STATEMENT OF ADDITIONAL INFORMATION
December 29, 2023, as revised, August 29, 2024
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, dated as of the date of this SAI, 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 Trust at 144 Glenn Curtiss Boulevard, Uniondale, New York 11556-0144, visit www.im.bnymellon.com or, for the money market fund, www.dreyfus.com, or call one of the following numbers: Wealth Clients and Investment Advisory Firm Clients – call toll free 1-866-804-5023 (1-617-248-3014 outside the U.S.); Individual Account Holders of Class M shares and Investor shares (other than BNY Wealth Brokerage Clients) – call toll free 1-800-373-9387; holders of Class A, Class C, Class I or Class Y shares of BNY Mellon Income Stock Fund – call your financial advisor or call toll free 1-800-373-9387; BNY Wealth Brokerage Clients – call toll free 1-800-830-0549 – Option 2 for BNY Wealth Direct or 1-800-843-5466 for former brokerage clients of BNY Wealth Advisors whose accounts are now held by BNY Mellon Brokerage Services; and participants in Qualified Employee Benefit Plans and Retirement Plans – call toll free 1-866-804-5023.
The most recent annual report and semi-annual report to shareholders for the funds 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 here. All classes of a fund have the same prospectus date, except if otherwise indicated. 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 ended August 31st. Capitalized but undefined terms used in this SAI are defined in the Glossary at the end of this SAI.
Fund |
Abbreviation |
Share Class/Ticker |
BNY Mellon Asset Allocation Fund |
AAF |
Class
M/MPBLX |
BNY Mellon Bond Fund |
BF |
Class
M/MPBFX |
BNY Mellon Corporate Bond Fund |
CBF |
Class
M/BYMMX |
BNY Mellon Emerging Markets Fund |
EMF |
Class
M/MEMKX |
BNY Mellon Income Stock Fund |
ISF |
Class
M/MPISX |
Class
A/BMIAX | ||
BNY Mellon Intermediate Bond Fund |
IBF |
Class
M/MPIBX |
BNY Mellon International Fund |
IF |
Class
M/MPITX |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
MIMBF |
Class
M/MMBMX |
BNY Mellon Mid Cap Multi-Strategy Fund |
MCMF |
Class
M/MPMCX |
BNY Mellon Municipal Opportunities Fund |
MOF |
Class
M/MOTMX |
BNY Mellon National Intermediate Municipal Bond Fund |
NIMBF |
Class
M/MPNIX |
BNY Mellon National Municipal Money Market Fund |
NMMMF |
Class
M/MOMXX |
|
Fund |
Abbreviation |
Share Class/Ticker |
BNY Mellon National Short-Term Municipal Bond Fund |
NSMBF |
Class
M/MPSTX |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
NYITBF |
Class
M/MNYMX |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund |
PIMBF |
Class
M/MPPIX |
BNY Mellon Short-Term U.S. Government Securities Fund |
SUSGSF |
Class
M/MPSUX |
BNY Mellon Small Cap Multi-Strategy Fund |
SCMF |
Class
M/MPSSX |
TABLE OF CONTENTS
PART I
Information About Each Board Member's Experience, Qualifications, Attributes or Skills |
|
PART II
PART III
Taxable Investments (municipal or other tax-exempt funds only) |
|
Taxable Investments (municipal or other tax-exempt funds only) |
|
U.S. Municipal Short-Term Debt and Demand Obligation Ratings |
|
Structured, Project & Public Finance Obligations — Long-Term Rating Scales |
|
APPENDIX A: PROXY VOTING POLICIES AND PROCEDURES OF FIRMS DELEGATED FUND PROXY VOTING AUTHORITY |
PART I
Information About Each Board Member's Experience, Qualifications, Attributes or Skills
Board members of the Trust, together with information as to their positions with the Trust, principal occupations and other board memberships during the past five years, are shown below. All of the board members are Independent Board Members. The address of each board member is 240 Greenwich Street, New York, New York 10286.
Name |
Principal Occupation During Past 5 Years |
Other Public Company Board Memberships During Past 5 Years |
Patrick
J. O'Connor |
Attorney, Cozen O'Connor, P.C. (1973 – Present); Vice Chairman (1980 – 2002); and President and Chief Executive Officer (2002 – 2007) |
N/A |
John
R. Alchin |
Retired The Barnes Foundation, an art museum, Trustee (2017 – Present) Metropolitan AIDS Neighborhood Nutrition Alliance, Advisory Board Member (2004 – Present) Philadelphia Art Museum, Board Member (2008 – Present) Xplornet Communications, Inc., a rural wireless tele-communications provider, Director (2015 – 2020) |
Ralph Lauren Corporation, a retail clothing and home furnishings company, Director (2007 – 2024), and Chair of Audit Committee (2018 – 2024) |
Ronald
R. Davenport |
Sheridan Broadcasting Corporation, Chairman (1972 – Present) |
N/A |
Kim
D. Kelly |
Consultant (2005 – Present) |
MCG Capital Corp., a business development company, Director (2004 – 2015) HITV, broadcasting, President (2015 – 2019) |
I-1
Name |
Principal Occupation During Past 5 Years |
Other Public Company Board Memberships During Past 5 Years |
Kevin
C. Phelan |
Colliers International, Mortgage Banker (1978 – Present); and Co-Chairman (2010 – Present) A.D. Makepeace Co., cranberry grower and real estate development company, Director (2019 – Present) |
Industrial Logistics Properties Trust, a real estate company, Trustee (2020 – Present) |
Patrick J. Purcell 1947 |
jobfind.com,
an employment search site on the world wide web, President
and Founder
(1996 – 2018) The Boston Herald, President and Publisher (1994 – 2018) Herald Media, President and Chief Executive Officer (2001 – 2018) |
N/A |
Thomas
F. Ryan, Jr. |
Retired Boston College, Trustee Associate (2013 – Present) NYISO Independent System Operator, a non-profit organization responsible for managing the state of New York's electric grid, Director (1998 – 2021) |
RepliGen Corporation, a biopharmaceutical company, Director (2002 – May 2022) |
Maureen
M. Young |
Retired |
N/A |
Each of the board members serves on the board's audit, nominating, litigation, compensation and pricing committees.
Each board member serves until his or her respective successor has been duly elected and qualified or until his or her earlier death, resignation, retirement or removal. Effective January 1, 2021 (the "Effective Date"), (i) any board member who became a board member of the Trust on or after the Effective Date is required to retire from the board, upon reaching the age of 80, and (ii) any board member who became a board member of the Trust before the Effective Date is required to retire from the board five years after the Effective Date or upon reaching the age of 80, whichever event occurs last.
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 board believes has prepared them to be effective board members. The board believes that the
I-2
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 board believes that board members need to have the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with Trust management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties; the 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 board for the Trust) 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 board's nominating committee contains certain other factors considered by the committee 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 BNYM Investment Adviser, and also may benefit from information provided by the Trust's or BNYM Investment Adviser's counsel; counsel to the Trust and to the board have significant experience advising funds and fund board members. The board and its committees have the ability to engage other experts as appropriate. The board evaluates its performance on an annual basis.
· Patrick J. O'Connor – Since 1973, Mr. O'Connor has served in various roles at his law firm Cozen O'Connor, P.C., including Vice Chairman from 1980 to 2002 and Chief Executive Officer and President from 2002 to 2007. His legal practice involves litigation arising out of contracts, banking matters, estates, professional liability, healthcare and aviation-related claims. Mr. O'Connor has served as a fellow or board member of a number of legal, professional, civic and educational organizations. In addition, Mr. O'Connor is a member of the Board of Directors of Crowley Chemical Company, Inc. and Chairman of the Board of Trustees of Temple University and a Director of Chou2 Pharma, a pet-supplement company (December 2022 – Present). Mr. O'Connor served as Chairman of Franklin Security Bank from 2008 to 2014.
· John R. Alchin – From 1990 to 2007, Mr. Alchin served in various roles, including Executive Vice President, Co-Chief Financial Officer and Treasurer, as an executive of the Comcast Corporation. Prior to joining Comcast in 1990, Mr. Alchin was a Managing Director of Toronto Dominion Bank from 1980 to 1990. Mr. Alchin served as a member of the Board of Directors of Big Brothers Big Sisters of Southeastern Pennsylvania from 2003 to 2012. Mr. Alchin is an Advisory Board Member of MANNA (Metropolitan AIDS Neighborhood Nutrition Alliance), and a Trustee of the Philadelphia Museum of Art and Chairman of the Museum's Finance Committee.
· Ronald R. Davenport – Mr. Davenport is Chairman, and one of the original founders, of Sheridan Broadcasting Corporation, and Co-Chairman of American Urban Radio Networks. Mr. Davenport was Dean of the Duquesne University School of Law from 1970 to 1982, and served as a member of the President's Commission on White House Fellowships and on the National Board of the United States Chamber of Commerce. Mr. Davenport was a Director of Blaylock & Partners, L.P., an investment banking firm, from 2005 to 2006. He is a former member of the National Urban League Board of Directors and former President of the Urban League of Pittsburgh.
· Kim D. Kelly – Ms. Kelly currently serves as a consultant, primarily to private equity firms, in the media and restructuring fields. Most recently, from 2008 to 2010, Ms. Kelly served as Chief Restructuring Officer of Equity Media Holdings Corporation, an owner of broadcast stations. Previously, Ms. Kelly held executive positions with a number of large media companies, such as Arroyo Video Solutions, Inc., where she also served on the Board of Directors, Insight Communications Company, Inc. and Insight Midwest, L.P. From 2004 to 2016, Ms. Kelly served as a Director of MCG Capital Corporation, a business development company.
· Kevin C. Phelan – Mr. Phelan is Co-Chairman of Colliers International (formerly, Colliers Meredith & Grew Inc. and Meredith & Grew, Inc.), a commercial real estate firm. Mr. Phelan joined Meredith & Grew, Inc. in 1978 and founded its Capital Markets group, which represents insurance companies and conduits, and maintains a servicing portfolio valued at $1 billion. Mr. Phelan serves on the Board of Directors of A.D. Makepeace Co., a cranberry grower and real estate development company, and on the Board of Trustees of Industrial Logistics
I-3
Property Trust, a real estate company. In addition, Mr. Phelan has served on correspondent advisory councils for both AEGON U.S.A. Realty Advisors, Inc. and Nationwide Life Insurance Company, as well as numerous non-profit boards and committees.
· Patrick J. Purcell – Mr. Purcell has more than 40 years of experience in the publishing industry. From 1970 to 1980, Mr. Purcell worked for the New York Daily News, and in 1980 he joined News Corporation, where he served in numerous capacities, including Associate Publisher of the Village Voice, Vice President of Advertising Sales for the New York Post, President of News America/Newspapers, President and Chief Executive Officer of News America Publishing, Inc., Publisher of the New York Post and President and Publisher of the Boston Herald. In 1993, Mr. Purcell purchased the Boston Herald from News Corporation. Mr. Purcell served as Executive Chairman of Ottaway Newspapers, Inc. from 2009 to 2013. In addition, Mr. Purcell serves on the Boards of Directors of a number of non-profit organizations.
· Thomas F. Ryan, Jr. – Mr. Ryan is the former President and Chief Operating Officer of the American Stock Exchange (now known as the NYSE Amex Equities), from which he retired in 1999. Prior to that, Mr. Ryan held a variety of positions at the investment banking firm of Kidder, Peabody & Co., Inc., including serving as its Chairman in 1995. He has been a Trustee Associate at Boston College since 2013, where he served as Trustee from 1995 to 2013, and currently serves as a Director of RepliGen Corp., a biopharmaceutical company from 2002 to May 2022. In addition, Mr. Ryan served as a Director of NYISO Independent System Operator, a non-profit organization responsible for managing the state of New York’s electric grid (1998 – 2021) and was a member of the NYSE Market Performance Committee and Chairman of the Traders Advisory Committee to the Chairman of NYSE.
· Maureen M. Young – Ms. Young served as the Director of the Office of Government Relations at Carnegie Mellon University from 2000 to 2007. Ms. Young also served as a member of the Board of Directors of Maglev, Inc., a company seeking a partnership between industry and government in Pennsylvania to create a magnetically levitated high-speed transportation system, from 2001 to 2008. Ms. Young serves on the boards of a number of non-profit organizations.
The board's audit and pricing committees met three times during the funds' last fiscal year. The compensation committee met once and the litigation and nominating committees did not meet during the funds' last fiscal year.
Board Members' Fund Share Ownership
The table below indicates the dollar range of each board member's ownership of fund shares and shares of all funds in the aggregate, in each case as of December 31, 2022.
Fund |
Patrick J. O'Connor |
John R. Alchin |
Ronald R. Davenport |
Kim D. Kelly |
Kevin C. Phelan |
Patrick J. Purcell |
Thomas F. Ryan, Jr. |
Maureen M. Young |
AAF |
None |
None |
None |
None |
None |
None |
None |
None |
BF |
None |
None |
None |
None |
None |
None |
None |
None |
CBF |
None |
None |
None |
None |
None |
None |
None |
None |
EMF |
None |
None |
None |
None |
None |
$10,001-$50,000 |
None |
None |
ISF |
None |
None |
None |
None |
None |
Over $100,000 |
None |
None |
IBF |
None |
None |
None |
None |
None |
None |
None |
None |
IF |
None |
None |
None |
None |
None |
$10,001 - $50,000 |
None |
None |
I-4
Fund |
Patrick J. O'Connor |
John R. Alchin |
Ronald R. Davenport |
Kim D. Kelly |
Kevin C. Phelan |
Patrick J. Purcell |
Thomas F. Ryan, Jr. |
Maureen M. Young |
MIMBF |
None |
None |
None |
None |
None |
$10,001-$50,000 |
None |
None |
MCMF |
None |
None |
None |
None |
Over $100,000 |
$10,001 - $50,000 |
None |
None |
MOF |
None |
None |
None |
None |
$50,001 - $100,000 |
None |
None |
None |
NIMBF |
None |
None |
None |
None |
None |
$10,001-$50,000 |
None |
None |
NMMMF |
None |
None |
None |
None |
None |
None |
None |
None |
NSMBF |
None |
None |
None |
None |
None |
None |
None |
None |
NYITBF |
None |
None |
None |
None |
None |
None |
None |
None |
PIMBF |
None |
None |
None |
None |
None |
None |
None |
None |
SUSGSF |
None |
None |
None |
None |
None |
None |
None |
None |
SCMF |
None |
None |
None |
None |
None |
$10,001-$50,000 |
None |
None |
Aggregate holdings of all funds |
None |
Over $100,000 |
None |
None |
Over $100,000 |
Over $100,000 |
None |
None |
See "Share Ownership" below for information on the shareholdings of each fund by board members and officers, as a group.
As of December 31, 2022, none of the board members or their immediate family members owned securities of BNYM Investment Adviser, any Sub-Adviser, the Distributor or any person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with BNYM Investment Adviser, any Sub-Adviser or the Distributor.
I-5
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 and Chairman of the Audit Committee receiving additional compensation. The funds reimburse board members for their expenses. The funds do not have a bonus, pension, profit-sharing or retirement plan.
The aggregate amount of fees paid to each current board member by the Trust for the fiscal year ended August 31, 2023 for all funds comprising the Trust were as follows:
Name of Board Member |
Aggregate Compensation from the Trust* |
John R. Alchin |
$160,000 |
Ronald R. Davenport |
$160,000 |
Kim D. Kelly |
$160,000 |
Patrick J. O'Connor |
$190,000 |
Kevin C. Phelan |
$160,000 |
Patrick J. Purcell |
$160,000 |
Thomas F. Ryan, Jr. |
$180,000 |
Maureen M. Young |
$160,000 |
* Amount does not include expenses reimbursed by the Trust to board members for attending board meetings.
Name |
Principal Occupation During Past 5 Years |
Number of Investment Companies (Portfolios) in the Fund Complex* for which the Officer serves as an Officer |
Patrick
T. Crowe |
National Director of Investment Advisory, Analytics and Solutions for BNY Wealth since July 2014 |
1 (18) |
James
Windels |
Vice President of BNYM Investment Adviser since September 2020; Director – BNY Fund Administration |
52 (111) |
Peter
M. Sullivan |
Chief Legal Officer of BNYM Investment Adviser and Associate General Counsel of BNY since July 2021; Senior Managing Counsel of BNY from December 2020 to July 2021; Managing Counsel of BNY from March 2009 to December 2020 |
52 (111) |
Sarah
S. Kelleher |
Vice President of BNY Mellon ETF Investment Adviser, LLC since February 2020; Senior Managing Counsel of BNY since September 2021; and Managing Counsel of BNY from December 2017 to September 2021 |
52 (111) |
I-6
Name |
Principal Occupation During Past 5 Years |
Number of Investment Companies (Portfolios) in the Fund Complex* for which the Officer serves as an Officer |
Deirdre Cunnane 1990 Vice President and Assistant Secretary 2019 |
Managing Counsel of BNY since December 2021; and Counsel of BNY from August 2018 to December 2021 |
52 (111) |
Lisa
M. King |
Counsel of BNY since June 2023; and Regulatory Administration Group Manager of BNY Mellon Asset Servicing from February 2016 to June 2023
|
52 (111) |
Jeff
S. Prusnofsky |
Senior Managing Counsel of BNY |
52 (111) |
Amanda
Quinn |
Managing Counsel of BNY since March 2024; Counsel of BNY June 2019 to February 2024 |
52 (111) |
Joanne
Skerrett |
Managing Counsel of BNY since June 2022; and Senior Counsel with the Mutual Fund Directors Forum, a leading funds industry organization, from 2016 to June 2022 |
52 (111) |
Roberto
G. Mazzeo |
Financial Reporting Manager – BNY Fund Administration |
52 (111) |
Gavin
C. Reilly |
Tax Manager – BNY Fund Administration |
52 (111) |
Robert
Salviolo |
Senior Accounting Manager – BNY Fund Administration |
52 (111) |
Robert
Svagna |
Senior Accounting Manager – BNY Fund Administration |
52 (111) |
Joseph
W. Connolly |
CCO of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since 2004; CCO of BNYM Investment Adviser from 2004 until June 2021 |
51(98) |
Caridad
M. Carosella |
Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust |
45 (104) |
I-7
*
"Fund
Complex" comprises registered investment companies for which BNYM Investment
Adviser or an affiliate of BNYM Investment Adviser serves as investment
adviser.
1
Chief
Legal Officer since July 2021.
2 Vice President and Secretary since 2024; 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.
CERTAIN
PORTFOLIO MANAGER INFORMATION
(not
applicable to money market funds)
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, except if otherwise indicated.
Primary |
Registered Investment Companies |
Total Assets Managed |
Other Pooled Investment Vehicles |
Total Assets Managed |
Other Accounts |
Total Assets Managed |
John C. Bailer |
7 |
$7.1B |
8 |
$807.1M |
36 |
$6.2B |
Karen Behr |
7 |
$4.4B |
10 |
$549.1M |
18 |
$2.2B |
Gregory J. Conant |
2 |
$193M |
None |
N/A |
389 |
$2.2B |
Joseph M. Corrado |
3 |
$1.3B |
3 |
$29.2M |
9 |
$830M |
Liliana Castillo Dearth1 |
None |
N/A |
None |
N/A |
None |
N/A |
Lawrence R. Dunn |
1 |
$127M |
None |
N/A |
39 |
$448M |
Brian C. Ferguson |
7 |
$9B |
8 |
$807M |
35 |
$5.4B |
John F. Flahive |
8 |
$6.8B |
None |
N/A |
None |
N/A |
Keith Howell |
7 |
$7.1B |
8 |
$807M |
36 |
$5.4B |
Alex Khosla |
3 |
$860.8M |
7 |
$542.7M |
None |
N/A |
Andrew Leger |
9 |
$4.8B |
13 |
$362.2M |
28 |
$2.2B |
Alicia Levine |
3 |
$2.5B |
None |
N/A |
None |
N/A |
James A. Lydotes |
4 |
$506.3M |
7 |
$289.9M |
8 |
$970B |
Michael Mongelluzzo |
2 |
$610M |
None |
N/A |
2,722 |
$13B |
José Muñoz |
5 |
$2B |
2 |
$80.1M |
219 |
$3.5B |
Mary Collette O'Brien |
3 |
$2.2B |
None |
N/A |
325 |
$3.8B |
Steven L. Pollack |
5 |
$23.4B |
1 |
$598M |
44 |
$4.7B |
John R. Porter III |
8 |
$4.5B |
10 |
$549.1M |
23 |
$7.8B |
William A. Priebe |
4 |
$2B |
2 |
$80.1M |
207 |
$3.4B |
William Scott Priebe |
5 |
$2B |
2 |
$80.1M |
247 |
$3.6B |
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 |
Type of Account |
Number of Accounts Subject to Performance Fees |
Total Assets of Accounts Subject to Performance Fees |
John C. Bailer |
Other Accounts |
4 |
$103.1M |
Karen Behr |
Other Accounts |
1 |
$47.7M |
Gregory J. Conant |
None |
N/A |
N/A |
I-8
Primary |
Type of Account |
Number of Accounts Subject to Performance Fees |
Total Assets of Accounts Subject to Performance Fees |
Joseph M. Corrado |
None |
N/A |
N/A |
Liliana Castillo Dearth |
None |
N/A |
N/A |
Lawrence R. Dunn |
None |
N/A |
N/A |
Brian C. Ferguson |
Other Accounts |
4 |
$103.1M |
John F. Flahive |
None |
N/A |
N/A |
Keith Howell |
Other Accounts |
4 |
$103.1M |
Alex Khosla |
None |
N/A |
N/A |
Andrew Leger |
Other Accounts |
3 |
$113.4M |
Alicia Levine |
None |
N/A |
N/A |
James A. Lydotes |
Other Accounts |
N/A |
N/A |
Michael Mongelluzzo |
None |
N/A |
N/A |
José Muñoz |
None |
N/A |
N/A |
Mary Collette O'Brien |
None |
N/A |
N/A |
Steven L. Pollack |
Other Accounts |
1 |
$26.4M |
John R. Porter III |
Other Accounts |
1 |
$47.7M |
William A. Priebe |
None |
N/A |
N/A |
William Scott Priebe |
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 |
John C. Bailer |
ISF |
Over $1,000,000 |
Karen Behr |
MCMF |
None |
SCMF |
None | |
Gregory J. Conant |
NYITBF |
None |
PIMBF |
None | |
Joseph M. Corrado |
SCMF |
None |
Liliana Castillo Dearth |
EMF |
None |
Lawrence R. Dunn |
SUSGSF |
None |
Brian C. Ferguson |
ISF |
$100,001 - $500,000 |
John F. Flahive |
AAF |
None |
BF |
None | |
CBF |
None | |
IBF |
None | |
MOF |
None | |
NIMBF |
None | |
NSMBF |
None | |
NYITBF |
None | |
Keith Howell |
ISF |
None |
Alex Khosla |
EMF |
None |
Andrew Leger |
MCMF |
None |
SCMF |
None | |
Alicia Levine |
AAF |
None |
MCMF |
None | |
SCMF |
None | |
James A. Lydotes |
IF |
None |
Michael Mongelluzzo |
AAF |
None |
I-9
Primary Portfolio Manager |
Fund |
Dollar Range of Fund Shares Beneficially Owned |
MCMF |
None | |
José Muñoz |
MCMF |
None |
Mary Collette O'Brien |
MIMBF |
None |
NIMBF |
None | |
PIMBF |
None | |
Steven L. Pollack |
MCMF |
None |
John R. Porter III |
MCMF |
None |
SCMF |
None | |
William A. Priebe |
MCMF |
None |
William Scott Priebe |
MCMF |
None |
1 Because Ms. Dearth became a primary manager of BNY Mellon Emerging Markets Fund as of November 13, 2023, her information is as of October 31, 2023.
ADVISERS' COMPENSATION; COMPLIANCE SERVICES
For each fund's last three fiscal years, the investment advisory 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 BNYM Investment Adviser and the net fees paid by the fund were as follows:
2023 Fiscal Year |
2022 Fiscal Year |
2021 Fiscal Year | |||||||
Fund1 |
Fee payable |
Fee reduction |
Net fee paid |
Fee payable |
Fee reduction |
Net fee paid |
Fee payable |
Fee reduction |
Net fee paid |
AAF2 |
$1,461,767 |
$89,511 |
$1,372,256 |
$1,605,172 |
$75,121 |
$1,530,051 |
$1,540,338 |
$386,893 |
$1,153,445 |
BF |
$4,620,890 |
$0 |
$4,620,890 |
$5,077,791 |
$0 |
$5,077,791 |
$5,295,216 |
$0 |
$5,295,216 |
CBF |
$1,869,636 |
$0 |
$1,869,636 |
$2,772,813 |
$0 |
$2,772,813 |
$3,165,561 |
$0 |
$3,165,561 |
EMF |
$4,559,099 |
$602,995 |
$3,956,104 |
$10,001,046 |
$0 |
$10,001,046 |
$11,273,071 |
$0 |
$11,273,071 |
ISF |
$2,638,584 |
$0 |
$2,638,584 |
$3,285,878 |
$0 |
$3,285,878 |
$3,762,361 |
$0 |
$3,762,361 |
IBF |
$2,271,296 |
$0 |
$2,271,296 |
$2,753,123 |
$0 |
$2,753,123 |
$3,301,218 |
$0 |
$3,301,218 |
IF |
$2,715,061 |
$259,918 |
$2,455,143 |
$4,544,420 |
$0 |
$4,544,420 |
$5,145,866 |
$0 |
$5,145,866 |
MIMBF |
$660,530 |
$0 |
$660,530 |
$1,140,546 |
$0 |
$1,140,546 |
$1,183,204 |
$0 |
$1,183,204 |
MCMF |
$12,637,196 |
$0 |
$12,637,196 |
$18,642,548 |
$0 |
$18,642,548 |
$20,951,180 |
$0 |
$20,951,180 |
MOF |
$9,196,834 |
$0 |
$9,196,834 |
$12,504,819 |
$0 |
$12,504,819 |
$12,432,129 |
$0 |
$12,432,129 |
NIMBF |
$6,626,781 |
$0 |
$6,626,781 |
$9,242,627 |
$0 |
$9,242,627 |
$9,650,168 |
$0 |
$9,650,168 |
NMMMF |
$411,723 |
$0 |
$411,723 |
$480,785 |
$338,706 |
$142,079 |
$599,907 |
$599,907 |
$0 |
NSMBF |
$2,210,118 |
$582,665 |
$1,627,453 |
$3,031,980 |
$605,321 |
$2,426,659 |
$3,484,255 |
$262,618 |
$3,221,637 |
NYITBF |
$545,909 |
$204,922 |
$340,987 |
$749,874 |
$216,770 |
$533,104 |
$826,021 |
$214,660 |
$611,362 |
PIMBF |
$457,775 |
$183,304 |
$274,471 |
$767,395 |
$207,625 |
$559,770 |
$992,455 |
$97,822 |
$894,633 |
SUSGSF |
$584,091 |
$141,213 |
$442,878 |
$551,146 |
$137,353 |
$413,793 |
$798,646 |
$41,161 |
$757,485 |
SCMF |
$5,000,720 |
$0 |
$5,000,720 |
$6,837,795 |
$0 |
$6,837,795 |
$6,673,212 |
$0 |
$6,673,212 |
1 The fees paid to BNYM Investment Adviser by each fund are not subject to reduction as the value of the fund's net assets increases.
2 The fund has agreed to pay an investment advisory fee at the annual rate of 0.65% applied to that portion of the fund's average daily net assets allocated to direct investments in equity securities, 0.40% applied to that portion of the fund's average daily net assets allocated to direct investments in debt securities and 0.15% applied to that portion of the fund's average daily net assets allocated to investments in money market instruments and the Underlying Funds in which it invests.
The contractual fee rates paid by BNYM Investment Adviser to a fund's Sub-Adviser, 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 allocated to the Sub-Adviser):
I-10
Fund |
Sub-Advisers |
Fee Rate |
Effective Fee Rate for the Last Fiscal Year |
EMF |
NIM1 |
0.345% |
0.345% |
IF |
NIMNA |
0.255% |
0.255% |
ISF |
NIMNA |
0.195% |
0.195% |
MCMF |
GCM/Boston Partners |
0.19%* |
0.19%* |
NIMNA |
** |
** | |
SCMF |
NIMNA |
0.55% |
0.55% |
1 NIM was appointed as Sub-Adviser effective October 21, 2022. From September 1, 2021 to October 21, 2022, NIMNA was the fund's Sub-Adviser.
* Rates shown are the combined contractual and effective fee rates for the fund's Sub-Advisers, GCM and Boston Partners, for the fund's last fiscal year. Pursuant to an exemptive order issued by the SEC, the allocation of the fee between GCM and Boston Partners is not disclosed.
** MCMF 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 BNYM Investment Adviser and NIMNA. The aggregate annual fee payable to BNYM Investment Adviser and, except as noted below, NIMNA is 0.75% of the value of the fund's average daily net assets. The effective aggregate fee rate paid by the fund for the last fiscal year was 0.75% from which BNYM Investment Adviser also paid GCM and Boston Partners effective aggregate fee rate for the last fiscal year of 0.19% of the value of the fund's average daily net assets.
Dreyfus was appointed as Sub-Advisor to NMMMF effective September 1, 2023. BNYM Investment Adviser has agreed to pay Dreyfus a monthly fee of 50% of the monthly management fee BNYM Investment Adviser receives from the fund pursuant to the Management Agreement, net of any fee waivers and/or expense reimbrusements made by BNYM Investment Adviser.
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 BNYM Investment Adviser 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:
2023 Fiscal Year |
2022 Fiscal Year |
2021 Fiscal Year | |||||||
Fund/ |
Fee payable |
Fee reduction |
Net fee paid |
Fee payable |
Fee reduction |
Net fee paid |
Fee payable |
Fee reduction |
Net fee paid |
EMF/NIMNA1 |
$1,367,730 |
$0 |
$1,367,730 |
$3,000,314 |
$0 |
$3,000,314 |
N/A |
N/A |
N/A |
IF/NIMNA2 |
$814,518 |
$0 |
$814,518 |
$1,363,326 |
$0 |
$1,363,326 |
N/A |
N/A |
N/A |
ISF/NIMNA2 |
$791,575 |
$0 |
$791,575 |
$985,763 |
$0 |
$985,763 |
N/A |
N/A |
N/A |
MCMF/ |
$5,874,924 |
$0 |
$5,874,924 |
$8,862,890 |
$0 |
$8,862,890 |
$5,384,314 |
$0 |
$5,384,314 |
SCMF/NIMNA2 |
$3,229,920 |
$0 |
$3,229,920 |
$4,526,679 |
$0 |
$4,526,679 |
N/A |
N/A |
N/A |
1 NIMNA was appointed as Sub-Adviser effective September 1, 2021. Effective October 21, 2022, NIM was appointed as Sub-Adviser, replacing NIMNA.
2 NIMNA was appointed as Sub-Adviser effective September 1, 2021.
3 Includes all fees paid by BNYM Investment Adviser to GCM and Boston Partners as the fund's Sub-Advisers in the aggregate.
The Trust's compliance program is developed, implemented and maintained by the Trust's CCO and the CCO staff. The funds bear the CCO's compensation (which is approved by the board), as well as the compensation of the CCO staff and the expenses of the CCO and the CCO staff (including administrative expenses). The CCO and the CCO staff work exclusively on the compliance program and related matters for the funds and funds in the BNY Mellon Family of Funds, and compensation and expenses of the CCO and the CCO 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 Trust's last fiscal year were as follows:
I-11
Fund |
CCO and Staff Compensation and Expenses |
AAF |
$23,636 |
BF |
$19,196 |
CBF |
$19,196 |
EMF |
$20,249 |
ISF |
$19,899 |
IBF |
$19,196 |
IF |
$20,177 |
MIMBF |
$19,196 |
MCMF |
$34,852 |
MOF |
$19,196 |
NIMBF |
$19,196 |
NMMMF |
$19,196 |
NSMBF |
$19,196 |
NYITBF |
$19,196 |
PIMBF |
$19,196 |
SUSGSF |
$19,196 |
SCMF |
$24,153 |
Administration fees paid to The Bank of New York Mellon for the last three fiscal years were as follows:
Fund |
2023 Fiscal Year |
2022 Fiscal Year |
2021 Fiscal Year |
AAF |
$259,228 |
$254,683 |
$232,910 |
BF |
$1,563,011 |
$1,599,283 |
$1,634,104 |
CBF |
$631,728 |
$872,549 |
$977,185 |
EMF |
$535,604 |
$1,093,309 |
$1,209,239 |
ISF |
$548,672 |
$636,866 |
$714,508 |
IBF |
$767,836 |
$866,994 |
$1,019,066 |
IF |
$432,029 |
$672,379 |
$747,137 |
MIMBF |
$254,914 |
$410,291 |
$417,269 |
MCMF |
$2,277,985 |
$3,126,279 |
$3,447,300 |
MOF |
$2,487,291 |
$3,149,085 |
$3,068,466 |
NIMBF |
$2,559,950 |
$3,325,121 |
$3,403,322 |
NMMMF |
$371,124 |
$404,339 |
$493,593 |
NSMBF |
$852,606 |
$1,092,577 |
$1,229,252 |
NYITBF |
$147,580 |
$188,790 |
$203,932 |
PIMBF |
$123,744 |
$192,898 |
$245,026 |
SUSGSF |
$225,597 |
$198,531 |
$281,730 |
SCMF |
$795,961 |
$1,011,135 |
$967,857 |
I-12
SECURITIES
LENDING ACTIVITIES
(non-money
market funds only)
The dollar amounts of income and fees and compensation paid to all service providers (including fees, if any, paid to BNYM Investment Adviser for cash collateral management and fees paid to BNY as securities lending agent), related to certain funds' securities lending activities during the most recent fiscal year were as follows:
Fund |
AAF |
BF |
CBF |
EMF |
ISF |
IBF |
Gross income from securities lending activities (including income from cash collateral reinvestment) |
$61,995 |
$1,107,699 |
$466,285 |
$36,501 |
$93,013 |
$593,596 |
Fees and/or compensation for securities lending activities and related services |
||||||
Fees paid to securities lending agent from a revenue split |
$865 |
$15,517 |
$15,714 |
$1,115 |
$11,161 |
$11,444 |
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) |
$54,767 |
$978,362 |
$335,317 |
$27,201 |
$0 |
$498,212 |
Other fees not included in revenue split |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
Aggregate fees/compensation for securities lending activities |
$55,632 |
$993,879 |
$351,031 |
$28,316 |
$11,161 |
$509,656 |
Net income from securities lending activities |
$6,363 |
$113,820 |
$115,254 |
$8,185 |
$81,852 |
$83,940 |
I-13
Fund |
IF |
MCMF |
SUSGSF |
SCMF |
Gross income from securities lending activities (including income from cash collateral reinvestment) |
$222,386 |
$1,109,463 |
$26,759 |
$420,293 |
Fees and/or compensation for securities lending activities and related services |
||||
Fees paid to securities lending agent from a revenue split |
$1,521 |
$29,922 |
$1,482 |
$16,934 |
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) |
$209,701 |
$860,006 |
$14,408 |
$279,102 |
Other fees not included in revenue split |
$0 |
$0 |
$0 |
$0 |
Aggregate fees/compensation for securities lending activities |
$211,222 |
$889,928 |
$15,890 |
$296,036 |
Net income from securities lending activities |
$11,164 |
$219,535 |
$10,869 |
$124,257 |
The services provided by BNY 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 funds at loan termination.
MIMBF, MOF, NIMBF, NMMMF, NSMBF, NYITBF and PIMBF did not engage in any securities lending activity during the most recent fiscal year.
I-14
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 |
2023 Fiscal Year |
2022 Fiscal Year |
2021 Fiscal Year | |
ISF |
Total commissions |
$17,355 |
$14,143 |
$734 |
Commission amount retained |
$2,107 |
$1,236 |
$76 | |
Total CDSCs |
$1,089 |
$0 |
$0 | |
CDSC amount retained |
$1,089 |
$0 |
$0 |
The amounts paid by each fund to the Distributor under the fund's Distribution Plan and/or Shareholder Services Plan, as applicable, for services described in Part III of this SAI under "Distribution Plan and Shareholder Services Plan" 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
|
AAF |
Shareholder Services Plan |
Investor shares |
$20,664 |
N/A |
N/A |
$20,664 |
BF |
Shareholder Services Plan |
Investor shares |
$21,762 |
N/A |
N/A |
$21,762 |
CBF |
Shareholder Services Plan |
Investor shares |
$11,829 |
N/A |
N/A |
$11,829 |
EMF |
Shareholder Services Plan |
Investor shares |
$58,733 |
N/A |
N/A |
$58,733 |
ISF |
Distribution Plan |
Class C |
$8,493 |
N/A |
N/A |
$8,493 |
Shareholder Services Plan |
Investor shares |
$48,023 |
N/A |
N/A |
$48,023 | |
Class A |
$6,495 |
N/A |
N/A |
$6,495 | ||
Class C |
$2,831 |
N/A |
N/A |
$2,831 | ||
IBF |
Shareholder Services Plan |
Investor shares |
$18,467 |
N/A |
N/A |
$18,467 |
IF |
Shareholder Services Plan |
Investor shares |
$38,611 |
N/A |
N/A |
$38,611 |
I-15
Fund |
Plan |
Class |
Distributor Payments |
Printing and Implementation and Operation of Plan |
Amount Reimbursed to Fund Pursuant to Undertaking in Effect |
Total
|
MIMBF |
Shareholder Services Plan |
Investor shares |
$23,216 |
N/A |
N/A |
$23,216 |
MCMF |
Shareholder Services Plan |
Investor shares |
$308,961 |
N/A |
N/A |
$308,961 |
MOF |
Shareholder Services Plan |
Investor shares |
$156,205 |
N/A |
N/A |
$156,205 |
NIMBF |
Shareholder Services Plan |
Investor shares |
$131,543 |
N/A |
N/A |
$131,543 |
NMMMF |
Shareholder Services Plan |
Investor shares |
$120 |
N/A |
N/A |
$120 |
NSMBF |
Shareholder Services Plan |
Investor shares |
$47,301 |
N/A |
N/A |
$47,301 |
NYITBF |
Shareholder Services Plan |
Investor shares |
$22,427 |
N/A |
N/A |
$22,427 |
PIMBF |
Shareholder Services Plan |
Investor shares |
$12,503 |
N/A |
N/A |
$12,503 |
SUSGSF |
Shareholder Services Plan |
Investor shares |
$3,982 |
N/A |
N/A |
$3,982 |
SCMF |
Shareholder Services Plan |
Investor shares |
$68,619 |
N/A |
N/A |
$68,619 |
I-16
OFFERING PRICE
(BNY Mellon Income Stock Fund – Class A shares only)
Set forth below is an example of the method of computing the offering price of BNY Mellon Income Stock Fund's Class A shares. 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 offering Class A, C, I and Y shares, 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 III of this SAI.
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 |
Class A |
$7.81 |
5.75% of offering price (6.10% of NAV per share) |
$0.48 |
$8.29 |
*Due to rounding, the actual sales load you pay may be more or less than that calculated using these percentages.
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:
Fund |
Regular Broker or Dealer |
Aggregate Value Per Issuer Held By Fund |
AAF |
J.P. Morgan Securities LLC |
$1,848,568 |
HSBC Securities (USA) Inc. |
$167,961 | |
Barclays Capital Inc. |
$332,510 | |
Citigroup Global Markets Inc. |
$595,821 | |
BF |
Citigroup Global Markets Inc. |
$11,519,212 |
Barclays Capital Inc. |
$7,161,747 | |
HSBC Securities (USA) Inc. |
$5,758,653 | |
CBF |
Deutsche Bank Securities Inc. |
$6,801,956 |
Goldman Sachs & Co. LLC |
$5,089,810 | |
Merrill Lynch, Pierce, Fenner & Smith Incorporated |
$4,231,200 | |
J.P. Morgan Securities LLC |
$3,920,040 | |
Barclays Capital Inc. |
$3,271,291 | |
Morgan Stanley & Co. LLC |
$3,078,844 | |
HSBC Securities (USA) Inc. |
$2,716,263 | |
Citigroup Global Markets Inc. |
$2,492,669 | |
EMF |
N/A |
N/A |
ISF |
J.P. Morgan Securities LLC |
$16,470,612 |
IBF |
Citigroup Global Markets Inc. |
$4,879,213 |
Goldman Sachs & Co. LLC |
$4,616,066 |
I-17
Fund |
Regular Broker or Dealer |
Aggregate Value Per Issuer Held By Fund |
Merrill Lynch, Pierce, Fenner & Smith Incorporated |
$4,533,039 | |
Barclays Capital Inc. |
$3,554,370 | |
HSBC Securities (USA) Inc. |
$2,797,342 | |
IF |
N/A |
N/A |
MIMBF |
N/A |
N/A |
MCMF |
Jefferies LLC |
$182,019 |
MOF |
N/A |
N/A |
NIMBF |
N/A |
N/A |
NMMMF |
N/A |
N/A |
NSMBF |
N/A |
N/A |
NYITBF |
N/A |
N/A |
PIMBF |
N/A |
N/A |
SUSGSF |
N/A |
N/A |
SCMF |
N/A |
N/A |
I-18
The approximate aggregate amounts of commissions paid by each fund for brokerage commissions for its last three fiscal years, none of which was paid to Affiliated Brokers,* were as follows:
Fund |
2023 Fiscal Year |
2022 Fiscal Year |
2021 Fiscal Year |
AAF |
$18,234 |
$9,596 |
$6,065 |
BF |
N/A** |
N/A** |
N/A |
CBF |
N/A |
N/A |
N/A |
EMF |
$504,401 |
$1,001,217 |
$1,217,833 |
ISF |
$261,692 |
$353,304 |
$414,173 |
IBF |
N/A |
N/A |
N/A |
IF |
$240,786 |
$453,277 |
$468,364 |
MIMBF |
$425 |
$488 |
$58 |
MCMF |
$512,065 |
$544,304 |
$679,529 |
MOF |
$14,897 |
$15,907 |
$13,626 |
NIMBF |
$4,209 |
$5,144 |
$1,203 |
NMMMF |
N/A |
N/A |
N/A |
NSMBF |
N/A |
N/A |
N/A |
NYITBF |
$233 |
$323 |
$123 |
PIMBF |
$203 |
$278 |
$86 |
SUSGSF |
N/A |
N/A |
N/A |
SCMF |
$578,963 |
$753,175 |
$902,893 |
* Unaffiliated brokers cleared transactions through clearing brokers affiliated with BNY. The funds paid no fees
directly to affiliated clearing brokers.
** N/A = Not Applicable
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 |
AAF |
Portfolio turnover increased in fiscal year 2023. |
BF |
N/A |
CBF |
N/A |
EMF |
Portfolio turnover rate increased in fiscal year 2023 and net assets declined. |
ISF |
N/A |
IBF |
N/A |
IF |
Portfolio turnover decreased in fiscal year 2023 and net assets declined. |
MIMBF |
N/A |
MCMF |
N/A |
MOF |
N/A |
NIMBF |
N/A |
NMMMF |
N/A |
NSMBF |
N/A |
NYITBF |
N/A |
PIMBF |
N/A |
SUSGSF |
N/A |
SCMF |
N/A |
I-19
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:
Fund |
Transactions |
Related Commissions |
AAF |
N/A |
N/A |
BF |
N/A |
N/A |
CBF |
N/A |
N/A |
EMF |
$74,702,842 |
$23,176 |
ISF |
$399,468,805 |
$112,404 |
IBF |
N/A |
N/A |
IF |
$206,006,627 |
$52,623 |
MIMBF |
N/A |
N/A |
MCMF |
$598,394,789 |
$225,151 |
MOF |
N/A |
N/A |
NIMBF |
N/A |
N/A |
NMMMF |
N/A |
N/A |
NSMBF |
N/A |
N/A |
NYITBF |
N/A |
N/A |
SUSGSF |
N/A |
N/A |
PIMBF |
N/A |
N/A |
SCMF |
$444,142,476 |
$241,909 |
PORTFOLIO
TURNOVER VARIATION
(not
applicable to money market funds)
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 |
AAF |
N/A |
BF |
N/A |
CBF |
N/A |
EMF |
Portfolio turnover increased significantly due to the decline of assets in the most recent fiscal year. |
ISF |
N/A |
IBF |
N/A |
IF |
N/A |
MIMBF |
Portfolio turnover increased in the most recent fiscal year relative to AUM levels due to increased redemptions, trading activity for cash management purposes and typical trading for management of duration and other portfolio attributes. |
MCMF |
N/A |
MOF |
N/A |
NIMBF |
N/A |