497 1 group5sai-042021a1.htm FINALIZED 497(C)(E) group5sai-042021a1.htm - Generated by SEC Publisher for SEC Filing

STATEMENT OF ADDITIONAL INFORMATION

September 16, 2020, as revised or amended, December 31, 2020,
February 1, 2021, March 1, 2021 and April 30, 2021

This Statement of Additional Information (SAI), which is not a prospectus, supplements and should be read in conjunction with the current prospectus of each fund listed below, as such prospectuses may be revised from time to time. To obtain a copy of a fund's prospectus, please call your financial adviser, or write to the fund at 144 Glenn Curtiss Boulevard, Uniondale, New York 11556-0144, visit www.im.bnymellon.com or call 1-800-373-9387 (inside the U.S. only).

The most recent annual report and semi-annual report to shareholders for each fund are separate documents supplied with this SAI, and the financial statements, accompanying notes and report of the independent registered public accounting firm appearing in the annual report are incorporated by reference into this SAI and can be accessed by clicking on the applicable link in the "Fiscal Year End/Annual Report Date" column below. All classes of a fund have the same fiscal year end and prospectus date, except if otherwise indicated. Capitalized but undefined terms used in this SAI are defined in the Glossary at the end of this SAI.

         

Fund

Abbreviation

Share Class/Ticker

Fiscal Year End/Annual Report Date*

Prospectus Date

         

BNY Mellon Investment Funds I

BNYMIFI

     

BNY Mellon Diversified Emerging Markets Fund

BNYMDEMF

Class A/DBEAX

September 30th

February 1st

   

Class C/DBECX

   
   

Class I/SBCEX

   
   

Class Y/SBYEX

   

BNY Mellon International Equity Fund

BNYMIEF

Class A/NIEAX

September 30th

February 1st

   

Class C/NIECX

   
   

Class I/SNIEX

   
   

Class Y/NIEYX

   

BNY Mellon Global Fixed Income Fund

BNYMGFIF

Class A/DHGAX

December 31st

April 30th

   

Class C/DHGCX

   
   

Class I/SDGIX

   
   

Class Y/DSDYX

   

BNY Mellon Small Cap Growth Fund

BNYMSCGF

Class I/SSETX

September 30th

February 1st

   

Class Y/SSYGX

   

BNY Mellon Small Cap Value Fund

BNYMSCVF

Class A/RUDAX

September 30th

February 1st

   

Class C/BOSCX

   
   

Class I/STSVX

   
   

Class Y/BOSYX

   

BNY Mellon Small/Mid Cap Growth Fund

BNYMSMCGF

Class A/DBMAX

September 30th

February 1st

   

Class C/DBMCX

   
   

Class I/SDSCX

   
   

Class Y/DBMYX

   
   

Class Z/DBMZX

   

BNY Mellon Tax Sensitive Total Return Bond Fund

BNYMTSTRBF

Class A/DSDAX

September 30th

February 1st

   

Class C/DSDCX

   
   

Class I/SDITX

   
   

Class Y/SDYTX

   

BNY Mellon Investment Funds II, Inc.

BNYMIFII

     

BNY Mellon Alternative Diversifier Strategies Fund

BNYMADSF

Class A/DRNAX

October 31st

March 1st

   


GRP5-SAI-0421A

 

 

         

Fund

Abbreviation

Share Class/Ticker

Fiscal Year End/Annual Report Date*

Prospectus Date

   

Class C/DRNCX

   
   

Class I/DRNIX

   
   

Class Y/DRYNX

   

BNY Mellon Global Emerging Markets Fund

BNYMGEMF

Class A/DGEAX

October 31st

March 1st

   

Class C/DGECX

   
   

Class I/DGIEX

   
   

Class Y/DGEYX

   

BNY Mellon Yield Enhancement Strategy Fund

BNYMYESF

Class A/DABMX

October 31st

March 1st

   

Class C/DABLX

   
   

Class I/DABKX

   
   

Class Y/DABJX

   

BNY Mellon Investment Funds III

BNYMIFIII

     

BNY Mellon Equity Income Fund

BNYMEIF

Class A/DQIAX

May 31st

September 16th

   

Class C/DQICX

   
   

Class I/DQIRX

   
   

Class Y/DQIYX

   

BNY Mellon Global Equity Income Fund

BNYMGEIF

Class A/DEQAX

October 31st

March 1st

   

Class C/DEQCX

   
   

Class I/DQEIX

   
   

Class Y/DEQYX

   

BNY Mellon High Yield Fund

BNYMHYF

Class A/DPLTX

December 31st

April 30th

   

Class C/PTHIX

   
   

Class I/DLHRX

   

BNY Mellon International Bond Fund

BNYMIBF

Class A/DIBAX

October 31st

March 1st

   

Class C/DIBCX

   
   

Class I/DIBRX

   
   

Class Y/DIBYX

   

BNY Mellon Investment Funds IV, Inc.

BNYMIFIV

     

BNY Mellon Bond Market Index Fund

BNYMBMIF

Class I/DBIRX

October 31st

March 1st

   

Investor Shares/DBMIX

   

BNY Mellon Floating Rate Income Fund

BNYMFRIF

Class A/DFLAX

August 31st

December 31st

   

Class C/DFLCX

   
   

Class I/DFLIX

   
   

Class Y/DFLYX

   

BNY Mellon Institutional S&P 500 Stock Index Fund

BNYMISPSIF

Class I/DSPIX

October 31st

March 1st

BNY Mellon Tax Managed Growth Fund

BNYMTMGF

Class A/DTMGX

October 31st

March 1st

   

Class C/DPTAX

   
   

Class I/DPTRX

   
         

* Certain information provided in this SAI is indicated to be as of the end of a fund's last fiscal year or during a fund's last fiscal year. The term "last fiscal year" means the most recently completed fiscal year.

 

TABLE OF CONTENTS

PART I

PART II

 

PART III

   

ADDITIONAL INFORMATION ABOUT HOW TO BUY SHARES

III-1

Investment Minimums

III-1

Small Account Policies

III-2

In-Kind Purchases

III-2

Information Pertaining to Purchase Orders

III-2

TeleTransfer Privilege

III-2

Reopening an Account

III-3

Multi-Class Funds

III-3

All Other Funds and Share Classes

III-5

Information Relating to Purchase Orders (money market funds only)

III-5

Converting Shares

III-6

Taxpayer ID Number

III-6

Frequent Purchases and Exchanges (non-money market funds only)

III-7

ADDITIONAL INFORMATION ABOUT HOW TO REDEEM SHARES

III-7

Redemption Fee

III-8

Contingent Deferred Sales Charge—Multi-Class Funds

III-8

Class C

III-8

Waiver of CDSC

III-9

Redemption Through an Authorized Entity

III-9

Checkwriting Privilege

III-9

Wire Redemption Privilege

III-10

Redemption through Compatible Computer Facilities

III-10

TeleTransfer Privilege

III-10

Reinvestment Privilege

III-11

Share Certificates; Medallion Signature Guarantees

III-11

Share Certificates

III-11

Medallion Signature Guarantees

III-11

Redemption Commitment

III-11

Suspension of Redemptions

III-11

Fund Liquidation (money market funds only)

III-11

Liquidity Fees and Redemption Gates (Institutional and Retail MMFs only)

III-12

ADDITIONAL INFORMATION ABOUT SHAREHOLDER SERVICES

III-12

Fund Exchanges

III-12

Class A or Class C shares of a Multi-Class Fund

III-14

Shares Received by Exchange From Class B Shares

III-14

Class Y Shares

III-14

Exchanges of Class I or Class Y Shares Held by a Retirement Plan

III-14

Auto-Exchange Privilege

III-14

Automatic Asset Builder®

III-15

Government Direct Deposit Privilege

III-15

Payroll Savings Plan

III-15

Dividend Options

III-15

Dividend Sweep

III-15

Dividend ACH

III-15

Automatic Withdrawal Plan

III-15

 

   

Letter of Intent¾Class A Shares

III-16

Retirement Plans and IRAs

III-17

ADDITIONAL INFORMATION ABOUT RULE 12b-1 PLANS AND NON-RULE 12b-1 SERVICES PLANS

III-17

ADDITIONAL INFORMATION ABOUT INVESTMENTS,

 

INVESTMENT TECHNIQUES AND RISKS

III-17

All Funds

III-17

Market Risk; Market Developments

III-18

Cybersecurity Risk

III-19

All Funds other than Money Market Funds

III-19

Equity Securities

III-19

Common Stock

III-20

Preferred Stock

III-20

Convertible Securities

III-20

Warrants and Stock Purchase Rights

III-21

IPOs

III-21

Private Placements and Pre-IPO Investments

III-22

Fixed-Income Securities

III-22

U.S. Government Securities

III-23

Corporate Debt Securities

III-24

Ratings of Securities; Unrated Securities

III-24

High Yield and Lower-Rated Securities

III-24

Zero Coupon, Pay-In-Kind and Step-Up Securities

III-26

Inflation-Indexed Securities

III-27

Variable and Floating Rate Securities

III-27

Loans

III-28

Participation Interests and Assignments

III-30

Mortgage-Related Securities

III-31

Asset-Backed Securities

III-35

Collateralized Debt Obligations

III-36

LIBOR Rate Risk

III-36

Municipal Securities

III-37

Taxable Investments (municipal or other tax-exempt funds only)

III-42

Funding Agreements

III-42

Real Estate Investment Trusts (REITs)

III-42

Money Market Instruments

III-43

Bank Obligations

III-43

Repurchase Agreements

III-43

Commercial Paper

III-43

Foreign Securities

III-43

Investing in Europe

III-44

Investing in Japan

III-45

Emerging Markets

III-46

Certain Asian Emerging Market Countries

III-47

Investing in Russia and other Eastern European Countries

III-50

Depositary Receipts and New York Shares

III-50

Sovereign Debt Obligations

III-51

Eurodollar and Yankee Dollar Investments

III-52

Investment Companies, Including Exchange-Traded Funds

III-52

Exchange-Traded Funds

III-53

Private Investment Funds

III-53

Exchange-Traded Notes

III-54

Master Limited Partnerships (MLPs)

III-54

MLP Common Units

III-55

MLP Subordinated Units

III-55

 

   

MLP Convertible Subordinated Units

III-55

MLP Preferred Units

III-56

MLP General Partner Interests

III-56

MLP Debt Securities

III-56

Equity and Debt Securities Issued by Affiliates of MLPs

III-56

MLP I-Shares

III-56

PIPEs

III-57

Derivatives

III-57

Risks

III-57

CEA Regulation

III-59

Specific Types of Derivatives

III-59

Foreign Currency Transactions

III-67

Commodities and Commodity-Related Instruments, Including Commodity ETPs

III-68

Commodity ETPs

III-68

Short-Selling

III-69

Lending Portfolio Securities

III-69

Borrowing Money

III-70

Borrowing Money for Leverage

III-70

Reverse Repurchase Agreements

III-70

Forward Commitments

III-70

Forward Roll Transactions

III-71

Illiquid Securities

III-71

Illiquid Securities Generally

III-71

Section 4(2) Paper and Rule 144A Securities

III-71

Non-Diversified Status

III-72

Investments in the Technology Sector

III-72

Investments in the Real Estate Sector

III-72

Investments in the Infrastructure Sector

III-73

Investments in the Natural Resources Sector

III-73

Money Market Funds

III-73

Ratings of Securities

III-74

Treasury Securities

III-74

U.S. Government Securities

III-74

Repurchase Agreements

III-75

Bank Obligations

III-75

Bank Securities

III-76

Floating and Variable Rate Obligations

III-77

Participation Interests

III-77

Asset-Backed Securities

III-77

Commercial Paper

III-77

Investment Companies

III-77

Foreign Securities

III-77

Municipal Securities

III-78

Derivative Products

III-78

Stand-By Commitments

III-78

Taxable Investments (municipal or other tax-exempt funds only)

III-78

Illiquid Securities

III-78

Borrowing Money

III-78

Reverse Repurchase Agreements

III-78

Forward Commitments

III-79

Interfund Borrowing and Lending Program

III-79

Lending Portfolio Securities

III-79

Money Market Fund Material Events

III-79

Imposition of Liquidity Fees and Temporary Suspensions of Fund Redemptions

III-79

Financial Support Provided to Money Market Funds

III-79

 

   

RATING CATEGORIES

III-80

S&P

III-80

Issue Credit Ratings

III-81

Long-Term Issue Credit Ratings

III-81

Short-Term Issue Credit Ratings

III-82

Municipal Short-Term Note Ratings Definitions

III-82

Moody's

III-83

Long-Term Obligation Ratings and Definitions

III-83

Short-Term Ratings

III-83

U.S. Municipal Short-Term Debt and Demand Obligation Ratings

III-84

Fitch

III-85

Corporate Finance Obligations — Long-Term Rating Scales

III-85

Structured, Project & Public Finance Obligations — Long-Term Rating Scales

III-85

Short-Term Ratings Assigned to Issuers and Obligations

III-86

DBRS

III-87

Long Term Obligations

III-87

Commercial Paper and Short Term Debt

III-87

ADDITIONAL INFORMATION ABOUT THE BOARDS

III-88

Boards' Oversight Role in Management

III-88

Board Composition and Leadership Structure

III-88

Additional Information About the Boards and their Committees

III-89

MANAGEMENT ARRANGEMENTS

III-89

The Manager

III-89

Sub-Advisers

III-90

Portfolio Managers and Portfolio Manager Compensation

III-91

Certain Conflicts of Interest with Other Accounts

III-96

Code of Ethics

III-98

Distributor

III-98

Transfer and Dividend Disbursing Agent and Custodian

III-99

Annual Anti-Money Laundering Program Review

III-99

Funds' Compliance Policies and Procedures

III-99

Combined Prospectuses

III-99

Escheatment

III-99

DETERMINATION OF NAV

III-100

Valuation of Portfolio Securities (funds other than Retail and Government MMFs)

III-100

Valuation of Portfolio Securities (Retail and Government MMFs only)

III-101

Calculation of NAV

III-101

Expense Allocations

III-102

NYSE and Transfer Agent Closings

III-102

ADDITIONAL INFORMATION ABOUT DIVIDENDS AND DISTRIBUTIONS

III-102

Funds other than Money Market Funds

III-102

Money Market Funds

III-103

CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS

III-103

Taxation of the Funds

III-104

RIC Qualification Requirements

III-104

Investments in PFICs

III-107

Taxation of U.S. Shareholders

III-110

Fund Distributions

III-110

NAV Method of Accounting (money market funds only)

III-112

3.8% Surtax

III-113

Taxation of Non-U.S. Shareholders

III-113

Fund Distributions

III-113

 

 

PART I

BOARD INFORMATION

Information About Each Board Member's Experience, Qualifications, Attributes or Skills

Board members for the funds, together with information as to their positions with the funds, principal occupations and other board memberships during the past five years, are shown below. The address of each board member is 240 Greenwich Street, New York, New York 10286.

All of the board members are Independent Board Members.

     

Name
Year of Birth
Position1

Principal Occupation During Past 5 Years

Other Public Company Board Memberships During Past 5 Years

     

Joseph S. DiMartino
1943
Chairman of the Board

Director or Trustee of funds in the BNY Mellon Family of Funds and certain other entities (as listed herein)

CBIZ, Inc., a public company providing professional business services, products and solutions, Director (1997 – Present)

Francine J. Bovich
1951
Board Member

Trustee, The Bradley Trusts, private trust funds (2011 – Present)

Annaly Capital Management, Inc., a real estate investment trust, Director (2014 – Present)

Andrew J. Donohue

1950

Board Member

Attorney, Solo Law Practice (2019 – Present)

Of Counsel, Shearman & Sterling LLP (2017 –2019)

Chief of Staff to the Chair of the SEC (2015 – 2017)

OppenheimerFunds (58 funds), Director (2017 – 2019)

Kenneth A. Himmel
1946
Board Member

Managing Partner, Gulf Related, an international real estate development company (2010 – Present)

President and CEO, Related Urban Development, a real estate development company (1996 – Present)

CEO, American Food Management, a restaurant company (1983 – Present)

President and CEO, Himmel & Company, a real estate development company (1980 – Present)

N/A

I-1

 

     

Name
Year of Birth
Position1

Principal Occupation During Past 5 Years

Other Public Company Board Memberships During Past 5 Years

Stephen J. Lockwood
1947
Board Member

Chairman of the Board, Stephen J. Lockwood and Company LLC, a real estate investment company (2000 – Present)

N/A

Roslyn M. Watson
1949
Board Member

Principal, Watson Ventures, Inc., a real estate investment company (1993 – Present)

American Express Bank, FSB, Director (1993 – 2018)

Benaree Pratt Wiley
1946
Board Member

Principal, The Wiley Group, a firm specializing in strategy and business development (2005 – Present)

CBIZ, Inc., a public company providing professional business services products and solutions, Director (2008 – Present)

Blue Cross-Blue Shield of Massachusetts, Director (2004 – Present)

1 Each of the board members serves on the board's Audit, Nominating, Litigation and Pricing Committees. Mses. Watson and Wiley and Mr. Lockwood serve on the board's Compensation Committee. Mses. Bovich and Wiley and Mr. Donohue also serve on the board's Joint Governance Review Advisory Committee.

The following table shows the year each board member joined each fund's board.

               

Fund

Joseph S. DiMartino

Francine J. Bovich

Andrew J. Donohue

Kenneth A. Himmel

Stephen J. Lockwood

Roslyn M. Watson

Benaree Pratt Wiley

BNYMIFI

2008

2011

2019

2008

2008

2008

2008

BNYMIFII

2013

2013

2019

2013

2013

2013

2013

BNYMIFIII

1999

2012

2019

1988

1993

1992

1998

BNYMIFIV

1999

2012

2019

1993

1993

1993

1998

Each board member, with the exception of Ms. Bovich and Mr. Donohue, has been a BNY Mellon Family of Funds board member for over fifteen years. Ms. Bovich has been in the asset management business for 40 years and Mr. Donohue has over 40 years of experience in the investment funds industry. Additional information about each board member follows (supplementing the information provided in the table above) that describes some of the specific experiences, qualifications, attributes or skills that each board member possesses which the boards believe has prepared them to be effective board members. The boards believe that the significance of each board member's experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one board member may not have the same value for another) and that these factors are best evaluated at the board level, with no single board member, or particular factor, being indicative of board effectiveness. However, the boards believe that board members need to have the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with fund management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties; each board believes that its members satisfy this standard. Experience relevant to having this ability may be achieved through a board member's educational background; business, professional training or practice (e.g., medicine, accounting or law), public service or academic positions; experience from service as a board member (including the boards for the funds) or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations; and/or other life experiences. The charter for the boards' nominating committees contains certain other factors considered by the committees in identifying and evaluating potential board member nominees. To assist them in evaluating matters under federal and state law, the board members are counseled by their independent legal counsel, who participates in board meetings and interacts with the Manager, and also may benefit from information provided by the Manager's counsel; counsel to the funds and to the boards have significant experience

I-2

 

advising funds and fund board members. The boards and their committees have the ability to engage other experts as appropriate. The boards evaluate their performance on an annual basis.

· Joseph S. DiMartino – Mr. DiMartino has been the Chairman of the Board of the funds in the BNY Mellon Family of Funds for over 20 years. From 1971 through 1994, Mr. DiMartino served in various roles as an employee of Dreyfus (prior to its acquisition by a predecessor of BNY Mellon in August 1994 and related management changes), including portfolio manager, President, Chief Operating Officer and a director. He ceased being an employee or director of Dreyfus by the end of 1994. From July 1995 to November 1997, Mr. DiMartino served as Chairman of the Board of The Noel Group, a public buyout firm; in that capacity, he helped manage, acquire, take public and liquidate a number of operating companies. From 1986 to 2010, Mr. DiMartino served as a Director of the Muscular Dystrophy Association.

· Francine J. Bovich – Ms. Bovich currently also serves as a Trustee for The Bradley Trusts, private trust funds, and as a Director of Annaly Capital Management, Inc. She is an Emeritus Trustee of Connecticut College, and served as Trustee from 1986 to 1997. She currently serves as a member of the Investment Committee (formerly, the Investment Sub Committee) for Connecticut College's endowment fund and served as Chair of the Investment Sub Committee until June 2020. From April 1993 until September 2010, Ms. Bovich was a Managing Director at Morgan Stanley Investment Management, holding various positions including Co-Head of Global Tactical Asset Allocation Group, Operations Officer, and Head of the U.S. Institutional Equity Group. Prior to joining Morgan Stanley Investment Management, Ms. Bovich was Principal, Executive Vice President and Senior Portfolio Manager at Westwood Management Corporation, where she worked from 1986 until 1993. From 1980 to 1986, she worked at CitiCorp Investment Management, Inc. as Managing Director and Senior Portfolio Manager. From 1973 to 1980, Ms. Bovich was an Assistant Vice President and Equity Portfolio Manager at Bankers Trust Company. From 1991 to 2005, she served as U.S. Representative to the United Nations Investments Committee, advising a global portfolio of approximately $30 billion.

· Andrew J. (Buddy) Donohue – Mr. Donohue, who has worked as a solo law practitioner since 2019, has over 40 years of experience in the investment funds industry, in both senior government and private sector roles. Mr. Donohue served as Chief of Staff to the Chair of the SEC from 2015 to 2017, and previously served as the Director of the SEC's Division of Investment Management from 2006 to 2010, where he was effectively the most senior regulator for the U.S. investment funds industry. Mr. Donohue was Global General Counsel of Merrill Lynch Investment Managers from 2003 to 2006, Executive Vice President and General Counsel of OppenheimerFunds, Inc. from 1991 to 2001 and Investment Company General Counsel of Goldman Sachs from 2012 to 2015. Most recently, Mr. Donohue was an independent Director of the OppenheimerFunds from 2017 to 2019 and Of Counsel at the law firm of Shearman & Sterling LLP from September 2017 to July 2019. Mr. Donohue has been an officer, director and counsel for numerous investment advisers, broker-dealers, commodity trading advisers, transfer agents and insurance companies, and has served on the boards of business development companies, registered open-end funds, closed-end funds, exchange-traded funds and off-shore investment funds. He has also served as chairman of the American Bar Association's Investment Companies and Investment Advisers Subcommittee, editor of the ABA Fund Director's Guidebook and, since 2018, director of the Mutual Fund Directors Forum, a leading funds industry organization. Mr. Donohue also is an adjunct professor teaching investment management law at Brooklyn Law School.

· Kenneth A. Himmel – Mr. Himmel has over 30 years' experience as a business entrepreneur, primarily focusing on real estate development. Mr. Himmel is President and Chief Executive Officer of Related Urban Development, a leading developer of large-scale mixed-use properties and a division of Related Companies, L.P., and a Managing Partner of Gulf Related, a real estate development joint venture between Related Companies, L.P. and Gulf Capital.

· Stephen J. Lockwood – Mr. Lockwood's business experience of over 40 years includes being a board member and/or officer of various financial institutions, including insurance companies, real estate investment companies and venture capital firms. Mr. Lockwood serves as Managing Director and Chairman of the Board of Stephen J. Lockwood and Company LLC, a real estate investment company. Mr. Lockwood was formerly the Vice Chairman and a member of the Board of Directors of HCC Insurance Holdings, Inc., a New York Stock Exchange listed insurance holding company.

I-3

 

· Roslyn M. Watson – Ms. Watson has been a business entrepreneur in commercial and residential real estate for over 15 years. Ms. Watson currently serves as President and Founder of Watson Ventures, Inc., a real estate development investment firm, and her board memberships include American Express Bank, FSB (until 2018), The Hyams Foundation, Inc. (emeritus), Pathfinder International and Simmons College. Previously, she held various positions in the public and private sectors, including General Manager for the Massachusetts Port Authority. She has received numerous awards, including the Woman of Achievement award from the Boston Big Sister Association and the Working Woman of the Year Award from Working Woman Magazine.

· Benaree Pratt Wiley – Ms. Wiley is a corporate director and trustee. For fifteen years, Ms. Wiley was the President and Chief Executive Officer of The Partnership, Inc., an organization that strengthened Greater Boston's capacity to attract, retain and develop talented professionals of color. Ms. Wiley currently serves on the boards of Blue Cross Blue Shield of Massachusetts and CBIZ (NYSE:CBZ). She has served as the Chair of PepsiCo's African American Advisory Board, and formerly served on the board of First Albany (NASDAQ: FACT). Her civic activities include serving on the boards of Dress for Success Boston, Partners Continuing Care and Spaulding Hospital, the Black Philanthropy Fund and Howard University where she serves as Vice Chair.

Committee Meetings

The boards' standing Audit, Nominating, Compensation, Litigation and Pricing Committees met during the funds' last fiscal years as indicated below:

           

Fund

Audit

Nominating

Compensation

Litigation

Pricing

           

BNYMIFI (9/30 fiscal year end)

3

0

1

0

0

BNYMIFI (12/31 fiscal year end)

4

2

0

0

0

BNYMIFII

3

0

0

0

0

BNYMIFIII (5/31 fiscal year end)

3

1

1

0

0

BNYMIFIII (10/31 fiscal year end)

3

0

0

0

0

BNYMIFIII (12/31 fiscal year end)

4

2

0

1

0

BNYMIFIV (8/31 fiscal year end)

3

0

1

0

0

BNYMIFIV (10/31 fiscal year end)

3

0

0

0

0

Board Members' Fund Share Ownership

The table below indicates the dollar range of each board member's ownership of fund shares and shares of other funds in the BNY Mellon Family of Funds, in each case as of December 31, 2020.

               

Fund

Joseph S.
DiMartino

Francine
J. Bovich

Andrew J. Donohue

Kenneth
A. Himmel

Stephen J.
Lockwood

Roslyn M.
Watson

Benaree Pratt Wiley

               

BNYMDEMF

None

None

None

None

None

None

None

BNYMIEF

None

None

None

None

None

None

None

BNYMGFIF

None

None

None

None

None

None

None

BNYMSCGF

None

None

None

None

None

None

None

BNYMSCVF

None

None

None

None

None

None

None

BNYMSMCGF

None

None

None

None

None

None

None

I-4

 

               

Fund

Joseph S.
DiMartino

Francine
J. Bovich

Andrew J. Donohue

Kenneth
A. Himmel

Stephen J.
Lockwood

Roslyn M.
Watson

Benaree Pratt Wiley

               

BNYMTSTRBF

None

None

None

None

None

None

None

BNYMADSF

None

None

None

None

None

None

None

BNYMGEMF

None

None

None

None

None

None

None

BNYMYESF

None

None

None

None

None

None

None

BNYMEIF

None

None

None

None

None

None

None

BNYMGEIF

None

None

None

None

None

None

None

BNYMHYF

None

None

None

None

None

None

None

BNYMIBF

None

None

None

None

None

None

None

BNYMBMIF

None

None

None

None

None

None

None

BNYMFRIF

None

None

None

None

None

None

None

BNYMISPSIF

Over $100,000

None

None

None

None

None

None

BNYMTMGF

None

None

None

None

None

None

None

               

Aggregate holdings of funds in the BNY Mellon Family of Funds

Over $100,000

None

Over $100,000

None

None

$10,001-$50,000

$50,001 - $100,000

See "Share Ownership" below for information on the shareholdings of each fund by board members and officers as a group.

As of December 31, 2020, none of the board members or their immediate family members owned securities of the Manager, any Sub-Advisers, the Distributor or any person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with the Manager, any Sub-Advisers or the Distributor.

Board Members' Compensation

Annual retainer fees and meeting attendance fees are allocated among the funds on the basis of net assets, with the Chairman of the Board, Joseph S. DiMartino, receiving an additional 25% of such compensation. The funds reimburse board members for their expenses. The funds do not have a bonus, pension, profit-sharing or retirement plan. Each emeritus board member is entitled to receive an annual retainer of one-half the amount paid as a retainer at the time the board member became emeritus and a per meeting attended fee of one-half the amount paid to board members.

The aggregate amount of fees received from the funds by each current board member for the funds' last fiscal years, and by all funds in the fund complex (which comprises registered investment companies for which the Manager or an affiliate of the Manager serves as investment adviser) for which such person was a board member during 2020, were as follows:

                 

Fund

Joseph S. DiMartino*

Francine J. Bovich

Andrew J. Donohue**

James M. Fitzgibbons***

Kenneth A. Himmel

Stephen J. Lockwood

Roslyn M. Watson

Benaree Pratt Wiley

                 

BNYMIFI (9/30 fiscal year end)

$56,440

$51,680

$45,635

$18,215

$45,763

$47,005

$45,635

$45,395

BNYMIFI (12/31 fiscal year end)

$43,463

$39,648

$35,143

$12,703

$35,281

$35,281

$34,780

$35,154

BNYMIFII

$14,195

$13,092

$11,459

$4,555

$11,536

$11,536

$11,359

$11,457

I-5

 

                 

Fund

Joseph S. DiMartino*

Francine J. Bovich

Andrew J. Donohue**

James M. Fitzgibbons***

Kenneth A. Himmel

Stephen J. Lockwood

Roslyn M. Watson

Benaree Pratt Wiley

                 

BNYMIFIII (5/31 fiscal year end)

$14,382

$14,022

$10,227

$5,094

$11,228

$12,902

$12,537

$12,076

BNYMIFIII (10/31 fiscal year end)

$15,355

$13,682

$12,353

$3,800

$9,409

$12,409

$12,286

$12,352

BNYMIFIII (12/31 fiscal year end)

$14,115

$12,901

$11,419

$4,125

$11,449

$11,449

$11,295

$11,423

BNYMIFIV (8/31 fiscal year end)

$11,028

$10,005

$8,421

$3,657

$8,917

$9,071

$8,829

$8,827

BNYMIFIV (10/31 fiscal year end)

$52,638

$48,605

$42,527

$16,792

$42,807

$42,807

$42,123

$42,523

                 

Total compensation from the funds and fund complex (****)

$1,238,750
(118)

$676,250
(69)

$491,250
(55)

$67,500
(20)

$199,000
(22)

$202,000
(22)

$456,500
(55)

$660,500
(75)

  Amounts shown do not include expenses reimbursed to board members for attending board meetings.
* Amounts shown do not include the costs of office space and related parking, office supplies and secretarial services, which also are paid by the funds (also allocated based on net assets). The amount paid by each fund in 2020 ranged from $5 to $2,550 ($13,878 for all funds).
** Mr. Donohue was appointed to the Board in July 2019.
*** Emeritus board member.
****  Represents the number of separate portfolios comprising the investment companies in the fund complex, including the funds, for which the board member served in 2020.

I-6

 

OFFICERS

     

Name
Year of Birth
Position1
Since

Principal Occupation During Past 5 Years

Number of Investment Companies (Portfolios) in the Fund Complex* for which the Officer serves as an Officer

     

David DiPetrillo
1978
President
20192

Head of North American Product, BNY Mellon Investment Management since January 2018; Director of Product Strategy, BNY Mellon Investment Management from January 2016 to December 2017

61 (114)

James Windels
1958
Treasurer
2001

Director – BNY Mellon Fund Administration

62 (137)

Bennett A. MacDougall
1971
Chief Legal Officer
2015

Chief Legal Officer of BNYM Investment Adviser and Associate General Counsel and Managing Director of BNY Mellon

62 (137)

James Bitetto
1966
Vice President and Secretary
20053

Senior Managing Counsel of BNY Mellon since December 2019; Managing Counsel of BNY Mellon from April 2014 to December 2019; Secretary of BNYM Investment Adviser

62 (137)

Deirdre Cunnane
1990
Vice President and Assistant Secretary
2019

Counsel of BNY Mellon since August 2018; Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018

62 (137)

Sarah S. Kelleher
1975
Vice President and Assistant Secretary
2014

Managing Counsel of BNY Mellon since December 2017; Senior Counsel of BNY Mellon from March 2013 to December 2017

62 (137)

Jeff S. Prusnofsky
1965
Vice President and Assistant Secretary
2005

Senior Managing Counsel of BNY Mellon

62 (137)

Amanda Quinn
1985
Vice President and Assistant Secretary
2020

Counsel of BNY Mellon since June 2019; Regulatory Administration Manager at BNY Mellon Investment Management Services from September 2018 to May 2019; Senior Regulatory Specialist at BNY Mellon Investment Management Services from April 2015 to August 2018

62 (137)

I-7

 

     

Name
Year of Birth
Position1
Since

Principal Occupation During Past 5 Years

Number of Investment Companies (Portfolios) in the Fund Complex* for which the Officer serves as an Officer

     

Peter M. Sullivan
1968
Vice President and Assistant Secretary
2019

Senior Managing Counsel of BNY Mellon since December 2020; Managing Counsel of BNY Mellon from March 2009 to December 2020

62 (137)

Natalya Zelensky
1985
Vice President and Assistant Secretary
2017

Managing Counsel of BNY Mellon since December 2019; Counsel of BNY Mellon from May 2016 to December 2019; Attorney at Wildermuth Endowment Strategy Fund/Wildermuth Advisory, LLC from November 2015 to May 2016

62 (137)

Gavin C. Reilly
1968
Assistant Treasurer
2005

Tax Manager - BNY Mellon Fund Administration

62 (137)

Robert S. Robol
1964
Assistant Treasurer
2002

Senior Accounting Manager – BNY Mellon Fund Administration

62 (137)

Robert Salviolo
1967
Assistant Treasurer
2007

Senior Accounting Manager – BNY Mellon Fund Administration

62 (137)

Robert Svagna
1967
Assistant Treasurer
2002

Senior Accounting Manager – BNY Mellon Fund Administration

62 (137)

Joseph W. Connolly
1957
CCO
2004

CCO of BNYM Investment Adviser, the BNY Mellon Family of Funds and BNY Mellon Funds Trust

61 (129)

Caridad M. Carosella
1968
Anti-Money Laundering Compliance Officer
2016

Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust

55 (130)

* "Fund Complex" comprises registered investment companies for which the Manager or an affiliate of the Manager serves as investment adviser.

1 With respect to BNYMIFI, each officer has held his or her respective position since 2008, except for Messrs. DiPetrillo, MacDougall and Sullivan and Mses. Carosella, Cunnane, Kelleher, Quinn and Zelensky, whose dates are as shown above. With respect to BNYMIFII, each officer has held his or her respective position since 2013, except for Messrs. DiPetrillo, MacDougall and Sullivan and Mses. Carosella, Cunnane, Kelleher, Quinn and Zelensky, whose dates are as shown above.

2 President since 2021; previously, Vice President.

3 Vice President and Secretary since 2018; previously, Vice President and Assistant Secretary.

Each officer serves until his or her respective successor has been duly elected and qualified or until his or her earlier death, resignation, retirement or removal. The address of each officer is 240 Greenwich Street, New York, New York 10286.

I-8

 

CERTAIN PORTFOLIO MANAGER INFORMATION

The following table lists the number and types of accounts (including the funds) advised by each fund's primary portfolio manager(s) and assets under management in those accounts as of the end of the last fiscal year of the funds they manage. If a portfolio manager is a primary portfolio manager for multiple funds with different fiscal year ends, information is provided as of the most recent last fiscal year end of the relevant funds, except if otherwise indicated.

             

Primary
Portfolio Manager

Registered Investment Companies

Total Assets Managed

Other Pooled Investment Vehicles

Total Assets Managed

Other Accounts

Total Assets Managed

             

Chris Barris

5

$2.6B

2

$447.0M

4

$1.5B

Jon Bell

1

$257.8M

5

$5.4B

1

$2.5M

Paul Benson

2

$1.2B

9

$2.8B

20

$4.9B

Paul Birchenough

None

N/A

None

N/A

None

N/A

Stephanie K. Brandaleone

3

$810.2M

None

N/A

7

$762.6M

Jeffrey Burger

14

$5.6B

1

$547.0M

450

$1.8B

Thomas Casey

10

$5.0B

None

N/A

484

$4.1B

Alan R. Christensen

6

$3.3B

None

N/A

57

$3.3B

Nicholas Cohn

3

$810.2M

None

N/A

8

$771.5M

Joseph M. Corrado

3

$810.2M

2

$65.3M

8

$742.1M

Catherine P. Crain

5

$3.2B

None

N/A

104

$5.5B

Kevin Cronk

5

$2.6B

3

$689.5M

4

$1.5B

Thomas J. Durante

7

$11.8B

103

$92.3B

59

$111.7B

Paul Flood

1

$257.8M

8

$6.0B

3

$454.6M

David France

7

$11.8B

103

$92.3B

59

$111.7B

Todd Frysinger

7

$11.8B

103

$92.3B

59

$111.7B

Peter D. Goslin

7

$1.8B

2

$451.3M

13

$881.3M

Ilga Haubelt

1

$257.8M

9

$7.9B

5

$2.9B

Robert Hay

1

$257.8M

6

$5.6B

7

$3.9B

David Leduc

2

$3.4B

2

$858.2M

None

None

Gentry Lee

6

$3.3B

9

$1.3B

91

$7.2B

Caroline Lee

7

$4.6B

None

N/A

None

N/A

Paul Markham

1

$667.2M

5

$2.2B

10

$3.3B

Julianne McHugh

3

$967.4M

1

$30.0M

None

N/A

Jeffrey M. Mortimer

4

$1.7B

None

N/A

None

N/A

Jeff Munroe

3

$1.3B

5

$2.3B

15

$4.7B

Brendan Murphy

2

$3.4B

2

$990.7M

7

$3.6B

Jonathan J. Piskorowski

1

$141.5M

None

N/A

7

$762.6M

John Porter

5

$5.1B

5

$308.0M

10

$635.5M

Daniel Rabasco

14

$7.0B

None

N/A

55

$2.6B

Nancy G. Rogers

2

$1.2B

31

$15.1B

22

$17.0B

Christopher B. Sarofim

5

$3.2B

None

N/A

8

$1.7B

Fayez S. Sarofim

5

$3.3B

9

$1.3B

276

$12.8B

Charles E. Sheedy

4

$3.2B

9

$1.3B

45

$1.6B

Vlasta Sheremeta

7

$11.8B

103

$92.0B

59

$111.7B

Stephanie Shu

1

$1.2B

9

$2.8B

20

$4.9B

Ian Smith

None

N/A

None

N/A

None

N/A

Elizabeth Slover

12

$7.0B

6

$943.8M

20

$2.7B

Michael Stoll

7

$11.8M

103

$92.3B

59

$111.7M

Todd Wakefield

5

$5.1B

4

$215.6M

12

$626.4M

Marlene Walker Smith

7

$11.8B

103

$92.3B

59

$111.7B

I-9

 

             

Primary
Portfolio Manager

Registered Investment Companies

Total Assets Managed

Other Pooled Investment Vehicles

Total Assets Managed

Other Accounts

Total Assets Managed

             

Chris Yao

11

$3.9B

3

$138.3M

4

$551.9M

Scott Zaleski

3

$3.5B

None

None

None

None

Syed A. Zamil

7

$1.8B

2

$451.3M

13

$881.3M

Robert C. Zeuthen

5

$5.1B

1

$1.3B

1

$9.3M

The following table provides information on accounts managed (included within the table above) by each primary portfolio manager that are subject to performance-based advisory fees.

       

Primary
Portfolio Manager

Type of Account

Number of Accounts
Subject to Performance Fees

Total Assets of Accounts Subject to Performance Fees

       

Chris Barris

Other Accounts

1

$408.8M

Jon Bell

None

N/A

N/A

Paul Benson

Other Accounts

1

$343.9M

Paul Birchenough

None

N/A

N/A

Stephanie K. Brandaleone

None

N/A

N/A

Jeffrey Burger

None

N/A

N/A

Thomas Casey

None

N/A

N/A

Alan R. Christensen

None

N/A

N/A

Nicholas Cohn

None

N/A

N/A

Joseph M. Corrado

None

N/A

N/A

Catherine P. Crain

None

N/A

N/A

Kevin Cronk

Other Accounts

1

$408.8M

Thomas J. Durante

None

N/A

N/A

Paul Flood

Other Accounts

1

$9.4M

David France

None

N/A

N/A

Todd Frysinger

None

N/A

N/A

Peter D. Goslin

Other Accounts

4

$690.0M

Ilga Haubelt

None

N/A

N/A

Robert Hay

Other Accounts

1

$127.4M

David Leduc

None

N/A

N/A

Gentry Lee

None

N/A

N/A

Caroline Lee

None

N/A

N/A

Paul Markham

Other Accounts

2

$1.3B

Julianne McHugh

None

N/A

N/A

Jeffrey M. Mortimer

None

N/A

N/A

Jeff Munroe

Other Accounts

2

$985.0M

Brendan Murphy

Other Accounts

1

$2.2B

Jonathan J. Piskorowski

None

N/A

N/A

John Porter

Other Accounts

1

$71.6M

Daniel Rabasco

None

N/A

N/A

Nancy G. Rogers

Other Accounts

1

$343.9M

Christopher B. Sarofim

None

N/A

N/A

Fayez S. Sarofim

None

N/A

N/A

Charles E. Sheedy

None

N/A

N/A

I-10

 

       

Primary
Portfolio Manager

Type of Account

Number of Accounts
Subject to Performance Fees

Total Assets of Accounts Subject to Performance Fees

Vlasta Sheremeta

None

N/A

N/A

Stephanie Shu

Other Accounts

1

$343.9M

Elizabeth Slover

Other Accounts

1

$51.9M

Ian Smith

None

N/A

N/A

Michael Stoll

None

N/A

N/A

Todd Wakefield

None

N/A

N/A

Marlene Walker Smith

None

N/A

N/A

Chris Yao

None

N/A

N/A

Scott Zaleski

None

N/A

N/A

Syed A. Zamil

Other Accounts

4

$690.0M

Robert C. Zeuthen

None

N/A

N/A

The following table lists the dollar range of fund shares beneficially owned by the primary portfolio manager(s) as of the end of the fund's last fiscal year, except if otherwise indicated.

     

Primary Portfolio Manager

Fund

Dollar Range of Fund Shares Beneficially Owned

     

Chris Barris

BNYMFRIF

None

 

BNYMHYF

None

Jon Bell

BNYMGEIF

None

Paul Benson

BNYMBMIF

$50,001-$100,000

Paul Birchenough

BNYMGEMF

None

Stephanie K. Brandaleone

BNYMSCVF

$1-$10,000

Jeffrey Burger

BNYMTSTRBF

None

Thomas Casey

BNYMTSTRBF

None

Alan R. Christensen

BNYMTMGF

$10,001-$50,000

Nicholas Cohn

BNYMSCVF

$10,001-$50,000

Joseph M. Corrado

BNYMSCVF

$100,001-$500,000

Catherine P. Crain

BNYMTMGF

$10,001-$50,000

Kevin Cronk

BNYMHYF

None

 

BNYMFRIF

None

Thomas J. Durante

BNYMISPSIF

$100,001-$500,000

Paul Flood

BNYMGEIF

None

David France

BNYMISPSIF

None

Todd Frysinger

BNYMISPSIF

None

Peter D. Goslin

BNYMDEMF

None

 

BNYMEIF

$100,001-$500,000

Ilga Haubelt

BNYMGEIF

None

Robert Hay

BNYMGEIF

None

David Leduc

BNYMGFIF

$500,001-$1,000,000

 

BNYMIBF

$100,001-$500,000

Gentry Lee

BNYMTMGF

$10,001-$50,000

Caroline Lee

BNYMADSF

None

 

BNYMYESF

None

Paul Markham

BNYMIEF

None

Julianne McHugh

BNYMDEMF

None

Jeffrey M. Mortimer

BNYMADSF

None

 

BNYMYESF

None

Jeff Munroe

BNYMIEF

None

I-11

 

     

Primary Portfolio Manager

Fund

Dollar Range of Fund Shares Beneficially Owned

     

Brendan Murphy

BNYMGFIF

$100,001-$500,000

 

BNYMIBF

$100,001-$500,000

Jonathan J. Piskorowski

BNYMSCVF

$10,001-$50,000

John Porter

BNYMSCGF

$100,001-$500,000

 

BNYMSMCGF

$100,001-$500,000

Daniel Rabasco

BNYMTSTRBF

None

Nancy G. Rogers

BNYMBMIF

$10,001-$50,000

Christopher B. Sarofim

BNYMTMGF

$10,001-$50,000

Fayez S. Sarofim

BNYMTMGF

$100,001-$500,000

Charles E. Sheedy

BNYMTMGF

$100,001-$500,000

Vlasta Sheremeta

BNYMISPSIF

None

Stephanie Shu

BNYMBMIF

$10,001-$50,000

Elizabeth Slover

BNYMDEMF

None

Ian Smith

BNYMGEMF

None

Michael Stoll

BNYMISPSIF

None

Todd Wakefield

BNYMSMCGF

$100,001-$500,000

 

BNYMSCGF

$100,001-$500,000

Marlene Walker Smith

BNYMISPSIF

None

Chris Yao

BNYMDEMF

None

 

BNYMEIF

None

Scott Zaleski

BNYMIBF

$10,001-$50,000

 

BNYMGFIF

$50,001-$100,000

Syed A. Zamil

BNYMDEMF

None

 

BNYMEIF

$10,001-$50,000

Robert C. Zeuthen

BNYMSMCGF

$100,001-$500,000

 

BNYMSCGF

$100,001-$500,000

 

I-12

 

MANAGER'S AND SUB-ADVISERS' COMPENSATION; COMPLIANCE SERVICES

Manager's and Sub-Advisers' Compensation

For each fund's last three fiscal years, the management fees payable by the fund, the reduction, if any, in the amount of the fee paid due to fee waivers and/or expense reimbursements by the Manager and the net fees paid by the fund were as follows:

                   
 

2020 Fiscal Year

2019 Fiscal Year

2018 Fiscal Year

Fund

Fee payable

Reduction
in fee

Net fee paid

Fee payable

Reduction
in fee

Net fee paid

Fee payable

Reduction
in fee

Net fee paid

                   

BNYMADSF

$953,435

$0

$953,435

$1,068,936

$0

$1,068,936

$1,169,914

$42

$1,169,872

BNYMBMIF

$1,746,719

$98,5001

$1,648,219

$1,718,151

$102,3791

$1,615,772

$1,844,547

$762,0531

$1,082,494

BNYMEIF

$6,901,851

$0

$6,901,851

$6,013,221

$0

$6,013,221

$2,632,700

$409,572

$2,223,128

BNYMFRIF2

$4,806,195

$0

$4,806,195

$3,181,775

$0

$3,181,775

$6,757,426

$5,543

$6,751,883

BNYMDEMF3

$1,232,387

$0

$1,232,387

$1,319,876

$0

$1,319,876

$1,434,576

$91

$1,434,485

BNYMGEIF

$2,749,992

$0

$2,749,992

$3,173,616

$0

$3,173,616

$3,274,361

$0

$3,274,361

BNYMGEMF4

$2,299,335

$0

$2,299,335

$2,091,770

$0

$2,091,770

$2,690,130

$0

$2,691,130

BNYMGFIF5

$12,051,955

$0

$12,051,955

$12,755,170

$0

$12,755,170

$13,533,532

$0

$13,533,532

BNYMHYF

$6,925,360

$90,024

$6,835,366

$7,142,147

$92,1801

$7,049,967

$8,009,312

$82,6011

$7,926,711

BNYMIBF

$2,444,097

$0

$2,444,097

$3,855,094

$0

$3,855,094

$4,999,810

$0

$4,999,810

BNYMIEF

$6,514,212

$0

$6,514,212

$8,591,842

$0

$8,591,842

$9,685,736

$116,583

$9,569,153

BNYMISPSIF

$5,494,005

$247,2501

$5,246,755

$5,081,777

$221,4601

$4,860,317

$5,275,802

$198,9741

$5,076,828

BNYMSCGF

$85,194

$85,194

$0

$55,417

$55,417

$0

$52,141

$52,141

$0

BNYMSCVF

$1,316,315

$0

$1,316,315

$1,659,017

$0

$1,659,017

$1,891,475

$108

$1,891,367

BNYMSMCGF6

$15,171,980

$0

$15,171,980

$11,768,336

$0

$11,768,336

$9,069,998

$0

$9,069,998

BNYMTMGF

$1,066,321

$10,3111

$1,056,010

$986,733

$10,2731

$976,460

$1,679,866

$13,4561

$1,666,410

BNYMTSTRBF5

$543,211

$268,454

$274,757

$1,102,717

$270,047

$832,670

$1,145,898

$321,543

$824,355

1 Represents the fund's allocable share of the fees and expenses of the Independent Board Members (including fees of their counsel).
2 Aggregate fee to the Manager and Alcentra.
3 Aggregate fee to the Manager and Mellon (prior to January 31, 2018, Mellon Capital and TBCAM (each a predecessor company of Mellon)).
4 Aggregate fee to the Manager and Newton.
5 Aggregate fee to the Manager and Mellon (prior to January 31, 2018, Standish (a predecessor company of Mellon)). 
6 Aggregate fee to the Manager and Mellon (prior to January 31, 2018, TBCAM (a predecessor company of Mellon)).

The contractual fee rates paid by the Manager to a fund's portfolio allocation manager or Sub-Adviser(s), if any, and the effective rate paid in the last fiscal year, are as follows (expressed as an annual rate as a percentage of the fund's average daily net assets):

       

Fund

Portfolio Allocation Manager/Sub-Adviser

Fee Rate

Effective Fee Rate for the Last Fiscal Year

       

BNYMGEMF

Newton

*

*

BNYMDEMF

Mellon

**

**

BNYMGFIF

Mellon

***

***

BNYMTSTRBF

Mellon

****

****

BNYMSMCGF

Mellon

+

+

BNYMIEF

Newton

0.37%

0.36%

BNYMFRIF

Alcentra

++

++

BNYMTMGF

Sarofim & Co.

0.2175%

0.2175%

BNYMGEIF

Newton

0.36%

0.36%

* BNYMGEMF operates pursuant to an exemptive order that permits it to disclose, as a dollar amount and a percentage of its net assets, the aggregate fees paid to the Manager and Newton. The aggregate annual fee payable to the Manager

I-13

 

and Newton is 0.75% of the value of the fund's average daily net assets. The effective fee rate for the Manager and Newton for the last fiscal year was 0.75%.

** BNYMDEMF operates pursuant to an exemptive order that permits it to disclose, as a dollar amount and a percentage of its net assets, the aggregate fees paid to the Manager and Mellon. The aggregate annual fee payable to the Manager and Mellon is 1.10% of the value of the fund's average daily net assets, other than assets allocated to Underlying Funds. The effective fee rate for the Manager and Mellon for the last fiscal year was 0.31%.

*** BNYMGFIF operates pursuant to an exemptive order that permits it to disclose, as a dollar amount and a percentage of its net assets, the aggregate fees paid to the Manager and Mellon. The aggregate annual fee payable to the Manager and Mellon is 0.40% of the value of the fund's average daily net assets. The effective fee rate for the Manager and Mellon for the last fiscal year was 0.40%.

**** BNYMTSTRBF operates pursuant to an exemptive order that permits it to disclose, as a dollar amount and a percentage of its net assets, the aggregate fees paid to the Manager and Mellon. The aggregate annual fee payable to the Manager and Mellon is 0.40% of the value of the fund's average daily net assets. The effective fee rate for the Manager and Mellon for the last fiscal year was 0.05%.

+ BNYMSMCGF operates pursuant to an exemptive order that permits it to disclose, as a dollar amount and a percentage of its net assets, the aggregate fees paid to the Manager and Mellon. The aggregate annual fee payable to the Manager and Mellon is 0.60% of the value of the fund's average daily net assets. The effective fee rate for the Manager and Mellon for the last fiscal year was 0.60%.

++ BNYMFRIF operates pursuant to an exemptive order that permits it to disclose, as a dollar amount and a percentage of its net assets, the aggregate fees paid to the Manager and Alcentra. The aggregate annual fee payable to the Manager and Alcentra is 0.65% of the value of the fund's average daily net assets. The effective fee rate for the Manager and Alcentra for the last fiscal year was 0.65%.

For a fund's last three fiscal years (other than funds for which the Sub-Adviser's fee is disclosed on an aggregate basis above), the fees payable by the Manager to the fund's Sub-Adviser(s), if any, the reduction, if any, in the amount of the fee paid due to fee waivers by the Sub-Adviser(s) and the net fees paid were as follows:

                   
 

2020 Fiscal Year

2019 Fiscal Year

2018 Fiscal Year

Fund/Sub-Adviser

Fee payable

Reduction in fee

Net fee
paid

Fee payable

Reduction in fee

Net fee paid

Fee
payable

Reduction in fee

Net fee paid

                   

BNYMIEF/
Newton

$3,364,529

$118,521

$3,246,008

$4,103,655

$0

$4,103,655

$4,532,530

$116,583

$4,415,947

BNYMGEIF/
Newton

$1,319,996

$0

$1,319,996

$1,631,482

$0

$1,631,482

$1,681,332

$0

$1,681,332

BNYMTMGF/
Sarofim & Co.

$244,186

$0

$244,186

$225,910

$0

$225,910

$364,145

$13,456

$350,689

I-14

 

Compliance Services

The funds' compliance program is developed, implemented and maintained by the funds' CCO and his staff. The funds bear a portion of the CCO's compensation (which is approved by the boards), as well as the compensation of the CCO's staff and the expenses of the CCO and his staff (including administrative expenses). The CCO's staff works exclusively on the compliance program and related matters for the funds and other funds in the BNY Mellon Family of Funds and BNY Mellon Funds Trust, and compensation and expenses of the CCO and his staff generally are allocated among such funds based on an equal amount per fund with incremental amounts allocated to funds with more service providers (including Sub-Advisers). Such compensation and expenses for the funds' last fiscal years were as follows:

   

Fund

CCO and Staff Compensation and Expenses*

   

BNYMDEMF

$14,025

BNYMIEF

$14,025

BNYMGFIF

$13,982

BNYMSCGF

$14,025

BNYMSCVF

$14,025

BNYMSMCGF

$14,025

BNYMTSTRBF

$19,635

BNYMADSF

$14,076

BNYMGEMF

$14,076

BNYMYESF

$14,076

BNYMEIF

$14,076

BNYMGEIF

$14,076

BNYMHYF

$13,982

BNYMIBF

$14,076

BNYMBMIF

$14,076

BNYMFRIF

$13,975

BNYMISPSIF

$14,076

BNYMTMGF

$14,076

* For unitary fee funds, such compensation and expenses are borne by the Manager.

I-15

 

ADMINISTRATION COMPENSATION

Administration fees paid to BNYM Investment Adviser by certain funds for the last three fiscal years were as follows:

       

Fund

2020 Fiscal Year

2019 Fiscal Year

2018 Fiscal Year

BNYMDEMF

$112,569

$90,610

$101,372

BNYMGFIF

$202,100

$182,800

$267,440

BNYMSCGF

$6,390

$4,156

$3,910

BNYMSCVF

$98,724

$124,426

$141,861

BNYMSMCGF

$202,100

$182,800

$156,017

BNYMTSTRBF

$81,482

$165,409

$171,885

SECURITIES LENDING ACTIVITIES

The dollar amounts of income and fees and compensation paid to all service providers (including fees paid to BNYM Investment Adviser for cash collateral management and fees paid to BNY Mellon as securities lending agent), related to certain funds' securities lending activities during the most recent fiscal year were as follows:

 

             

Fund

BNYMDEMF

BNYMIEF

BNYMGFIF

BNYMSCGF

BNYMSCVF

BNYMSMCGF

Gross income from securities lending activities (including income from cash collateral reinvestment)

$14,178

$5,906

$201,638

$9,050

$136,831

$3,168,120

Fees and/or compensation for securities lending activities and related services

           

Fees paid to securities lending agent from a revenue split

$1,258

$629

$27,202

$1,453

$21,442

$560,558

Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split

$0

$0

$0

$0

$0

$0

Administrative fees not included in revenue split

$0

$0

$0

$0

$0

$0

Indemnification fees not included in revenue split

$0

$0

$0

$0

$0

$0

Rebate (paid to borrower)

$6,569

$2,476

$28,472

$0

$0

$0

Other fees not included in revenue split

$0

$0

$0

$0

$0

$0

Aggregate fees/compensation for securities lending activities

$7,827

$3,105

$55,674

$1,453

$21,442

$560,558

Net income from securities lending activities

$6,351

$2,801

$145,963

$7,597

$115,390

$2,607,561

I-16

 

           

Fund

BNYMGEMF

BNYMEIF

BNYMGEIF

BNYMHYF

BNYMIBF

Gross income from securities lending activities (including income from cash collateral reinvestment)

$237,846

$135,791

$39,153

128,7199

$22,176

Fees and/or compensation for securities lending activities and related services

         

Fees paid to securities lending agent from a revenue split

$38,052

$23,802

$3,745

$20,457

$2,397

Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split

$0

$0

$0

$0

$0

Administrative fees not included in revenue split

$0

$0

$0

$0

$0

Indemnification fees not included in revenue split

$0

$0

$0

$0

$0

Rebate (paid to borrower)

$0

$0

$17,174

$0

$7,369

Other fees not included in revenue split

$0

$0

$0

$0

$0

Aggregate fees/compensation for securities lending activities

$38,052

$23,802

$20,919

$20,457

$9,766

Net income from securities lending activities

$199,794

$111,989

$18,233

$108,262

$12,410

I-17

 

         

Fund

BNYMBMIF

BNYMISPSIF

BNYMTMGF

BNYMFRIF

Gross income from securities lending activities (including income from cash collateral reinvestment)

$90,996

$64,613

$8,305

$9,691

Fees and/or compensation for securities lending activities and related services

       

Fees paid to securities lending agent from a revenue split

$12,529

$10,790

$1,358

$1,577

Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split

$0

$0

$0

$0

Administrative fees not included in revenue split

$0

$0

$0

$0

Indemnification fees not included in revenue split

$0

$0

$0

$0

Rebate (paid to borrower)

$11,091

$0

$0

$0

Other fees not included in revenue split

$0

$0

$0

$0

Aggregate fees/compensation for securities lending activities

$23,620

$10,790

$1,358

$1,577

Net income from securities lending activities

$67,376

$53,823

$6,947

$8,114

The services provided by BNY Mellon as securities lending agent are as follows: selection of securities to be loaned; utilization of borrowers previously approved by the funds' board; negotiation of loan terms; monitoring daily the value of the loaned securities and collateral; requiring additional collateral as necessary; investing cash collateral in accordance with the funds' instructions; marking to market non-cash collateral; maintaining custody of non-cash collateral; recordkeeping and account servicing; reporting dividend activity and material proxy votes relating to loaned securities; transferring loaned securities; recalling loaned securities in accordance with the funds' instructions including for proxies that the funds seek to vote; and arranging for return of loaned securities to the fund at loan termination.

BNYMADSF, BNYMTSTRBF and BNYMYESF did not engage in securities lending activity during the most recent fiscal year.

I-18

 

SALES LOADS, CDSCS AND DISTRIBUTOR'S COMPENSATION

The following table lists, for each of the last three fiscal years, the total commissions on sales of all classes of shares (sales loads) (as applicable) and the total CDSCs on redemptions of all classes of shares (as applicable), along with corresponding amounts of each retained by the Distributor.

         

Fund

 

2020 Fiscal Year

2019 Fiscal Year

2018 Fiscal Year

         

BNYMDEMF

Total commissions

$7

$1,113

$5,394

 

Commission amount retained

$1

$238

$770

 

Total CDSCs

$0

$35

$44

 

CDSC amount retained

$0

$35

$44

         

BNYMEIF

Total commissions

$213,696

$1,191,980

$326,913

 

Commission amount retained

$20,022

$97,110

$51,480

 

Total CDSCs

$17,161

$24,444

$2,904

 

CDSC amount retained

$17,161

$24,444

$2,904

         

BNYMFRIF

Total commissions

$7,475

$10,859

$15,718

 

Commission amount retained

$868

$803

$748

 

Total CDSCs

$0

$0

$1,998

 

CDSC amount retained

$0

$0

$1,998

         

BNYMGEIF

Total commissions

$81,525

$299,154

$130,019

 

Commission amount retained

$7,676

$50,246

$9,670

 

Total CDSCs

$35,288

$35,778

$3,286

 

CDSC amount retained

$35,288

$35,778

$3,286

         

BNYMGEMF

Total commissions

$18,268

$11,157

$139,679

 

Commission amount retained

$2,110

$977

$14,935

 

Total CDSCs

$160

$2,286

$383

 

CDSC amount retained

$160

$2,286

$383

         

BNYMGFIF

Total commissions

$82,648

$105,479

$336,319

 

Commission amount retained

$3,402

$11,170

$18,292

 

Total CDSCs

$3,864

$7,729

$17,657

 

CDSC amount retained

$3,864

$7,729

$17,657

         

BNYMHYF

Total commissions

$33,538

$183,668

$136,330

 

Commission amount retained

$1,869

$2,346

$2,246

 

Total CDSCs

$551

$146

$961

 

CDSC amount retained

$551

$146

$961

         

BNYMIBF

Total commissions

$21,987

$51,091

$160,257

 

Commission amount retained

$462

$1,142

$3,410

 

Total CDSCs

$233

$1,256

$3,204

 

CDSC amount retained

$233

$1,256

$3,204

         

BNYMIEF

Total commissions

$2,238

$4,405

$19,487

 

Commission amount retained

$0

$0

$1,340

I-19

 

         

Fund

 

2020 Fiscal Year

2019 Fiscal Year

2018 Fiscal Year

         
 

Total CDSCs

$0

$569

$0

 

CDSC amount retained

$0

$569

$0

         

BNYMSCVF

Total commissions

$2,797

$3,532

$4,590

 

Commission amount retained

$178

$824

$224

 

Total CDSCs

$0

$0

$9

 

CDSC amount retained

$0

$0

$9

         

BNYMSMCGF

Total commissions

$713,646

$517,126

$678,127

 

Commission amount retained

$66,163

$42,885

$76,635

 

Total CDSCs

$20,112

$15,340

$4,070

 

CDSC amount retained

$20,112

$15,340

$4,070

         

BNYMTMGF

Total commissions

$57,956

$50,771

$35,331

 

Commission amount retained

$8,400

$7,582

$4,139

 

Total CDSCs

$403

$81

$184

 

CDSC amount retained

$403

$81

$184

         

BNYMTSTRBF

Total commissions

$9,446

$0

$50

 

Commission amount retained

$996

$0

$0

 

Total CDSCs

$0

$674

$0

 

CDSC amount retained

$0

$674

$0

         

BNYMYESF

Total commissions

$0

$970

$592

 

Commission amount retained

$0

$157

$42

 

Total CDSCs

$0

$0

$0

 

CDSC amount retained

$0

$0

$0

         

I-20

 

The amounts paid by each fund to the Distributor under the fund's Plan or Plans, as applicable, for services described in Part II of this SAI under "Rule 12b-1 Plans and Non-Rule 12b-1 Services Plans" for the fund's last fiscal year were as follows:

             

Fund

Plan

Class

Distributor Payments

Printing and Implementation
and Operation of Plan

Amount Reimbursed to Fund Pursuant to
Undertaking in Effect

Total
Amount

             

BNYMDEMF

Distribution Plan

Class C

$191

N/A

N/A

$191

 

Shareholder Services Plan

Class A

$749

N/A

N/A

$749

   

Class C

$64

N/A

N/A

$64

             

BNYMIEF

Distribution Plan

Class C

$11,139

N/A

N/A

$11,139

 

Shareholder Services Plan

Class A

$14,384

N/A

N/A

$14,384

   

Class C

$3,713

N/A

N/A

$3,713

             

BNYMGFIF

Distribution Plan

Class C

$388,302

N/A

N/A

$388,302

 

Shareholder Services Plan

Class A

$224,938

N/A

N/A

$224,938

   

Class C

$129,434

N/A

N/A

$129,434

             

BNYMSCVF

Distribution Plan

Class C

$9,705

N/A

N/A

$9,705

 

Shareholder Services Plan

Class A

$54,766

N/A

N/A

$54,766

   

Class C

$3,235

N/A

N/A

$3,235

             

BNYMSMCGF

Distribution Plan

Class C

$510,203

N/A

N/A

$510,203

   

Class Z

$204,394

N/A

N/A

$204,394

 

Shareholder Services Plan

Class A

$979,663

N/A

N/A

$979,663

   

Class C

$170,068

N/A

N/A

$170,068

 

Service Plan

Class Z

$0

N/A

N/A

$0

             

BNYMTSTRBF

Distribution Plan

Class C

$874

N/A

N/A

$874

 

Shareholder Services Plan

Class A

$8,930

N/A

N/A

$8,930

   

Class C

$291

N/A

N/A

$291

             

BNYMADSF

Distribution Plan

Class C

$199

N/A

N/A

$199

 

Shareholder Services Plan

Class A

$101

N/A

N/A

$101

I-21

 

             

Fund

Plan

Class

Distributor Payments

Printing and Implementation
and Operation of Plan

Amount Reimbursed to Fund Pursuant to
Undertaking in Effect

Total
Amount

             
   

Class C

$66

N/A

N/A

$66

             

BNYMGEMF

Distribution Plan

Class C

$28,865

N/A

N/A

$28,865

 

Shareholder Services Plan

Class A

$13,176

N/A

N/A

$13,176

   

Class C

$9,622

N/A

N/A

$9,622

             

BNYMYESF

Distribution Plan

Class C

$180

N/A

N/A

$180

 

Shareholder Services Plan

Class A

$1,514

N/A

N/A

$1,514

   

Class C

$60

N/A

N/A

$60

             

BNYMEIF

Distribution Plan

Class C

$513,370

N/A

N/A

$513,370

 

Shareholder Services Plan

Class A

$596,881

N/A

N/A

$596,881

   

Class C

$171,123

N/A

N/A

$171,123

             

BNYMGEIF

Distribution Plan

Class C

$300,229

N/A

N/A

$300,229

 

Shareholder Services Plan

Class A

$121,828

N/A

N/A

$121,828

   

Class C

$100,076

N/A

N/A

$100,076

             

BNYMHYF

Distribution Plan

Class A

$314,725

N/A

N/A

$314,725

   

Class C

$63,085

N/A

N/A

$63,085

 

Service Plan

Class C

$21,028

N/A

N/A

$21,028

             

BNYMIBF

Distribution Plan

Class C

$89,310

N/A

N/A

$89,310

 

Shareholder Services Plan

Class A

$119,175

N/A

N/A

$119,175

   

Class C

$29,770

N/A

N/A

$29,770

             

BNYMBMIF

Distribution Plan

Investor

$839,586

N/A

N/A

$839,586

             

BNYMFRIF

Distribution Plan

Class C

$10,164

N/A

N/A

$10,164

 

Shareholder Services Plan

Class A

$48,352

N/A

N/A

$48,352

   

Class C

$3,388

N/A

N/A

$3,388

             

I-22

 

             

Fund

Plan

Class

Distributor Payments

Printing and Implementation
and Operation of Plan

Amount Reimbursed to Fund Pursuant to
Undertaking in Effect

Total
Amount

             

BNYMTMGF

Distribution Plan

Class A

$214,693

N/A

N/A

$214,693

   

Class C

$89,062

N/A

N/A

$89,062

 

Service Plan

Class C

$29,687

N/A

N/A

$29,687

             

OFFERING PRICE
(Class A Shares only)

Set forth below is an example of the method of computing the offering price of each fund's Class A shares, if applicable. The example assumes a purchase of Class A shares aggregating less than $50,000, subject to the schedule of sales charges set forth in the fund's prospectus at a price based upon the NAV of a Class A share, at the close of business on the last business day of the fund's last fiscal year. Certain purchases are not subject to a sales charge or are subject to a different sales charge than the one shown below. See the prospectus and "How to Buy Shares" in Part II of this SAI.

           

Fund

Class

NAV Per Share

Sales Charge as a Percentage of Offering Price and NAV Per Share

Per Share Sales Charge

Per Share Offering Price to Public

           

BNYMDEMF

Class A

$25.72

5.75% of offering price
(6.10% of NAV per share)

$1.57

$27.29

BNYMIEF

Class A

$21.07

5.75% of offering price
(6.10% of NAV per share)

$1.24

$21.52

BNYMGFIF

Class A

$23.07

4.50% of offering price
(4.71% of NAV per share)

$1.09

$24.16

BNYMSCVF

Class A

$15.58

5.75% of offering price
(6.10% of NAV per share)

$0.95

$16.53

BNYMSMCGF

Class A

$32.98

5.75% of offering price
(6.10% of NAV per share)

$2.01

$34.99

BNYMTSTRBF

Class A

$22.95

4.50% of offering price
(4.71% of NAV per share)

$1.08

$24.03

BNYMADSF

Class A

$12.24

5.75% of offering price
(6.10% of NAV per share)

$0.75

$12.99

BNYMGEMF

Class A

$22.23

5.75% of offering price
(6.10% of NAV per share)

$1.36

$23.59

BNYMYESF

Class A

$12.06

4.50% of offering price
(4.71% of NAV per share)

$0.57

$12.63

BNYMEIF

Class A

$17.82

5.75% of offering price
(6.10% of NAV per share)

$1.09

$18.91

BNYMGEIF

Class A

$12.40

5.75% of offering price
(6.10% of NAV per share)

$0.76

$13.16

BNYMHYF

Class A

$6.15

4.50% of offering price
(4.71% of NAV per share)

$0.29

$6.44

BNYMIBF

Class A

$15.33

4.50% of offering price
(4.71% of NAV per share)

$0.72

$16.05

I-23

 

           

Fund

Class

NAV Per Share

Sales Charge as a Percentage of Offering Price and NAV Per Share

Per Share Sales Charge

Per Share Offering Price to Public

           

BNYMFRIF

Class A

$11.16

2.50% of offering price
(2.60% of NAV per share)

$0.29

$11.45

BNYMTMGF

Class A

$33.79

5.75% of offering price
(6.10% of NAV per share)

$2.06

$35.85

RATINGS OF CORPORATE DEBT SECURITIES

The average distribution of investments (at value) in corporate debt securities (excluding any preferred stock, convertible preferred stock or convertible bonds) by ratings for the last fiscal year, computed on a monthly basis, for each fund that focuses its investments in corporate debt securities, was as follows:

       

Fitch

Moody's

BNYMGFIF

BNYMHYF

AAA

Aaa

19.3%

0.0%

AA

Aa

22.4%

0.1%

A

A

19.0%

0.0%

BBB

Baa

28.2%

3.2%

BB

Ba

6.1%

36.7%

B

B

1.8%

41.9%

CCC

Caa

0.0%

14.7%

CC

Ca

0.0%

0.0%

D

D

0.0%

0.0%

F-1/F-1+

VMIG 1/MIG 1/P-1

1.8%

0.1%

Not Rated

Not Rated

0.4%1

0.1%2

Total

99.0%

96.8%

1 Those securities which are not rated have been determined by the Manager to be of comparable quality to securities in the following categories: AAA/Aaa (0.3%), BBB/Baa (0.1%).

2 Those securities which are not rated have been determined by the Manager to be of comparable quality to securities in the following categories: BB/Ba (0.1%).

RATINGS OF MUNICIPAL BONDS AND CORPORATE DEBT SECURITIES
(BNY Mellon Bond Market Index Fund and BNY Mellon Tax Sensitive Total Return Bond Fund)

The average distribution of investments (at value) in Municipal Bonds (including notes) and corporate debt securities (excluding any preferred stock, convertible preferred stock or convertible bonds) by ratings for the last fiscal year, computed on a monthly basis, was as follows:

         

Fitch

Moody's

S&P

BNYMBMIF

BNYMTSTRBF

AAA

Aaa

AAA

25.5%

3.9%

AA

Aa

AA

49.8%

23.1%

A

A

A

10.8%

43.6%

BBB

Baa

BBB

13.8%

20.1%

BB

Ba

BB

0.1%

7.3%

B

B

B

0.0%

1.1%

CCC

Caa

CCC

0.0%

0.1%

I-24

 

         

Fitch

Moody's

S&P

BNYMBMIF

BNYMTSTRBF

CC

Ca

CC

0.0%

0.0%

F-1/F-1+

VMIG 1/MIG 1/P-1

SP-1/A-1

0.0%

N/A

Not Rated

Not Rated

Not Rated

0.0%

0.8%1

Total

100.0%

100.0%

1 Those securities which are not rated have been determined by the Manager to be of comparable quality to securities in the following rating categories: B/B (0.8%).

SECURITIES OF REGULAR BROKERS OR DEALERS

A fund may acquire securities issued by one or more of its "regular brokers or dealers," as defined in Rule 10b-1 under the 1940 Act. Rule 10b-1 provides that a "regular broker or dealer" is one of the ten brokers or dealers that, during the fund's last fiscal year: (1) received the greatest dollar amount of brokerage commissions from participating, either directly or indirectly, in the fund's portfolio transactions, (2) engaged as principal in the largest dollar amount of the fund's portfolio transactions or (3) sold the largest dollar amount of the fund's securities. The following is a list of the issuers of the securities, and the aggregate value per issuer, of a fund's regular brokers or dealers held by such fund as of the end of its last fiscal year(N/A = Not Applicable):

     

Fund

Regular Broker or Dealer

Aggregate Value Per Issuer Held By Fund

     

BNYMDEMF

N/A

N/A

     

BNYMIEF

N/A

N/A

     

BNYMGFIF

Morgan Stanley & Co., LLC

$22,725,553

 

Wells Fargo Securities, LLC

$16,094,876

 

J.P Morgan Securities, LLC

$15,717,312

 

BNP Paribas Securities Corp.

$8,747,080

 

HSBC Securities (USA) Inc.

$7,637,751

 

Barclays Capital Inc.

$7,281,592

 

Goldman, Sachs & Co. LLC

$4,844,135

 

Citigroup Global Markets Inc.

$4,324,626

     

BNYMSCGF

N/A

N/A

     

BNYMSCVF

N/A

N/A

     

BNYMSMCGF

N/A

N/A

     

BNYMTSTRBF

Citigroup Global Markets Inc.

$1,038,153

 

J.P. Morgan Securities, LLC

$1,083,932

     

BNYMADSF

N/A

N/A

     

BNYMGEMF

N/A

N/A

     

BNYMYESF

N/A

N/A

     

I-25

 

     

Fund

Regular Broker or Dealer

Aggregate Value Per Issuer Held By Fund

     

BNYMEIF

J.P. Morgan Securities, LLC

$17,307,070

 

Merrill Lynch, Pierce, Fenner & Smith, Inc.

$6,962,238

 

Morgan Stanley & Co., LLC

$3,127,150

 

Goldman Sachs & Co. LLC

$2,642,791

     

BNYMGEIF

N/A

N/A

     

BNYMHYF

Citigroup Global Markets Inc.

$3,181,524

     

BNYMIBF

Barclays Capital, Inc.

$879,155

     

BNYMBMIF

J.P. Morgan Securities, LLC

$11,567,108

 

Merril Lynch, Pierce, Fenner & Smith, Inc.

$8,275,015

 

Wells Fargo Securities, LLC

$7,408,278

 

Goldman, Sachs & Co.

$5,703,641

 

Morgan Stanley & Co., LLC

$5,674,858

 

HSBC Securities (USA) Inc.

$2,720,137

 

Barclays Capital, Inc.

$1,191,538

     

BNYMFRIF

N/A

N/A

     

BNYMISPSIF

J.P. Morgan Securities, LLC

$30,227,007

 

Merril Lynch, Pierce, Fenner & Smith, Inc.

$18,264,784

 

Citigroup Inc.

$8,759,460

 

Morgan Stanley & Co., LLC

$6,927,629

 

Goldman, Sachs & Co.

$6,554,395

BNYMTMGF

J.P. Morgan Securities, LLC

$2,381,392

     

COMMISSIONS

The approximate aggregate amounts of commissions paid by each fund for brokerage commissions for its last three fiscal years, none of which were paid to Affiliated Brokers,* were as follows:

         

Fund

2020 Fiscal Year
Commissions

2019 Fiscal Year
Commissions

2018 Fiscal Year
Commissions

       

BNYMADSF

N/A

N/A

N/A

BNYMBMIF

N/A

N/A

N/A

BNYMDEMF

$158,595

$207,994

$259,647

BNYMEIF

$413,322

$745,603

$152,091

BNYMFRIF

$39,745

$123,115

$53,345

BNYMGEIF

$81,014

$82,732

$85,215

BNYMGEMF

$181,279

$199,157

$216,734

BNYMGFIF

$195,534

$215,609

$195,085

BNYMHYF

$67,406

$26,844

$86,550

BNYMIBF

$34,679

$50,976

$85,247

BNYMIEF

$305,132

$455,321

$422,997

BNYMISPSIF

$13,190

$17,345

$17,243

BNYMSCGF

$8,606

$7,811

$6,010

I-26

 

         

Fund

2020 Fiscal Year
Commissions

2019 Fiscal Year
Commissions

2018 Fiscal Year
Commissions

BNYMSCVF

$245,440

$234,609

$277,310

BNYMSMCGF

$1,211,124

$995,279

$876,783

BNYMTMGF

$6,634

$4,874

$8,169

BNYMTSTRBF

N/A

N/A

N/A

BNYMYESF

N/A

N/A

N/A

* Although no commissions were paid to Affiliated Brokers directly, unaffiliated brokers cleared transactions through clearing brokers affiliated with BNY Mellon. The funds paid no fees directly to affiliated clearing brokers.

The following table provides an explanation of any material difference in the commissions paid by a fund in either of the two fiscal years preceding the last fiscal year.

   

Fund

Reason for Any Material Difference in Commissions

   

BNYMDEMF

N/A

BNYMIEF

N/A

BNYMGFIF

N/A

BNYMSCGF

N/A

BNYMSCVF

N/A

BNYMSMCGF

N/A

BNYMTSTRBF

N/A

BNYMADSF

N/A

BNYMGEMF

N/A

BNYMYESF

N/A

BNYMEIF

The higher level of commissions in fiscal year 2019 as compared to fiscal year 2018 was primarily due to increasing assets.

BNYMGEIF

N/A

BNYMHYF

The lower level of commissions in 2019 as compared to fiscal year 2018 and 2020 was primarily the result of less investments in securities traded on a commission basis, specifically ETFs. ETFs are used as a cash management tool allowing the fund to not give up returns due to cash drag.

BNYMIBF

N/A

BNYMBMIF

N/A

BNYMFRIF

The increase in commissions in 2019 was primarily the result of more investments in securities traded on a commission basis, specifically ETFs. ETFs are used as a cash management tool allowing the fund to not give up returns due to cash drag.

BNYMISPSIF

N/A

BNYMTMGF

Fluctuations in commission levels were due to a decrease in trading volume.

The aggregate amount of transactions during each fund's last fiscal year in securities effected on an agency basis through a broker-dealer for, among other things, research services and the commissions related to such transactions were as follows:

I-27

 

     

Fund

Transactions

Related Commissions

     

BNYMDEMF

$39,720,745

$60,567

BNYMIEF

N/A

N/A

BNYMSCGF

$13,921,934

$8,292

BNYMSCVF

$202,507,785

$207,346

BNYMSMCGF

$2,179,105,909

$1,146,075

BNYMGEMF

N/A

N/A

BNYMEIF

$1,282,427,193

$413,322

BNYMGEIF

N/A

N/A

BNYMISPSIF

N/A

N/A

BNYMTMGF

$29,449,311

$6,744

PORTFOLIO TURNOVER VARIATION

Each fund's portfolio turnover rate for up to five fiscal years is shown in the prospectus. The following table provides an explanation of any significant variation in a fund's portfolio turnover rates over the last two fiscal years (or any anticipated variation in the portfolio turnover rate from that reported for the last fiscal year).

   

Fund

Reason for Any Significant Portfolio Turnover Rate Variation, or Anticipated Variation

   

BNYMADSF

N/A

BNYMYESF

N/A

BNYMGEMF

N/A

BNYMDEMF

N/A

BNYMSCGF

N/A

BNYMSCVF

N/A

BNYMSMCGF

N/A

BNYMIEF

N/A

BNYMGFIF

The lower portfolio turnover in fiscal year 2018 and 2020 as compared to fiscal year 2019 was primarily the result of change to the market conditions.

BNYMTSTRBF

N/A

BNYMISPSIF

N/A

BNYMBMIF

N/A

BNYMFRIF

N/A

BNYMTMGF

N/A

BNYMEIF

N/A

BNYMGEIF

N/A

BNYMHYF

Portfolio turnover was elevated in 2020 due to heightened market volatility asso