MMCIX Fees and Costs — BNY Mellon Small/Mid Cap Multi-Strategy Fund, Investor Shares
Data updated: 2022-01-27
The net expense ratio is 1.20%: a 0.75% management fee plus 0.45% other expenses. There are no sales loads or redemption fees. In fiscal 2021 the fund paid $103K in broker commissions, 0.0822% of average net assets, and portfolio turnover was 57%.
MMCIX Fees and Expenses
Annual operating expenses and sales charges of MMCIX. Prospectus, as of March 31, 2021.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | — |
| Other expenses | 0.45% |
| Gross expense ratio | 1.20% |
| Fee waiver | — |
| Net expense ratio | 1.20% |
| 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 |
MMCIX Costs Over Time
On $10,000 invested in MMCIX, assuming 5% a year before costs, total costs come to $798 over 5 years, cutting the return by 1.35% 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 1.20%) | $126 | $392 | $678 |
| Trading costs (broker commissions) | $9 | $27 | $46 |
| Lost growth on money paid in costs | $0 | $21 | $73 |
| Total costs | $135 | $440 | $798 |
| Value after costs | $10,365 | $11,137 | $11,965 |
| Impact on return, per year | 1.35% | 1.35% | 1.35% |
MMCIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2021.
- Explicit cost rate (commissions ÷ average net assets): 0.0822%
- Total broker commissions: $103K
- Bought from dealers (principal trades, not a cost): $260.5M
- Portfolio turnover (prospectus): 57%
- Securities on loan, average value: $16.8M
- Net income from securities lending: $59K (0.048% of average net assets)
MMCIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| PIPER JAFFRAY & CO. | $33K | 40.12% |
| J.P. MORGAN SECURITIES LLC | $7K | 8.10% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $7K | 8.10% |
| KEYBANC CAPITAL MARKETS INC. | $6K | 7.76% |
| RAYMOND JAMES & ASSOCIATES, INC. | $6K | 7.62% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $6K | 6.97% |
| RBC CAPITAL MARKETS, LLC | $5K | 6.52% |
| NATIONAL FINANCIAL SERVICES LLC | $5K | 6.31% |
| GOLDMAN SACHS & CO. LLC | $4K | 4.27% |
| JEFFERIES LLC | $3K | 4.24% |
MMCIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| PIPER JAFFRAY & CO. | $121.3M | 53.34% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $28.0M | 12.31% |
| JEFFERIES LLC | $26.6M | 11.68% |
| NATIONAL FINANCIAL SERVICES LLC | $11.5M | 5.04% |
| RAYMOND JAMES & ASSOCIATES, INC. | $7.7M | 3.40% |
| GOLDMAN SACHS & CO. LLC | $7.0M | 3.09% |
| SUSQUEHANNA FINANCIAL GROUP, LLLP | $7.0M | 3.08% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $6.8M | 2.99% |
| J.P. MORGAN SECURITIES LLC | $5.8M | 2.56% |
| KEYBANC CAPITAL MARKETS INC. | $5.7M | 2.50% |
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.