)   20,000 20,500
Camelot Finance S.A., 4.50%, 11/01/26(b)   50,000 52,000
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 3/01/25(b)   100,000 102,570
Intuit, Inc.,      
1.35%, 7/15/27   60,000 60,843
1.65%, 7/15/30   45,000 45,176
J2 Global, Inc., 4.63%, 10/15/30(b)   45,000 46,913
MSCI, Inc., 3.88%, 2/15/31(b)   100,000 106,762
Nuance Communications, Inc., 5.63%, 12/15/26   125,000 131,609
Rackspace Technology Global, Inc., 5.38%, 12/01/28(b)   20,000 20,850
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 9/01/25(b)   115,000 118,163
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 2/01/29(b)   5,000 5,050
      811,631
Telecommunications – 0.9%
Avaya, Inc., 6.13%, 9/15/28(b)   15,000 15,975
Cincinnati Bell, Inc., 7.00%, 7/15/24(b)   75,000 77,812
Consolidated Communications, Inc., 6.50%, 10/01/28(b)   15,000 16,317
Embarq Corp., 8.00%, 6/01/36   25,000 30,724
    Par(a) Value
Telecommunications (Continued)
Frontier Communications Corp.,      
5.88%, 10/15/27(b)   $10,000 $10,769
5.00%, 5/01/28(b)   10,000 10,375
HC2 Holdings, Inc., 8.50%, 2/01/26(b)   20,000 20,025
Level 3 Financing, Inc., 3.63%, 1/15/29(b)   100,000 99,501
LogMeIn, Inc., 5.50%, 9/01/27(b)   30,000 31,388
Lumen Technologies, Inc., 4.50%, 1/15/29(b)   50,000 51,323
Motorola Solutions, Inc., 4.60%, 5/23/29   30,000 35,597
QualityTech L.P./QTS Finance Corp., 3.88%, 10/01/28(b)   45,000 45,909
Sprint Capital Corp.,      
6.88%, 11/15/28   50,000 64,322
8.75%, 3/15/32   75,000 114,562
Sprint Corp., 7.13%, 6/15/24   100,000 116,604
Switch Ltd., 3.75%, 9/15/28(b)   45,000 45,952
T-Mobile USA, Inc.,      
3.50%, 4/15/25(b)   445,000 487,807
1.50%, 2/15/26(b)   330,000 334,716
3.75%, 4/15/27(b)   225,000 252,857
Verizon Communications, Inc., 3.00%, 3/22/27   100,000 109,981
ViaSat, Inc.,      
5.63%, 4/15/27(b)   100,000 105,125
6.50%, 7/15/28(b)   115,000 124,200
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 8/15/28(b)   30,000 30,375
      2,232,216
Transportation – 0.0%(e)
Watco Cos. LLC/Watco Finance Corp., 6.50%, 6/15/27(b)   15,000 16,088
XPO Logistics, Inc., 6.25%, 5/01/25(b)   50,000 53,687
      69,775
 
See Notes to Schedules of Investments.
171

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Par(a) Value
Trucking & Leasing – 0.2%
Fortress Transportation and Infrastructure Investors LLC,      
6.50%, 10/01/25(b)   $30,000 $31,050
9.75%, 8/01/27(b)   320,000 361,824
      392,874
Total Corporate Bonds
(Cost $39,252,062)
40,290,889
Mortgage-Backed Securities – 17.7%
Federal Home Loan Mortgage Corporation – 1.2%
Pool,      
#QA2226, 3.00%, 7/01/46   66,243 70,068
#QA2237, 3.00%, 7/01/46   144,815 153,153
#QA8965, 3.00%, 4/01/50   37,828 39,806
#RA2621, 4.00%, 5/01/50   88,018 94,694
#RA3022, 2.50%, 6/01/50   48,648 51,554
#RA3174, 3.00%, 7/01/50   71,393 75,613
#RA3382, 3.00%, 8/01/50   143,787 154,192
#RA3935, 2.50%, 11/01/50   325,415 343,418
#SB0383, 2.50%, 4/01/32   163,634 175,540
#SB8500, 2.50%, 7/01/35   165,755 177,380
#SB8505, 2.50%, 10/01/35   505,668 536,581
#SD7521, 2.50%, 7/01/50   48,304 51,586
#SD8074, 3.00%, 7/01/50   291,671 307,296
#SD8084, 3.00%, 8/01/50   45,896 48,326
#SD8092, 3.00%, 9/01/50   142,206 149,951
#SD8099, 2.50%, 10/01/50   77,030 81,094
#SD8114, 2.50%, 12/01/50   47,665 50,180
#ZS4693, 3.00%, 12/01/46   340,670 363,212
#ZS4746, 3.00%, 12/01/47   19,551 20,572
#ZT1858, 4.50%, 4/01/49   94,070 103,622
      3,047,838
    Par(a) Value
Federal Home Loan Mortgage Corporation Gold –
0.2%
Pool,      
#G08697, 3.00%, 3/01/46   $214,321 $227,538
#G08737, 3.00%, 12/01/46   243,013 259,144
      486,682
Federal National Mortgage Association – 3.0%
Pool,      
#AS5640, 3.50%, 8/01/45   79,012 86,177
#BM5024, 3.00%, 11/01/48   39,478 41,498
#BN3960, 4.50%, 1/01/49   22,884 24,879
#CA3666, 4.00%, 6/01/49   704,842 772,674
#CA5182, 4.50%, 2/01/50   934,543 1,020,697
#CA5575, 4.00%, 4/01/50   599,825 646,400
#CA5754, 4.00%, 5/01/50   63,714 68,772
#CA6317, 3.00%, 7/01/50   49,824 53,013
#CA7368, 2.50%, 10/01/50   173,065 182,704
#CA7572, 2.50%, 10/01/50   149,200 158,876
#CA7573, 2.50%, 11/01/50   222,708 236,979
#FM2888, 3.50%, 1/01/49   96,310 102,213
#FM4808, 2.50%, 11/01/50   98,355 103,609
#MA3238, 3.50%, 1/01/48   2,408,841 2,558,778
#MA4026, 4.00%, 5/01/50   1,202,914 1,290,625
#MA4156, 2.50%, 10/01/35   122,336 128,794
#MA4210, 2.50%, 12/01/50   274,457 288,938
      7,765,626
Government National Mortgage Association – 3.7%
Pool TBA,      
2/01/51(j)   6,744,000 7,127,531
3/01/51(j)   2,275,000 2,387,972
      9,515,503
Government National Mortgage Association II – 1.3%
Pool,      
#785043, 3.00%, 4/20/49   487,575 514,764
#BW4651, 2.50%, 8/20/50   25,766 27,111
 
See Notes to Schedules of Investments.
172

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Par(a) Value
Government National Mortgage Association II
(Continued)
Pool,      
#BW4741, 2.50%, 9/20/50   $26,298 $27,673
#BW6206, 2.50%, 8/20/50   50,391 53,027
#BY0776, 2.50%, 9/20/50   51,471 54,164
#BY0805, 2.50%, 9/20/50   49,603 52,199
#MA4125, 2.50%, 12/20/46   56,904 60,194
#MA5397, 3.50%, 8/20/48   416,300 442,833
#MA5467, 4.50%, 9/20/48   115,941 126,173
#MA6409, 3.00%, 1/20/50   123,088 129,233
#MA6412, 4.50%, 1/20/50   289,297 312,141
#MA6474, 3.00%, 2/20/50   74,220 77,807
#MA6766, 3.00%, 7/20/50   777,219 816,817
#MA7052, 2.50%, 12/20/50   497,556 523,704
#MA7193, 2/20/51(j)   200,000 210,686
      3,428,526
Uniform Mortgage-Backed Securities – 8.3%
Pool TBA,      
2/01/36(j)   5,345,000 5,615,664
2/01/51(j)   10,310,000 10,880,217
3/01/51(j)   4,850,000 5,079,520
      21,575,401
Total Mortgage-Backed Securities
(Cost $45,746,297)
45,819,576
Foreign Issuer Bonds – 2.5%
Brazil – 0.0%(e)
Vale Overseas Ltd., 3.75%, 7/08/30   80,000 87,688
Burkina Faso – 0.0%(e)
IAMGOLD Corp., 5.75%, 10/15/28(b)   30,000 30,741
Canada – 0.9%
1011778 B.C. ULC/New Red Finance, Inc., 4.00%, 10/15/30(b)   130,000 129,513
Bank of Montreal, 0.45%, 12/08/23   180,000 180,414
Brookfield Asset Management, Inc., 4.00%, 1/15/25   50,000 55,550
    Par(a) Value
Canada (Continued)
Canadian Imperial Bank of Commerce, 0.95%, 10/23/25   $170,000 $170,915
Cascades, Inc./Cascades USA, Inc., 5.38%, 1/15/28(b)   130,000 137,312
Cenovus Energy, Inc.,      
3.80%, 9/15/23   25,000 26,333
5.38%, 7/15/25   10,000 11,289
4.25%, 4/15/27   100,000 109,529
6.75%, 11/15/39   50,000 64,769
Empire Communities Corp., 7.00%, 12/15/25(b)   20,000 21,114
Enbridge, Inc.,      
3.50%, 6/10/24   80,000 86,648
2.50%, 1/15/25   100,000 105,889
GFL Environmental, Inc., 3.75%, 8/01/25(b)   25,000 25,500
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 9/15/28(b)   25,000 25,813
Kinross Gold Corp., 5.95%, 3/15/24   90,000 102,882
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.,      
5.00%, 12/31/26(b)   20,000 20,400
7.00%, 12/31/27(b)   25,000 25,563
MEG Energy Corp., 2/01/29(b)(j)   20,000 19,850
Methanex Corp., 5.25%, 12/15/29   75,000 78,516
National Bank of Canada, (1Y US Treasury CMT + 0.40%), 0.55%, 11/15/24(i)   250,000 250,079
New Gold, Inc., 7.50%, 7/15/27(b)   15,000 16,203
Norbord, Inc., 5.75%, 7/15/27(b)   50,000 53,781
Parkland Corp., 5.88%, 7/15/27(b)   50,000 53,500
Stars Group Holdings B.V./Stars Group U.S. Co-Borrower LLC, 7.00%, 7/15/26(b)   285,000 298,894
Telesat Canada/Telesat LLC, 6.50%, 10/15/27(b)   75,000 79,431
Tervita Corp., 11.00%, 12/01/25(b)   25,000 27,188
 
See Notes to Schedules of Investments.
173

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Par(a) Value
Canada (Continued)
Toronto-Dominion Bank (The),      
3.25%, 3/11/24   $50,000 $54,248
0.75%, 1/06/26   160,000 159,223
      2,390,346
China – 0.1%
Baidu, Inc., 1.72%, 4/09/26   200,000 202,660
Germany – 0.2%
Deutsche Bank A.G.,      
(SOFR + 2.16%), 2.22%, 9/18/24(i)   150,000 154,223
(SOFR + 1.87%), 2.13%, 11/24/26(i)   150,000 151,994
(5Y USD Swap Rate + 2.55%), 4.88%, 12/01/32(i)   200,000 213,816
Mercer International, Inc., 5.13%, 2/01/29(b)   10,000 10,159
      530,192
Ireland – 0.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.50%, 9/15/23   220,000 238,154
Italy – 0.0%(e)
Telecom Italia Capital S.A.,      
6.38%, 11/15/33   50,000 61,701
6.00%, 9/30/34   20,000 23,900
      85,601
Japan – 0.5%
Mitsubishi UFJ Financial Group, Inc., 2.05%, 7/17/30   200,000 203,268
Mizuho Financial Group, Inc.,      
(3M USD LIBOR + 0.99%), 1.24%, 7/10/24(i)   200,000 203,182
(3M USD LIBOR + 1.00%), 3.92%, 9/11/24(i)   200,000 216,842
Nomura Holdings, Inc., 1.85%, 7/16/25   200,000 206,908
Sumitomo Mitsui Financial Group, Inc.,      
2.45%, 9/27/24   200,000 212,695
1.47%, 7/08/25   200,000 204,565
      1,247,460
    Par(a) Value
Luxembourg – 0.1%
ArcelorMittal S.A.,      
6.13%, 6/01/25   $50,000 $59,275
4.25%, 7/16/29   50,000 55,883
      115,158
Peru – 0.0%(e)
Hudbay Minerals, Inc., 6.13%, 4/01/29(b)   35,000 37,100
Switzerland – 0.1%
Credit Suisse A.G., 0.50%, 2/02/24   250,000 249,988
Novartis Capital Corp., 2.20%, 8/14/30   10,000 10,602
      260,590
United Kingdom – 0.5%
Barclays PLC, (3M USD LIBOR + 1.40%), 4.61%, 2/15/23(i)   200,000 208,276
HSBC Holdings PLC,      
(3M USD LIBOR + 1.06%), 3.26%, 3/13/23(i)   200,000 206,363
(SOFR + 1.29%), 1.59%, 5/24/27(i)   200,000 202,382
(3M USD LIBOR + 1.61%), 3.97%, 5/22/30(i)   200,000 227,066
Reynolds American, Inc., 4.45%, 6/12/25   125,000 141,418
TechnipFMC PLC, 6.50%, 2/01/26(b)   10,000 10,444
Unilever Capital Corp., 3.38%, 3/22/25   100,000 110,525
Virgin Media Secured Finance PLC, 4.50%, 8/15/30(b)   200,000 207,100
      1,313,574
Total Foreign Issuer Bonds
(Cost $6,389,062)
6,539,264
    
    Number
of Shares
 
Short-Term Investments – 8.6%
Money Market Fund – 8.6%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.01%(k)   22,311,911 22,311,911
Total Short-Term Investments
(Cost $22,311,911)
22,311,911
 
See Notes to Schedules of Investments.
174

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Number
of Shares
Value
Rights – 0.0%(e)
Biotechnology – 0.0%(e)
Pfenex, Inc. CVR(l)*   53,807 $41,636
Stemline Therapeutics, Inc. CVR(m)*   33,076 11,596
      53,232
Pharmaceuticals – 0.0%(e)
Elanco Animal Health, Inc.*   22,842
Total Rights
(Cost $62,032)
53,232
    
Number of
Contracts
Notional
Amount
 
Purchased Options – 0.0%(e)
Call Options - Exchange Traded – 0.0%(e)
Acacia Communications, Inc., Strike Price $115.00, Expires 3/19/21 54 617,760 2,970
Marvell Technology Group Ltd.,      
Strike Price $60.00, Expires 2/19/21 48 247,008 3,792
Strike Price $60.00, Expires 3/19/21 47 241,862 7,755
RMG Acquisition Corp. II, Strike Price $50.00, Expires 2/19/21 21 23,457 105
      14,622
Put Options - Exchange Traded – 0.0%(e)
Acacia Communications, Inc., Strike Price $80.00, Expires 2/19/21 31 354,640 155
RMG Acquisition Corp. II, Strike Price $30.00, Expires 2/19/21 6 6,702 7,860
      8,015
Total Purchased Options
(Cost $38,779)
22,637
Total Long Positions – 109.4%
(Cost $265,959,485)
283,736,653
    
    Number
of Shares
Value
Short Positions – (20.4)%
Common Stocks – (20.3)%
Aerospace/Defense – (0.2)%
Kaman Corp.   (2,706) $(136,274)
Teledyne Technologies, Inc.*   (979) (349,513)
      (485,787)
Airlines – (0.3)%
Copa Holdings S.A., Class A   (6,291) (486,735)
Southwest Airlines Co.   (5,079) (223,171)
      (709,906)
Apparel – (0.1)%
Under Armour, Inc., Class C*   (21,679) (324,535)
Auto Manufacturers – (0.3)%
NIO, Inc. ADR (China)*   (2,063) (117,591)
Stellantis N.V.*   (45,920) (697,358)
      (814,949)
Auto Parts & Equipment – (0.2)%
Aptiv PLC   (2,608) (348,429)
Meritor, Inc.*   (3,903) (100,736)
Romeo Power, Inc.*   (5,552) (98,659)
      (547,824)
Banks – (1.6)%
First Citizens BancShares, Inc., Class A   (1,345) (801,607)
Huntington Bancshares, Inc.   (30,460) (402,833)
Morgan Stanley   (33,183) (2,224,920)
SVB Financial Group*   (1,435) (628,214)
      (4,057,574)
Biotechnology – (1.2)%
Apellis Pharmaceuticals, Inc.*   (6,484) (287,047)
Bridgebio Pharma, Inc.*   (2,022) (114,769)
Exact Sciences Corp.*   (4,092) (561,259)
Gossamer Bio, Inc.*   (13,878) (140,168)
Halozyme Therapeutics, Inc.(f)*   (16,530) (786,663)
Innoviva, Inc.*   (7,631) (91,648)
Insmed, Inc.*   (6,621) (248,883)
Ionis Pharmaceuticals, Inc.(f)*   (2,650) (159,185)
Ligand Pharmaceuticals, Inc.*   (1,128) (209,075)
NeoGenomics, Inc.*   (3,559) (188,698)
Radius Health, Inc.*   (3,288) (61,486)
 
See Notes to Schedules of Investments.
175

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Number
of Shares
Value
Biotechnology (Continued)
Theravance Biopharma, Inc.*   (3,301) $(61,531)
Travere Therapeutics, Inc.*   (5,498) (138,824)
      (3,049,236)
Chemicals – (0.0)%(e)
International Flavors & Fragrances, Inc.   (694) (77,992)
Commercial Services – (1.4)%
2U, Inc.*   (6,660) (272,394)
FTI Consulting, Inc.*   (2,921) (321,222)
S&P Global, Inc.   (8,378) (2,655,826)
Sabre Corp.   (20,390) (219,804)
Stride, Inc.*   (3,669) (94,477)
      (3,563,723)
Computers – (0.3)%
Lumentum Holdings, Inc.(f)*   (4,888) (458,494)
NCR Corp.*   (7,886) (263,077)
      (721,571)
Diversified Financial Services – (0.5)%
Affiliated Managers Group, Inc.   (1,322) (145,671)
Cowen, Inc., Class A   (17,882) (449,732)
Encore Capital Group, Inc.*   (4,480) (133,056)
I3 Verticals, Inc., Class A*   (8,297) (240,779)
PRA Group, Inc.*   (5,940) (195,842)
WisdomTree Investments, Inc.   (25,964) (138,518)
      (1,303,598)
Electric – (0.1)%
NRG Energy, Inc.   (6,960) (288,214)
Electronics – (0.7)%
Fortive Corp.   (2,665) (176,103)
GoPro, Inc. Class A*   (22,962) (205,510)
II-VI, Inc.*   (10,725) (901,651)
Knowles Corp.*   (10,681) (206,036)
OSI Systems, Inc.*   (2,648) (238,373)
Vishay Intertechnology, Inc.   (4,138) (89,174)
      (1,816,847)
Energy - Alternate Sources – (0.7)%
Canadian Solar, Inc. (Canada)*   (3,419) (187,190)
Enphase Energy, Inc.(f)*   (2,959) (539,574)
SunPower Corp.*   (19,142) (1,033,859)
      (1,760,623)
Engineering & Construction – (0.2)%
Granite Construction, Inc.   (14,387) (425,999)
    Number
of Shares
Value
Entertainment – (0.3)%
Cinemark Holdings, Inc.   (33,936) $(686,865)
Food – (0.8)%
Chefs' Warehouse (The), Inc.*   (7,197) (196,406)
Just Eat Takeaway (Germany)(b)*   (16,578) (1,901,264)
      (2,097,670)
Healthcare - Products – (0.5)%
LivaNova PLC*   (3,675) (231,157)
NanoString Technologies, Inc.(f)*   (5,708) (399,731)
STERIS PLC   (3,164) (592,016)
Varex Imaging Corp.*   (7,857) (152,112)
      (1,375,016)
Home Builders – (0.1)%
Winnebago Industries, Inc.   (5,800) (400,548)
Insurance – (1.3)%
Aon PLC, Class A   (16,841) (3,420,407)
Internet – (1.4)%
21Vianet Group, Inc. ADR (China)*   (4,080) (153,939)
Boingo Wireless, Inc.*   (941) (10,859)
iQIYI, Inc. ADR (China)*   (11,132) (243,234)
JOYY, Inc. ADR (China)   (5,340) (491,494)
Match Group, Inc.*   (3,714) (519,440)
Palo Alto Networks, Inc.*   (1,491) (522,968)
Perficient, Inc.*   (6,760) (369,164)
Q2 Holdings, Inc.*   (4,300) (550,357)
Zillow Group, Inc., Class C*   (6,505) (848,642)
      (3,710,097)
Leisure Time – (0.7)%
Callaway Golf Co.   (20,299) (566,139)
Norwegian Cruise Line Holdings Ltd.(f)*   (30,608) (693,271)
Royal Caribbean Cruises Ltd.   (7,136) (463,840)
      (1,723,250)
Lodging – (0.3)%
Huazhu Group Ltd. ADR (China)   (4,600) (223,100)
Marcus (The) Corp.   (32,017) (563,499)
      (786,599)
Machinery - Construction & Mining – (0.2)%
Bloom Energy Corp., Class A*   (12,355) (431,313)
 
See Notes to Schedules of Investments.
176

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
    Number
of Shares
Value
Machinery - Diversified – (0.1)%
Middleby (The) Corp.*   (2,979) $(404,310)
Media – (0.1)%
fuboTV, Inc.*   (3,588) (151,593)
Miscellaneous Manufacturing – (0.1)%
Danimer Scientific, Inc.*   (5,252) (223,210)
Oil & Gas – (0.1)%
Whitecap Resources, Inc. (Canada)   (48,588) (174,024)
Oil & Gas Services – (0.0)%(e)
Helix Energy Solutions Group, Inc.*   (33,947) (139,862)
Pharmaceuticals – (1.0)%
AstraZeneca PLC ADR (United Kingdom)   (29,409) (1,488,095)
Coherus Biosciences, Inc.*   (19,393) (364,588)
Flexion Therapeutics, Inc.*   (5,987) (72,862)
Jazz Pharmaceuticals PLC*   (2,464) (383,152)
Zogenix, Inc.*   (10,080) (191,117)
      (2,499,814)
Pipelines – (0.0)%(e)
Cheniere Energy, Inc.*   (654) (41,418)
Real Estate Investment Trusts – (0.1)%
iStar, Inc.   (19,210) (291,608)
Pebblebrook Hotel Trust   (1,086) (19,961)
Summit Hotel Properties, Inc.   (10,842) (87,820)
      (399,389)
Retail – (0.5)%
Bloomin' Brands, Inc.(f)   (34,104) (718,571)
Burlington Stores, Inc.*   (1,036) (257,860)
National Vision Holdings, Inc.*   (6,937) (321,669)
      (1,298,100)
Semiconductors – (2.5)%
Advanced Micro Devices, Inc.*   (26,595) (2,277,596)
Analog Devices, Inc.   (22,295) (3,284,722)
Cree, Inc.(f)*   (3,692) (373,187)
Marvell Technology Group Ltd.(f)   (9,399) (483,673)
      (6,419,178)
Software – (2.1)%
8x8, Inc.*   (12,845) (452,786)
Avaya Holdings Corp.*   (9,342) (207,766)
Envestnet, Inc.(f)*   (3,418) (262,263)
    Number
of Shares
Value
Software (Continued)
Everbridge, Inc.(f)*   (2,445) $(325,014)
Health Catalyst, Inc.*   (4,082) (202,794)
J2 Global, Inc.*   (3,594) (368,888)
MicroStrategy, Inc., Class A*   (870) (537,060)
New Relic, Inc.*   (2,274) (170,959)
Nuance Communications, Inc.*   (13,998) (637,469)
salesforce.com, Inc.*   (5,593) (1,261,557)
Splunk, Inc.*   (324) (53,470)
Tabula Rasa HealthCare, Inc.*   (5,630) (319,728)
Workiva, Inc.*   (5,941) (579,069)
      (5,378,823)
Telecommunications – (0.2)%
Infinera Corp.*   (22,192) (218,591)
Motorola Solutions, Inc.   (1,092) (182,965)
Vonage Holdings Corp.*   (14,304) (178,514)
      (580,070)
Transportation – (0.1)%
Air Transport Services Group, Inc.*   (11,309) (287,362)
SEACOR Holdings, Inc.*   (954) (39,820)
SFL Corp. Ltd. (Norway)   (8,330) (52,645)
      (379,827)
Total Common Stocks
(Proceeds $43,546,267)
(52,669,761)
Investment Companies – (0.1)%
Health Care Select Sector SPDR Fund   (349) (40,145)
iShares MSCI Australia ETF   (1,360) (32,300)
iShares Russell 2000 ETF   (575) (118,197)
iShares Russell 2000 Growth ETF   (351) (105,437)
Total Investment Companies
(Proceeds $288,519)
(296,079)
Total Short Positions – (20.4)%
(Proceeds $43,834,786)
(52,965,840)
Total Written Options – (0.1)%
(Premiums Received $125,207)
(108,577)
Other Assets less Liabilities – 11.1%(n) 28,720,193
NET ASSETS – 100.0% $259,382,429
Percentages shown are based on Net Assets.
All securities are United States companies, unless noted otherwise in parentheses.
 
See Notes to Schedules of Investments.
177

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
(a) Par value is in USD unless otherwise indicated.
(b) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Morningstar Funds Trust.
(c) Variable rate security. Rate as of January 31, 2021 is disclosed.
(d) All or a portion of the security was held as collateral for open futures, options, securities sold short and/or swap agreements.
(e) Amount rounds to less than 0.05%.
(f) Security represents underlying investment on open options contracts.
(g) Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.
(h) Zero coupon bond.
(i) Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate as of January 31, 2021 is disclosed.
(j) When-Issued Security. Coupon rate was not yet in effect at January 31, 2021.
(k) 7-day current yield as of January 31, 2021 is disclosed.
(l) This is a Level 3 asset which is fair valued by the Pricing Committee (see Note 4 in Notes to Schedules of Investments). The fair value price of $0.77 is based on the implied value of the CVR upon closing ($0.75) plus time value of money. During the fiscal period, the Fund acquired $41,636 of this asset.
(m) This is a Level 3 asset which is fair valued by the Pricing Committee (see Note 4 in Notes to Schedules of Investments). The fair value price of $0.35 is based on a discount pricing model. During the fiscal period, the Fund acquired $11,596 of this asset.
(n) Includes appreciation/ (depreciation) on forward foreign currency exchange, futures and swap contracts.
* Non-Income Producing Security
    
Abbreviations:  
1M 1 Month
1Y 1 Year
3M 3 Month
5Y 5 Year
ADR American Depositary Receipt
BDC Business Development Company
CMT Constant Maturity
CVR Contingent Value Rights
ETF Exchange-Traded Fund
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
Freddie Mac Federal Home Loan Mortgage Corporation
KWCDC Korean Won Certificate of Deposit
LIBOR London Interbank Offered Rate
LLC Limited Liability Company
MSCI Morgan Stanley Capital International
OAT Obligations Assimilables du Trésor
PLC Public Limited Company
REMIC Real Estate Mortgage Investment Conduit
S&P Standards & Poor's
SOFR United States Secured Overnight Financing Rate
SPDR Standard & Poor's Depositary Receipt
TBA To be announced
USD United States Dollar
Concentration by Currency (%)  
U.S. Dollar 77.4
All other currencies less than 5% 22.6
Total 100.0

    
Country Diversification (%)  
United States 73.9
All other countries less than 5% 26.1
Total 100.0
 

    
See Notes to Schedules of Investments.
178

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Futures Contracts outstanding at January 31, 2021:
Exchange Traded
           
Description Number of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Unrealized
Appreciation
(Depreciation)
Long Contracts          
Euro Bund 2 3/08/2021 EUR 430,204 $(1,569)
Euro-OAT 5 3/08/2021 EUR 1,013,739 (2,127)
10-Year Australian Treasury Bond 42 3/15/2021 AUD 4,682,140 (32,963)
10-Year Canadian Bond 22 3/22/2021 CAD 2,539,527 (3,129)
2-Year U.S. Treasury Note 21 3/31/2021 USD 4,640,508 3,767
5-Year U.S. Treasury Note 87 3/31/2021 USD 10,951,125 (2,251)
U.S. Treasury Long Bond 6 3/31/2021 USD 1,012,312 (29,687)
Total Long Contracts         $(67,959)
Short Contracts          
10-Year U.S. Treasury Note (82) 3/22/2021 USD 11,236,562 $24,876
Ultra 10-Year U.S. Treasury Note (5) 3/22/2021 USD 769,141 14,898
Ultra U.S. Treasury Bond (1) 3/22/2021 USD 204,719 12,051
Long GILT (38) 3/29/2021 GBP 6,980,449 5,237
Total Short Contracts         $57,062
          $(10,897)
    
Forward Foreign Currency Exchange Contracts outstanding at January 31, 2021:
             
Expiration
Date
Currency
Purchased
Amount
of Currency
Purchased
Currency
Sold
Amount
of Currency
Sold
Counterparty Unrealized
Appreciation
(Depreciation)
             
03/15/21 U.S. Dollars 2,885,662 Euro 2,362,690 Morgan Stanley $15,680
03/15/21 British Pounds 1,622,300 U.S. Dollars 2,210,927 Morgan Stanley 12,378
03/15/21 U.S. Dollars 1,370,513 Canadian Dollars 1,748,640 Morgan Stanley 2,902
03/15/21 Canadian Dollars 1,144,020 U.S. Dollars 892,544 Morgan Stanley 2,193
03/15/21 U.S. Dollars 47,890 Euro 38,880 Northern Trust 662
03/15/21 U.S. Dollars 112,755 Swedish Kronor 936,600 Morgan Stanley 619
03/17/21 U.S. Dollars 38,725 Australian Dollars 50,000 Morgan Stanley 503
03/15/21 U.S. Dollars 234,282 British Pounds 170,700 Morgan Stanley 344
03/17/21 U.S. Dollars 85,211 Euro 70,000 Morgan Stanley 177
03/15/21 U.S. Dollars 14,207 Australian Dollars 18,400 Morgan Stanley 142
03/15/21 Euro 74,920 U.S. Dollars 90,977 Morgan Stanley 29
03/15/21 New Zealand Dollars 5,700 U.S. Dollars 4,072 Morgan Stanley 25
03/15/21 U.S. Dollars 1,384 New Zealand Dollars 1,900 Northern Trust 19
03/15/21 U.S. Dollars 1,446 New Zealand Dollars 2,000 Morgan Stanley 9
Total Unrealized Appreciation $35,682
             
03/15/21 New Zealand Dollars 3,900 U.S. Dollars 2,807 Morgan Stanley $(5)
See Notes to Schedules of Investments.
179

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Forward Foreign Currency Exchange Contracts outstanding at January 31, 2021: (continued)
             
Expiration
Date
Currency
Purchased
Amount
of Currency
Purchased
Currency
Sold
Amount
of Currency
Sold
Counterparty Unrealized
Appreciation
(Depreciation)
03/17/21 U.S. Dollars 7,501 Singapore Dollars 10,000 Goldman Sachs $(27)
03/15/21 Australian Dollars 5,200 U.S. Dollars 4,034 Morgan Stanley (59)
03/17/21 U.S. Dollars 13,426 British Pounds 10,000 Morgan Stanley (278)
03/15/21 Canadian Dollars 52,590 U.S. Dollars 41,515 Northern Trust (385)
03/15/21 U.S. Dollars 597,136 Euro 492,440 Morgan Stanley (1,034)
03/15/21 U.S. Dollars 337,421 Swedish Kronor 2,828,100 Morgan Stanley (1,177)
03/15/21 U.S. Dollars 98,293 New Zealand Dollars 138,500 Morgan Stanley (1,234)
03/15/21 Euro 855,190 U.S. Dollars 1,042,201 Morgan Stanley (3,395)
03/15/21 U.S. Dollars 390,952 Australian Dollars 517,500 Morgan Stanley (4,645)
03/15/21 Canadian Dollars 1,325,060 U.S. Dollars 1,041,576 Morgan Stanley (5,248)
03/15/21 U.S. Dollars 592,593 Canadian Dollars 765,040 Morgan Stanley (5,744)
03/15/21 U.S. Dollars 5,530,443 British Pounds 4,147,100 Morgan Stanley (153,010)
Total Unrealized Depreciation $(176,241)
Net Unrealized Depreciation $(140,559)
    
Written Call Option Contracts outstanding at January 31, 2021:
Exchange Traded
             
Description Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
Bloomin' Bands, Inc. 95 USD 200,165 20.00 2/19/2021 $(18,620)
Cree, Inc. 10 USD 101,080 120.00 2/19/2021 (1,450)
Enphase Energy, Inc. 7 USD 127,645 210.00 3/19/2021 (10,745)
Envestnet, Inc. 14 USD 107,422 80.00 2/19/2021 (3,150)
Everbridge, Inc. 8 USD 106,344 150.00 2/19/2021 (3,020)
Halozyme Therapeutics, Inc. 48 USD 228,432 43.00 2/19/2021 (26,880)
Ionis Pharmaceuticals, Inc. 14 USD 84,098 60.00 2/19/2021 (4,508)
Lumentum Holdings, Inc. 12 USD 112,560 95.00 2/19/2021 (5,868)
NanoString Technologies, Inc. 18 USD 126,054 65.00 2/19/2021 (13,770)
Norwegian Cruise Line Holdings, Ltd. 89 BMD 201,585 25.00 3/19/2021 (18,868)
RMG Acquisition Corp. II 6 USD 6,702 30.00 2/19/2021 (150)
Southwest Airlines Co. 18 USD 79,092 47.50 2/19/2021 (1,548)
Total Written Call Options Contracts (Premiums Received $125,207) $(108,577)
    
Long Contracts for Difference at January 31, 2021:
Over the Counter
               
Reference Company The Fund Pays
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
Allstate Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 116 Monthly $12,433 $(291)
See Notes to Schedules of Investments.
180

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Long Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Pays
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
Ally Financial, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 4,494 Monthly $170,905 $(3,636)
Altria Group, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 506 Monthly 20,786 (380)
American Electric Power Co., Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,278 Monthly 103,401 (1,498)
American International Group, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,393 Monthly 52,153 (3,118)
Antero Midstream Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,182 Monthly 9,574 (36)
Antero Resources Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 13,636 Monthly 94,632 3,680
Apple, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 152 Monthly 20,057 (1,081)
Arrow Electronics, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 116 Monthly 11,325 (440)
AutoZone, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 35 Monthly 39,142 (2,558)
Barrick Gold Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,614 Monthly 36,104 (1,695)
Berkshire Hathaway, Inc., Class B U.S. Fed Funds + 0.07% 1/21/2022 Barclays 388 Monthly 88,412 (1,898)
Boyd Gaming Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 577 Monthly 26,057 (2,845)
Bristol-Myers Squibb Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 158 Monthly 9,851 104
Bunge Ltd. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,424 Monthly 93,185 (1,590)
Cardinal Health, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 260 Monthly 13,970 (432)
Carrier Global Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 419 Monthly 16,131 368
Caterpillar, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 637 Monthly 116,323 (2,279)
Cboe Global Markets, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 61 Monthly 5,596 (35)
CBRE Group, Inc., Class A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 2,124 Monthly 129,519 (10,233)
Cenovus Energy, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 7,421 Monthly 43,857 229
Cigna Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 7 Monthly 1,519 (45)
Cintas Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 632 Monthly 201,047 (4,075)
Clorox (The) Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 77 Monthly 16,214 633
Conagra Brands, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 428 Monthly 14,926 212
Costco Wholesale Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 392 Monthly 138,150 (3,902)
Coty, Inc., Class A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 2,194 Monthly 13,975 87
Crown Holdings, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 871 Monthly 78,519 (2,352)
CSX Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 893 Monthly 76,578 (1,588)
D.R. Horton, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,375 Monthly 105,597 (1,254)
DaVita, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 146 Monthly 17,136 (267)
Dell Technologies, Inc., Class C U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,377 Monthly 100,367 (4,202)
Delta Air Lines, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 633 Monthly 24,028 (1,292)
Discover Financial Services U.S. Fed Funds + 0.07% 1/21/2022 Barclays 245 Monthly 20,467 (939)
Dollar Tree, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 156 Monthly 15,859 (728)
Dow, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,423 Monthly 73,852 (7,589)
DTE Energy Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 409 Monthly 48,556 (1,453)
Eastman Chemical Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 299 Monthly 29,406 (2,055)
Emerson Electric Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,945 Monthly 154,332 (8,274)
Energy, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 500 Monthly 26,864 (73)
Entergy Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,576 Monthly 150,237 1,956
Equifax, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 83 Monthly 14,700 (136)
Exelon Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 481 Monthly 19,990 (472)
See Notes to Schedules of Investments.
181

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Long Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Pays
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
FedEx Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 90 Monthly $21,180 $(1,687)
Fidelity National Information Services, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 859 Monthly 106,050 (4,830)
FMC Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 151 Monthly 16,351 (931)
Ford Motor Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 2,086 Monthly 21,965 (2,066)
Fortive Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 321 Monthly 21,211 (836)
Freeport-McMoRan, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 5,440 Monthly 146,387 (19,479)
General Electric Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 867 Monthly 9,260 (236)
Halliburton Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,325 Monthly 23,360 (897)
HCA Healthcare, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 571 Monthly 92,774 (2,566)
Healthpeak Properties, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,419 Monthly 42,072 (753)
Hershey (The) Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 24 Monthly 3,491 (62)
Hologic, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 244 Monthly 19,454 983
Home Depot (The), Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 87 Monthly 23,561 (1,133)
Howmet Aerospace Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 2,085 Monthly 51,249 (1,807)
HP, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 5,117 Monthly 124,546 (4,298)
Illinois Tool Works, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 64 Monthly 12,429 (592)
International Paper Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 2,184 Monthly 109,875 (2,862)
Kellogg Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 979 Monthly 57,701 625
L Brands, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,660 Monthly 67,661 (2,490)
Lennox International, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 55 Monthly 15,152 (972)
Lockheed Martin Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 405 Monthly 130,335 (6,752)
LyondellBasell Industries N.V., Class A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 493 Monthly 42,280 (254)
Marathon Petroleum Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,593 Monthly 68,752 (4,128)
Marsh & McLennan Cos., Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 182 Monthly 20,088 (209)
Masco Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 293 Monthly 15,954 (900)
McCormick & Co., Inc. (Non Voting) U.S. Fed Funds + 0.07% 1/21/2022 Barclays 434 Monthly 38,860 (1,683)
Mcdonalds Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 94 Monthly 19,537 (521)
McKesson Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,379 Monthly 240,588 (14,540)
Meritage Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 388 Monthly 31,140 (5,833)
MGM Resorts International U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,482 Monthly 42,325 (4,195)
Mid-America Apartment Communities, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 358 Monthly 47,523 (513)
Murphy Oil Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 8,920 Monthly 110,337 (1,341)
National Retail Properties, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 306 Monthly 12,093 (214)
Newell Brands, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,666 Monthly 40,016 (1,555)
Nexstar Media Group, Inc., Class A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 762 Monthly 86,615 4,319
Nordstrom, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 131 Monthly 4,644 (503)
Norfolk Southern Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 193 Monthly 45,667 (1,468)
NXP Semiconductors N.V. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,208 Monthly 193,844 (12,862)
Occidental Petroleum Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 4,868 Monthly 97,650 (6,964)
Omnicom Group, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 685 Monthly 42,729 (350)
See Notes to Schedules of Investments.
182

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Long Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Pays
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
Otis Worldwide Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 267 Monthly $17,261 $(62)
Ovintiv, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,834 Monthly 28,903 (2,550)
Packaging Corp. Of America U.S. Fed Funds + 0.07% 1/21/2022 Barclays 51 Monthly 6,857 (303)
Pfizer, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 5,904 Monthly 214,251 (1,540)
PPG Industries, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 709 Monthly 95,508 (3,390)
Procter & Gamble (The) Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 264 Monthly 33,987 (402)
PulteGroup, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 404 Monthly 17,573 (794)
QUALCOMM, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 356 Monthly 55,634 (2,187)
Quest Diagnostics, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,587 Monthly 206,003 8,337
Regency Centers Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 99 Monthly 4,671 25
Reliance Steel & Aluminum Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 414 Monthly 48,056 (2,706)
Republic Services, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,625 Monthly 147,092 (5,935)
Ross Stores, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 258 Monthly 28,713 467
Ryder System, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,043 Monthly 65,280 (5,895)
Sherwin-Williams (The) Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 6 Monthly 4,151 (211)
SM Energy Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,235 Monthly 10,361 (697)
Southern (The) Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 657 Monthly 38,710 (660)
Spirit AeroSystems Holdings, Inc., Class A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 631 Monthly 21,372 (2,953)
Starwood Property Trust, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 542 Monthly 10,168 (412)
Steel Dynamics, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 610 Monthly 20,904 (2,703)
Targa Resources Partners L.P./Targa Resources Partners Finance Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,282 Monthly 35,216 (1,486)
Target Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 222 Monthly 40,219 (2,275)
Toll Brothers, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,238 Monthly 63,260 345
Tyson Foods, Inc., Class A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 3,442 Monthly 221,350 (7,197)
Union Pacific Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 181 Monthly 35,741 (1,749)
United Parcel Service, Inc., Class B U.S. Fed Funds + 0.07% 1/21/2022 Barclays 487 Monthly 75,483 (1,945)
Ventas, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 646 Monthly 29,761 (1,128)
VEREIT, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 425 Monthly 14,972 (204)
VeriSign, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 403 Monthly 78,209 195
ViacomCBS, Inc., Class B U.S. Fed Funds + 0.07% 1/21/2022 Barclays 4,682 Monthly 227,070 13,664
Vistra Operations Co. LLC U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,746 Monthly 34,867 (2,393)
Voya Financial, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,078 Monthly 59,785 (1,850)
W.P. Carey, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 578 Monthly 38,378 (504)
W.W. Grainger, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 120 Monthly 43,726 (2,990)
Walmart, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 153 Monthly 21,494 (894)
Walt Disney (The) Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 361 Monthly 60,708 (1,111)
Waste Management, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 269 Monthly 29,944 (1,087)
Western Union (The) Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 512 Monthly 11,402 107
WestRock Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 4,227 Monthly 175,122 (16,089)
Weyerhaeuser Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,017 Monthly 31,719 (2,055)
Whirlpool Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 170 Monthly 31,465 (2,340)
See Notes to Schedules of Investments.
183

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Long Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Pays
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
Williams (The) Cos., Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 971 Monthly $20,614 $(360)
Wynn Resorts Finance LLC/Wynn Resourts Capital Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,240 Monthly 123,415 (8,515)
Xerox Holdings Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 2,788 Monthly 58,795 40
Advanced Auto Parts, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 264 Monthly 39,373 (935)
Allstate Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,997 Monthly 321,183 (8,388)
Ally Financial, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 5,419 Monthly 205,901 (8,136)
Altria Group, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 7,048 Monthly 289,502 (4,032)
American Electric Power Co., Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,067 Monthly 86,321 1,836
American Express Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 725 Monthly 83,988 (3,010)
American International Group, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,368 Monthly 88,652 (5,891)
Antero Midstream Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 33,774 Monthly 273,540 194
Antero Resources Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 21,731 Monthly 150,803 11,022
Apache Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 6,330 Monthly 90,356 (14,595)
Apple, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 662 Monthly 87,349 (90)
Arrow Electronics, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,447 Monthly 238,875 (16,459)
AutoZone, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 227 Monthly 253,847 (23,908)
Barrick Gold Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 12,361 Monthly 276,486 (17,413)
Berkshire Hathaway, Inc., Class B U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 840 Monthly 191,404 (3,053)
Biogen, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 710 Monthly 200,632 21,329
Boyd Gaming Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 6,091 Monthly 275,036 (17,195)
Bristol-Myers Squibb Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,051 Monthly 188,860 (1,803)
Brixmor Property Group REIT, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 9,785 Monthly 167,745 6,782
Broadridge Financial Solutions, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 438 Monthly 61,883 (6,537)
Bunge Ltd. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,815 Monthly 184,207 (9,423)
Cardinal Health, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 4,903 Monthly 265,707 (8,141)
Carrier Global Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 7,371 Monthly 284,266 (10,799)
Caterpillar, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 487 Monthly 88,603 (3,012)
Cboe Global Markets, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 450 Monthly 41,278 (1,080)
CBRE Group, Inc., Class A U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,057 Monthly 125,424 (3,922)
Cenovus Energy, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 11,453 Monthly 67,679 (6,671)
Cigna Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 267 Monthly 57,948 (968)
Cintas Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 270 Monthly 85,886 (5,112)
Cisco Systems, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 11,644 Monthly 522,608 (1,837)
Clorox (The) Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,201 Monthly 252,957 15,512
Coca-Cola (The) Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 130 Monthly 6,259 (67)
Conagra Brands, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 6,756 Monthly 235,656 5,671
Costco Wholesale Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 409 Monthly 144,133 (4,492)
Coty, Inc., Class A U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 15,387 Monthly 98,005 (7,114)
Crown Holdings, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,466 Monthly 222,293 (15,871)
See Notes to Schedules of Investments.
184

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Long Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Pays
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
CSX Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,142 Monthly $97,921 $(10,147)
Cummins, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 54 Monthly 12,646 (7)
CVS Health Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 148 Monthly 10,604 (174)
DaVita, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 946 Monthly 111,025 (3,258)
Deere & Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 479 Monthly 138,807 (1,922)
Dell Technologies, Inc., Class C U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 645 Monthly 47,006 (961)
Delta Air Lines, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,852 Monthly 146,204 (7,680)
Discover Financial Services U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 645 Monthly 53,883 (669)
Dollar Tree, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,159 Monthly 117,824 (2,438)
Dover Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 434 Monthly 50,555 (3,642)
Dow, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,416 Monthly 125,385 (9,103)
DTE Energy Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,413 Monthly 167,732 547
Eastman Chemical Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,992 Monthly 294,228 (21,882)
Ebay, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,178 Monthly 66,546 2,369
Emerson Electric Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,637 Monthly 129,883 (4,021)
Energy, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 399 Monthly 21,438 (11)
Equifax, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 595 Monthly 105,370 (4,393)
Equitable Holdings, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,801 Monthly 94,177 (7,386)
Exelon Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 6,021 Monthly 250,209 (4,389)
FedEx Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 889 Monthly 209,196 (8,973)
Fidelity National Information Services, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 964 Monthly 119,005 (9,854)
FMC Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,359 Monthly 256,360 (25,097)
Ford Motor Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 25,709 Monthly 270,689 39,022
Fortive Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,106 Monthly 205,222 (18,094)
Freeport-McMoRan, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,684 Monthly 72,226 115
Gap (The), Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 764 Monthly 15,460 (905)
General Electric Co. U.S. Fed Funds 2/8/2023 JPMorgan Chase 4,435 Monthly 46,990 (1,459)
Goodyear Tire & Rubber (The) Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 19,669 Monthly 207,482 (17,925)
Halliburton Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 15,809 Monthly 278,683 (34,053)
Harley-Davidson, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,379 Monthly 135,453 158
Hartford Financial Services Group (The), Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,572 Monthly 171,511 (8,912)
HCA Healthcare, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,193 Monthly 193,817 (10,673)
Healthpeak Properties, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 5,233 Monthly 155,143 4,761
Hershey (The) Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 104 Monthly 15,126 (264)
Hologic, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,872 Monthly 149,242 (850)
Home Depot (The), Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 317 Monthly 85,842 (2,000)
Howmet Aerospace Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 6,444 Monthly 158,376 (18,764)
HP, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 18,986 Monthly 462,082 (19,042)
Illinois Tool Works, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 847 Monthly 164,828 (10,623)
International Paper Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 7,192 Monthly 361,793 (6,989)
Jabil, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 988 Monthly 40,869 (3,058)
See Notes to Schedules of Investments.
185

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Long Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Pays
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
JB Hunt Transport Services, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,614 Monthly $217,320 $(20,829)
Johnson Controls International PLC U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 6,589 Monthly 329,635 (7,142)
Kellogg Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,755 Monthly 221,308 448
Kimco Realty Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 15,924 Monthly 262,877 16,569
Kinross Gold Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,132 Monthly 7,900 (454)
L Brands, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 11,247 Monthly 458,377 (58,273)
Laboratory Corporation of America Holdings U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 406 Monthly 92,924 6,223
Lennar Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 699 Monthly 58,281 5,027
Lennox International, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 569 Monthly 157,091 114
Lockheed Martin Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,281 Monthly 412,209 (18,000)
Lowe's Cos., Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,904 Monthly 486,301 6,996
LyondellBasell Industries N.V., Class A U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 873 Monthly 74,868 (2,523)
Magna International, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 769 Monthly 54,016 (3,869)
Marathon Petroleum Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 26,921 Monthly 353,384 (9,816)
Marsh & McLennan Cos., Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,387 Monthly 263,434 (7,448)
Masco Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,898 Monthly 212,133 20
McCormick & Co., Inc. (Non Voting) U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 869 Monthly 77,808 (2,247)
Mcdonalds Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,374 Monthly 285,543 (10,130)
McKesson Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,451 Monthly 253,134 (12,378)
Meritage Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,748 Monthly 140,279 (262)
Metlife, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 5,807 Monthly 279,578 (7,880)
MGIC Investment Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 9,027 Monthly 105,789 (16,410)
MGM Resorts International U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,122 Monthly 32,041 (1,965)
Mid-America Apartment Communities, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,250 Monthly 165,920 9,301
MSCI, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 9 Monthly 3,558 (72)
Murphy Oil Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 10,601 Monthly 131,119 (16,118)
National Retail Properties, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,510 Monthly 59,604 (1,000)
NetApp, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,695 Monthly 246,112 6,203
Netflix, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 155 Monthly 82,520 (1,112)
Newmont Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 7,858 Monthly 468,281 (24,634)
Nike, Inc., Class B U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 903 Monthly 120,626 (4,900)
Norfolk Southern Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 483 Monthly 114,274 (7,878)
Northrop Grumman Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 80 Monthly 22,919 (147)
NRG Energy, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,204 Monthly 91,975 5,850
NXP Semiconductors N.V. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 579 Monthly 92,901 (8,482)
Occidental Petroleum Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 13,506 Monthly 270,954 (19,230)
Omnicom Group, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,152 Monthly 196,600 (3,822)
Onemain Holdings, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,833 Monthly 131,889 (9,947)
Oneok, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 736 Monthly 30,001 (968)
See Notes to Schedules of Investments.
186

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Long Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Pays
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
Oracle Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 864 Monthly $52,211 $(351)
Otis Worldwide Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,552 Monthly 164,969 (4,372)
Ovintiv, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 12,587 Monthly 198,354 (15,275)
Packaging Corp. Of America U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 208 Monthly 27,967 (953)
Parker-Hannifin Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 77 Monthly 20,374 (1,985)
Pfizer, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,943 Monthly 142,881 (2,891)
PPG Industries, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 692 Monthly 93,218 (4,230)
Procter & Gamble (The) Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,875 Monthly 499,427 (33,744)
Prudential Financial, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,262 Monthly 98,778 (3,066)
PulteGroup, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 9,269 Monthly 403,157 17,335
PVH Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,034 Monthly 88,159 (4,505)
QUALCOMM, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 497 Monthly 77,664 (1,016)
Quest Diagnostics, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,729 Monthly 224,310 11,109
Raymond James Financial, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 79 Monthly 7,894 123
Regency Centers Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,848 Monthly 87,180 2,872
Reliance Steel & Aluminum Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,747 Monthly 202,768 (25,358)
Republic Services, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,550 Monthly 140,301 (5,544)
Ross Stores, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 592 Monthly 65,884 (1,559)
Ryder System, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,372 Monthly 211,032 (14,431)
Sealed Air Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 4,429 Monthly 187,184 (17,790)
Sherwin-Williams (The) Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 62 Monthly 42,895 (2,180)
SM Energy Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 10,934 Monthly 91,730 (4,090)
Southern (The) Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,641 Monthly 96,685 (1,396)
Spirit AeroSystems Holdings, Inc., Class A U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 5,654 Monthly 191,478 (31,429)
Starwood Property Trust, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 6,583 Monthly 126,643 2,882
Steel Dynamics, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,321 Monthly 45,270 (2,412)
Synchrony Financial U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 348 Monthly 11,710 (612)
Targa Resources Partners L.P./Targa Resources Partners Finance Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,364 Monthly 37,566 (2,699)
Target Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,723 Monthly 493,278 (28,539)
Toll Brothers, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 7,434 Monthly 380,461 59,334
Tyson Foods, Inc., Class A U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 5,200 Monthly 334,382 (788)
Union Pacific Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 165 Monthly 32,579 (3,477)
United Parcel Service, Inc., Class B U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,227 Monthly 190,170 (5,075)
Ventas, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,957 Monthly 90,737 (1,797)
VEREIT, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,898 Monthly 66,863 (985)
VeriSign, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 782 Monthly 151,760 (2,035)
Verizon Communications, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 265 Monthly 16,142 825
ViacomCBS, Inc., Class B U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,636 Monthly 127,827 18,981
Vistra Operations Co. LLC U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 10,403 Monthly 207,728 (9,905)
Vulcan Materials Co. U.S. Fed Funds 2/8/2023 JPMorgan Chase 98 Monthly 14,616 15
See Notes to Schedules of Investments.
187

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Long Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Pays
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
W.P. Carey, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 981 Monthly $65,136 $(555)
W.W. Grainger, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 269 Monthly 98,014 (6,818)
Walmart, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,446 Monthly 343,600 (15,068)
Walt Disney (The) Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 76 Monthly 12,781 (240)
Waste Management, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,317 Monthly 257,913 (9,419)
WEC Energy Group, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 21 Monthly 1,867 20
Western Union (The) Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,764 Monthly 61,548 (2,464)
WestRock Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,405 Monthly 141,063 (13,197)
Weyerhaeuser Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 4,354 Monthly 135,793 (7,026)
Whirlpool Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,756 Monthly 324,981 9,470
Williams (The) Cos., Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 12,729 Monthly 270,205 (922)
Wynn Resorts Finance LLC/Wynn Resourts Capital Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,288 Monthly 128,185 (10,914)
Xerox Holdings Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 14,372 Monthly 302,449 (592)
Zimmer Biomet Holdings, Inc. U.S. Fed Funds + 0.07% 2/8/2023 JPMorgan Chase 37 Monthly 5,686 (163)
Allstate Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 398 Monthly 42,654 (489)
Ally Financial, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 4,693 Monthly 178,460 (13,390)
Altria Group, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,621 Monthly 66,585 (200)
American International Group, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 7,664 Monthly 286,916 (29,282)
Antero Resources Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 4,131 Monthly 28,667 (1,324)
Apache Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 2,099 Monthly 30,002 (6,248)
Apple, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,268 Monthly 167,313 6,099
Arrow Electronics, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 2,038 Monthly 198,954 (12,685)
AutoZone, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 84 Monthly 93,935 (10,925)
Barrick Gold Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 3,474 Monthly 77,707 (2,681)
Biogen, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 9 Monthly 2,543 61
Brixmor Property Group REIT, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 4,859 Monthly 82,256 382
Carnival Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 10 Monthly 187 (24)
CBRE Group, Inc., Class A U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 399 Monthly 24,329 (1,015)
Cenovus Energy, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 3,124 Monthly 18,461 (689)
Cisco Systems, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 2,946 Monthly 132,733 (1,035)
Conagra Brands, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,348 Monthly 47,008 1,365
Coty, Inc., Class A U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 18,842 Monthly 120,013 (9,997)
DaVita, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 422 Monthly 49,526 (586)
Deere & Co. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 867 Monthly 251,146 (4,966)
DTE Energy Co. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 555 Monthly 65,884 (2,669)
Eastman Chemical Co. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,700 Monthly 167,181 (10,945)
Emerson Electric Co. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 27 Monthly 2,142 (92)
Energy, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 4,545 Monthly 244,183 (2,610)
Entergy Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 295 Monthly 28,120 21
Equifax, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 928 Monthly 164,345 89
Equitable Holdings, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 3,771 Monthly 93,437 (10,265)
Eversource Energy U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 12 Monthly 1,050 (13)
See Notes to Schedules of Investments.
188

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Long Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Pays
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
Exelon Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 2,784 Monthly $115,694 $(4,977)
FedEx Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 203 Monthly 47,770 (3,500)
FMC Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 159 Monthly 17,363 (1,725)
Fortive Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 912 Monthly 60,260 (3,781)
Goodyear Tire & Rubber (The) Co. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 2,833 Monthly 29,883 (2,668)
Halliburton Co. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 5,071 Monthly 89,394 (14,727)
Healthpeak Properties, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 241 Monthly 7,145 (75)
Hologic, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 283 Monthly 22,562 1,026
Home Depot (The), Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 965 Monthly 261,320 (4,610)
Howmet Aerospace Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 6,354 Monthly 156,167 (21,427)
HP, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 2,870 Monthly 69,850 (2,388)
International Paper Co. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,121 Monthly 56,394 (350)
JB Hunt Transport Services, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 500 Monthly 67,324 (8,431)
Johnson Controls International PLC U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,339 Monthly 66,704 (2,670)
L Brands, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 2,781 Monthly 113,341 (12,071)
Lennar Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 40 Monthly 3,336 272
Lennox International, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 382 Monthly 105,229 (2,281)
Life Storage, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 15 Monthly 1,235 6
Lockheed Martin Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 347 Monthly 111,662 (8,841)
Lowe's Cos., Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 191 Monthly 32,268 (458)
Marathon Petroleum Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 312 Monthly 13,465 (257)
Marsh & McLennan Cos., Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 410 Monthly 45,250 (604)
Masco Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,088 Monthly 59,297 (1,729)
Mcdonalds Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 386 Monthly 80,220 (805)
McKesson Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 911 Monthly 158,929 (8,937)
Mid-America Apartment Communities, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 70 Monthly 9,289 49
Murphy Oil Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 211 Monthly 2,609 (491)
National Retail Properties, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 161 Monthly 6,362 41
NetApp, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 632 Monthly 42,290 1,425
Newell Brands, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 12,665 Monthly 304,191 (1,641)
Newmont Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 538 Monthly 32,056 (1,224)
Nexstar Media Group, Inc., Class A U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,116 Monthly 126,842 2,576
Norfolk Southern Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 589 Monthly 139,354 (9,634)
Occidental Petroleum Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 199 Monthly 3,992 (464)
Olin Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 284 Monthly 6,790 (541)
Omnicom Group, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 2,220 Monthly 138,473 (1,654)
Ovintiv, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 26,077 Monthly 410,939 (40,368)
Packaging Corp. Of America U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 888 Monthly 119,391 (7,176)
Pfizer, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 853 Monthly 30,953 (489)
Procter & Gamble (The) Co. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,085 Monthly 139,954 (6,282)
See Notes to Schedules of Investments.
189

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Long Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Pays
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
Prudential Financial, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 2,447 Monthly $191,535 $(13,059)
Quest Diagnostics, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,128 Monthly 146,498 6,187
Reliance Steel & Aluminum Co. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 280 Monthly 32,500 (3,237)
Ryder System, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,332 Monthly 83,363 (6,494)
Sherwin-Williams (The) Co. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 186 Monthly 128,664 (6,288)
Southern (The) Co. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 240 Monthly 14,140 (179)
Spirit AeroSystems Holdings, Inc., Class A U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,624 Monthly 55,000 (7,963)
Starwood Property Trust, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 77 Monthly 1,444 1
Steel Dynamics, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 6,230 Monthly 213,483 (30,733)
Target Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 817 Monthly 148,003 (11,148)
Toll Brothers, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,576 Monthly 80,873 10,552
Tyson Foods, Inc., Class A U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,711 Monthly 110,026 (948)
Union Pacific Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 474 Monthly 93,593 (9,076)
United Parcel Service, Inc., Class B U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 2,540 Monthly 393,668 (9,938)
Ventas, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 108 Monthly 5,044 (245)
Vistra Operations Co. LLC U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 6,865 Monthly 137,082 (10,584)
Voya Financial, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 4,131 Monthly 229,086 (16,750)
W.W. Grainger, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 4 Monthly 1,457 (97)
Walmart, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 69 Monthly 9,694 (285)
Walt Disney (The) Co. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,707 Monthly 287,044 (5,771)
Western Union (The) Co. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 9,234 Monthly 205,625 3,124
WestRock Co. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,796 Monthly 74,402 (7,823)
Weyerhaeuser Co. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 2,236 Monthly 69,735 (2,946)
Whirlpool Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,223 Monthly 226,346 (11,576)
Wynn Resorts Finance LLC/Wynn Resourts Capital Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 6 Monthly 597 (40)
Xerox Holdings Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 6,110 Monthly 130,236 (7,178)
Total (Cost $44,931,496)       1,015,209   $43,481,449 $(1,450,047)
    
Short Contracts for Difference at January 31, 2021:
Over the Counter
               
Reference Company The Fund Receives
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
Advanced Micro Devices, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 753 Monthly $(64,487) $1,653
AECOM U.S. Fed Funds + 0.07% 1/21/2022 Barclays 280 Monthly (14,028) 1,002
AES (The) Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 5,862 Monthly (143,925) 14,849
Altice USA, Inc., Class A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 967 Monthly (34,396) 598
See Notes to Schedules of Investments.
190

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Short Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Receives
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
American Airlines Group, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,273 Monthly $(21,858) $(644)
American Express Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 384 Monthly (44,897) 3,541
American Homes 4 Rent, L.P. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 325 Monthly (9,825) 305
Aptiv PLC U.S. Fed Funds + 0.07% 1/21/2022 Barclays 86 Monthly (11,490) 506
Aramark Services, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,061 Monthly (36,382) 1,214
Ashland Global Holdings, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 2,086 Monthly (166,861) 11,447
Assurant, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 115 Monthly (15,579) (66)
AT&T, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 685 Monthly (19,969) (152)
AvalonBay Communities, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 30 Monthly (4,910) 132
Baker Hughes Co., Class A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,087 Monthly (21,838) 2,117
Ball Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 829 Monthly (72,969) 1,801
Bausch Health Cos., Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 7,614 Monthly (194,159) 8,830
Baxter International, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,506 Monthly (115,707) 3,845
Becton Dickinson and Company U.S. Fed Funds + 0.07% 1/21/2022 Barclays 756 Monthly (197,915) (2,372)
Best Buy Co., Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 248 Monthly (26,987) 1,292
Boeing (The) Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 94 Monthly (18,254) 953
Booz Allen Hamilton Holding Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 130 Monthly (11,072) 1,487
BorgWarner, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 979 Monthly (41,108) 730
Boston Scientific Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 3,616 Monthly (128,152) 5,503
Broadcom, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 86 Monthly (38,743) 1,248
Brookfield Asset Management Inc., Class A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 279 Monthly (10,836) (109)
Builders FirstSource, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 2,001 Monthly (76,539) 9,036
Campbell Soup U.S. Fed Funds + 0.07% 1/21/2022 Barclays 496 Monthly (24,020) (724)
Canadian Natural Resources Ltd. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 252 Monthly (5,690) 413
Capital One Financial Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 237 Monthly (24,710) (831)
Carnival Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 724 Monthly (13,517) 1,122
Centene Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 302 Monthly (18,211) 365
Charter Communications, Inc., Class A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 62 Monthly (37,669) 2,494
Citrix Systems, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,102 Monthly (146,909) (6,441)
CME Group, Inc., Class A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,139 Monthly (207,004) 2,617
CNX Resources Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,301 Monthly (16,484) 64
Comcast Corp., Class A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 790 Monthly (39,390) (933)
ConocoPhillips U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,899 Monthly (76,018) 4,877
Continental Resources (OK), Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 818 Monthly (16,106) 885
Cyrusone, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 305 Monthly (22,250) (218)
Darden Restaurants, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 751 Monthly (87,973) 3,634
Dentsply Sirona, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 438 Monthly (23,429) 1,573
See Notes to Schedules of Investments.
191

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Short Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Receives
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
Diamondback Energy, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 375 Monthly $(21,259) $2,245
Digital Realty Trust, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,472 Monthly (211,897) (5,140)
Discovery, Inc., Series A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,776 Monthly (73,563) (6,836)
DISH Network Corp., Class A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 3,565 Monthly (103,457) 6,181
Dominion Energy, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 676 Monthly (49,274) (386)
Eaton Corp. PLC U.S. Fed Funds + 0.07% 1/21/2022 Barclays 284 Monthly (33,427) 1,618
Ecolab, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 72 Monthly (14,725) 567
Edison International U.S. Fed Funds + 0.07% 1/21/2022 Barclays 373 Monthly (21,858) 247
Eli Lilly U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,175 Monthly (244,367) (2,153)
Emergent BioSolutions, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 415 Monthly (44,343) 125
Encompass Health Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 218 Monthly (17,527) 1,471
EOG Resources, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,828 Monthly (93,758) 6,526
EQT Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 747 Monthly (12,184) 60
Equinix, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 57 Monthly (42,178) (811)
Equity Residential U.S. Fed Funds + 0.07% 1/21/2022 Barclays 951 Monthly (58,620) 140
Essential Utilities, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 354 Monthly (16,390) (298)
Expedia Group, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 253 Monthly (31,398) 1,763
Federal Realty Investment Trust U.S. Fed Funds + 0.07% 1/21/2022 Barclays 192 Monthly (16,812) 186
FirstEnergy Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 92 Monthly (2,830) 109
Fiserv, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 706 Monthly (72,500) 3,240
Fox Corp., Class A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 286 Monthly (8,917) 296
Gartner, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 37 Monthly (5,621) 314
General Mills, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 2,415 Monthly (140,301) (3,797)
Global Payments, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 134 Monthly (23,654) 1,474
Hanesbrands, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 468 Monthly (7,156) 136
Hasbro, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 286 Monthly (26,833) 1,046
Hess Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,064 Monthly (57,435) 5,449
Hexcel Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 505 Monthly (22,049) 2,363
Host Hotels & Resorts, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 2,158 Monthly (29,241) 1,877
Idex, Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 12 Monthly (2,234) 124
Intel Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,297 Monthly (71,997) 719
Intercontinental Exchange, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,298 Monthly (143,236) 2,036
International Business Machines Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 541 Monthly (64,439) (315)
Iron Mountain, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 2,976 Monthly (100,202) 7,533
KB Home U.S. Fed Funds + 0.07% 1/21/2022 Barclays 699 Monthly (29,106) (121)
Keysight Technologies, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 202 Monthly (28,601) 805
Kinder Morgan, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 648 Monthly (9,294) 633
Kraft Heinz Foods Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 103 Monthly (3,452) 82
Kroger (The) Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 5,622 Monthly (193,960) 2,503
Lamb Weston Holdings, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 797 Monthly (59,537) 2,749
Lear Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 198 Monthly (29,851) 3,231
LIncoln National Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 458 Monthly (21,001) 2,220
Lithia Motors, Inc., Class A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 188 Monthly (59,912) 2,422
See Notes to Schedules of Investments.
192

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Short Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Receives
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
Marriott International, Inc., Class A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 329 Monthly $(38,266) $2,168
Mastercard, Inc., Class A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 6 Monthly (1,898) 57
Match Group, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 199 Monthly (27,832) 448
Mattel, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 94 Monthly (1,703) 23
Medical Properties Trust, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,019 Monthly (21,511) 367
Metlife, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,237 Monthly (59,563) 3,141
Micron Technology, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 322 Monthly (25,203) 1,291
Mohawk Industries, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 213 Monthly (30,587) 1,314
Molson Coors Beverage Co., Class B U.S. Fed Funds + 0.07% 1/21/2022 Barclays 581 Monthly (29,143) 559
Mondelez International, Inc., Class A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 491 Monthly (27,221) 471
Motorola Solutions, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 414 Monthly (69,367) 2,500
NCR Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,840 Monthly (61,383) 159
Netflix, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 647 Monthly (344,460) 20,884
NextEra Energy, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,392 Monthly (112,572) 4,648
Nielson Holdings PLC U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,284 Monthly (28,672) (597)
NVDIA Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 114 Monthly (59,233) 804
NVR, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 4 Monthly (17,786) 206
Olin Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,003 Monthly (23,982) 2,026
Phillips 66 U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,098 Monthly (74,445) 4,994
Pioneer Natural Resources Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 959 Monthly (115,944) 9,081
Post Holdings, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 267 Monthly (25,325) 1,252
Progressive Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,031 Monthly (89,894) 5,278
Prologis, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 84 Monthly (8,669) 95
Quanta Services, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 117 Monthly (8,245) 841
Ralph Lauren Corp., Class A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 840 Monthly (84,883) 6,232
Raytheon Technologies Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 279 Monthly (18,618) 237
Roper Technologies, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 181 Monthly (71,118) 4,761
Royal Caribbean Cruises Ltd. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 455 Monthly (29,575) 2,925
Scotts Miracle-Gro (The) Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 48 Monthly (10,628) 460
Semiconductor Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,023 Monthly (35,284) 2,100
Sempra Energy U.S. Fed Funds + 0.07% 1/21/2022 Barclays 234 Monthly (28,960) (599)
Simon Property Group, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 34 Monthly (3,160) 87
Sirus XM Holdings, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 13,506 Monthly (84,548) (2,749)
Six Flags Entertainment Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 210 Monthly (7,182) 244
Southern Copper Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 524 Monthly (34,799) 2,199
Southwest Airlines Co. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 5,116 Monthly (224,800) 17,536
Spirit Realty Capital, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 205 Monthly (7,905) 234
Suncor Energy, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,092 Monthly (18,269) 1,059
Tapestry, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 516 Monthly (16,316) 1,398
TC Energy Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 854 Monthly (36,884) 889
See Notes to Schedules of Investments.
193

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Short Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Receives
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
TEGNA, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 3,139 Monthly $(50,319) $(942)
Tenet Healthcare Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 752 Monthly (35,547) 2,456
T-Mobile US, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 378 Monthly (47,658) 1,183
TransDigm, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 94 Monthly (52,009) (152)
Twitter, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 196 Monthly (9,904) (125)
Under Armour, Inc., Class A U.S. Fed Funds + 0.07% 1/21/2022 Barclays 265 Monthly (4,638) 238
United Airlines Holdings, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 847 Monthly (33,872) 1,355
United Rentals North America, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 104 Monthly (25,273) 1,620
United States Steel Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 1,565 Monthly (27,795) 1,854
UnitedHealth Group, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 613 Monthly (204,487) 8,561
Valero Energy Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 880 Monthly (49,659) 2,498
VICI Properties, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 140 Monthly (3,539) 103
Vornado Realty Trust U.S. Fed Funds + 0.07% 1/21/2022 Barclays 85 Monthly (3,425) (139)
Westinghouse Air Brake Technologies Corp. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 911 Monthly (67,606) 5,702
Xylem, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 128 Monthly (12,364) 769
Yum Brands, Inc. U.S. Fed Funds + 0.07% 1/21/2022 Barclays 556 Monthly (56,429) 2,553
3M Co. U.S. Fed Funds 2/8/2023 JPMorgan Chase 102 Monthly (17,917) 296
Activision Blizzard, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 159 Monthly (14,469) 350
Advanced Micro Devices, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,703 Monthly (145,845) 11,598
AECOM U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 897 Monthly (44,942) 3,765
AES (The) Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 10,925 Monthly (268,130) 14,688
Alexandria Real Estate Equities, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,402 Monthly (234,477) 1,302
Altice USA, Inc., Class A U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 11,076 Monthly (393,992) 1,870
American Homes 4 Rent, L.P. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 238 Monthly (7,195) 121
Amgen, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 643 Monthly (155,241) 8,467
Applied Materials, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,829 Monthly (273,513) 23,707
Aptiv PLC U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 581 Monthly (77,625) 6,388
Aramark Services, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 6,703 Monthly (229,857) 22,513
Ashland Global Holdings, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,624 Monthly (209,901) 14,720
Assurant, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 948 Monthly (128,432) 2,970
AT&T, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 6,741 Monthly (196,941) (1,341)
Avery Dennison Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 513 Monthly (77,399) 3,374
Avis Budget Group, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 22 Monthly (909) (15)
Baker Hughes Co., Class A U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 9,946 Monthly (199,824) 20,003
Ball Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,628 Monthly (319,349) 9,047
Bausch Health Cos., Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 7,122 Monthly (181,616) (8,477)
Baxter International, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 4,266 Monthly (327,772) 19,190
Becton Dickinson and Company U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 101 Monthly (26,442) (696)
Best Buy Co., Inc. U.S. Fed Funds 2/8/2023 JPMorgan Chase 413 Monthly (44,943) 1,042
Boeing (The) Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,059 Monthly (205,657) 14,863
See Notes to Schedules of Investments.
194

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Short Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Receives
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
Booz Allen Hamilton Holding Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 328 Monthly $(27,936) $4,075
BorgWarner, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,003 Monthly (84,107) 759
Boston Scientific Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 8,123 Monthly (287,891) 10,091
Broadcom, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 559 Monthly (251,839) (436)
Brookfield Asset Management Inc., Class A U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 5,417 Monthly (210,407) 2,048
Builders FirstSource, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 4,557 Monthly (174,312) 7,745
Camden Property Trust REIT U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 278 Monthly (29,018) (1,381)
Campbell Soup U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,231 Monthly (156,436) (4,881)
Canadian Natural Resources Ltd. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 8,281 Monthly (186,996) 30,432
Capital One Financial Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,566 Monthly (371,809) 19,167
Carnival Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 6,167 Monthly (115,142) 7,470
CDW Corporation of Delaware U.S. Fed Funds 2/8/2023 JPMorgan Chase 16 Monthly (2,107) 57
Centene Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 907 Monthly (54,694) 4,712
CenturyLink, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 4,587 Monthly (50,871) 8,730
CF Industries Holdings, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 6,185 Monthly (255,945) 20,592
Charter Communications, Inc., Class A U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 493 Monthly (299,541) 14,595
Citrix Systems, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,002 Monthly (133,577) 5,554
CME Group, Inc., Class A U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 402 Monthly (73,100) 5,327
CNX Resources Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 11,910 Monthly (150,905) 3,593
Comcast Corp., Class A U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 5,686 Monthly (283,139) 9,804
ConocoPhillips U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 4,851 Monthly (194,193) 19,086
Cyrusone, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,890 Monthly (137,879) (2,676)
D.R. Horton, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,701 Monthly (130,642) (16,402)
Darden Restaurants, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 928 Monthly (108,647) 7,358
Dentsply Sirona, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 4,325 Monthly (231,356) 19,804
Devon Energy Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 5,679 Monthly (93,481) 9,308
Diamondback Energy, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 56 Monthly (3,176) 296
Digital Realty Trust, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 348 Monthly (50,378) (2,971)
DISH Network Corp., Class A U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 18,843 Monthly (546,851) 70,990
Dominion Energy, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,214 Monthly (88,489) 520
DXC Technology U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 479 Monthly (13,509) 556
Eaton Corp. PLC U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,391 Monthly (163,726) 9,996
Ecolab, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 981 Monthly (201,053) 15,547
Edison International U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 406 Monthly (23,613) 519
Eli Lilly U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 208 Monthly (43,259) (7,654)
Emergent BioSolutions, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,546 Monthly (165,197) (9,559)
Enbridge, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 9,586 Monthly (322,105) (2,412)
Encompass Health Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 769 Monthly (61,930) 4,328
EOG Resources, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,250 Monthly (166,672) 22,589
Equinix, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 111 Monthly (82,136) (839)
See Notes to Schedules of Investments.
195

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Short Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Receives
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
Equity Residential U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 9,908 Monthly $(614,802) $(19,101)
Essential Utilities, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 5,249 Monthly (243,040) 11,412
Estee Lauder (The) Cos., Inc., Class A U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 7 Monthly (1,657) 168
Expedia Group, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,716 Monthly (212,962) 23,807
Federal Realty Investment Trust U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,002 Monthly (89,008) (4,309)
FirstEnergy Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,109 Monthly (95,636) (1,405)
Fiserv, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 895 Monthly (91,911) 7,174
Gartner, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 26 Monthly (3,950) 212
General Mills, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 418 Monthly (23,484) 941
General Motors Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,572 Monthly (130,363) (19,612)
Global Payments, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 313 Monthly (55,253) 6,398
Hanesbrands, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,867 Monthly (28,547) 469
Hasbro, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,454 Monthly (136,421) 4,995
Hess Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 7,828 Monthly (422,576) 46,769
Hexcel Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,967 Monthly (129,546) 14,739
HollyFrontier, Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 5,319 Monthly (151,385) (13,798)
Honeywell International, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 320 Monthly (62,522) 4,688
Host Hotels & Resorts, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 7,116 Monthly (96,424) 4,307
Hyatt Hotels Corp., Class A U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,748 Monthly (114,780) 15,149
Idex, Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 67 Monthly (12,475) 980
Intel Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 4,058 Monthly (225,268) (8,310)
Intercontinental Exchange, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 225 Monthly (24,834) 1,633
International Business Machines Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,881 Monthly (343,172) 26,442
Iron Mountain, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 11,108 Monthly (374,007) (3,104)
JM Smucker (The) Co. U.S. Fed Funds 2/8/2023 JPMorgan Chase 53 Monthly (6,170) 159
Johnson & Johnson U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,323 Monthly (215,832) (4,099)
Juniper Networks, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 11,180 Monthly (273,027) (6,542)
KB Home U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,146 Monthly (89,360) 467
Keysight Technologies, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,591 Monthly (225,281) 8,118
Kilroy Reality Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 260 Monthly (14,724) 626
Kinder Morgan, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 9,248 Monthly (132,641) 6,301
KLA Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 25 Monthly (7,002) 707
Kohls Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,833 Monthly (80,766) (4,495)
Kraft Heinz Foods Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 48 Monthly (1,609) 5
Kroger (The) Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 4,767 Monthly (164,464) (615)
Lamb Weston Holdings, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 4,257 Monthly (318,013) 9,169
Lear Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 143 Monthly (21,561) 2,077
Leggett & Platt, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 32 Monthly (1,312) 100
Leidos Holdings, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 62 Monthly (6,576) 267
LIncoln National Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,221 Monthly (147,789) 18,010
Lithia Motors, Inc., Class A U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 540 Monthly (172,090) 7,425
See Notes to Schedules of Investments.
196

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Short Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Receives
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
Live Nation Entertainment, Inc. U.S. Fed Funds 2/8/2023 JPMorgan Chase 402 Monthly $(26,713) $1,238
Loews Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 6,764 Monthly (306,357) 8,848
Marriott International, Inc., Class A U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 221 Monthly (25,706) 2,956
Martin Marietta Materials, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 253 Monthly (72,719) 5,820
Match Group, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,983 Monthly (277,356) 20,497
Mattel, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 17,277 Monthly (313,075) 2,921
MDC Holdings, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 4,149 Monthly (215,840) (24,101)
Medical Properties Trust, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 11,073 Monthly (233,761) (93)
Micron Technology, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,930 Monthly (151,069) (1,649)
Mohawk Industries, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 738 Monthly (105,982) 974
Molson Coors Beverage Co., Class B U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,917 Monthly (196,484) 4,574
Mondelez International, Inc., Class A U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 4,137 Monthly (230,576) 9,762
Mosaic (The) Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 67 Monthly (1,739) 174
Motorola Solutions, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,124 Monthly (357,272) 13,072
Nasdaq, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 302 Monthly (40,852) 1,491
National Oilwell Varco, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 525 Monthly (6,500) 1,380
Navient Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 12,619 Monthly (142,034) (4,234)
NCR Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 5,324 Monthly (177,618) 18,507
NextEra Energy, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,828 Monthly (147,835) 2,408
Nielson Holdings PLC U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 7,923 Monthly (176,924) (2,391)
Nordstrom, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 6,515 Monthly (230,975) (7,902)
NVR, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 10 Monthly (44,465) 204
Olin Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 9,321 Monthly (222,877) 23,663
PG&E Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 21,134 Monthly (241,574) 17,106
Phillips 66 U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,374 Monthly (160,965) 7,657
Pioneer Natural Resources Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,213 Monthly (147,444) 11,166
Post Holdings, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 844 Monthly (80,057) 4,727
Progressive Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,811 Monthly (164,352) 6,721
Prologis, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 731 Monthly (75,439) 679
Quanta Services, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 383 Monthly (26,992) 2,181
Radian Group, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 11,910 Monthly (228,685) 23,808
Ralph Lauren Corp., Class A U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 899 Monthly (90,849) 8,052
Range Resources Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 8,092 Monthly (74,530) (13,679)
Raytheon Technologies Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,366 Monthly (224,623) 9,476
Roper Technologies, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 334 Monthly (131,313) 11,067
Royal Caribbean Cruises Ltd. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 4,272 Monthly (277,691) 28,904
Scotts Miracle-Gro (The) Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 445 Monthly (98,529) 737
Seagate Technology PLC U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,153 Monthly (142,357) 2,276
Semiconductor Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,067 Monthly (105,786) 3,336
See Notes to Schedules of Investments.
197

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Short Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Receives
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
Sempra Energy U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,141 Monthly $(266,840) $(9,112)
Sensta Technologies Holding PLC U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 330 Monthly (17,985) 888
Service Corp., (US) International U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 120 Monthly (6,052) 327
Sherwin-Williams (The) Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1 Monthly (698) 31
Simon Property Group, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,390 Monthly (224,218) (10,391)
Sirus XM Holdings, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 17,538 Monthly (109,792) (5,842)
Six Flags Entertainment Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 565 Monthly (19,323) 1,618
Southern Copper Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,683 Monthly (178,184) 11,200
Southwest Airlines Co. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,486 Monthly (65,301) 4,602
Stanley Black & Decker, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 100 Monthly (17,349) 468
Starbucks Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 154 Monthly (14,910) 1,049
Suncor Energy, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 8,057 Monthly (134,801) 14,092
Tapestry, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 5,841 Monthly (184,702) 15,153
TC Energy Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 5,867 Monthly (255,585) (5,726)
Teck Resources Ltd., Class B U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 24,663 Monthly (450,862) 31,713
TEGNA, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 5,347 Monthly (85,716) (3,105)
Tenet Healthcare Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,432 Monthly (114,965) (1,084)
Tesla, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 130 Monthly (103,163) 9,302
T-Mobile US, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,623 Monthly (330,714) 22,773
TransDigm, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 646 Monthly (357,436) 34,261
Twitter, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 3,246 Monthly (164,028) (572)
Under Armour, Inc., Class A U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 5,731 Monthly (100,295) 2,765
United Airlines Holdings, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 12,361 Monthly (494,336) 37,997
United Rentals North America, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 873 Monthly (212,159) 14,636
United States Steel Corp. U.S. Fed Funds + 0.45% 2/8/2023 JPMorgan Chase 2,542 Monthly (45,149) 11,512
UnitedHealth Group, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 624 Monthly (208,162) 14,944
Universal Health Services, Inc., Class B U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 141 Monthly (17,580) 787
Valero Energy Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 5,362 Monthly (302,591) 7,258
VICI Properties, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 6,625 Monthly (167,488) 2,749
Vornado Realty Trust U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 1,898 Monthly (76,473) (8,021)
Walgreen Boots Alliance, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,970 Monthly (149,249) (14,625)
Waste Connections, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 227 Monthly (22,363) 1,376
Western Digital Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,125 Monthly (119,922) (9,805)
Westinghouse Air Brake Technologies Corp. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 2,225 Monthly (165,124) 16,850
Xylem, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 168 Monthly (16,227) 996
Yum Brands, Inc. U.S. Fed Funds + 0.18% 2/8/2023 JPMorgan Chase 242 Monthly (24,561) 963
Advanced Micro Devices, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,928 Monthly (165,119) 4,949
AECOM U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,878 Monthly (94,092) 6,813
See Notes to Schedules of Investments.
198

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Short Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Receives
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
American Express Co. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 788 Monthly $(92,056) $4,198
Amgen, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 906 Monthly (218,743) 3,822
Aptiv PLC U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 263 Monthly (35,139) 2,405
Aramark Services, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 3,290 Monthly (112,818) 7,431
Assurant, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 595 Monthly (80,608) 2,793
Baker Hughes Co., Class A U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 2,335 Monthly (46,912) 6,490
Ball Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 9 Monthly (792) 22
Bausch Health Cos., Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,554 Monthly (39,628) 1,351
Baxter International, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 2,921 Monthly (224,428) 9,369
Becton Dickinson and Company U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 287 Monthly (75,136) (17)
Bed Bath & Beyond, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 181 Monthly (6,395) 193
Boeing (The) Co. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,481 Monthly (287,605) 14,993
Boston Scientific Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 128 Monthly (4,536) 114
Builders FirstSource, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 983 Monthly (37,601) 2,574
Campbell Soup U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 4,189 Monthly (203,188) (8,735)
Canadian Natural Resources Ltd. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 482 Monthly (10,884) 1,055
Cardinal Health, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 2,032 Monthly (109,183) 3,471
Charter Communications, Inc., Class A U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 68 Monthly (41,315) 1,450
ConocoPhillips U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 2,182 Monthly (87,349) 11,103
D.R. Horton, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 908 Monthly (69,736) (4,870)
Darden Restaurants, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,005 Monthly (118,025) 3,660
Dentsply Sirona, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 330 Monthly (17,652) 1,633
Devon Energy Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 10,605 Monthly (174,565) 32,975
Digital Realty Trust, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 172 Monthly (24,760) (1,286)
Discovery, Inc., Series A U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 5,202 Monthly (215,474) (24,249)
Dominion Energy, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 578 Monthly (42,132) (420)
Eaton Corp. PLC U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 775 Monthly (91,221) 4,236
Ecolab, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 288 Monthly (58,901) 1,801
Edison International U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 4,082 Monthly (240,160) 12,394
Elanco Animal Health, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 3,685 Monthly (106,983) 9,132
Emergent BioSolutions, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 710 Monthly (75,866) (400)
EOG Resources, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 125 Monthly (6,427) 972
Equity Residential U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 172 Monthly (10,602) (9)
Essential Utilities, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 642 Monthly (29,726) (97)
Expedia Group, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 3,393 Monthly (421,087) 56,274
FirstEnergy Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 12,316 Monthly (378,853) 11,195
Global Payments, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,083 Monthly (191,178) 16,087
Hasbro, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 566 Monthly (53,105) 1,911
Hess Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,970 Monthly (106,345) 13,904
Hexcel Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 970 Monthly (42,352) 4,373
Honeywell International, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 598 Monthly (116,835) 6,335
Host Hotels & Resorts, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 33,427 Monthly (452,952) 38,091
See Notes to Schedules of Investments.
199

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Short Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Receives
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
Hyatt Hotels Corp., Class A U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 163 Monthly $(10,703) $860
International Business Machines Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,672 Monthly (199,159) 15,509
Johnson & Johnson U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 813 Monthly (132,629) (2,305)
Keysight Technologies, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 180 Monthly (25,487) 845
Kinder Morgan, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 5,549 Monthly (79,589) 6,365
Kohls Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,075 Monthly (47,367) (497)
Lamb Weston Holdings, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,318 Monthly (98,458) 5,005
Live Nation Entertainment, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 46 Monthly (3,057) 235
Loews Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 4,623 Monthly (209,383) 8,777
Marriott International, Inc., Class A U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 817 Monthly (95,029) 8,566
Martin Marietta Materials, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 143 Monthly (41,109) 2,303
MDC Holdings, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 877 Monthly (45,623) (3,518)
Medical Properties Trust, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,806 Monthly (38,126) 143
Mohawk Industries, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 55 Monthly (7,898) 295
Mondelez International, Inc., Class A U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,638 Monthly (90,814) 2,913
National Oilwell Varco, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 297 Monthly (3,677) 704
Navient Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 84 Monthly (945) 32
Phillips 66 U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 544 Monthly (36,884) 2,142
Post Holdings, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,750 Monthly (165,993) 6,942
Ralph Lauren Corp., Class A U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 25 Monthly (2,527) 225
Range Resources Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 474 Monthly (4,366) 469
Raytheon Technologies Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 736 Monthly (49,115) 1,816
Semiconductor Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 3,780 Monthly (130,377) 8,387
Sempra Energy U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 824 Monthly (101,982) (1,322)
Simon Property Group, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,587 Monthly (150,423) (2,832)
Sirus XM Holdings, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 13,515 Monthly (84,607) (6,220)
Six Flags Entertainment Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 114 Monthly (3,899) 263
Southern Copper Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,051 Monthly (69,799) 2,835
Southwest Airlines Co. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 710 Monthly (31,198) 1,930
Suncor Energy, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 2,546 Monthly (42,598) 4,070
Tapestry, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,682 Monthly (53,187) 3,362
TEGNA, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 11,634 Monthly (186,499) (13,152)
Tenet Healthcare Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 471 Monthly (22,265) 51
Tesla, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 329 Monthly (261,080) 10,726
T-Mobile US, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 112 Monthly (14,121) 134
Trimble, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,407 Monthly (92,740) 4,991
Twitter, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 2,496 Monthly (126,127) (13,357)
United Rentals North America, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,025 Monthly (249,094) 12,425
See Notes to Schedules of Investments.
200

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Short Contracts for Difference at January 31, 2021:
Over the Counter(continued)
               
Reference Company The Fund Receives
Financing Rate
Expiration
Date
Counterparty Notional
Amount
Pay
Frequency
Market
Value
Unrealized
Appreciation
(Depreciation)
United States Steel Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 2,259 Monthly $(40,121) $7,047
UnitedHealth Group, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 347 Monthly (115,756) 6,145
Universal Health Services, Inc., Class B U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 208 Monthly (25,934) 1,621
Valero Energy Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,860 Monthly (104,963) 3,475
VICI Properties, Inc. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 270 Monthly (6,826) (33)
Vornado Realty Trust U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 1,658 Monthly (66,803) (2,870)
Westinghouse Air Brake Technologies Corp. U.S. Fed Funds + 0.07% 2/27/2023 Goldman Sachs 323 Monthly (23,971) 2,483
Total (Cost $43,889,871)       931,918   $(42,306,701) $1,583,170
    
Interest Rate Swap Contracts outstanding at January 31, 2021:
Exchange Traded
               
Pay Rate Index/
Pay Rate
Receive Rate Index/
Receive Rate
Maturity
Date
  Notional
Amount
Market Value Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
4.76% (Monthly) 28-Day MXN-TIIE-BANXICO (Monthly) 3/11/2026 MXN 4,590,000 $203 $$203
(0.42)% (Annually) 6M EUR EURIBOR (Semi-Annually) 3/17/2026 EUR 480,000 (333) (333)
(0.43)% (Annually) 6M EUR EURIBOR (Semi-Annually) 3/17/2026 EUR 180,000 (46) (46)
(0.44)% (Annually) 6M EUR EURIBOR (Semi-Annually) 3/17/2026 EUR 1,060,000 491 491
(0.45)% (Annually) 6M EUR EURIBOR (Semi-Annually) 3/17/2026 EUR 1,200,000 1,115 1,115
(0.46)% (Annually) 6M EUR EURIBOR (Semi-Annually) 3/17/2026 EUR 100,000 163 163
(0.47)% (Annually) 6M EUR EURIBOR (Semi-Annually) 3/17/2026 EUR 80,000 195 195
0.10% (Annually) 3M SEK STBOR (Quarterly) 3/17/2026 SEK 690,000 148 148
0.12% (Annually) 3M SEK STBOR (Quarterly) 3/17/2026 SEK 2,140,000 204 204
0.15% (Annually) 3M SEK STBOR (Quarterly) 3/17/2026 SEK 1,670,000 (104) (104)
0.19% (Semi-Annually) 6M GBP LIBOR (Semi-Annually) 3/17/2026 GBP 70,000 566 566
0.20% (Semi-Annually) 6M GBP LIBOR (Semi-Annually) 3/17/2026 GBP 70,000 482 482
0.22% (Semi-Annually) 6M GBP LIBOR (Semi-Annually) 3/17/2026 GBP 90,000 503 503
0.23% (Semi-Annually) 6M GBP LIBOR (Semi-Annually) 3/17/2026 GBP 70,000 357 357
0.24% (Semi-Annually) 6M GBP LIBOR (Semi-Annually) 3/17/2026 GBP 130,000 606 606
See Notes to Schedules of Investments.
201

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Interest Rate Swap Contracts outstanding at January 31, 2021:
Exchange Traded(continued)
               
Pay Rate Index/
Pay Rate
Receive Rate Index/
Receive Rate
Maturity
Date
  Notional
Amount
Market Value Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.25% (Semi-Annually) 6M GBP LIBOR (Semi-Annually) 3/17/2026 GBP 190,000 $688 $$688
0.26% (Semi-Annually) 6M GBP LIBOR (Semi-Annually) 3/17/2026 GBP 410,000 1,270 1,270
0.27% (Semi-Annually) 6M GBP LIBOR (Semi-Annually) 3/17/2026 GBP 1,740,000 4,463 (24) 4,487
0.28% (Semi-Annually) 6M GBP LIBOR (Semi-Annually) 3/17/2026 GBP 120,000 183 183
0.29% (Semi-Annually) 6M GBP LIBOR (Semi-Annually) 3/17/2026 GBP 230,000 191 83 108
0.30% (Semi-Annually) 6M GBP LIBOR (Semi-Annually) 3/17/2026 GBP 80,000 (8) (8)
0.31% (Semi-Annually) 6M GBP LIBOR (Semi-Annually) 3/17/2026 GBP 140,000 (42) (42)
0.43% (Semi-Annually) 6M ASX BBSW (Semi-Annually) 3/17/2026 AUD 260,000 15 15
0.54% (Semi-Annually) 6M SGD SIBOR (Semi-Annually) 3/17/2026 SGD 1,020,000 2,359 2,359
0.60% (Semi-Annually) 6M SGD SIBOR (Semi-Annually) 3/17/2026 SGD 43,329 3 3
0.61% (Semi-Annually) 6M SGD SIBOR (Semi-Annually) 3/17/2026 SGD 86,671 (10) (10)
3M CAD CIDOR (Quarterly) 0.91% (Semi-Annually) 3/17/2026 CAD 1,020,000 (230) (230)
3M CAD CIDOR (Quarterly) 0.90% (Semi-Annually) 3/17/2026 CAD 160,000 (114) (114)
3M CAD CIDOR (Quarterly) 0.89% (Semi-Annually) 3/17/2026 CAD 130,000 (107) (107)
3M HKD HIBOR (Quarterly) 0.57% (Quarterly) 3/17/2026 HKD 11,570,000 1,345 1,345
3M HKD HIBOR (Quarterly) 0.53% (Quarterly) 3/17/2026 HKD 2,910,000 (378) (378)
3M HKD HIBOR (Quarterly) 0.63% (Quarterly) 3/17/2026 HKD 1,350,000 681 681
3M HKD HIBOR (Quarterly) 0.62% (Quarterly) 3/17/2026 HKD 770,000 347 347
3M HKD HIBOR (Quarterly) 0.58% (Quarterly) 3/17/2026 HKD 740,000 143 143
3M HKD HIBOR (Quarterly) 0.60% (Quarterly) 3/17/2026 HKD 690,000 213 213
3M HKD HIBOR (Quarterly) 0.61% (Quarterly) 3/17/2026 HKD 620,000 239 239
3M USD LIBOR (Quarterly) 0.52% (Semi-Annually) 3/17/2026 USD 200,000 (443) (443)
3M USD LIBOR (Quarterly) 0.56% (Semi-Annually) 3/17/2026 USD 190,000 (52) (52)
3M USD LIBOR (Quarterly) 0.55% (Semi-Annually) 3/17/2026 USD 180,000 (157) (157)
3M USD LIBOR (Quarterly) 0.54% (Semi-Annually) 3/17/2026 USD 180,000 (228) (228)
4.93% (Quarterly) 3M ZAR JIBAR (Quarterly) 3/17/2026 ZAR 6,740,000 1,900 1,900
4.98% (Quarterly) 3M ZAR JIBAR (Quarterly) 3/17/2026 ZAR 6,330,000 856 856
5.00% (Quarterly) 3M ZAR JIBAR (Quarterly) 3/17/2026 ZAR 1,750,000 161 161
5.01% (Quarterly) 3M ZAR JIBAR (Quarterly) 3/17/2026 ZAR 2,370,000 131 131
5.04% (Quarterly) 3M ZAR JIBAR (Quarterly) 3/17/2026 ZAR 3,630,000 (89) (89)
6M ASX BBSW (Semi-Annually) 0.45% (Semi-Annually) 3/17/2026 AUD 2,670,000 (3,579) (3,579)
6M ASX BBSW (Semi-Annually) 0.43% (Semi-Annually) 3/17/2026 AUD 460,000 (971) (971)
See Notes to Schedules of Investments.
202

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Interest Rate Swap Contracts outstanding at January 31, 2021:
Exchange Traded(continued)
               
Pay Rate Index/
Pay Rate
Receive Rate Index/
Receive Rate
Maturity
Date
  Notional
Amount
Market Value Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
6M ASX BBSW (Semi-Annually) 0.42% (Semi-Annually) 3/17/2026 AUD 190,000 $(495) $$(495)
6M ASX BBSW (Semi-Annually) 0.44% (Semi-Annually) 3/17/2026 AUD 140,000 (261) (261)
6M ASX BBSW (Semi-Annually) 0.46% (Semi-Annually) 3/17/2026 AUD 90,000 (113) (113)
6M ASX BBSW (Semi-Annually) 0.41% (Semi-Annually) 3/17/2026 AUD 40,000 (122) (122)
6M PLN WIBOR (Semi-Annually) 0.70% (Annually) 3/17/2026 PLN 730,000 (429) (429)
6M PLN WIBOR (Semi-Annually) 0.66% (Annually) 3/17/2026 PLN 430,000 (471) (471)
Total       63,220,000 $11,439 $59 $11,380
    
Interest Rate Swap Contracts outstanding at January 31, 2021:
Over the Counter
                 
Pay Rate Index/
Pay Rate
Receive Rate Index/
Receive Rate
Counterparty Maturity
Date
  Notional
Amount
Market
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3M KRW KWCDC (Quarterly) 1.16% (Quarterly) Bank of America 3/17/2026 KRW 995,140,000 $24 $— $24
3M KRW KWCDC (Quarterly) 1.00% (Quarterly) Citibank 3/17/2026 KRW 503,130,000 (3,350) (3,350)
3M KRW KWCDC (Quarterly) 1.19% (Quarterly) Citibank 3/17/2026 KRW 212,600,000 343 343
3M KRW KWCDC (Quarterly) 0.99% (Quarterly) Bank of America 3/17/2026 KRW 89,900,000 (667) (667)
3M KRW KWCDC (Quarterly) 1.05% (Quarterly) Citibank 3/17/2026 KRW 72,565,000 (325) (325)
3M KRW KWCDC (Quarterly) 1.06% (Quarterly) JPMorgan Chase 3/17/2026 KRW 72,565,000 (301) (301)
3M KRW KWCDC (Quarterly) 0.92% (Quarterly) Bank of America 3/17/2026 KRW 50,670,000 (519) (519)
Total         1,996,570,000 $(4,795) $— $(4,795)
    
See Notes to Schedules of Investments.
203

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2021:
Exchange Traded
                 
Reference Obligation Implied
Credit
Spread
Fixed
Deal
Receive Rate
Maturity
Date
  Notional
Amount(1)
Market Value Upfront
Premiums
Paid/
(Received)
Unrealized
Appreciation
(Depreciation)
Markit CDX North America High Yield Investment Grade Index Series 35 (Pay Quarterly) 3.16% 5.00% 12/20/2025 USD 1,134,500 $98,797 $93,720 $5,077
Markit iTraxx Europe Crossover Index Series 34 (Pay Quarterly) 2.70% 5.00% 12/20/2025 EUR 279,225 36,392 37,424 (1,032)
Total         1,413,725 $135,189 $131,144 $4,045
    
(1) The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
See Notes to Schedules of Investments.
204

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Valuation Hierarchy
The following is a summary of the inputs used, as of January 31, 2021, in valuing the Fund's investments carried at fair value:
Morningstar Alternatives Fund Level 1 Level 2 Level 3 Totals
Investments        
Assets:        
Asset-Backed Securities $$22,239,042 $$22,239,042
Common Stocks 63,845,063 9,521,994 73,367,057
Convertible Preferred Stocks 2,474,002 2,073,221 4,547,223
Convertible Bonds 68,545,822 68,545,822
Corporate Bonds 40,290,889 40,290,889
Foreign Issuer Bonds 6,539,264 6,539,264
Mortgage-Backed Securities 45,819,576 45,819,576
Short-Term Investments 22,311,911 22,311,911
Rights —* 53,232 53,232
Purchased Options 22,637 22,637
Total Assets – Investments at value $88,653,613 $195,029,808 $53,232 $283,736,653
Liabilities:        
Common Stocks $(50,768,497) $(1,901,264) $$(52,669,761)
Investment Companies (296,079) (296,079)
Total Liabilities – Investments at value $(51,064,576) $(1,901,264) $$(52,965,840)
Net Investments $37,589,037 $193,128,544 $53,232 $230,770,813
    
*Amount rounds to less than one dollar.
    
Morningstar Alternatives Fund Level 1 Level 2 Level 3 Totals
Derivative Financial Instruments        
Assets:        
Futures contracts $60,829 $$— $60,829
Forward foreign currency exchange contracts 35,682 35,682
Contracts for difference 43,481,449 43,481,449
Swap agreements at fair value 155,777 155,777
Total Assets - Derivative Financial Instruments $60,829 $43,672,908 $— $43,733,737
Liabilities:        
Futures contracts $(71,726) $$— $(71,726)
Forward foreign currency exchange contracts (176,241) (176,241)
Written Options (108,577) (108,577)
Contracts for difference (42,306,701) (42,306,701)
Swap agreements at fair value (13,944) (13,944)
Total Liabilities - Derivative Financial Instruments $(180,303) $(42,496,886) $— $(42,677,189)
Net Derivative Financial Instruments $(119,474) $1,176,022 $— $1,056,548
See Notes to Schedules of Investments.
205

Morningstar Funds Trust    January 31, 2021 (unaudited)

Schedule of Investments (continued)
Morningstar Alternatives Fund
Investments classified within Level 3 of the fair value hierarchy are valued by Morningstar Investment Management LLC ("MIM") in good faith under procedures adopted by authority of the Fund’s Board of Trustees. MIM employs various methods to determine fair valuations including regular review of key inputs and assumptions, and review of related market activity, if any. However, there are generally no observable trade activities in these securities. MIM reports to the Board of Trustees at their regularly scheduled quarterly meetings, or more often if warranted. The report includes a summary of the results of the process, the key inputs and assumptions noted, and any changes to the inputs and assumptions used. When appropriate, MIM will recommend changes to the procedures and process employed. The value determined for an investment using the fair value procedures may differ significantly from the value realized upon the sale of such investment.
See Notes to Schedules of Investments.
206

Morningstar Funds Trust    January 31, 2021 (unaudited)

Notes to Schedules of Investments
1. Organization
Morningstar Funds Trust (the "Trust") was organized as a Delaware statutory trust on March 1, 2017. The Trust is registered with the Securities and Exchange Commission (the “SEC”) as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust has authorized capital of unlimited shares of beneficial interest at no par value, which may be issued in one or more series of the Trust.
The Trust is currently authorized to offer shares in nine separate series (each a "Fund" and collectively, the "Funds"):
Morningstar U.S. Equity Fund Morningstar Defensive Bond Fund
Morningstar International Equity Fund Morningstar Multisector Bond Fund
Morningstar Global Income Fund Morningstar Unconstrained Allocation Fund
Morningstar Total Return Bond Fund Morningstar Alternatives Fund
Morningstar Municipal Bond Fund  
Each Fund represents a distinct portfolio with its own investment objectives and is treated as a separate legal entity. Each Fund, except for the Morningstar Multisector Bond Fund, is classified and operates as a diversified fund under the 1940 Act. The Morningstar Multisector Bond Fund is classified as nondiversified. Morningstar Investment Management LLC (“MIM”) serves as the investment adviser of each Fund.
The investment objective of each Fund is as follows:
Fund Investment Objective
Morningstar U.S. Equity Fund Long-term capital appreciation
Morningstar International Equity Fund Long-term capital appreciation
Morningstar Global Income Fund Current income and long-term capital appreciation
Morningstar Total Return Bond Fund Total return maximization, income and capital preservation
Morningstar Municipal Bond Fund Federal tax-exempt income and capital preservation
Morningstar Defensive Bond Fund Capital preservation
Morningstar Multisector Bond Fund Total return through a combination of current income and capital appreciation
Morningstar Unconstrained Allocation Fund Long-term capital appreciation over a full market cycle
Morningstar Alternatives Fund Long-term capital appreciation and low sensitivity to traditional U.S. asset classes
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the Funds. 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.
207

Morningstar Funds Trust    January 31, 2021 (unaudited)

Notes to Schedules of Investments (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.
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 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.
Recently Adopted Accounting Pronouncement: On March 30, 2017, the FASB issued Accounting Standard Update (ASU) 2017-08 “Premium Amortization on Purchased Callable Debt Securities” (the “ASU”), which amends the amortization period for certain purchased callable debt securities held at premium shortening such period to the earliest call date. The new guidance requires an entity to amortize the premium on callable debt security within its scope to the earliest call date. If the call option is not exercised at the earliest call date, the yield is reset to the effective yield using the payment terms of the security. If the security has more than one call date and the premium was amortized to a call price greater than the next call price, any excess of the amortized cost basis over the amount repayable at the next call date will be amortized to that date. If there are no other call dates, any excess of the amortized cost basis over the par amount will be amortized to maturity. Discounts on purchased callable debt securities will continue to be amortized to the security’s maturity date. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Funds have adopted the ASU. The adoption of the ASU did not have a material impact on the financial statements.
3. Investment Types
The Funds may utilize the following types of investments described below to execute their investment strategy to the extent permitted by the Funds' investment policies.
Borrowed Bond Agreements: Repurchase agreements may be referred to as borrowed bond agreements when entered into in connection with short sales of bonds. In a borrowed bond agreement, a Fund borrows a bond from a counterparty in exchange for cash collateral. The agreement contains a commitment that the security and the cash will be returned to the counterparty and a Fund at a mutually agreed upon date. Certain agreements have no stated maturity and can be terminated by either party at any time. Earnings on cash collateral and compensation to the lender of the bond are based on agreed upon rates between a Fund and the counterparty. The value of the underlying cash collateral approximates the market value and accrued interest of the borrowed bond. To the extent that a borrowed bond transaction exceeds one business day, the value of the
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cash collateral in the possession of the counterparty is monitored on a daily basis to ensure the adequacy of the collateral. As the market value of the borrowed bond changes, the cash collateral is periodically increased or decreased with a frequency and in amounts prescribed in the borrowed bond agreement. A Fund may also experience delays in gaining access to the collateral.
Collateralized Bond Obligations (CBOs), Collateralized Loan Obligations (CLOs), and Other Collateralized Debt Obligations (CDOs): A CBO is a trust which is often backed by a pool of high risk, below investment grade fixed-income securities, such as high-yield bonds, privately issued mortgage-related securities, commercial mortgage-related securities, trust preferred securities, or emerging-market debt. A CLO is a trust typically backed by a pool of loans, which may include senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be below investment grade. Other CDOs are trusts backed by other types of assets. The assets backing a CBO, CLO, or CDO trust may be referred to as “the collateral.” CBOs, CLOs and other CDOs may charge management fees and administrative expenses. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. Senior tranches can often be rated investment grade. CBO, CLO or other CDO tranches can experience substantial losses due to defaults, deterioration of protecting tranches, market participants’ perception of credit risk, as well as aversion to these securities generally. The risks of an investment in a CBO, CLO or other CDO often depend on the collateral securities and the particular tranche in which a Fund invests. These securities are often privately offered and not registered under securities laws. In addition to the normal risks associated with fixed-income securities (e.g., interest-rate risk and credit risk), CBOs, CLOs and other CDOs carry additional risks including the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the possibility that the quality of the collateral may decline in value or default, the risk that a Fund may invest in CBOs, CLOs or other CDOs that are subordinate to other tranches, as well as risks related to the complexity of the security and its structure.
Convertible Securities: Convertible securities are securities (such as debt securities or preferred stock) that may be converted into or exchanged for a specified amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. Convertible securities also include corporate bonds, notes, and preferred stock. A convertible security entitles the holder to receive interest paid or accrued on debt or dividends paid on preferred stock until the convertible stock matures or is redeemed, converted or exchanged. While no investment is without some risk, investments in convertible securities generally entail less risk than an issuer’s common stock. However, any reduction in risk depends in large measure upon the degree to which the convertible security sells above its value as a fixed income security. In addition to the general risks associated with equity securities, the market value of convertible securities is also affected by prevailing interest rates, the credit quality of the issuer, and any call provisions. While convertible securities generally offer lower interest or dividend yields than nonconvertible debt securities of similar quality, they do enable the investor to benefit from increases in the market price of the underlying common stock. The premiums attributable to the conversion feature are not amortized, but they are capitalized into the cost basis.
Equity-Linked Investments: Equity-linked investments are subject to the same risks as direct investments in securities of the underlying investment. If the underlying investment decreases in value, the value of the equity-linked investment will decrease; however, the performance of such investments may not correlate exactly to the performance of the underlying investment that they seek to replicate. Equity-linked investments are also subject to counterparty risk, which is the risk that the issuer of such investment — which is different
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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 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
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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 Registered Investment Company (RIC) and to eliminate any fund-level income tax liability under the Internal Revenue Code.
Loan Participations, Assignments and Unfunded Commitments: Certain Funds invest in loan participations and assignments. When a Fund purchases a loan participation, the Fund enters into a contractual relationship with the lender or a third party selling such participations (“Selling Participant”), but not the borrower. In this case, the Fund assumes the credit risk of the borrower and the Selling Participant and any other persons inter-positioned between the Fund and the borrower (“Intermediate Participants”). In contrast, when one of the Funds purchases an assignment, the contractual relationship is with the borrower and the credit risk assumed by the Fund is only with the borrower. Although certain loan participations or assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor.
The Funds may also enter into unfunded commitments, which are contractual obligations for future funding. These unfunded commitments represent a future obligation in full, even though a percentage of the commitment may not be utilized by the borrower. These types of investments may include standby financing commitments, such as revolving credit facilities, which obligate a Fund to supply additional cash to the borrower on demand. The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative to the par value of the entire investment. The unfunded commitments are marked to market daily. 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. 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.
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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 ("NAV").
While such private placements may offer attractive opportunities for investment not otherwise available on the open market, the securities so purchased are often restricted securities, i.e., securities which cannot be sold to the public without registration under the Securities Act of 1993, as amended (the "Securities Act") or the availability of an exemption from registration (such as Rules 144 or 144A), or which are not readily marketable because they are subject to other legal or contractual delays in or restrictions on resale.
The absence of a trading market can make it difficult to ascertain a market value for illiquid investments. Disposing of illiquid investments may involve time-consuming negotiation and legal expenses, and it may be difficult or impossible for a Fund to sell them promptly at an acceptable price. A Fund may have to bear the extra expense of registering such securities for resale and the risk of substantial delay in effecting such registration. In addition, market quotations are less readily available. The judgment of a subadviser may at times play a greater role in valuing these securities than in the case of publicly traded securities.
Generally speaking, restricted securities may be sold only to qualified institutional buyers, or in a privately negotiated transaction to a limited number of purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met pursuant to an exemption from registration, or in a public offering for which a registration statement is in effect under the Securities Act. A Fund may be deemed to be an underwriter for purposes of the Securities Act when selling restricted securities to the public, and in such event the Fund may be liable to purchasers of such securities if the registration statement prepared by the issuer, or the Prospectuses forming a part of it, is materially inaccurate or misleading.
Restricted securities held by each Fund at January 31, 2021 are disclosed in the Schedules of Investments.
Securities Sold Short: Certain Funds may sell securities they do not own (a short sale) as a hedge against some of their long positions and/or in anticipation of a decline in the market value of that security. When a Fund makes a short sale, it must borrow the security sold short and deliver it to the broker through which it made the short sale. A Fund may have to pay a fee to borrow the particular security and may be obligated to remit any
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interest or dividends received on such borrowed securities. Dividends declared on short positions are recorded on the ex-date as an expense. A gain, limited to the price at which the Fund sold the security short, or a loss, which could be unlimited in magnitude, will be recognized upon the termination of a short sale if the market price at termination is less than or greater than, respectively, the proceeds originally received. The Fund is also subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price. A Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.
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 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).
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4. Investment Valuation and Fair Value Measurements
Investment Valuation Policies: The NAV of the Funds’ shares are valued as of the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day that the NYSE is open (each a “Business Day”). The NAV per share of each Fund is computed by dividing the total current value of the assets of such Fund, less liabilities, by the total number of shares of the Fund outstanding at the time the computation is made.
Generally, investments for which market quotations are readily available will be valued at a current market price or, in the absence of a market price, at fair value as determined in good faith by MIM’s Pricing Committee pursuant to procedures approved by or under the direction of the Board of Trustees ("the Board") of Morningstar Funds Trust. Pursuant to those procedures, the Pricing Committee considers, among other things: (1) the last sales price on the securities exchange, if any, on which a security is primarily traded; (2) the mean between the bid and asked prices; (3) price quotations from an approved pricing service, and (4) other factors as necessary to determine a fair value under certain circumstances.
Securities primarily traded in the NASDAQ Global Market® for which market quotations are readily available shall be valued using the NASDAQ® Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over the Counter ("OTC") securities which are not traded in the NASDAQ Global Market® shall be valued at the most recent trade price. Securities and assets for which market quotations are not readily available (including restricted securities which are subject to limitations as to their sale) are valued at fair value as determined in good faith under procedures approved by or under the direction of the Board.
Short-term debt obligations with remaining maturities in excess of 60 days are valued at current market prices, as discussed above. To reflect their fair value, short-term securities with 60 days or less remaining to maturity may, unless conditions indicate otherwise, utilize amortized cost to maturity based on their cost to a Fund.
The securities in a Fund, which are traded on a securities exchange are valued at the last sale price on the exchange on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any reported sales, at the mean between the last available bid and asked price. Securities that are traded on more than one exchange are valued on the exchange on which the security is principally traded.
Each Fund may invest in foreign securities, and as a result, the calculation of the Fund’s NAV may not take place contemporaneously with the determination of the prices of certain of the Fund securities used in the calculation. Occasionally, events which affect the values of such securities and such exchange rates may occur between the times at which they are determined and the close of the NYSE and will therefore not be reflected in the computation of a Fund’s NAV. If events materially affecting the value of such securities occur during such period, then these securities may be valued at their fair value as determined in good faith under procedures established by and under the supervision of the Board as described above. Portfolio securities that are traded both on an exchange and in the OTC market will be valued according to the broadest and most representative market. All assets and liabilities initially expressed in foreign currency values will be converted into U.S. Dollar
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values at the mean between the bid and offered quotations of the currencies against U.S. Dollars as last quoted by any recognized dealer. When portfolio securities are traded, the valuation will be the last reported sale price on the day of valuation.
To address this issue, the Board has approved the daily use of independently provided quantitative models that may adjust the closing prices of certain foreign equity and fixed income securities based on information that becomes available after the foreign market closes, through the application of an adjustment factor to such securities’ closing price. Adjustment factors may be greater than, less than, or equal to 1. Thus, use of these quantitative models could cause a Fund to value a security higher, lower or equal to its closing market price, which in turn could cause the Fund’s NAV per share to differ from that which would have been calculated using closing market prices. The use of these quantitative models is also intended to decrease the opportunities for persons to engage in ‘‘time zone arbitrage,’’ i.e., trading intended to take advantage of stale closing prices in foreign markets that could affect the NAV of the Funds. Securities subjected to an adjustment factor due to the use of these quantitative models are not specifically designated as such on the Funds’ Schedule of Investments.
All other assets of a Fund are valued in such manner as the Board in good faith deems appropriate to reflect their fair value. U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date.
Valuation Techniques: The following inputs and techniques may be used by the Funds to evaluate how to classify each major category of assets and liabilities into the appropriate fair value hierarchy in accordance with U.S. GAAP.
Equity securities, including securities sold short, rights, exchange options, warrants, exchange traded funds (“ETFs”) and closed-end investment companies, are valued at the last quoted sales prices or official closing prices taken from the primary market, or composite in which each security trades and are therefore classified Level 1.
An equity for which no sales are reported, as in the case of a security that is traded in the OTC market or a less liquid listed equity, is valued at its last bid price (in the case of short sales, at the asked price) and is therefore classified Level 2.
Fixed income securities (other than certain short-term investments maturing in 60 days or less) and other investments that trade in markets that are not considered to be active, are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs and are also classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds and less liquid listed equities. Corporate and sovereign bonds and other fixed-income instruments are valued at estimated fair value using the latest bid prices or evaluated quotes furnished by independent pricing services, as well as quotations from counterparties and other market participants. Evaluated quotes are based on a matrix system, which may consider such factors as quoted prices for identical or similar assets, yields, maturities and ratings and are not necessarily reliant on quoted prices. Short-term debt investments of sufficient credit quality maturing in 60 days or less are generally valued at amortized cost, which approximates fair value. These investments are categorized as Level 2 within the fair value hierarchy.
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Investments classified within Level 3, if any, have significant unobservable inputs, as they trade infrequently or not at all. Level 3 instruments may include illiquid securities. When observable prices are not available for these securities, the Funds may use one or more valuation approaches (e.g., the market approach or the income approach), including proprietary models for which sufficient and reliable data is available. Within Level 3, the market approach generally is based on the technique of using comparable market transactions/multiples, while the use of the income approach includes the estimation of future cash flows discounted to calculate fair value. Discounts may also be applied due to the nature or durations of any restrictions on the disposition of the investment or adjusted as appropriate for credit, market and/or other risk factors.
The inputs used by the Funds in estimating the value of Level 3 investments may include the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt capital markets, changes in financial ratios or cash flows, benchmark yield curves, credit spreads, estimated default rates, underlying collateral, and other unique security features. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by MIM in the absence of market information. Assumptions used by the Funds due to the lack of observable inputs may significantly impact the fair value of the investment.
Exchange-traded derivatives, such as futures contracts, forward contracts, and exchange-traded option contracts, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Futures and option contracts that are listed on national exchanges and are freely transferable are valued at fair value based on their last sales price on the date of determination on the exchange their constitutes the principal market or, if no sales occurred on such date, at the bid price on such exchange at the close of business on such date. Centrally cleared swaps listed or traded on a multilateral trade facility platform, such as a registered exchange, are valued on a daily basis using quotations provided by an independent pricing service.
OTC derivatives, including options on forward contracts, put and call options, and swap contracts, are valued by the Funds on a daily basis using observable inputs, such as quotations provided by an independent pricing service, the counterparty, dealers or brokers, whenever available and considered reliable.
The U.S. Dollar value of forward foreign currency exchange contracts is determined using current forward currency exchange rates supplied by an independent pricing service.
Shares of open-end investment companies, other than exchange-traded funds, are valued at their NAV.
Fair Valuation Hierarchy: Fair value is defined as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a framework and requires disclosure of a fair value hierarchy, separately for each major category of assets and liabilities that segregates fair value measurements into levels (Levels 1, 2, and 3). Categorizations of fair value measurements, and the criteria used to determine each categorization, are as follows:
•  Level 1 – quoted prices in active markets for identical assets and liabilities (e.g. equity securities and open-end investment companies)
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•  Level 2 – prices determined using other significant observable inputs including, but not limited to, quoted prices for similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, prepayment speeds, credit risk, etc.) or other market corroborated inputs
•  Level 3 – prices determined using significant unobservable inputs (including the Pricing Committee’s own assumptions in determining the fair value of investments)
Valuation levels are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. Transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the end of the reporting period.
A valuation hierarchy including information regarding Level 3 securities, where applicable, is shown at the end of each Fund’s Schedule of Investments.
5. 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.
Forward Foreign Currency Exchange Contracts: A forward foreign currency exchange contract is an obligation to purchase or sell a specific non-U.S. currency in exchange for another currency, which may be U.S. Dollars, at an agreed exchange rate (price) at a future date. Currency forwards are typically individually negotiated and privately traded by currency traders and their customers in the interbank market. A forward foreign currency exchange contract will tend to reduce or eliminate exposure to the currency that is sold, and increase exposure to the currency that is purchased, similar to when a Fund sells a security denominated in one currency and purchases a security denominated in another currency.
At the maturity of a forward foreign currency exchange contract, a Fund may either exchange the currencies specified at the maturity of a forward foreign currency exchange contract or, prior to maturity, the Fund may enter into a closing transaction involving the purchase or sale of an offsetting contract. Closing transactions with respect to forward foreign currency exchange contract are usually effected with the counterparty to the original forward contract. A Fund may also enter into forward foreign currency exchange contracts that do not provide for physical settlement of the two currencies but instead provide for settlement by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).
The successful use of these transactions will usually depend on MIM’s or a subadviser’s ability to accurately forecast currency exchange rate movements. Should exchange rates move in an unexpected manner, a Fund may not achieve the anticipated benefits of the transaction, or it may realize losses. In addition, these techniques could result in a loss if the counterparty to the transaction does not perform as promised, including because of the counterparty’s bankruptcy or insolvency. In unusual or extreme market conditions, a counterparty’s creditworthiness and ability to perform may deteriorate rapidly, and the availability of suitable replacement counterparties may become limited.
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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.
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 MIM or a subadviser anticipates that interest rates may rise and, concomitantly, the price of certain of its portfolio securities may fall, a Fund may sell futures contracts. If declining interest rates are anticipated, a Fund may purchase futures contracts to protect against a potential increase in the price of securities the Fund intends to purchase. Subsequently, appropriate securities may be purchased by a Fund in an orderly fashion; as securities are purchased, corresponding futures positions would be terminated by offsetting sales of contracts.
When a Fund enters into a futures contract, it must deliver to an account controlled by a futures commission merchant ("FCM") an amount referred to as “initial margin” that is typically calculated as an amount equal to the volatility in market value of a contract over a fixed period. Initial margin requirements are determined by the respective exchanges on which the futures contracts are traded and the FCM. Thereafter, a “variation margin” amount may be required to be paid by a Fund or received by the Fund in accordance with margin controls set for such accounts, depending upon changes in the marked-to-market value of the futures contract. The account is marked-to-market daily and the variation margin is monitored by a Fund’s investment manager and custodian on a daily basis. When the futures contract is closed out, if a Fund has a loss equal to or greater than the margin amount, the margin amount is paid to the FCM along with any loss in excess of the margin amount. If a Fund has a loss of less than the margin amount, the excess margin is returned to the Fund. If a Fund has a gain, the full margin amount and the amount of the gain is paid to the Fund.
A Fund’s use of futures contracts is subject to the risks associated with derivative instruments generally. In addition, if MIM’s or a subadviser’s judgment about the general direction of interest rates or markets is wrong, a Fund’s overall performance may be poorer than if no financial futures contracts had been entered into. For example, in some cases, securities called for by a financial futures contract may not have been issued at the time the contract was written. In addition, the market prices of financial futures contracts may be affected by certain factors.
There is a risk of loss by a Fund of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the Fund has an open position in a futures contract. The assets of a Fund may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Fund might be limited to
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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.
Although some financial futures contracts by their terms call for the actual delivery or acquisition of securities at expiration, in most cases the contractual commitment is closed out before expiration. The offsetting of a contractual obligation is accomplished by purchasing (or selling as the case may be) on a commodities or futures exchange an identical financial futures contract calling for delivery in the same month. Such a transaction, if effected through a member of an exchange, cancels the obligation to make or take delivery of the securities. A Fund will incur brokerage fees when it purchases or sells financial futures contracts, and will be required to maintain margin deposits. If a liquid secondary market does not exist when a Fund wishes to close out a financial futures contract, it will not be able to do so and will continue to be required to make daily cash payments of variation margin in the event of adverse price movements. There is no assurance that a Fund will be able to enter into closing transactions.
Futures contracts outstanding at period end, if any, are listed after each Fund’s Schedule of Investments.
Interest rate caps and floors: Interest rate caps and floors are entered into to gain or reduce exposure to interest rates (interest rate risk and/or other risk). Caps are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes exceed a specified rate, or "cap." Floors are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes fall below a specified rate, or "floor." The maximum potential amount of future payments that a Fund would be required to make under an interest rate cap would be the notional amount times the percentage increase in interest rates determined by difference between the interest rate index current value at the time the cap was entered into.
Options: A Fund may purchase and sell call and put options. An option is a contract that gives the purchaser of the option, in return for the premium paid, the right to buy an underlying reference instrument, such as a specified security, currency, index, or other instrument, from the writer of the option (in the case of a call option), or to sell a specified reference instrument to the writer of the option (in the case of a put option) at a designated
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price during the term of the option. The premium paid by the buyer of an option will reflect, among other things, the relationship of the exercise price to the market price and the volatility of the underlying reference instrument, the remaining term of the option, supply, demand, interest rates and/or currency exchange rates. An American style put or call option may be exercised at any time during the option period while a European style put or call option may be exercised only upon expiration or during a fixed period prior thereto. Put and call options are traded on national securities exchanges and in the OTC market.
As the buyer of a call option, a Fund has a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period (for American style options). A Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by a Fund may expire without any value to the Fund, in which case the Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.
As the buyer of a put option, a Fund has the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options). Like a call option, a Fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. If a put option is not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.
Writing options may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). In general, though, options are infrequently exercised prior to expiration. Whether or not an option expires unexercised, the writer retains the amount of the premium. Writing “covered” call options means that the writer owns the underlying reference instrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.
If a call option written by a Fund expires unexercised, the Fund will realize a gain in the amount of the premium received. If the market price of the underlying reference instrument decreases, the call option will not be exercised and the Fund will be able to use the amount of the premium received to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the money), or above the current value of the underlying reference instrument at the time the option is written.
As the writer of a put option, a Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Fund, as the writer of the put option, will be required to buy the instrument at
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the exercise price, which will exceed the market value of the underlying reference instrument at that time. A Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put. If a put option written by a Fund expires unexercised, the Fund will realize a gain in the amount of the premium received.
Options involve certain risks, including general risks related to derivative instruments. There can be no assurance that a liquid secondary market on an exchange will exist for any particular option, or at any particular time, and a Fund may have difficulty effecting closing transactions in particular options. Therefore, a Fund would have to exercise the options it purchased in order to realize any profit, thus taking or making delivery of the underlying reference instrument when not desired. A Fund could then incur transaction costs upon the sale of the underlying reference instruments. Similarly, when a Fund cannot effect a closing transaction with respect to a put option it wrote, and the buyer exercises, the Fund would be required to take delivery and would incur transaction costs upon the sale of the underlying reference instruments purchased. If a Fund, as a covered call option writer, is unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the underlying reference instrument until the option expires, it delivers the underlying instrument upon exercise, or it segregates enough liquid assets to purchase the underlying reference instrument at the marked-to-market price during the term of the option. When trading options on non-U.S. exchanges or in the OTC market, many of the protections afforded to exchange participants will not be available. For example, there may be no daily price fluctuation limits, and adverse market movements could therefore continue to an unlimited extent over an indefinite period of time.
The effectiveness of an options strategy for hedging depends on the degree to which price movements in the underlying reference instruments correlate with price movements in the relevant portion of a Fund’s portfolio that is being hedged. In addition, a Fund bears the risk that the prices of its portfolio investments will not move in the same amount as the option it has purchased or sold for hedging purposes, or that there may be a negative correlation that would result in a loss on both the investments and the option. If the investment manager is not successful in using options in managing a Fund’s investments, the Fund’s performance will be worse than if the investment manager did not employ such strategies.
Swaptions: An option on an interest-rate swap (sometimes referred to as a “swaption”) is a contract that gives the purchaser the right, but not the obligation, in return for payment of a premium, to enter into a new interest-rate swap. Options on swap agreements involve the risks associated with derivative instruments generally, as well as the additional risks associated with both options and swaps generally. A pay fixed option on an interest-rate swap gives the buyer the right to establish a position in an interest-rate swap where the buyer will pay (and the writer will receive) the fixed-rate cash flows and receive (and the writer will pay) the floating-rate cash flows. In general, most options on interest-rate swaps are “European” exercise, which means that they can only be exercised at the end of the option term.
Depending on the movement of interest rates between the time of purchase and expiration, the value of the underlying interest-rate swap and therefore also the value of the option on the interest-rate swap will change. When a Fund purchases an option on a swap agreement, it risks losing only the amount of the premium it has
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paid should it decide to let the option expire unexercised, plus any related transaction costs. However, if a Fund writes (sells) a swaption, the Fund is bound by the terms of the underlying swap agreement upon exercise of the option by the buyer, which may result in losses to the Fund in excess of the premium it received.
Options on swap agreements are considered to be swaps for purposes of Commodity Futures Trading Commission ("CFTC") regulation. Although they are traded OTC, the CFTC may in the future designate certain options on swaps as subject to mandatory clearing.
When a Fund purchases a swaption, an amount equal to the premium paid by the Fund is recorded as an investment on the Schedules of Investments, the value of which is marked-to-market daily to reflect the current market value of the swaption purchased. If the swaption expires, a Fund realizes a loss equal to the amount of the premium paid.
Swaptions are marked-to-market daily based upon quotations from market makers. Changes in the value of the swaption are reported as unrealized gains or losses.
Interest Rate, Inflation Index and Total Return Swap Contracts: A Fund may purchase interest-rate swaps. A Fund may use interest-rate swaps to increase or decrease exposure to a particular interest rate or rates, which may result in the Fund experiencing a gain or loss depending on whether the interest rates increased or decreased during the term of the agreement. A Fund may also enter into inflation index swaps to manage exposure to inflation risk. An inflation index swap is an agreement between two parties, whereby one party makes payments based on the cumulative percentage increase in an index that serves as a measure of inflation (typically, the Consumer Price Index) and the other party makes a regular payment based on a compounded fixed rate. The value of an inflation index swap is expected to change in response to changes in the rate of inflation. If inflation increases at a faster rate than anticipated at the time the swap is entered into, the swap will increase in value. Similarly, if inflation increases at a rate slower than anticipated at the time the swap is entered into, the swap will decrease in value. A Fund may also engage in total return swaps, in which payments made by the Fund or the counterparty are based on the total return of a particular reference asset or assets (such as a fixed-income security, a combination of securities, or an index). The value of a Fund’s swap positions would increase or decrease depending on the changes in value of the underlying rates, currency values, volatility or other indexes or measures. Caps and floors have an effect similar to buying or writing options. Depending on how they are used, swap agreements may increase or decrease the overall volatility of a Fund’s investments and its share price. A Fund’s ability to engage in certain swap transactions may be limited by tax considerations.
A Fund’s ability to realize a profit from such transactions will depend on the ability of the financial institutions with which it enters into the transactions to meet their obligations to the Fund. If a counterparty’s creditworthiness declines, the value of the agreement would be likely to decline, potentially resulting in losses. If a default occurs by the other party to such transaction, a Fund will have contractual remedies pursuant to the agreements related to the transaction, which may be limited by applicable law in the case of a counterparty’s insolvency. Under certain circumstances, suitable transactions may not be available to a Fund, or the Fund may be unable to close out its position under such transactions at the same time, or at the same price, as if it had purchased comparable publicly traded securities. Swaps carry counterparty risks that cannot be fully
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anticipated. Also, because swap transactions typically involve a contract between the two parties, such swap investments can be extremely illiquid, as it is uncertain as to whether another counterparty would wish to take assignment of the rights under the swap contract at a price acceptable to a Fund.
For centrally cleared swaps, the Schedules of Investments include the cumulative appreciation (depreciation).
Interest rate swaps are marked to market daily and the change is recorded as unrealized gain (loss). The Funds’ risk of loss associated with these instruments may exceed their value, as recorded in the Schedules of Investments. Non-deliverable interest rate swap contracts are settled with the counterparty in U.S. Dollars without the delivery of foreign currency. Centrally cleared interest rate swaps may have forward effective dates.
Credit Default Swap Contracts: A Fund may purchase credit default swaps. A credit default swap is an agreement between a Fund and a counterparty that enables the Fund to buy or sell protection against a credit event related to a particular issuer. One party, acting as a protection buyer, makes periodic payments, which may be based on, among other things, a fixed or floating rate of interest, to the other party, a protection seller, in exchange for a promise by the protection seller to make a payment to the protection buyer if a negative credit event (such as a delinquent payment or default) occurs with respect to a referenced bond or group of bonds. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the default event that triggers purchase or other factors, or defaults by a particular combination of issuers within the basket, may trigger a payment obligation). As a credit protection seller in a credit default swap contract, a Fund would be required to pay the par (or other agreed-upon) value of a referenced debt obligation to the counterparty following certain negative credit events as to a specified third-party debtor, such as default by a U.S. or non-U.S. corporate issuer on its debt obligations. In return for its obligation, a Fund would receive from the counterparty a periodic stream of payments, which may be based on, among other things, a fixed or floating rate of interest, over the term of the contract provided that no event of default has occurred. If no default occurs, a Fund would keep the stream of payments, and would have no payment obligations to the counterparty. A Fund may sell credit protection to earn additional income and/or to take a synthetic long position in the underlying security or basket of securities.
A Fund may enter into credit default swap contracts as protection buyer to hedge against the risk of default on the debt of a particular issuer or basket of issuers or attempt to profit from a deterioration or perceived deterioration in the creditworthiness of the particular issuer(s) (also known as buying credit protection). This would involve the risk that the investment may expire worthless and would only generate gain in the event of an actual default by the issuer(s) of the underlying obligation(s) (or, as applicable, a credit downgrade or other indication of financial instability). It would also involve the risk that the seller may fail to satisfy its payment obligations to a Fund. The purchase of credit default swaps involves costs, which will reduce a Fund’s return.
Credit default swaps involve a number of special risks. A protection seller may have to pay out amounts following a negative credit event greater than the value of the reference obligation delivered to it by its counterparty and the amount of periodic payments previously received by it from the counterparty. When a Fund acts as a seller of a credit default swap, it is exposed to, among other things, leverage risk because if an event of default occurs the seller must pay the buyer the full notional value of the reference obligation. Each party to
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a credit default swap is subject to the credit risk of its counterparty (the risk that its counterparty may be unwilling or unable to perform its obligations on the swap as they come due). The value of the credit default swap to each party will change based on changes in the actual or perceived creditworthiness of the underlying issuer.
A protection buyer may lose its investment and recover nothing should an event of default not occur. A Fund may seek to realize gains on its credit default swap positions, or limit losses on its positions, by selling those positions in the secondary market. There can be no assurance that a liquid secondary market will exist at any given time for any particular credit default swap or for credit default swaps generally.
The market for credit default swaps has become more volatile in recent years as the creditworthiness of certain counterparties has been questioned and/or downgraded. The parties to a credit default swap may be required to post collateral to each other. If a Fund posts initial or periodic collateral to its counterparty, it may not be able to recover that collateral from the counterparty in accordance with the terms of the swap. In addition, if a Fund receives collateral from its counterparty, it may be delayed or prevented from realizing on the collateral in the event of the insolvency or bankruptcy of the counterparty. A Fund may exit its obligations under a credit default swap only by terminating the contract and paying applicable breakage fees, or by entering into an offsetting credit default swap position, which may cause the Fund to incur more losses.
The credit default contracts are marked to market daily.
Each Fund's risk of loss associated with these instruments may exceed their fair value, as recorded in the Schedules of Investments. Credit default contracts outstanding, including their respective notional amounts at year end, if any, are listed after each Fund’s Schedule of Investments.
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default contracts on corporate issues or sovereign issues of an emerging country as of year end are disclosed in the Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
Contracts for Differences: The Morningstar Alternatives Fund may enter into Contracts for Differences (“CFDs”). CFDs are leveraged derivative instruments that allow a Fund to take a position on the change in the market price of an underlying asset, such as a stock, or the value of an index or currency exchange rate. With a short CFD, a Fund is seeking to profit from falls in the market price of the asset. CFDs are subject to liquidity risk because the liquidity of CFDs is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. It is also possible that
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the market price of the CFD will move between the time the order is placed by a Fund and when it is executed by the issuer, which can result in the trade being executed at a less favorable price. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require a Fund to deposit additional sums to cover this decline in value, and the margin call may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which a Fund is liable. The potential for margin calls and large losses are much greater in CFDs than in other leveraged products. Most CFDs are traded OTC. CFDs are not registered with the SEC or any U.S. regulator, and are not subject to U.S. regulation. In a short position, a Fund will receive or pay an amount based upon the amount, if any, by which the notional amount of the CFD would have decreased or increased in value had it sold the particular stocks short, less the dividends that would have been paid on those stocks, plus a floating rate of interest on the notional amount of the CFD. All of these components are reflected in the market value of the CFD.
6. Subsequent Events
Management has evaluated subsequent events for the Funds through the date this report was issued and has concluded that no subsequent events occurred which required recognition or disclosure.
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