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|Fund||Morningstar Investment Category||Morningstar Rating
(I share class)
(As of 12/31/20)
|BNY Mellon Small/Mid Cap Growth Fund||Mid Cap Growth||5-stars||Mellon|
|BNY Mellon Global Real Return Fund||Multialternative||5-stars||Newton|
|BNY Mellon AMT-Free Municipal Fund||Municipal National Intermediate||5-stars||Mellon|
|BNY Mellon Core Plus Fund||Intermediate Core-Plus Bond||5-stars||Insight|
|BNY Mellon International Stock Fund||Foreign Large Growth||4-stars||Walter Scott|
|BNY Mellon Global Fixed Income Fund||World Bond-USD Hedged||3-stars||Mellon|
|Fund||Symbol||Morningstar Investment Category||Sub-Investment Adviser||Total Expense Ratio*|
|BNY Mellon US Large Cap Core Equity ETF||BKLC||Large Blend Stocks||Mellon||0.00%|
|BNY Mellon High Yield Beta ETF||BKHY||Corporate Bonds||Mellon||0.22%|
|Fund||Symbol||Morningstar Investment Category||Morningstar Rating
(as of 12/31/20)
|BNY Mellon Municipal Bond Infrastructure Fund, Inc.||DMB||Muni Infrastructure||3-stars||4.49%|
|BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.||DCF||Global Credit Bond||2-stars||7.78%|
Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. To obtain a prospectus, or a summary prospectus, if available, that contains this and other information about a fund, contact your financial professional or visit im.bnymellon.com. Read the prospectus carefully before investing. Investors should discuss with their financial professional the eligibility requirements for Class I and Y shares, which are available only to certain eligible investors, and the historical results achieved by the fund’s respective share classes.
Shares of closed-end funds (CEF) are sold in the open market through a stock exchange. Shares may only be purchased or sold through registered broker/dealers. Closed-end funds, unlike open-end funds, are typically not continuously offered. An investment in CEFs presents a number of risks and is not appropriate for all investors. Investors should carefully review and consider potential risks before investing.
Closed-end fund shares are not deposits or obligations of, or guaranteed by, any bank and are not insured by the FDIC or any other agency. CEFs are subject to investment risk, including possible loss of principal amount invested. No assurance can be given that a fund will achieve its investment objective. Please refer to the fund’s most recent Annual Report for additional information, which is available at im.bnymellon.com.
*Total Expense Ratio as stated in the fund's most recent prospectus.
**Distribution Rate represents the latest declared regular distribution, annualized, relative to the market price as of quarter end. Special distributions, including special capital gains distributions, are not included in the calculation. Distributions are sourced entirely from net investment income, unless otherwise noted. There is no guarantee that dividends will be paid. You should not draw any conclusions about the Fund’s investment performance from the amount of the fund’s distributions.
Please refer to the prospectus, or Annual Report (for Closed-End Funds) for a more complete discussion of the specific fund's main risks
Bonds are subject to interest-rate, credit, liquidity, call and market risks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid, and difficult to value and there is the risk that changes in the value of a derivative held by the portfolio will not correlate with the underlying instruments or the portfolio's other investments. Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries. High yield bonds involve increased credit and liquidity risk than higher-rated bonds and are considered speculative in terms of the issuer’s ability to pay interest and repay principal on a timely basis. Municipal income may be subject to state and local taxes. Some income may be subject to the federal alternative minimum tax for certain investors. Capital gains, if any, are taxable. Guaranteed only as to the timely payment of interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. Mortgage-backed securities Ginnie Maes and other securities backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. Privately issued mortgage related securities also are subject to credit risks associated with the underlying mortgage properties. These securities may be more volatile and less liquid than more traditional, government backed debt securities.
Equities are subject to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees. Short sales involve selling a security the portfolio does not own in anticipation that the security’s price will decline. Short sales may involve risk and leverage, and expose the portfolio to the risk that it will be required to buy the security sold short at a time when the security has appreciated in value, thus resulting in a loss. Small and midsized company stocks tend to be more volatile and less liquid than larger company stocks as these companies are less established and have more volatile earnings histories.
Exchange-Traded Funds (ETF) Risks
ETF shares are listed on an exchange, and shares are generally purchased and sold in the secondary market at market price. At times, the market price may be at a premium or discount to the ETF's per share NAV. In addition, ETFs are subject to the risk that an active trading market for an ETF's shares may not develop or be maintained. Buying or selling ETF shares on an exchange may require the payment of brokerage commissions.
ETFs trade like stocks, are subject to investment risk, including possible loss of principal. The risks of investing in the ETF typically reflect the risks associated with the types of instruments in which the ETF invests. Diversification cannot assure a profit or protect against loss.
The ETF funds will issue (or redeem) fund shares to certain institutional investors known as “Authorized Participants” (typically market makers or other broker-dealers) only in large blocks of fund shares known as “Creation Units.” BNY Mellon Securities Corporation ("BNYMSC"), a subsidiary of the BNY Mellon, serves as distributor of the fund. BNYMSC does not distribute fund shares in less than Creation Units, nor does it maintain a secondary market in fund shares. BNYMSC may enter into selected agreements with Authorized Participants for the sale of Creation Units of fund shares.
Closed- End Fund Risks
CEFs are exposed to much of the same risk as other exchange traded products, including liquidity risk on the secondary market, credit risk, concentration risk and discount risk. If the CEF includes foreign market investments, it will be exposed to the typical foreign market risks, including currency, political and economic risk. CEFs are subject to market movements and volatility. The value of a CEF can decrease due to movements in the overall financial markets. Changes in interest rate levels can directly impact income generated by a CEF. Funds that have a portfolio with a significant allocation to fixed income assets, like bonds, may be more exposed to this type of risk as interest rates change.
Shares of closed-end funds frequently trade at a market price that is below their net asset value. This is commonly referred to as "trading at a discount". This characteristic of shares of closed-end funds is a risk separate and distinct from the risk that the fund's net asset value may decrease.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products with at least a 3-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance (not including the effects of sales charges, loads and redemption fees if applicable), placing more emphasis on downward variations and rewarding consistent performance. Managed products; including open-end mutual funds, closed-end funds and exchange-traded funds; are considered a single population for comparative purposes. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-,and 10-year (if applicable) Morningstar Rating metrics. ©2020 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The fund represents a single portfolio with multiple share classes that have different expense structures. Other share classes may have achieved different results.
BNY Mellon Investment Management is one of the world’s leading investment management organizations and one of the top U.S. wealth managers, encompassing BNY Mellon’s affiliated investment management firms, wealth management organization and global distribution companies. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally.
The information being provided is general information about our firm and its products and services. It should not be construed as investment advice or a recommendation with respect to any product or service. Please consult a legal, tax or financial professional in order to determine whether an investment product or service is appropriate for a particular situation. BNY Mellon Investment Adviser, Inc., Mellon Investments Corporation (Mellon), Newton Investment Management (Newton), Walter Scott & Partners Limited (Walter Scott), and BNY Mellon Securities Corporation are subsidiaries of The Bank of New York Mellon Corporation.
©2021 BNY Mellon Securities Corporation, distributor, 240 Greenwich Street, 9th Floor, New York, NY 10286.