PSMAX Fees and Costs — BNY Mellon Massachusetts Fund, Class A
Data updated: 2023-02-27
The net expense ratio is 1.04%: a 0.55% management fee plus 0.49% other expenses. This share class carries a maximum front-end sales load of 4.50%. Portfolio turnover was 8%.
PSMAX Fees and Expenses
Annual operating expenses and sales charges of PSMAX. Prospectus, as of April 30, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.49% |
| Gross expense ratio | 1.04% |
| Fee waiver | — |
| Net expense ratio | 1.04% |
| Sales charges | |
|---|---|
| Max front load | 4.50% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
PSMAX Costs Over Time
On $10,000 invested in PSMAX, assuming 5% a year before costs, total costs come to $1,195 over 5 years, cutting the return by 2.04% 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 |
| Sales charges | $450 | $450 | $450 |
| Fund expenses (net expense ratio 1.04%) | $104 | $325 | $564 |
| Lost growth on money paid in costs | $23 | $87 | $181 |
| Total costs | $577 | $862 | $1,195 |
| Value after costs | $9,923 | $10,714 | $11,568 |
| Impact on return, per year | 5.77% | 2.67% | 2.04% |
PSMAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2022.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $21.6M
- Portfolio turnover (prospectus): 8%
- Securities lending: none during the year
PSMAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $4.8M | 24.50% |
| RBC CAPITAL MARKETS, LLC | $4.0M | 20.15% |
| WELLS FARGO SECURITIES, LLC | $2.5M | 12.61% |
| BARCLAYS CAPITAL INC. | $2.3M | 11.82% |
| B. C. ZIEGLER AND COMPANY | $2.1M | 10.93% |
| MORGAN STANLEY & CO. LLC | $1.2M | 6.02% |
| JEFFERIES LLC | $1.1M | 5.36% |
| INTL FCSTONE FINANCIAL INC. | $580K | 2.95% |
| OPPENHEIMER & CO. INC. | $572K | 2.91% |
| JANNEY MONTGOMERY SCOTT LLC | $540K | 2.75% |
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.