MSTBX Fees and Costs — Morningstar Defensive Bond Fund, Institutional Class
Data updated: 2026-09-28
The net expense ratio is 0.51% (0.74% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $13K in broker commissions, 0.0111% of average net assets, and portfolio turnover was 39%.
MSTBX Fees and Expenses
Annual operating expenses and sales charges of MSTBX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.36% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.35% |
| Gross expense ratio | 0.74% |
| Fee waiver | −0.23% |
| Net expense ratio | 0.51% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
MSTBX Costs Over Time
On $10,000 invested in MSTBX, assuming 5% a year before costs, total costs come to $329 over 5 years, cutting the return by 0.55% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.51%) | $54 | $168 | $293 |
| Trading costs (broker commissions) | $1 | $4 | $6 |
| Lost growth on money paid in costs | $0 | $8 | $30 |
| Total costs | $55 | $180 | $329 |
| Value after costs | $10,445 | $11,396 | $12,434 |
| Impact on return, per year | 0.55% | 0.55% | 0.55% |
MSTBX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0111%
- Total broker commissions: $13K
- Bought from dealers (principal trades, not a cost): $167.2M
- Portfolio turnover (prospectus): 39%
- Securities on loan, average value: $10.1M
- Net income from securities lending: $16K (0.014% of average net assets)
MSTBX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GTS SECURITIES, LLC | $4K | 31.01% |
| WALLACHBETH CAPITAL, LLC | $4K | 30.09% |
| BTIG, LLC | $2K | 17.40% |
| NORTHERN TRUST SECURITIES, INC. | $2K | 15.33% |
| PIPER SANDLER & CO. | $778 | 6.17% |
MSTBX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $92.6M | 59.14% |
| BARCLAYS CAPITAL INC. | $14.7M | 9.37% |
| PERSHING LLC | $12.2M | 7.81% |
| HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED -THE- | $9.8M | 6.25% |
| The Bank of New York Mellon | $7.8M | 5.01% |
| MISCHLER FINANCIAL GROUP, INC. | $6.9M | 4.43% |
| BREAN CAPITAL, LLC | $4.8M | 3.06% |
| J.P. MORGAN SECURITIES LLC | $3.5M | 2.23% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $2.3M | 1.47% |
| CITIGROUP GLOBAL MARKETS INC. | $1.9M | 1.22% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.