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style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 9pt;">https://connect.rightprospectus.com/Morningstar</span>. You can also request this information by contacting us at 877‑626‑3224. https://connect.rightprospectus.com/Morningstar 877‑626‑3224 <div style="font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(0, 0, 0);"><b>This report describes changes to the Fund that occurred during the reporting period.</b></div> <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Expenses for the Last Year</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 0px;">(Based on a hypothetical $10,000 investment)</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a $10,000 Investment</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost Paid as a Percentage of a $10,000 Investment¹</td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar U.S. Equity Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><span>$</span>93</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td> </tr> </table> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; width: 10pt; padding: 0;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-size: inherit;">​¹</div> </td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-size: inherit;">Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher.</div> </td> </tr> </table> 93 0.0084 <div style="font-family: 'times new roman'; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> <div style="font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0);">SUMMARY OF RESULTS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Morningstar U.S. Equity Fund (Institutional/MSTQX) returned 21.34% for the 12 months ended April 30, 2026. The Fund underperformed its benchmark, the Morningstar U.S. Market Index, which returned 30.96%.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0); margin-top: 10pt;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">An underweight to the Consumer Discretionary sector, and favorable selection within that sector, positively impacted relative returns in the period.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0); margin-top: 10pt;">TOP PERFORMANCE DETRACTORS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Information Technology was the largest detractor. The Fund was underweight this sector, which performed strongly.<span style="white-space: nowrap;"> </span> Selection within the sector further detracted from returns.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Selection within the Industrials sector detracted from performance. Underweights to Caterpillar and GE Vernova, and an overweight to Casella Waste Systems, were the largest single-stock detractors within Industrials.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 14pt;">Within Communication Services, an underweight to Alphabet and an overweight to Meta led to that sector detracting for the period.</div> <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Fund since its inception on November 2, 2018. Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.</div> <div style="font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0);">GROWTH OF $10,000</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 20pt; text-align: center;"><img alt="Fund Performance - Growth of 10K" src="chartimages_3369134.jpg" style="width: 468pt;"/> </div> 2018-11-02 <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar U.S. Equity Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">21.34<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">9.67<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">11.61<span>%</span></td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar U.S. Market Index</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">30.96<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">12.08<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">15.19<span>%</span></td> </tr> </table> Morningstar U.S. Equity Fund 0.2134 0.0967 0.1161 Morningstar U.S. Market Index 0.3096 0.1208 0.1519 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 9pt;">https://connect.rightprospectus.com/Morningstar</span> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family: 'times new roman'; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;"><span>$</span>1,869,062,458</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;">394</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (after waiver/reimbursement)</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;"><span>$</span>11,747,621</td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;">71<span>%</span></td> </tr> </table> 1869062458 394 11747621 0.71 <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Graphical Representation of Holdings as of April 30, 2026</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Asset Type Allocation</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Common Stocks</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">96.6<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Investment Companies</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Short-Term Investments</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">1.1<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Sector Allocation</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3369119.jpg" style="width: 172.8pt;"/> </div> 0.966 0.028 0.011 <div style="font-family: 'times new roman'; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">Material Fund Changes</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Effective September 15, 2025 Diamond Hill Capital Management, Inc. and Westwood Management Corp. were<span style="white-space: nowrap;"> </span> terminated as subadvisers to the Fund.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">The above is a summary of material changes to the Fund since April 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 31, 2026 at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 9pt;">https://connect.rightprospectus.com/Morningstar</span>, or upon request at 877-626-3224.</div> 2025-09-15 <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">The above is a summary of material changes to the Fund since April 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 31, 2026 at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 9pt;">https://connect.rightprospectus.com/Morningstar</span>, or upon request at 877-626-3224.</div> https://connect.rightprospectus.com/Morningstar 877-626-3224 Morningstar International Equity Fund Institutional MSTFX This annual shareholder report contains important information about the Morningstar International Equity Fund (“Fund”) for the period of <span style="white-space: nowrap;">May 1, 2025</span> to <span style="white-space: nowrap;">April 30, 2026</span>. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 9pt;">https://connect.rightprospectus.com/Morningstar</span>. You can also request this information by contacting us at 877‑626‑3224. https://connect.rightprospectus.com/Morningstar 877‑626‑3224 <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Expenses for the Last Year</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 0px;">(Based on a hypothetical $10,000 investment)</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a $10,000 Investment</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost Paid as a Percentage of a $10,000 Investment¹</td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar International Equity Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><span>$</span>113</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.99<span>%</span></td> </tr> </table> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; width: 10pt; padding: 0;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-size: inherit;">​¹</div> </td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-size: inherit;">Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher.</div> </td> </tr> </table> 113 0.0099 <div style="font-family: 'times new roman'; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> <div style="font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0);">SUMMARY OF RESULTS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Morningstar International Equity Fund (Institutional/MSTFX) returned 28.82% for the 12 months ended April 30, 2026. The Fund underperformed its benchmark, the Morningstar Global Market ex U.S., which returned 32.46%.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0); margin-top: 10pt;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">The Information Technology sector contributed to relative performance for the period. The Fund was overweight a strongly performing sector and selection within the sector was favorable.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">An underweight to India helped relative performance as that country’s returns trailed that of the benchmark.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">The Energy sector was a meaningful contributor to returns. Selection within the sector was the main reason for the contribution.<span style="white-space: nowrap;"> </span> A small overweight to Energy provided additional benefits.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0); margin-top: 10pt;">TOP PERFORMANCE DETRACTORS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Stock selection within Japan was a salient detractor for the period. Among overweight positions that hurt relative performance were Chugai Pharmaceuticals, Sysmex and Sony.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">The Health Care sector negatively affected results for the period. Both an overweight allocation to an underperforming sector and selection within the sector were unfavorable.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 14pt;">An overweight allocation to Consumer Staples, which trailed the Fund’s benchmark, detracted from relative returns during the period.</div> <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Fund since its inception on November 2, 2018. Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.</div> <div style="font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0);">GROWTH OF $10,000</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 20pt; text-align: center;"><img alt="Fund Performance - Growth of 10K" src="chartimages_3369079.jpg" style="width: 468pt;"/> </div> 2018-11-02 <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar International Equity Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">28.82<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">6.85<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">8.75<span>%</span></td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Markets ex U.S. Index</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">32.46<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">8.20<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">9.87<span>%</span></td> </tr> </table> Morningstar International Equity Fund 0.2882 0.0685 0.0875 Morningstar Global Markets ex U.S. Index 0.3246 0.0820 0.0987 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 9pt;">https://connect.rightprospectus.com/Morningstar</span> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family: 'times new roman'; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;"><span>$</span>1,015,444,606</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;">411</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (after waiver/reimbursement)</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;"><span>$</span>7,376,182</td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;">96<span>%</span></td> </tr> </table> 1015444606 411 7376182 0.96 <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Graphical Representation of Holdings as of April 30, 2026</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Asset Type Allocation</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Common Stocks</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">97.2<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Short-Term Investments</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Other less than 2% each</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">0.8<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Sector Allocation</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3369094.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Region Diversification</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; padding-left: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3369099.jpg" style="width: 172.8pt;"/> </div> 0.972 0.031 0.008 Morningstar Global Income Fund Institutional MSTGX This annual shareholder report contains important information about the Morningstar Global Income Fund (“Fund”) for the period of <span style="white-space: nowrap;">May 1, 2025</span> to <span style="white-space: nowrap;">April 30, 2026</span>. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 9pt;">https://connect.rightprospectus.com/Morningstar</span>. You can also request this information by contacting us at 877‑626‑3224. https://connect.rightprospectus.com/Morningstar 877‑626‑3224 <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Expenses for the Last Year</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 0px;">(Based on a hypothetical $10,000 investment)</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a $10,000 Investment</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost Paid as a Percentage of a $10,000 Investment¹</td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Income Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><span>$</span>79</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.73<span>%</span></td> </tr> </table> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; width: 10pt; padding: 0;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-size: inherit;">​¹</div> </td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-size: inherit;">Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher.</div> </td> </tr> </table> 79 0.0073 <div style="font-family: 'times new roman'; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> <div style="font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0);">SUMMARY OF RESULTS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Morningstar Global Income Fund (Institutional/MSTGX) returned 15.13% for the 12 months ended April 30, 2026. The Fund underperformed its benchmark, the Morningstar Global Income Blended Index, which returned 16.45%.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0); margin-top: 10pt;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">International Dividend Equity: An overweight position to International equities was a tailwind.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">U.S. Dividend Equity: The Fund’s exposure to U.S. dividend equities contributed to relative results.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">U.S. High Yield Bonds: The Fund’s overweight to below investment grade credit benefited results.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0); margin-top: 10pt;">TOP PERFORMANCE DETRACTORS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Intermediate-term Treasury: The Fund’s position in U.S. Intermediate-term Treasury hurt benchmark relative results.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Long-term Treasury: The Fund’s allocation to U.S. Long-term Treasury detracted from portfolio returns.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 14pt;">REITs: An overweight position in U.S. REITs detracted from portfolio returns.</div> <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Fund since its inception on November 2, 2018. Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.</div> <div style="font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0);">GROWTH OF $10,000</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 20pt; text-align: center;"><img alt="Fund Performance - Growth of 10K" src="chartimages_3369151.jpg" style="width: 468pt;"/> </div> 2018-11-02 <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Income Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">15.13<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">5.33<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">6.88<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Income Blended Index</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">16.45<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.76<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">8.01<span>%</span></td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Markets NR Index</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">31.26<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">10.18<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">12.55<span>%</span></td> </tr> </table> Morningstar Global Income Fund 0.1513 0.0533 0.0688 Morningstar Global Income Blended Index 0.1645 0.0476 0.0801 Morningstar Global Markets NR Index 0.3126 0.1018 0.1255 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 9pt;">https://connect.rightprospectus.com/Morningstar</span> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family: 'times new roman'; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;"><span>$</span>145,927,235</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;">564</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (after waiver/reimbursement)</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;"><span>$</span>386,116</td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;">67<span>%</span></td> </tr> </table> 145927235 564 386116 0.67 <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Graphical Representation of Holdings as of April 30, 2026</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing a percentage of the total net assets of the Fund. With respect to the Fund's portfolio holdings in investment companies, the geographic region disclosed in the below Region Diversification table is based on where each underlying investment company is domiciled.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Asset Type Allocation</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Common Stocks</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">43.8<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Investment Companies</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">19.4<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Corporate Bonds</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">11.7<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Short-Term Investments</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Mortgage-Backed Securities</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Foreign Issuer Bonds</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Term Loans</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Master Limited Partnerships</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Asset-Backed Securities</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Other less than 2% each</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">(0.1<span>)</span><span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Sector Allocation</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3369166.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Region Diversification</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; padding-left: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3369171.jpg" style="width: 172.8pt;"/> </div> 0.438 0.194 0.117 0.061 0.056 0.047 0.045 0.031 0.026 -0.001 Morningstar Total Return Bond Fund Institutional MSTRX This annual shareholder report contains important information about the Morningstar Total Return Bond Fund (“Fund”) for the period of <span style="white-space: nowrap;">May 1, 2025</span> to <span style="white-space: nowrap;">April 30, 2026</span>. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 9pt;">https://connect.rightprospectus.com/Morningstar</span>. You can also request this information by contacting us at 877‑626‑3224. https://connect.rightprospectus.com/Morningstar 877‑626‑3224 <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Expenses for the Last Year</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 0px;">(Based on a hypothetical $10,000 investment)</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a $10,000 Investment</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost Paid as a Percentage of a $10,000 Investment¹</td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar Total Return Bond Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><span>$</span>54</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.53<span>%</span></td> </tr> </table> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; width: 10pt; padding: 0;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-size: inherit;">​¹</div> </td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-size: inherit;">Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher.</div> </td> </tr> </table> 54 0.0053 <div style="font-family: 'times new roman'; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> <div style="font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0);">SUMMARY OF RESULTS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Morningstar Total Return Bond Fund (Institutional/MSTRX) returned 3.71% for the 12 months ended April 30, 2026. The Fund underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 4.06%.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0); margin-top: 10pt;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Security Selection and Sector Allocation: Both of the subadviser mandates outperformed the benchmark.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0); margin-top: 10pt;">TOP PERFORMANCE DETRACTORS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Government Bond ETF: The Fund’s allocation to a government bond ETF underperformed the Fund’s benchmark, as credit-sensitive bonds outperformed.</div> <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Fund since its inception on November 2, 2018. Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.</div> <div style="font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0);">GROWTH OF $10,000</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 20pt; text-align: center;"><img alt="Fund Performance - Growth of 10K" src="chartimages_3369206.jpg" style="width: 468pt;"/> </div> 2018-11-02 <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar Total Return Bond Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">3.71<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">(0.50<span>)</span><span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.02<span>%</span></td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.06<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.18<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.23<span>%</span></td> </tr> </table> Morningstar Total Return Bond Fund 0.0371 -0.0050 0.0202 Bloomberg U.S. Aggregate Bond Index 0.0406 0.0018 0.0223 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 9pt;">https://connect.rightprospectus.com/Morningstar</span> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family: 'times new roman'; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;"><span>$</span>953,872,748</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;">2,697</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (after waiver/reimbursement)</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;"><span>$</span>2,741,492</td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;">399<span>%</span></td> </tr> </table> 953872748 2697 2741492 3.99 <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Graphical Representation of Holdings as of April 30, 2026</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Asset Type Allocation</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Investment Companies</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">34.0<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Mortgage-Backed Securities</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">33.5<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Corporate Bonds</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">14.7<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">U.S. Government Obligations</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">10.9<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Asset-Backed Securities</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Foreign Issuer Bonds</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Short-Term Investments</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Other less than 2% each</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">(5.6<span>)</span><span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Sector Allocation</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3369191.jpg" style="width: 172.8pt;"/> </div> 0.340 0.335 0.147 0.109 0.103 0.050 0.036 -0.056 Morningstar Municipal Bond Fund Institutional MSTPX This annual shareholder report contains important information about the Morningstar Municipal Bond Fund (“Fund”) for the period of <span style="white-space: nowrap;">May 1, 2025</span> to <span style="white-space: nowrap;">April 30, 2026</span>. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 9pt;">https://connect.rightprospectus.com/Morningstar</span>. You can also request this information by contacting us at 877‑626‑3224. https://connect.rightprospectus.com/Morningstar 877‑626‑3224 <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Expenses for the Last Year</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 0px;">(Based on a hypothetical $10,000 investment)</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a $10,000 Investment</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost Paid as a Percentage of a $10,000 Investment¹</td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar Municipal Bond Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><span>$</span>60</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.58<span>%</span></td> </tr> </table> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; width: 10pt; padding: 0;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-size: inherit;">​¹</div> </td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-size: inherit;">Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher.</div> </td> </tr> </table> 60 0.0058 <div style="font-family: 'times new roman'; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> <div style="font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0);">SUMMARY OF RESULTS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Morningstar Municipal Bond Fund (Institutional/MSTPX) returned 5.41% for the 12 months ended April 30, 2026. The Fund narrowly underperformed its benchmark, the Morningstar Municipal Bond Blended Index, which returned 5.53%.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0); margin-top: 10pt;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Security Selection: All three of the subadviser mandates outperformed their style benchmarks, with strong security selection being a key driver.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0); margin-top: 10pt;">TOP PERFORMANCE DETRACTORS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Credit-Sensitive Bonds: The fund underperformed in May and July of 2025, when the Fund’s lower-rated bonds underperformed the higher-quality bonds in the benchmark.</div> <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Fund since its inception on November 2, 2018. Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.</div> <div style="font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0);">GROWTH OF $10,000</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 20pt; text-align: center;"><img alt="Fund Performance - Growth of 10K" src="chartimages_3369223.jpg" style="width: 468pt;"/> </div> 2018-11-02 <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar Municipal Bond Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">5.41<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.17<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.49<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar Municipal Bond Blended Index</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">5.53<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.14<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.24<span>%</span></td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">6.34<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.69<span>%</span></td> </tr> </table> Morningstar Municipal Bond Fund 0.0541 0.0117 0.0249 Morningstar Municipal Bond Blended Index 0.0553 0.0114 0.0224 Bloomberg Municipal Bond Index 0.0634 0.0090 0.0269 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 9pt;">https://connect.rightprospectus.com/Morningstar</span> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family: 'times new roman'; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;"><span>$</span>336,760,019</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;">774</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (after waiver/reimbursement)</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;"><span>$</span>1,169,598</td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 336760019 774 1169598 0.30 <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Graphical Representation of Holdings as of April 30, 2026</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Asset Type Allocation</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Municipal Bonds</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">90.9<span>%</span></td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Short-Term Investments</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">8.8<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Municipal Issue Type Allocation</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3369238.jpg" style="width: 172.8pt;"/> </div> 0.909 0.088 Morningstar Defensive Bond Fund Institutional MSTBX This annual shareholder report contains important information about the Morningstar Defensive Bond Fund (“Fund”) for the period of <span style="white-space: nowrap;">May 1, 2025</span> to <span style="white-space: nowrap;">April 30, 2026</span>. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 9pt;">https://connect.rightprospectus.com/Morningstar</span>. You can also request this information by contacting us at 877‑626‑3224. https://connect.rightprospectus.com/Morningstar 877‑626‑3224 <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Expenses for the Last Year</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 0px;">(Based on a hypothetical $10,000 investment)</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a $10,000 Investment</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost Paid as a Percentage of a $10,000 Investment¹</td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar Defensive Bond Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><span>$</span>49</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.48<span>%</span></td> </tr> </table> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; width: 10pt; padding: 0;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-size: inherit;">​¹</div> </td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-size: inherit;">Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher.</div> </td> </tr> </table> 49 0.0048 <div style="font-family: 'times new roman'; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> <div style="font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0);">SUMMARY OF RESULTS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Morningstar Defensive Bond Fund (Institutional/MSTBX) returned 3.99% for the 12 months ended April 30, 2026. The Fund outperformed its benchmark, the Bloomberg U.S. Aggregate 1-3 Year Index, which returned 3.51%.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0); margin-top: 10pt;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Mortgage-Backed Securities: An overweight position to U.S. mortgage-backed securities was a tailwind.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Asset-Backed Securities (ABS): The Fund’s overweight to ABS contributed to the positive relative results.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Commercial Mortgage-Backed Securities (CMBS): An overweight position to CMBS added to portfolio relative performance.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0); margin-top: 10pt;">TOP PERFORMANCE DETRACTORS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Short-term Treasury: The Fund’s position in U.S. Short-term Treasury hurt benchmark relative results.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Investment-grade Corporate: An underweight position in U.S. corporate bonds detracted from portfolio returns.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 14pt;">High-yield Corporate: An underweight position in U.S. high yield bonds detracted from portfolio returns.</div> <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Fund since its inception on November 2, 2018. Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.</div> <div style="font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0);">GROWTH OF $10,000</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 20pt; text-align: center;"><img alt="Fund Performance - Growth of 10K" src="chartimages_3369278.jpg" style="width: 468pt;"/> </div> 2018-11-02 <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar Defensive Bond Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">3.99<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.77<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">3.02<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate 1-3 Year Index</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">3.51<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.09<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.50<span>%</span></td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.06<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.18<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.23<span>%</span></td> </tr> </table> Morningstar Defensive Bond Fund 0.0399 0.0277 0.0302 Bloomberg U.S. Aggregate 1-3 Year Index 0.0351 0.0209 0.0250 Bloomberg U.S. Aggregate Bond Index 0.0406 0.0018 0.0223 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 9pt;">https://connect.rightprospectus.com/Morningstar</span> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family: 'times new roman'; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;"><span>$</span>102,656,270</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;">184</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (after waiver/reimbursement)</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;"><span>$</span>148,054</td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;">39<span>%</span></td> </tr> </table> 102656270 184 148054 0.39 <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Graphical Representation of Holdings as of April 30, 2026</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Asset Type Allocation</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Investment Companies</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">53.4<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Mortgage-Backed Securities</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">19.9<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Short-Term Investments</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">18.2<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">U.S. Government Obligations</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">9.4<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Asset-Backed Securities</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Corporate Bonds</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Other less than 2% each</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">1.8<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Sector Allocation</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3369263.jpg" style="width: 172.8pt;"/> </div> 0.534 0.199 0.182 0.094 0.064 0.034 0.018 Morningstar Multisector Bond Fund Institutional MSTMX This annual shareholder report contains important information about the Morningstar Multisector Bond Fund (“Fund”) for the period of <span style="white-space: nowrap;">May 1, 2025</span> to <span style="white-space: nowrap;">April 30, 2026</span>. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 9pt;">https://connect.rightprospectus.com/Morningstar</span>. You can also request this information by contacting us at 877‑626‑3224. https://connect.rightprospectus.com/Morningstar 877‑626‑3224 <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Expenses for the Last Year</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 0px;">(Based on a hypothetical $10,000 investment)</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a $10,000 Investment</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost Paid as a Percentage of a $10,000 Investment¹</td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar Multisector Bond Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><span>$</span>83</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.79<span>%</span></td> </tr> </table> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; width: 10pt; padding: 0;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-size: inherit;">​¹</div> </td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-size: inherit;">Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher.</div> </td> </tr> </table> 83 0.0079 <div style="font-family: 'times new roman'; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> <div style="font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0);">SUMMARY OF RESULTS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Morningstar Multisector Bond Fund (Institutional/MSTMX) returned 10.67% for the 12 months ended April 30, 2026. The Fund outperformed its blended benchmark, the Bloomberg Multisector Bond Blended Index (40% Bloomberg U.S. High Yield Corporate Index, 20% Bloomberg U.S. Corp Index, 20% JPMorgan EM USD Sovereign Index, and 20% Bloomberg EM Local Currency Global Dev Index), which returned 9.13%.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0); margin-top: 10pt;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Local Currency Emerging Market Debt: The Fund’s exposure to Local Currency Emerging Market debt was the main contributor to performance over the period.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Non-U.S. Dollar: The Fund’s exposure to non-U.S. currencies, especially in emerging markets, benefited performance.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">U.S. High Yield: The Fund’s selection within high yield bonds contributed to performance.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0); margin-top: 10pt;">TOP PERFORMANCE DETRACTORS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Investment-grade Corporate Bonds: The Fund’s overweight to U.S. investment grade corporate bonds detracted from performance.</div> <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Fund since its inception on November 2, 2018. Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.</div> <div style="font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0);">GROWTH OF $10,000</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 20pt; text-align: center;"><img alt="Fund Performance - Growth of 10K" src="chartimages_3369295.jpg" style="width: 468pt;"/> </div> 2018-11-02 <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar Multisector Bond Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">10.67<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.46<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">3.62<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bloomberg Multisector Bond Blended Index</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">9.13<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.91<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.29<span>%</span></td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.06<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.18<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.23<span>%</span></td> </tr> </table> Morningstar Multisector Bond Fund 0.1067 0.0246 0.0362 Bloomberg Multisector Bond Blended Index 0.0913 0.0291 0.0429 Bloomberg U.S. Aggregate Bond Index 0.0406 0.0018 0.0223 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 9pt;">https://connect.rightprospectus.com/Morningstar</span> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family: 'times new roman'; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;"><span>$</span>188,232,686</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;">1,236</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (after waiver/reimbursement)</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;"><span>$</span>733,077</td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;">190<span>%</span></td> </tr> </table> 188232686 1236 733077 1.90 <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Graphical Representation of Holdings as of April 30, 2026</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Asset Type Allocation</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Corporate Bonds</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">43.9<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Foreign Issuer Bonds</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">41.9<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Short-Term Investments</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">6.8<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Term Loans</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Other less than 2% each</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">4.1<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Sector Allocation</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3369310.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Region Diversification</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; padding-left: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3369315.jpg" style="width: 172.8pt;"/> </div> 0.439 0.419 0.068 0.026 0.041 Morningstar Global Opportunistic Equity Fund Institutional MSTSX This annual shareholder report contains important information about the Morningstar Global Opportunistic Equity Fund (“Fund”) for the period of <span style="white-space: nowrap;">May 1, 2025</span> to <span style="white-space: nowrap;">April 30, 2026</span>. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 9pt;">https://connect.rightprospectus.com/Morningstar</span>. You can also request this information by contacting us at 877‑626‑3224. https://connect.rightprospectus.com/Morningstar 877‑626‑3224 <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Expenses for the Last Year</div><div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 0px;">(Based on a hypothetical $10,000 investment)</div><table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a $10,000 Investment</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost Paid as a Percentage of a $10,000 Investment</td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Opportunistic Equity Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><span>$</span>80</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.72<span>%</span></td> </tr> </table> 80 0.0072 <div style="font-family: 'times new roman'; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> <div style="font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0);">SUMMARY OF RESULTS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Morningstar Global Opportunistic Equity Fund (Institutional/MSTSX) returned 20.83% for the 12 months ended<span style="white-space: nowrap;"> </span>April 30, 2026. The Fund underperformed its benchmark, the Morningstar Global Markets NR Index, which returned 31.26%.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0); margin-top: 10pt;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">A position in Korean equities, the home of SK Hynix and Samsung, boosted relative returns.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">An overweight to Global Energy stocks, which benefited from the conflict in the Middle East, contributed positively to benchmark relative returns.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">An overweight position to Brazilian stocks has been a tailwind as both the equity and currency exposure posted strong returns over the period.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0); margin-top: 10pt;">TOP PERFORMANCE DETRACTORS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">U.S. Information Technology was the largest detractor. The Fund was underweight this sector, which performed strongly. Selection within the sector further detracted from returns.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Overweight positioning in Consumer Staples and U.S. Healthcare were headwinds to benchmark relative returns.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 14pt;">Positions in Chinese internet stocks were also a drag on returns as those names struggled over this period.</div> <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Fund since its inception on November 2, 2018. Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.</div> <div style="font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0);">GROWTH OF $10,000</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 20pt; text-align: center;"><img alt="Fund Performance - Growth of 10K" src="chartimages_3369350.jpg" style="width: 468pt;"/> </div> 2018-11-02 <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Opportunistic Equity Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">20.83<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">8.67<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">9.56<span>%</span></td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Markets NR Index</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">31.26<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">10.18<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">12.55<span>%</span></td> </tr> </table> Morningstar Global Opportunistic Equity Fund 0.2083 0.0867 0.0956 Morningstar Global Markets NR Index 0.3126 0.1018 0.1255 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 9pt;">https://connect.rightprospectus.com/Morningstar</span> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family: 'times new roman'; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;"><span>$</span>415,724,030</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;">272</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;"><span>$</span>1,634,923</td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;">85<span>%</span></td> </tr> </table> 415724030 272 1634923 0.85 <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Graphical Representation of Holdings as of April 30, 2026</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing a percentage of the total net assets of the Fund. With respect to the Fund's portfolio holdings in investment companies, the geographic region disclosed in the below Region Diversification table is based on where each underlying investment company is domiciled.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Asset Type Allocation</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Investment Companies</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">59.9<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Common Stocks</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">37.5<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Short-Term Investments</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">12.6<span>%</span></td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Preferred Stocks</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">0.7<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Sector Allocation</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3369335.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Region Diversification</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; padding-left: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3369330.jpg" style="width: 172.8pt;"/> </div> 0.599 0.375 0.126 0.007 Morningstar Alternatives Fund Institutional MSTVX This annual shareholder report contains important information about the Morningstar Alternatives Fund (“Fund”) for the period of <span style="white-space: nowrap;">May 1, 2025</span> to <span style="white-space: nowrap;">April 30, 2026</span>. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 9pt;">https://connect.rightprospectus.com/Morningstar</span>. You can also request this information by contacting us at 877‑626‑3224. https://connect.rightprospectus.com/Morningstar 877‑626‑3224 <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Expenses for the Last Year</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 0px;">(Based on a hypothetical $10,000 investment)</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a $10,000 Investment</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost Paid as a Percentage of a $10,000 Investment¹</td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar Alternatives Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><span>$</span>138</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; width: 10pt; padding: 0;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-size: inherit;">​¹</div> </td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-size: inherit;">Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher.</div> </td> </tr> </table> 138 0.0135 <div style="font-family: 'times new roman'; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> <div style="font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0);">SUMMARY OF RESULTS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Morningstar Alternatives Fund (Institutional/MSTVX) returned 4.68% for the 12 months ended April 30, 2026. The Fund underperformed its benchmark, the Morningstar U.S. Cash T-Bill TR USD Index, which returned 4.12%.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0); margin-top: 10pt;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Convertible Arbitrage: The Fund’s convertible arbitrage manager generated solid returns from income and volatility monetization.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Merger Arbitrage: The Fund’s merger arbitrage strategy delivered good returns amidst a turbulent M&amp;A environment.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">TOP PERFORMANCE DETRACTORS</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 7.5pt;">Systematic Multi-Strategy: The Fund’s systematic multi-strategy manager underperformed the Fund’s benchmark as its long-short equity sub-strategy struggled.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 14pt;">Cash Exposure: The Fund holds a modest allocation to cash which can weigh on absolute performance during up markets.</div> <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Fund since its inception on November 2, 2018. Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.</div> <div style="font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 0, 0);">GROWTH OF $10,000</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 20pt; text-align: center;"><img alt="Fund Performance - Growth of 10K" src="chartimages_3369367.jpg" style="width: 468pt;"/> </div> 2018-11-02 <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar Alternatives Fund</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.68<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">3.83<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.16<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Morningstar U.S. Cash T-Bill TR USD Index</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.12<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">3.51<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.75<span>%</span></td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.06<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.18<span>%</span></td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.23<span>%</span></td> </tr> </table> Morningstar Alternatives Fund 0.0468 0.0383 0.0416 Morningstar U.S. Cash T-Bill TR USD Index 0.0412 0.0351 0.0275 Bloomberg U.S. Aggregate Bond Index 0.0406 0.0018 0.0223 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 9pt;">https://connect.rightprospectus.com/Morningstar</span> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family: 'times new roman'; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;"><span>$</span>257,788,519</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;">2,799</td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (after waiver/reimbursement)</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;"><span>$</span>1,689,696</td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 10pt 3pt 10pt;">208<span>%</span></td> </tr> </table> 257788519 2799 1689696 2.08 <div style="font-family: 'times new roman'; margin-top: 0px; color: rgb(255, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Graphical Representation of Holdings as of April 30, 2026</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-top: 0px; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Asset Type Allocation</div> <table style="break-inside: avoid; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Contracts for Difference - Long</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">26.9<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Convertible Bonds</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">26.0<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Common Stocks</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">25.1<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Corporate Bonds</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">21.0<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Mortgage-Backed Securities</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">15.6<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Foreign Issuer Bonds</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Short-Term Investments</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Convertible Preferred Stocks</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Other less than 2% each</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Common Stocks Sold Short</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">(16.4<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Contracts for Difference - Short</td> <td style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: right; vertical-align: middle; padding: 6pt 12pt 3pt 3pt;">(23.5<span>)</span><span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-top: 5pt; margin-bottom: 5pt; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Sector Allocation</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3369382.jpg" style="width: 172.8pt;"/> </div> 0.269 0.260 0.251 0.210 0.156 0.049 0.045 0.035 0.019 -0.164 -0.235 Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher. Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher. Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher. Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher. Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher. Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher. Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher. Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher.