MSTVX Fees and Costs — Morningstar Alternatives Fund, Institutional Class
Data updated: 2026-09-28
The net expense ratio is 1.36%: a 0.85% management fee plus 0.62% other expenses, less a 0.12% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $290K in broker commissions, 0.1251% of average net assets, and portfolio turnover was 208%.
MSTVX Fees and Expenses
Annual operating expenses and sales charges of MSTVX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.62% |
| Gross expense ratio | 1.48% |
| Fee waiver | −0.12% |
| Net expense ratio | 1.36% |
| 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 |
MSTVX Costs Over Time
On $10,000 invested in MSTVX, assuming 5% a year before costs, total costs come to $920 over 5 years, cutting the return by 1.56% 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 1.36%) | $143 | $443 | $765 |
| Trading costs (broker commissions) | $13 | $41 | $70 |
| Lost growth on money paid in costs | $0 | $24 | $85 |
| Total costs | $156 | $508 | $920 |
| Value after costs | $10,344 | $11,068 | $11,843 |
| Impact on return, per year | 1.56% | 1.56% | 1.56% |
MSTVX 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): 0.1251%
- Total broker commissions: $290K
- Bought from dealers (principal trades, not a cost): $1.6B
- Portfolio turnover (prospectus): 208%
- Securities lending: none during the year
MSTVX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. INTERNATIONAL PLC | $64K | 29.96% |
| BARCLAYS CAPITAL INC. | $30K | 14.10% |
| INSTINET, LLC | $30K | 14.05% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $21K | 9.82% |
| JONESTRADING INSTITUTIONAL SERVICES LLC | $14K | 6.48% |
| Bloomberg Tradebook Europe Limited | $14K | 6.39% |
| J.P. MORGAN SECURITIES PLC | $14K | 6.36% |
| GOLDMAN SACHS & CO. LLC | $11K | 5.02% |
| BTIG, LLC | $9K | 4.21% |
| TD SECURITIES (USA) LLC | $8K | 3.60% |
MSTVX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $727.3M | 51.93% |
| MORGAN STANLEY & CO. LLC | $187.3M | 13.38% |
| J.P. MORGAN SECURITIES LLC | $108.4M | 7.74% |
| GOLDMAN SACHS & CO. LLC | $103.4M | 7.38% |
| BANK OF AMERICA CORPORATION | $76.6M | 5.47% |
| BMO CAPITAL MARKETS CORP. | $59.4M | 4.24% |
| CITADEL SECURITIES LLC | $55.0M | 3.93% |
| BARCLAYS CAPITAL INC. | $39.5M | 2.82% |
| PERSHING LLC | $23.3M | 1.66% |
| WELLS FARGO SECURITIES, LLC | $20.2M | 1.45% |
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.