MISCX Fees and Costs — BNY Mellon Small Cap Multi-Strategy Fund, Investor Shares
Data updated: 2026-07-31
The net expense ratio is 1.34%: a 0.85% management fee plus 0.49% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $367K in broker commissions, 0.1477% of average net assets, and portfolio turnover was 75%.
MISCX Fees and Expenses
Annual operating expenses and sales charges of MISCX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | — |
| Other expenses | 0.49% |
| Gross expense ratio | 1.34% |
| Fee waiver | — |
| Net expense ratio | 1.34% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
MISCX Costs Over Time
On $10,000 invested in MISCX, assuming 5% a year before costs, total costs come to $922 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 1.34%) | $141 | $437 | $754 |
| Trading costs (broker commissions) | $16 | $48 | $83 |
| Lost growth on money paid in costs | $0 | $24 | $85 |
| Total costs | $156 | $509 | $922 |
| Value after costs | $10,344 | $11,067 | $11,841 |
| Impact on return, per year | 1.56% | 1.56% | 1.56% |
MISCX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1477%
- Total broker commissions: $367K
- Bought from dealers (principal trades, not a cost): $506.7M
- Portfolio turnover (prospectus): 75%
- Securities on loan, average value: $24.5M
- Net income from securities lending: $61K (0.024% of average net assets)
MISCX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| PIPER SANDLER & CO. | $45K | 16.93% |
| MORGAN STANLEY & CO. LLC | $37K | 13.95% |
| Stifel, Nicolaus & Company, Incorporated | $32K | 12.34% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $29K | 10.89% |
| J.P. Morgan Securities LLC | $28K | 10.80% |
| KEYBANC CAPITAL MARKETS, INC. | $26K | 9.87% |
| RAYMOND JAMES FINANCIAL SERVICES, INC. | $21K | 8.07% |
| GOLDMAN SACHS & CO. LLC | $17K | 6.46% |
| RBC CAPITAL MARKETS, LLC | $16K | 5.92% |
| JEFFERIES LLC | $13K | 4.79% |
MISCX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $67.1M | 17.28% |
| PIPER SANDLER & CO. | $55.8M | 14.36% |
| MORGAN STANLEY & CO. LLC | $55.3M | 14.24% |
| JEFFERIES LLC | $42.6M | 10.98% |
| Stifel, Nicolaus & Company, Incorporated | $40.2M | 10.36% |
| J.P. Morgan Securities LLC | $35.8M | 9.21% |
| KEYBANC CAPITAL MARKETS, INC. | $27.5M | 7.09% |
| NATIONAL FINANCIAL SERVICES LLC | $24.5M | 6.30% |
| GOLDMAN SACHS & CO. LLC | $23.6M | 6.09% |
| RAYMOND JAMES FINANCIAL SERVICES, INC. | $15.9M | 4.10% |
BNY Mellon Small Cap Multi-Strategy Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MPSSX | Class M | 1.09% | — |
| MISCX | Investor Shares | 1.34% | — |
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.