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Trending ETFs

Morningstar Municipal Bond Fund

mutual fund
MSTPX
Payout Change
Pending
Price as of:
$10.09 -0.03 -0.3%
primary theme
Municipal Bond
share class
MSTPX (Mutual Fund)

Morningstar Municipal Bond Fund

Payout Change
Pending
Price as of:
$10.09 -0.03 -0.3%
primary theme
Municipal Bond
share class
MSTPX (Mutual Fund)

Morningstar Municipal Bond Fund

Payout Change
Pending
Price as of:
$10.09 -0.03 -0.3%
primary theme
Municipal Bond
share class

Name

As of 10/04/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.09

$324 M

3.25%

$0.33

0.68%

Vitals

YTD Return

3.2%

1 yr return

9.8%

3 Yr Avg Return

0.5%

5 Yr Avg Return

1.7%

Net Assets

$324 M

Holdings in Top 10

4.9%

52 WEEK LOW AND HIGH

$10.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.68%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/04/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.09

$324 M

3.25%

$0.33

0.68%

MSTPX - Profile

Distributions

  • YTD Total Return 3.2%
  • 3 Yr Annualized Total Return 0.5%
  • 5 Yr Annualized Total Return 1.7%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.98%
DIVIDENDS
  • Dividend Yield 3.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Morningstar Municipal Bond Fund
  • Fund Family Name
    Morningstar
  • Inception Date
    Jan 01, 2019
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Robert Miller

Fund Description

In seeking income exempt from federal income taxes consistent with the preservation of capital, the Fund will invest, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in securities of municipal issuers within the United States and its territories, the income of which is exempt from U.S. taxation. To meet its objective, the Fund may invest in investment companies such as ETFs, which could represent a significant percentage of assets.
The Fund intends to invest primarily in investment-grade municipal securities, but may invest up to 25% of assets in high-yield fixed-income securities (including municipal securities) that are rated below investment grade (commonly known as junk bonds) or, if unrated, are determined by the Fund’s subadviser(s) to be of comparable quality. The Fund may also invest in derivatives, including options, futures, swaps, and inverse floating-rate debt instruments (inverse floaters), for risk management purposes or as part of its investment strategies. The Fund may invest in obligations that pay interest at fixed or variable rates.
Multimanager Approach—The Fund uses a multimanager approach, meaning the adviser may allocate assets to one or more subadvisers, in addition to open- and closed-end investment companies, ETFs, and individual securities (collectively “Allocation Decisions”). The adviser and each subadviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund’s investment objective, strategies, and restrictions. Morningstar is responsible for selecting the investment strategies and making Allocation Decisions, with the goal of maximizing return in the context of pursuing the Fund’s investment objective with a prudent level of risk for the strategy. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time.
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MSTPX - Performance

Return Ranking - Trailing

Period MSTPX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.2% -1.9% 26.5% 37.09%
1 Yr 9.8% 2.3% 37.3% 65.63%
3 Yr 0.5%* -9.9% 3.4% 19.65%
5 Yr 1.7%* -6.7% 1104.9% 7.97%
10 Yr N/A* -0.8% 248.9% N/A

* Annualized

Return Ranking - Calendar

Period MSTPX Return Category Return Low Category Return High Rank in Category (%)
2023 2.8% -1.4% 41.0% 50.50%
2022 -9.1% -39.7% 0.3% 27.33%
2021 -0.3% -5.6% 6.9% 41.58%
2020 2.1% -2.6% 310.0% 32.43%
2019 3.4% 0.0% 26.0% 65.24%

Total Return Ranking - Trailing

Period MSTPX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.2% -1.9% 26.5% 37.09%
1 Yr 9.8% 2.3% 37.3% 65.63%
3 Yr 0.5%* -9.9% 3.4% 19.65%
5 Yr 1.7%* -6.7% 1104.9% 7.97%
10 Yr N/A* -0.8% 248.9% N/A

* Annualized

Total Return Ranking - Calendar

Period MSTPX Return Category Return Low Category Return High Rank in Category (%)
2023 5.6% -1.3% 41.0% 52.36%
2022 -7.2% -39.7% 1.1% 28.00%
2021 1.3% -4.8% 23761504.0% 57.34%
2020 6.0% -1.5% 17057.9% 6.81%
2019 6.5% 0.2% 3514.6% 51.03%

NAV & Total Return History


MSTPX - Holdings

Concentration Analysis

MSTPX Category Low Category High MSTPX % Rank
Net Assets 324 M 3.22 M 71.9 B 59.12%
Number of Holdings 754 4 13418 14.66%
Net Assets in Top 10 15.8 M -317 M 3.45 B 90.65%
Weighting of Top 10 4.89% 1.9% 100.1% 98.27%

Top 10 Holdings

  1. CA BAYTRN 04/01/2056 0.61%
  2. MN STPHSG 5 07/01/2031 0.51%
  3. NY LSLPWR 09/01/2049 0.51%
  4. PA MONDEV 5 11/15/2045 0.48%
  5. WA ENEPWR 4 07/01/2042 0.47%
  6. ND CASWTR 3.45 04/01/2027 0.47%
  7. NY NYC 10/01/2046 0.46%
  8. Northern Inst Fds TREAS PRT PRMR 0.46%
  9. MI MISFIN 04/15/2047 0.46%
  10. CA CASPOL 3.38 07/01/2025 0.46%

Asset Allocation

Weighting Return Low Return High MSTPX % Rank
Bonds
99.33% 0.00% 150.86% 38.17%
Cash
0.80% -50.86% 43.45% 57.49%
Stocks
0.00% 0.00% 99.89% 34.72%
Preferred Stocks
0.00% 0.00% 0.08% 25.60%
Other
0.00% -3.72% 51.88% 33.09%
Convertible Bonds
0.00% 0.00% 0.93% 25.23%

Bond Sector Breakdown

Weighting Return Low Return High MSTPX % Rank
Municipal
94.82% 44.39% 100.00% 82.56%
Cash & Equivalents
0.80% 0.00% 43.45% 30.37%
Derivative
0.00% -3.72% 51.88% 30.24%
Securitized
0.00% 0.00% 5.93% 26.56%
Corporate
0.00% 0.00% 9.41% 37.95%
Government
0.00% -2.28% 52.02% 31.49%

Bond Geographic Breakdown

Weighting Return Low Return High MSTPX % Rank
US
99.33% 0.00% 142.23% 36.21%
Non US
0.00% 0.00% 23.89% 29.84%

MSTPX - Expenses

Operational Fees

MSTPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.68% 0.01% 8.02% 55.67%
Management Fee 0.44% 0.00% 1.20% 52.15%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

MSTPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

MSTPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

MSTPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 283.00% 79.06%

MSTPX - Distributions

Dividend Yield Analysis

MSTPX Category Low Category High MSTPX % Rank
Dividend Yield 3.25% 0.00% 14.51% 44.40%

Dividend Distribution Analysis

MSTPX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

MSTPX Category Low Category High MSTPX % Rank
Net Income Ratio 1.98% -0.53% 5.33% 48.79%

Capital Gain Distribution Analysis

MSTPX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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MSTPX - Fund Manager Analysis

Managers

Robert Miller


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

Robert Miller is a senior portfolio manager for the Municipal Fixed Income team at Allspring Global Investments, where he manages mutual funds and separate accounts. He joined Allspring from its predecessor firm, Wells Fargo Asset Management (WFAM). Prior to joining WFAM, Robert worked for American Century Investments, where he was part of a team managing the firm’s municipal bond portfolios. Robert had direct responsibility for the firm’s national intermediate- and long-term investment-grade strategies. In addition, he managed several other state-specific funds for the firm. Robert also served as a member of its analytical team. Earlier, Robert was a municipal bond analyst with Moody’s Investors Service, where he served as an analyst in the States and High Profile Ratings Group as well as the Airport Credit Group, the Southeast Regional Ratings Group, and the Mid-Atlantic Regional Ratings Group. He also founded a small venture capital firm and served as a consultant with Black and Veatch and KPMG Peat Marwick, where he specialized in conducting financial feasibility studies in support of large infrastructure projects. Robert earned a bachelor’s degree in business administration with an emphasis in finance from San Jose State University and a master’s degree in business administration from the Leonard N. Stern School of Business at New York University.

Daniel McNeela


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

Dan McNeela is a senior portfolio manager and co-head of target risk strategies with Morningstar Investment Management. McNeela is focused on portfolio construction, asset allocation, and manager due diligence. Prior to joining the investment management group in 2006, McNeela was associate director of mutual fund analysis for Morningstar, Inc. McNeela served as the editor of Morningstar’s flagship newsletter, Morningstar Mutual Funds and appeared before House and Senate subcommittees to testify as an investor advocate regarding the effectiveness of 529 college savings plans. He joined Morningstar in 2000 as a fund analyst with the individual investor group, specializing in domestic equity funds, with subspecialties in real estate and long-short funds and was the lead analyst on funds offered by Janus, Putnam, Royce and Goldman Sachs. Prior to Morningstar, he held a number of corporate finance positions at Scott Foresman, a leading educational publisher. McNeela holds a bachelor’s degree in finance from Indiana University and a master’s degree in business administration from the from the University of Illinois. McNeela also holds the Chartered Financial Analyst® designation.

Konstantine Mallas


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

Dino Mallas is a portfolio manager in the Fixed Income Division. Mr. Mallas is president and chairman of its Investment Advisory Committee. He is also executive vice president and chairman of the Investment Advisory Committee. Mr. Mallas is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc. He joined the firm in 1986 as a broker in the Discount Brokerage Department and, in 1991, transferred to the Municipal Department. Mr. Mallas began his fixed income responsibilities as a fixed income specialist and later transitioned into trading intermediate- and long-term state and national portfolios. He assumed portfolio management responsibilities in 1999. Mr. Mallas earned a B.S. from American University and an M.B.A. from Loyola University Maryland.

James Murphy


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

Mr. Murphy, who joined T. Rowe Price in 2000, is a Vice President of T. Rowe Price Group, Inc. and T. Rowe Price Associates, Inc., and Portfolio Manager in the Fixed Income Division managing the firm's tax-free high-yield strategy. Mr. Murphy received a B.S. in finance from the University of Delaware and an M.B.A. in finance from Seton Hall University. He has also earned the Chartered Financial Analyst designation.

Terry Goode


Start Date

Tenure

Tenure Rank

Jun 01, 2019

3.0

3.0%

Terry Goode is a senior portfolio manager for the Municipal Fixed Income team at Allspring Global Investments. He is responsible for managing national and state-specific mutual funds, insurance accounts, and separate accounts. Terry joined Allspring from its predecessor firm, Wells Fargo Asset Management (WFAM). Before this, he served as head of the WFAM Tax-Exempt Research team, leading the group responsible for providing credit research to the Municipal Fixed Income team. Prior to joining WFAM, Terry performed similar research duties and provided bond ratings as a director at Standard & Poor’s Credit Market Services. He held a similar position with Wells Fargo Bank’s health care division. Terry earned a bachelor’s degree in economics from the University of California, Los Angeles, and a master’s degree in business administration with an emphasis in finance and investment strategy from the Haas School of Business at the University of California, Berkeley. Terry is a member of the National Federation of Municipal Analysts and the Society of Municipal Analysts and served as former chair and member of the California Society of Municipal Analysts.

Bruce Johns


Start Date

Tenure

Tenure Rank

Jun 01, 2019

3.0

3.0%

Bruce Johns is a senior portfolio manager for the Municipal Fixed Income team at Allspring Global Investments. In this capacity, he manages national short to intermediate maturity strategies and certain state-specific mutual funds. Bruce joined Allspring from its predecessor firm, Wells Fargo Asset Management (WFAM). He joined WFAM from Strong Capital Management, where he was a senior research analyst covering the health care sector. Prior to taking on the role of research analyst at Strong, his area of responsibility included all fixed income settlements operations. He earned a bachelor’s degree in business and finance from the University of Wisconsin, Parkside. Bruce is a member of the National Federation of Municipal Analysts and the Minnesota Society of Municipal Analysts.

Nicholos Venditti


Start Date

Tenure

Tenure Rank

Sep 30, 2020

1.67

1.7%

Nicholos Venditti is a senior portfolio manager for the Municipal Fixed Income team at Allspring Global Investments. He joined Allspring from its predecessor firm, Wells Fargo Asset Management (WFAM). Before joining WFAM, he was with Thornburg Investment Management as a portfolio manager and head of the municipal bond group. Earlier positions there include serving as a portfolio manager on seven mutual funds and separately managed accounts with total assets of approximately $10 billion. Prior to Thornburg, Nicholos held a variety of roles focused on municipal credit analysis at Financial Security Assurance/Assured Guaranty, where he began his investment industry career in 2007. He earned a bachelor’s degree in theoretical economics from Trinity University; a master’s degree in applied economics from the University of North Carolina, Greensboro, where he also served as an adjunct professor; and a master’s degree in finance from Syracuse University. He has earned the right to use the Chartered Financial Analyst® (CFA) designation.

Brandon Pae


Start Date

Tenure

Tenure Rank

Sep 30, 2020

1.67

1.7%

Mr. Pae joined Wells Capital Management Incorporated in 2012, where he currently serves as a Portfolio Manager.

Alfonzo Bruno


Start Date

Tenure

Tenure Rank

May 02, 2022

0.08

0.1%

Alfonzo Bruno is an associate portfolio manager with Morningstar’s Investment Management group. Along with the other Morningstar portfolios managers for the Funds, Bruno is responsible for subadviser selection and oversight, subadviser and exchange traded funds (ETFs) allocations, in addition to other portfolio management responsibilities. Bruno is also a member of Investment Management’s Global Asset Allocation team focusing on U.S. treasuries and agency mortgage-backed securities. Previously, Bruno was a manager research analyst at Morningstar, where he focused on fixed income manager research. Prior to joining Morningstar, Bruno was an investment analyst for the Illinois Municipal Retirement Fund where he focused on public markets portfolio and risk management. Bruno holds a bachelor’s degree in finance from the University of Iowa. Bruno is a CFA Charterholder. Bruno has served as a portfolio manager for the Funds since May 2022.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.33 1.58