MSTRX Fees and Costs — Morningstar Total Return Bond Fund, Institutional Class
Data updated: 2026-09-28
The net expense ratio is 0.55% (0.70% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $223K in broker commissions, 0.0235% of average net assets, and portfolio turnover was 399%.
MSTRX Fees and Expenses
Annual operating expenses and sales charges of MSTRX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.44% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.24% |
| Gross expense ratio | 0.70% |
| Fee waiver | −0.15% |
| Net expense ratio | 0.55% |
| 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 |
MSTRX Costs Over Time
On $10,000 invested in MSTRX, assuming 5% a year before costs, total costs come to $362 over 5 years, cutting the return by 0.60% 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 0.55%) | $58 | $181 | $315 |
| Trading costs (broker commissions) | $2 | $8 | $13 |
| Lost growth on money paid in costs | $0 | $9 | $33 |
| Total costs | $60 | $198 | $362 |
| Value after costs | $10,440 | $11,378 | $12,401 |
| Impact on return, per year | 0.60% | 0.60% | 0.60% |
MSTRX 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): 0.0235%
- Total broker commissions: $223K
- Bought from dealers (principal trades, not a cost): $9.4B
- Portfolio turnover (prospectus): 399%
- Securities on loan, average value: $26.6M
- Net income from securities lending: $75K (0.008% of average net assets)
MSTRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GTS SECURITIES, LLC | $85K | 40.00% |
| NORTHERN TRUST SECURITIES, INC. | $35K | 16.26% |
| PIPER SANDLER & CO. | $33K | 15.73% |
| BTIG, LLC | $19K | 8.84% |
| BOFA SECURITIES, INC. | $18K | 8.52% |
| R.J. O BRIEN & ASSOCIATES, LLC | $6K | 2.96% |
| GOLDMAN SACHS & CO. LLC | $4K | 2.05% |
| WALLACHBETH CAPITAL, LLC | $4K | 1.92% |
| J.P. MORGAN SECURITIES LLC | $4K | 1.88% |
| MORGAN STANLEY & CO. LLC | $4K | 1.84% |
MSTRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $1.4B | 16.99% |
| J.P. MORGAN SECURITIES LLC | $1.3B | 15.33% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $1.0B | 12.30% |
| Wells Fargo Bank, National Association | $921.7M | 10.81% |
| The Northern Trust Company | $913.6M | 10.71% |
| GOLDMAN SACHS & CO. LLC | $910.2M | 10.67% |
| CITIGROUP GLOBAL MARKETS INC. | $680.9M | 7.98% |
| BARCLAYS BANK PLC | $587.5M | 6.89% |
| BANK OF AMERICA CORPORATION | $494.7M | 5.80% |
| BMO CAPITAL MARKETS CORP. | $214.1M | 2.51% |
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.