MSTPX Fees and Costs — Morningstar Municipal Bond Fund, Institutional Class
Data updated: 2026-09-28
The net expense ratio is 0.58%: a 0.44% management fee plus 0.23% other expenses, less a 0.09% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 30%.
MSTPX Fees and Expenses
Annual operating expenses and sales charges of MSTPX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.44% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.23% |
| Gross expense ratio | 0.67% |
| Fee waiver | −0.09% |
| Net expense ratio | 0.58% |
| 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 |
MSTPX Costs Over Time
On $10,000 invested in MSTPX, assuming 5% a year before costs, total costs come to $366 over 5 years, cutting the return by 0.61% 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 0.58%) | $61 | $191 | $332 |
| Lost growth on money paid in costs | $0 | $9 | $33 |
| Total costs | $61 | $200 | $366 |
| Value after costs | $10,439 | $11,376 | $12,397 |
| Impact on return, per year | 0.61% | 0.61% | 0.61% |
MSTPX 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): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $733.1M
- Portfolio turnover (prospectus): 30%
- Securities lending: none during the year
MSTPX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $396.4M | 61.59% |
| J.P. MORGAN SECURITIES LLC | $63.7M | 9.90% |
| TD SECURITIES (USA) LLC | $41.3M | 6.42% |
| BOFA SECURITIES, INC. | $40.4M | 6.27% |
| MORGAN STANLEY & CO. LLC | $20.7M | 3.22% |
| RBC CAPITAL MARKETS, LLC | $19.5M | 3.03% |
| WELLS FARGO SECURITIES, LLC | $18.5M | 2.87% |
| BARCLAYS CAPITAL INC. | $17.3M | 2.69% |
| PERSHING LLC | $15.4M | 2.39% |
| GOLDMAN SACHS & CO. LLC | $10.4M | 1.62% |
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.