MSTQX Fees and Costs — Morningstar U.S. Equity Fund, Institutional Class
Data updated: 2026-09-28
The net expense ratio is 0.80%: a 0.62% management fee plus 0.19% other expenses, less a 0.02% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $332K in broker commissions, 0.0183% of average net assets, and portfolio turnover was 71%.
MSTQX Fees and Expenses
Annual operating expenses and sales charges of MSTQX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.62% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.19% |
| Gross expense ratio | 0.82% |
| Fee waiver | −0.02% |
| Net expense ratio | 0.80% |
| 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 |
MSTQX Costs Over Time
On $10,000 invested in MSTQX, assuming 5% a year before costs, total costs come to $514 over 5 years, cutting the return by 0.86% 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 0.80%) | $84 | $263 | $456 |
| Trading costs (broker commissions) | $2 | $6 | $10 |
| Lost growth on money paid in costs | $0 | $13 | $47 |
| Total costs | $86 | $282 | $514 |
| Value after costs | $10,414 | $11,294 | $12,249 |
| Impact on return, per year | 0.86% | 0.86% | 0.86% |
MSTQX 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): 0.0183%
- Total broker commissions: $332K
- Bought from dealers (principal trades, not a cost): $1.8B
- Portfolio turnover (prospectus): 71%
- Securities on loan, average value: $60.6M
- Net income from securities lending: $119K (0.007% of average net assets)
MSTQX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| STATE STREET GLOBAL MARKETS, LLC | $206K | 74.57% |
| BTIG, LLC | $14K | 4.99% |
| GOLDMAN SACHS & CO. LLC | $11K | 4.13% |
| PIPER SANDLER & CO. | $10K | 3.61% |
| NORTHERN TRUST SECURITIES, INC. | $8K | 2.75% |
| VIRTU FINANCIAL, INC. | $7K | 2.69% |
| CITIGROUP GLOBAL MARKETS INC. | $6K | 2.08% |
| ROTH CAPITAL PARTNERS, LLC | $6K | 2.01% |
| MORGAN STANLEY & CO. LLC | $4K | 1.61% |
| UBS SECURITIES LLC | $4K | 1.55% |
MSTQX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| UBS SECURITIES LLC | $955.5M | 53.22% |
| The Northern Trust Company | $765.2M | 42.62% |
| J.P. MORGAN SECURITIES LLC | $70.8M | 3.94% |
| PERSHING LLC | $3.8M | 0.21% |
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.