STATEMENT OF ADDITIONAL INFORMATION

December 1, 2022, as revised or amended,
February 1, 2023, March 31, 2023, May 1, 2023,
June 1, 2023, June 20, 2023 and August 1, 2023, September 1, 2023 and September 29, 2023

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, for the money market funds, www.dreyfus.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 VII, Inc.

BNYMIFVII

     

BNY Mellon Short Term Income Fund

BNYMSTIF

Class A/BYSAX

July 31st

December 1st

   

Class D/DSTIX

   
   

Class I/BYSIX

   
   

Class Y/BYSYX

   
         

BNY Mellon Opportunity Funds

BNYMOF

     

BNY Mellon Natural Resources Fund

BNYMNRF

Class A/DNLAX

September 30th

February 1st 

   

Class C/DLDCX

   
   

Class I/DLDRX

   
   

Class Y/DLDYX

   

BNY Mellon Short Term Municipal Bond Fund

BNYMSTMBF

Class A/DMBAX

March 31st

August 1st 

   

Class D/DSIBX

   
   

Class I/DIMIX

   
   

Class Y/DMYBX

   

BNY Mellon Large Cap Securities Fund, Inc.

BNYMLCSF

DREVX

December 31st

May 1st 

BNY Mellon Sustainable U.S. Equity Fund, Inc.

BNYMSUSEF

Class A/DTCAX

May 31st 

September 29th 

   

Class C/DTCCX

   
   

Class I/DRTCX

   
   

Class Y/DTCYX

   
   

Class Z/DRTHX

   

CitizensSelect Funds

CSF

     

Dreyfus Institutional Preferred Treasury Securities Money Market Fund

DIPTSMMF

Hamilton/CEAXX

March 31st 

August 1st

   

Institutional/
CEIXX

   
   


GRP1-SAI-0923A

 
 

         

Fund

Abbreviation

Share Class/Ticker

Fiscal Year
End/Annual
Report Date*

Prospectus
Date

Dreyfus Cash Management

DCM

Administrative/
DACXX

January 31st

June 1st

   

Institutional/
DICXX

   
   

Investor/DVCXX

   
   

Preferred/DCEXX

   

Dreyfus Government Cash Management Funds

DGCMF

     

Dreyfus Government Cash Management

DGCM

Administrative/
DAGXX

January 31st

June 1st

   

Institutional /DGCXX

   
   

Investor/DGVXX

   
   

Participant
/DPGXX

   
   

Wealth/DGQXX

   
   

Service/DGUXX

   
   

BOLD®/DBLXX

   
   

SPARKSM/SPKXX

 

June 20th 

Dreyfus Government Securities Cash Management

DGSCM

Administrative/
DAPXX

January 31st

June 1st

   

Institutional/
DIPXX

   
   

Investor/DVPXX

   
   

Participant/
DGPXX

   

Dreyfus Institutional Liquidity Funds

DILF

     

Dreyfus Treasury and Agency Liquidity Money Market Fund

DTALMMF

N/A/DTLXX

November 30th

March 31st

Dreyfus Institutional Preferred Money Market Funds

IPMMF

     

Dreyfus Institutional Preferred Government Plus Money Market Fund

DIPGPMMF

Institutional Shares/N/A

March 31st

August 1st

Dreyfus Institutional Reserves Funds

IRF

     

Dreyfus Institutional Preferred Government Money Market Fund

DIPGMMF

Institutional/
DSVXX

March 31st

August 1st 

   

Hamilton/DSHXX

   

Dreyfus Institutional Preferred Treasury Obligations Fund

DIPTOF

Institutional/
DNSXX

April 30th

September 1st

   

Hamilton/DHLXX

   

Dreyfus Tax Exempt Cash Management Funds

DTECMF

     

Dreyfus Tax Exempt Cash Management

DTECM

Institutional/
DEIXX

January 31st

June 1st

Dreyfus Treasury Obligations Cash Management

DTOCM

Administrative/
DTAXX

January 31st

June 1st

   

Institutional/
DTRXX

   
   

Investor/DTVXX

   
   

Participant/DTPXX

   
 

         

Fund

Abbreviation

Share Class/Ticker

Fiscal Year
End/Annual
Report Date*

Prospectus
Date

   

Wealth/DTKXX

   
   

Service/DTNXX

   

Dreyfus Treasury Securities Cash Management

DTSCM

Administrative/
DARXX

January 31st

June 1st

   

Institutional/
DIRXX

   
   

Investor/DVRXX

   
   

Participant/DPRXX

   
   

Wealth/DTJXX

   
   

Service/DTHXX

   

* 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, except that, for funds with a fiscal year ended July 31st, "last fiscal year" means the fiscal year immediately preceding the most recently completed fiscal year.

 

TABLE OF CONTENTS

PART I

   

BOARD INFORMATION

I-1

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

I-1

Committee Meetings

I-6

Board Members' Fund Share Ownership

I-7

Board Members' Compensation

I-7

OFFICERS

I-10

CERTAIN PORTFOLIO MANAGER INFORMATION

I-14

ADVISERS' COMPENSATION; COMPLIANCE SERVICES

I-15

Advisers' Compensation

I-15

Compliance Services

I-19

SECURITIES LENDING ACTIVITIES

I-20

SALES LOADS, CDSCS AND DISTRIBUTOR'S COMPENSATION

I-21

OFFERING PRICE

I-25

SECURITIES OF REGULAR BROKERS OR DEALERS

I-25

COMMISSIONS

I-27

PORTFOLIO TURNOVER VARIATION

I-28

SHARE OWNERSHIP

I-29

PART II

   

HOW TO BUY SHARES

II-1

Investment Minimums

II-1

Information Pertaining to Purchase Orders

II-1

TeleTransfer Privilege

II-2

Information Regarding the Offering of Share Classes

II-2

Class A

II-3

Rights of Accumulation

II-3

HOW TO REDEEM SHARES

II-4

Wire Redemption Privilege

II-5

SHAREHOLDER SERVICES

II-6

RULE 12b-1 PLANS AND NON-RULE 12b-1 SERVICES PLANS

II-8

ADMINISTRATIVE SERVICES PLANS

II-12

INVESTMENTS, INVESTMENT TECHNIQUES AND RISKS

II-14

Funds other than Money Market Funds

II-14

Money Market Funds

II-21

INVESTMENT RESTRICTIONS

II-24

Fundamental Policies

II-24

Nonfundamental Policies

II-32

Fundamental and Nonfundamental Policies Related to Fund Investment Objectives,

Diversification and Names

II-35

 

   

DIVIDENDS AND DISTRIBUTIONS

II-38

INFORMATION ABOUT THE FUNDS' ORGANIZATION AND STRUCTURE

II-39

CERTAIN EXPENSE ARRANGEMENTS AND OTHER DISCLOSURES

II-40

COUNSEL AND INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

II-41

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-6

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-8

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-10

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 J Shares of BNY Mellon Balanced Opportunity Fund

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-14

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 IntentClass 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-18

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-25

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-43

Funding Agreements

III-43

Real Estate Investment Trusts (REITs)

III-43

Money Market Instruments

III-43

Bank Obligations

III-44

Repurchase Agreements

III-44

Commercial Paper

III-44

Foreign Securities

III-44

Investing in Europe

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-51

Sovereign Debt Obligations

III-51

Eurodollar and Yankee Dollar Investments

III-53

Investment Companies, Including Exchange-Traded Funds

III-53

Exchange-Traded Funds

III-53

Private Investment Funds

III-54

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-56

 

   

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-57

MLP I-Shares

III-57

PIPEs

III-57

Derivatives

III-57

Risks

III-58

CEA Regulation

III-59

Specific Types of Derivatives

III-60

Foreign Currency Transactions

III-67

Commodities and Commodity-Related Instruments, Including Commodity ETPs

III-68

Commodity ETPs

III-69

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 Investments

III-71

Illiquid Investments Generally

III-71

Section 4(2) Paper and Rule 144A Securities

III-72

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

Investments in the Financials Sector

III-74

Money Market Funds

III-74

Ratings of Securities

III-75

Treasury Securities

III-75

U.S. Government Securities

III-75

Repurchase Agreements

III-75

Bank Obligations

III-76

Bank Securities

III-77

Floating and Variable Rate Obligations

III-77

Participation Interests

III-77

Asset-Backed Securities

III-77

Commercial Paper

III-78

Investment Companies

III-78

Foreign Securities

III-78

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 Investments

III-79

Borrowing Money

III-79

Reverse Repurchase Agreements

III-79

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-80

 

   

RATING CATEGORIES

III-81

S&P

III-81

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-83

Moody's

III-83

Long-Term Obligation Ratings and Definitions

III-83

Short-Term Ratings

III-84

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-86

Short-Term Ratings Assigned to Issuers and Obligations

III-87

DBRS

III-87

Long Term Obligations

III-87

Commercial Paper and Short Term Debt

III-88

ADDITIONAL INFORMATION ABOUT THE BOARDS

III-88

Boards' Oversight Role in Management

III-88

Board Composition and Leadership Structure

III-89

Additional Information About the Boards and their Committees

III-89

MANAGEMENT ARRANGEMENTS

III-90

BNYM Investment Adviser

III-90

Sub-Advisers

III-90

Portfolio Managers and Portfolio Manager Compensation

III-91

Certain Conflicts of Interest with Other Accounts

III-97

Code of Ethics

III-98

Distributor

III-98

Transfer and Dividend Disbursing Agent and Custodian

III-99

Annual Anti-Money Laundering Program Review

III-100

Funds' Compliance Policies and Procedures

III-100

Combined Prospectuses

III-100

Escheatment

III-100

DETERMINATION OF NAV

III-101

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

III-101

Valuation of Portfolio Securities (Retail and Government MMFs only)

III-102

Calculation of NAV

III-102

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-103

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-108

Taxation of U.S. Shareholders

III-111

Fund Distributions

III-111

NAV Method of Accounting (money market funds only)

III-113

3.8% Surtax

III-113

Taxation of Non-U.S. Shareholders

III-114

Fund Distributions

III-114

 

   

Withholding and Information Reporting on Foreign Financial Accounts

III-115

PORTFOLIO TRANSACTIONS

III-115

Trading the Funds' Portfolio Securities

III-115

Soft Dollars

III-117

IPO Allocations

III-118

DISCLOSURE OF PORTFOLIO HOLDINGS

III-119

Policy

III-119

Procedures for Disclosing Fund Portfolio Holdings

III-120

Disclosure of Portfolio Holdings

III-120

Ongoing Arrangements

III-120

Press Interviews, Broker Discussions, etc.

III-121

Confidential Dissemination of Portfolio Holding

III-121

Disclosure of Portfolio Holdings to Employees

III-121

Procedures for Disclosing Fund Portfolio Characteristics

III-122

Public Disclosure of the Portfolio Characteristics of a Fund

III-122

Information Deemed Not to be Portfolio Holdings Information

III-122

Trading Desk and Research Reports

III-122

Confidentiality Agreements

III-122

Additional Restrictions

III-123

Waivers of Restrictions

III-123

Disclosures Required by Law

III-123

Reporting of Violations

III-123

SUMMARY OF THE PROXY VOTING POLICY AND PROCEDURES OF THE BNY MELLON FAMILY OF FUNDS

III-123

ADDITIONAL INFORMATION ABOUT THE FUNDS' STRUCTURE; FUND SHARES
AND VOTING RIGHTS

III-125

Massachusetts Business Trusts

III-125

Fund Shares and Voting Rights

III-125

GLOSSARY

III-125

APPENDIX A: PROXY VOTING POLICIES AND PROCEDURES OF FIRMS DELEGATED FUND PROXY VOTING AUTHORITY

 A-1

 

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 (1997May 2023)

Francine J. Bovich
1951
Board Member

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

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

J. Charles Cardona
1955
Board Member

BNY Mellon ETF Trust, Chairman and Trustee (2020 – Present)

BNY Mellon Liquidity Funds, Director (2004 – Present) and Chairman (2019 – 2021)

N/A

Andrew J. Donohue
1950
Board Member

Attorney, Solo Law Practice (2019 – Present)

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

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

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

Isabel P. Dunst
1947
Board Member

Hogan Lovells LLP, a law firm, Retired (2019 – Present); Senior Counsel (2018 – 2019); Of Counsel (2015 – 2018)

Hebrew Union College Jewish Institute of Religion, Member of the Board of Governors (2015 – Present)

Bend the ARC, a civil rights organization, Board Member (2016 – December 2021)

N/A

Nathan Leventhal
1943
Board Member

Lincoln Center for the Performing Arts, President Emeritus (2001Present)

Palm Beach Opera, President (2016 – Present)

Movado Group, Inc., a public company that designs, sources, markets and distributes watches, Director (2003 2020)

I-1

 

     

Name
Year of Birth
Position1

Principal Occupation During Past 5 Years

Other Public Company Board Memberships During Past 5 Years

     

Robin A. Melvin
1963
Board Member

Westover School, a private girls' boarding school in Middlebury, Connecticut, Trustee (2019 – June 2023)

Mentor Illinois, a non-profit organization dedicated to increasing the quantity and quality of mentoring services in Illinois, Co-Chair (2014 – 2020); Board Member (2013 –2020)

JDRF, a non-profit juvenile diabetes research foundation, Board Member (June 2021 June 2022)

HPS Corporate Lending Fund, a closed-end management investment company regulated as a business development company, Trustee (August 2021 – Present)

Roslyn M. Watson
1949
Board Member

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

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

Benaree Pratt Wiley
1946
Board Member

The Wiley Group, a firm specializing in strategy and business development, Principal (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 – 2020)

1 Each board member serves on the boards' Audit, Nominating, Compensation and Litigation Committees, except that Mr. DiMartino does not serve on the Compensation Committees.

Advisory Board Members

     

Name
Year of Birth
Position

Principal Occupation During Past 5 Years

Other Public Company Board Memberships During Past 5 Years

     

Tamara Belinfanti
1975
Advisory Board Member

New York Law School, Lester Martin Professor of Law (2009 – Present)

N/A

Gordon J. Davis
1941
Advisory Board Member

Venable LLP, a law firm, Partner (2012Present)

BNY Mellon Family of Funds (53 funds), Board Member (1995 – August 2021)

I-2

 

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

                   

Fund

Joseph S. DiMartino

Francine J. Bovich

J. Charles Cardona

Andrew
J.
Donohue

Isabel P. Dunst

Nathan Leventhal

Robin A. Melvin

Roslyn M. Watson

Benaree Pratt Wiley

                   

BNYMIFVII

1995

2015

2014

2019

2014

2009

2014

2014

2009

BNYMLCSF

1995

2015

2014

2019

2014

2009

2014

2014

2009

BNYMOF

2000

2015

2014

2019

2014

2009

2014

2014

2009

BNYMSTMBF

1995

2015

2014

2019

2014

2009

2014

2014

2009

BNYMSUSEF

1995

2015

2014

2019

2014

2009

2014

2014

2009

CSF

2002

2015

2014

2019

2014

2013

2014

2014

2013

DCM

1995

2015

2014

2019

1991

2014

2010

2010

2007

DGCMF

1995

2015

2014

2019

1991

2014

2010

2010

2007

DILF

2017

2017

2017

2019

2017

2017

2017

2017

2017

DTECMF

1995

2015

2014

2019

1991

2014

2010

2010

2007

DTOCM

1995

2015

2014

2019

1991

2014

2010

2010

2007

DTSCM

1995

2015

2014

2019

1991

2014

2010

2010

2007

IPMMF

1997

2015

2014

2019

2014

2009

2014

2014

2009

IRF

2008

2015

2014

2019

2014

2009

2014

2014

2009

Each board member, except Ms. Bovich and Messrs. Cardona and Donohue, has been a BNY Mellon Family of Funds board member for over 20 years. Ms. Bovich has been in the asset management business for 40 years, Mr. Cardona was an employee of Dreyfus Corp. for over 30 years prior to his retirement in 2016 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 BNYM Investment Adviser, and also may benefit from information provided by BNYM Investment Adviser's counsel; counsel to the funds and to the boards have significant experience 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.

I-3

 

Independent Board Members

· Joseph S. DiMartinoMr. DiMartino has been the Chairman of the Board of the funds in the BNY Mellon Family of Funds for over 25 years. From 1971 through 1994, Mr. DiMartino served in various roles as an employee of Dreyfus Corp. (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 Corp. 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 a 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.

· J. Charles CardonaMr. Cardona has served as the Chairman of the Board for the funds in the BNY Mellon ETF Trust since 2020. Mr. Cardona was the President and a Director of Dreyfus Corp. and the Chief Executive Officer of Cash Investment Strategies, a division of Dreyfus Corp., until he retired in 2016. From 2013 to 2016, Mr. Cardona served as Chairman of MBSC Securities Corporation, a predecessor firm to the Distributor, and he previously served as an Executive Vice President, from 1997 to 2013. He also served as President of the Institutional Services Division of MBSC Securities Corporation. He joined the Institutional Services Division in 1985 with management responsibility for all Institutional Operations and Client Service units. Prior to joining the Institutional Services Division, he served as Assistant Director of Sales and Services in Dreyfus Retail Division of MBSC Securities Corporation (formerly, Dreyfus Service Corporation), which he joined in 1981.

· Andrew J. (Buddy) DonohueMr. 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, and since January 2023, Chair 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.

I-4

 

· Isabel P. DunstMs. Dunst practiced law for over 40 years. Half of her career was spent at the U.S. Department of Health and Human Services, where she had major legal and management responsibilities for the operation of the General Counsel's Office of the Agency, including serving as its Deputy General Counsel, the senior career legal position. Ms. Dunst most recently was Senior Counsel to Hogan Lovells LLP, a Washington based international law firm, which she joined in 1990. Ms. Dunst was a partner of the firm for approximately 25 years. Ms. Dunst currently serves on the Board of Trustees of the Union for Reform Judaism and on the Board of Governors of Hebrew Union College – Jewish Institute of Religion, and is the founder of Shards of Light, a philanthropic foundation motivated by the Jewish value of tikkun olam and is a Trustee of the Jewish Community Foundation of Greater Washington.

· Nathan LeventhalMr. Leventhal was previously a Commissioner of the New York City Planning Commission. Previously, Mr. Leventhal served in a number of senior positions in New York City Government, including Fiscal Director of the Human Resources Administration and Chief of Staff to Mayor John V. Lindsay, Deputy Mayor to Mayor Ed Koch, and Transition Chairman for both Mayors David Dinkins and Michael Bloomberg. Mr. Leventhal is a former partner in the law firm Poletti Freidin Prashker Feldman & Gartner. Mr. Leventhal is a member of the Budget and Finance Committee of the Town of Southampton in Suffolk County New York. In the not-for-profit sector, Mr. Leventhal serves as President of the Palm Beach Opera and served as President of Lincoln Center for the Performing Arts and Chairman of the Avery Fisher Artist Program; he is now President Emeritus of Lincoln Center for the Performing Arts.

· Robin A. MelvinFrom 2014 to 2020, Ms. Melvin served as Co-Chair of Mentor Illinois, a non-profit organization dedicated to increasing the quantity and quality of mentoring services in Illinois, and served as a Board member from 2013 to 2020.  Ms. Melvin served as Director of the Boisi Family Foundation, a private family foundation that supports organizations serving the needs of youth from disadvantaged circumstances, from 1995 to 2012.  In that role she also managed the Boisi Family Office, providing the primary interface with all investment managers, legal advisors and other service providers to the family. She has also served in various roles with MENTOR, a national non-profit youth mentoring advocacy organization, including Executive Director of the New York City affiliate, Vice President of the national affiliate network, Vice President of Development, and, immediately prior to her departure, Senior Vice President in charge of strategy.  Prior to that, Ms. Melvin was an investment banker with Goldman Sachs Group, Inc.  Ms. Melvin served as a Board member of JDRF, a non-profit juvenile diabetes research foundation from June 2021 to June 2022. She also serves as a Trustee of HPS Corporate Lending Fund, a closed-end management investment company regulated as a business development company (August 2021 to present), and served as a Trustee of Westover School, a private girls boarding school in Middlebury, Connecticut, from 2019 to June 2023.

· Roslyn M. WatsonMs. 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 WileyMs. 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 Board of 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) and Blue Cross – Blue Shield of Massachusetts. 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 served as Vice Chair until June 2021.

I-5

 

Advisory Board Members

· Tamara BelinfantiMs. Belinfanti currently serves as the Lester Martin Professor of Law at New York Law School, where her scholarship focuses on corporate governance system design and the relationship between corporations and communities. In 2013, Ms. Belinfanti was named an Aspen Ideas Scholar for her work on the roles and rights of corporations in the broader societal sphere. She has written on corporate governance in the context of the proxy advisory industry, corporate purpose, executive compensation, and most recently shareholder rights and stewardship. In 2019, she co-authored the book Citizen Capitalism: How a Universal Fund Can Provide Influence and Income to All. From 2000 to 2008, Ms. Belinfanti was a corporate attorney at the law firm of Cleary Gottlieb Steen & Hamilton LLP, where she counseled domestic and international clients on general corporate and U.S. securities regulation matters, and was co-editor of the securities law treatise, U.S. Regulation of the International Securities and Derivatives Market. She also serves as a Board Trustee of the Brooklyn Museum and St. Ann's School, and she has served on various professional committees such as the New York City Bar Securities Regulation Committee.

· Gordon J. Davis – Mr. Davis is a partner in the law firm of Venable LLP where his practice focuses on complex real estate, land use development and related environmental matters; state and municipal authorities and financings; and cultural and not-for-profit organizations. Prior to joining the firm in 2012, Mr. Davis served as a partner in the law firm of Dewey & LeBoeuf LLP from 1994 until 2012. Mr. Davis also served as a Commissioner and member of the New York City Planning Commission, and as Commissioner of Parks and Recreation for the City of New York. Mr. Davis was a co-founder of the Central Park Conservancy and the founding Chairman of Jazz at the Lincoln Center for the Performing Arts in New York City. He has also served as President of Lincoln Center. Mr. Davis also served on the board of Dreyfus Corp. (prior to its acquisition by a predecessor of BNY Mellon in August 1994 and related management changes). He served as a Board member of the funds until August 2021, and as an emeritus board member until October 25, 2021. He also served as a Director of Consolidated Edison, Inc., a utility company, and The Phoenix Companies, Inc., a life insurance company.

Committee Meetings

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

         

Fund

Audit

Nominating

Compensation

Litigation

         

BNYMIFVII

4

0

1

0

BNYMLCSF

4

0

0

0

BNYMOF

4

0

1

0

BNYMSTMBF

4

0

0

0

BNYMSUSEF

4

0

0

0

CSF

4

0

0

0

DCM

4

0

0

0

DGCMF

4

0

0

0

DILF

4

0

0

0

DTECMF

4

0

0

0

DTOCM

4

0

0

0

DTSCM

4

0

0

0

IPMMF

4

0

0

0

IRF (3/31 fiscal year end)

4

0

0

0

IRF (4/30 fiscal year end)

4

0

0

0

I-6

 

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, 2022.

                   

Fund

Joseph S.
DiMartino

Francine
J. Bovich

J. Charles
Cardona

Andrew J.
Donohue

Isabel P.
Dunst

Nathan
Leventhal

Robin A.
Melvin

Roslyn M.
Watson

Benaree Pratt Wiley

                   

BNYMLCSF

None

None

None

None

None

$10,001-$50,000

None

None

None

BNYMNRF

None

$50,001-$100,000

$10,001-$50,000

None

Over
$100,000

None

None

None

None

BNYMSTIF

None

None

None

None

None

None

None

None

None

BNYMSTMBF

None

None

None

None

None

None

None

None

None

BNYMSUSEF

None

None

None

None

None

None

None

None

None

DCM

None

None

None

None

None

None

None

None

None

DGCM

Over
$100,000

None

None

Over
$100,000

None

None

None

$10,001-$50,000

None

DGSCM

None

None

None

None

None

None

None

None

None

DILF

None

None

None

None

None

None

None

None

None

DIPGMMF

None

None

None

None

None

None

None

None

None

DIPGPMMF

None

None

None

None

None

None

None

None

None

DIPTOF

None

None

None

None

None

None

None

None

None

DIPTSMMF

None

None

None

None

None

None

None

None

None

DTECM

None

None

None

None

None

None

None

None

None

DTOCM

None

None

None

None

None

None

None

None

None

DTSCM

None

None

None

None

None

None

None

None

None

                   

Aggregate holdings of funds in the BNY Mellon Family of Funds

Over
$100,000

$50,001-$100,000

Over
$100,000

Over
$100,000

Over
$100,000

Over $100,000

$1-$10,000

$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, 2022, none of the board members or advisory board members or their immediate family members owned securities of BNYM Investment Adviser, 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 BNYM Investment Adviser, 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. An 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 funds' emeritus program was discontinued for current board members in November 2021.

I-7

 

The aggregate amount of fees received from the funds by each current board member, advisory board member and emeritus board member for the funds' last fiscal years, and by all funds in the fund complex (which comprises registered investment companies for which BNYM Investment Adviser or an affiliate of BNYM Investment Adviser serves as investment adviser) for which such person was a board member, advisory board member or emeritus board member during 2022, were as follows:

                   

Independent Board Members

Fund

Joseph S.
DiMartino

Francine
J. Bovich

J. Charles
Cardona

Andrew J.
Donohue

Isabel P.
Dunst

Nathan
Leventhal

Robin A.
Melvin

Roslyn M.
Watson

Benaree Pratt Wiley

                   

BNYMIFVII

$1,015

$818

$814

$818

$814

$814

$818

$728

$819

BNYMLCSF

$11,653

$9,322

$9,322

$9,322

$9,322

$9,322

$9,322

$9,322

$9,322

BNYMOF

$5,687

$4,554

$4,550

$4,554

$4,550

$4,550

$4,554

$4,289

$4,555

BNYMSTMBF

$1,462

$1,170

$1,170

$1,170

$1,170

$1,170

$1,170

$1,170

$1,170

BNYMSUSEF

$2,856

$2,285

$2,285

$2,285

$2,285

$2,285

$2,285

$2,285

$2,285

CSF

$2,117

$1,694

$1,694

$1,694

$1,694

$1,694

$1,694

$1,694

$1,694

DCM

$2,772

$2,217

$2,217

$2,217

$2,217

$2,217

$2,217

$2,217

$2,217

DGCMF

$43,421

$34,736

$34,736

$34,736

$34,736

$34,736

$34,736

$34,736

$34,736

DILF

$78,751

$63,077

$63,001

$63,077

$63,001

$63,001

$63,077

$63,001

$63,092

DTECMF

$142

$113

$113

$113

$113

$113

$113

$113

$113

DTOCM

$12,323

$9,858

$9,858

$9,858

$9,858

$9,858

$9,858

$9,858

$9,858

DTSCM

$16,340

$13,072

$13,072

$13,072

$13,072

$13,072

$13,072

$13,072

$13,072

IPMMF

$86,518

$69,214

$69,214

$69,214

$69,214

$69,214

$69,214

$69,214

$69,214

IRF (3/31 fiscal year end)

$22,556

$18,045

$18,045

$18,045

$18,045

$18,045

$18,045

$18,045

$18,045

IRF (4/30 fiscal year end)

$2,845

$2,276

$2,276

$2,276

$2,276

$2,276

$2,276

$2,276

$2,276

         

 

       

Total compensation
from the funds
and fund complex(*)

$1,194,875
(95)

$613,000
(53)

$327,765
(22)

$470,000
(43)

$250,500
(22)

$398,500
(32)

$747,500
(74)

$470,000
(43)

$639,000
(61)

I-8

 

       

Advisory Board Members

Emeritus Board Member

Fund

Tamara Belinfanti1

Gordon J. Davis2

George L. Perry3

       

BNYMIFVII

$683

$752

$482

BNYMLCSF

$9,322

$9,322

$5,527

BNYMOF

$4,550

$4,476

$2,767

BNYMSTMBF

$1,170

$1,170

$685

BNYMSUSEF

$2,285

$2,285

$1,352

CSF

$1,694

$1,694

$1,001

DCM

$2,217

$2,217

$376

DGCMF

$34,736

$34,736

$5,850

DILF

$63,001

$61,675

$10,891

DTECMF

$113

$113

$18

DTOCM

$9,858

$9,858

$1,538

DTSCM

$13,072

$13,072

$2,215

IPMMF

$69,214

$69,214

$39,670

IRF (3/31 fiscal year end)

$18,045

$18,045

$10,488

IRF (4/30 fiscal year end)

$2,276

$2,276

$1,326

       

Total compensation
from the funds and
fund complex (*)

$247,000
(22)

$411,000
(40)

$90,000
(22)

 Amounts shown do not include expenses reimbursed to board members for attending board meetings. Amounts shown also do not include the costs of office space and related parking, office supplies and secretarial services, which are paid by the funds (allocated based on net assets), which, in 2022, for the funds ranged from $0 to $81,509 ($164,181 for all funds).

* Represents the number of separate portfolios comprising the investment companies in the fund complex, including the funds, for which the board member, advisory board member or emeritus board member served in 2022.

1 Ms. Belinfanti became an advisory board member of the funds in September 2021 and receives compensation from the funds for attending board meetings in an advisory role.

2 Mr. Davis became an advisory board member of the funds on October 26, 2021 and receives compensation from the funds for attending board meetings in an advisory role. From August 7, 2021 to October 25, 2021, Mr. Davis was an emeritus board member of the funds. Prior to August 7, 2021, Mr. Davis was a board member of the funds. The amounts in the table reflect the fees he received from the funds as a board member, emeritus board member and/or advisory board member during each fund's last fiscal year.

3 Mr. Perry is an emeritus board member of all funds, except DCM, DGCMF, DTECMF, DTOCM, DTSCM, CSF and DILF. For the listed funds, Mr. Perry receives compensation from the funds for attending board meetings in an advisory role.

I-9

 

OFFICERS

     

Name
Year of Birth
Position Since1

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

Vice President and Director of BNYM Investment Adviser since February 2021; Head of North America Distribution, BNY Mellon Investment Management since February 2023; and Head of North America Product, BNY Mellon Investment Management from January 2018 to February 2023

53 (103)

James Windels
1958
Treasurer
2001

Director of BNYM Investment Adviser since February 2023; Vice President of BNYM Investment Adviser since September 2020; and Director – BNY Mellon Fund Administration

54 (122)

Peter M. Sullivan
1968
Chief Legal Officer, Vice President and Assistant Secretary
20193

Chief Legal Officer of BNYM Investment Adviser and Associate General Counsel of BNY Mellon since July 2021; Senior Managing Counsel of BNY Mellon from December 2020 to July 2021; and Managing Counsel of BNY Mellon from March 2009 to December 2020

54 (122)

James Bitetto
1966
Vice President and Secretary
20054

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

54 (122)

Deirdre Cunnane
1990
Vice President and Assistant Secretary
2019

Managing Counsel of BNY Mellon since December 2021; and Counsel of BNY Mellon from August 2018 to December 2021

54 (122)

Sarah S. Kelleher
1975
Vice President and Assistant Secretary
2014

Vice President of BNY Mellon ETF Investment Adviser, LLC since February 2020; Senior Managing Counsel of BNY Mellon since September 2021; and Managing Counsel of BNY Mellon from December 2017 to September 2021

54 (122)

I-10

 

     

Name
Year of Birth
Position Since1

Principal Occupation During Past 5 Years

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

     

Jeff S. Prusnofsky
1965
Vice President and Assistant Secretary
2005

Senior Managing Counsel of BNY Mellon

54 (122)

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; and Senior Regulatory Specialist at BNY Mellon Investment Management Services from April 2015 to August 2018

54 (122)

Joanne Skerrett
1971
Vice President and Assistant Secretary
2023

Managing Counsel of BNY Mellon since June 2022; and Senior Counsel with the Mutual Fund Directors Forum, a leading funds industry organization, from 2016 to June 2022 

54 (122)

Natalya Zelensky
1985
Vice President and Assistant Secretary
2017

Chief Compliance Officer since August 2021 and Vice President since February 2020 of BNY Mellon ETF Investment Adviser, LLC; Chief Compliance Officer since August 2021 and Vice President and Assistant Secretary since February 2020 of BNY Mellon ETF Trust; Managing Counsel of BNY Mellon from December 2019 to August 2021; Counsel of BNY Mellon from May 2016 to December 2019; and Assistant Secretary of BNYM Investment Adviser from April 2018 to August 2021

54 (122)

Daniel Goldstein
1969
Vice President
2022

Head of Product Development of North America Distribution, BNY Mellon Investment Management since January 2018; Executive Vice President of North America Product, BNY Mellon Investment Management since April 2023; and Senior Vice President, Development & Oversight of North America Product, BNY Mellon Investment Management from 2010 to March 2023

53 (103)

I-11

 

     

Name
Year of Birth
Position Since1

Principal Occupation During Past 5 Years

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

     

Joseph Martella
1976
Vice President
2022

Vice President of BNYM Investment Adviser since December 2022; Head of Product Management of North America Distribution, BNY Mellon Investment Management since January 2018; Executive Vice President of North America Product, BNY Mellon Investment Management since April 2023; and Senior Vice President of North America Product, BNY Mellon Investment Management from 2010 to March 2023

53 (103)

Gavin C. Reilly
1968
Assistant Treasurer
2005

Tax Manager – BNY Mellon Fund Administration

54 (122)

Robert Salviolo
1967
Assistant Treasurer
2007

Senior Accounting Manager – BNY Mellon Fund Administration

54 (122)

Robert Svagna
1967
Assistant Treasurer
20025

Senior Accounting Manager – BNY Mellon Fund Administration

54 (122)

Joseph W. Connolly
1957
CCO
2004

Chief Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since 2004; and Chief Compliance Officer of BNYM Investment Adviser from 2004 until June 2021

53 (105)

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

47 (115)

* "Fund Complex" comprises registered investment companies for which BNYM Investment Adviser or an affiliate of BNYM Investment Adviser serves as investment adviser.

1 With respect to IRF, each officer has held his or her respective position with the fund since 2008, except for Messrs. DiPetrillo, Goldstein, Martella and Sullivan and Mses. Carosella, Cunnane, Kelleher, Quinn, Skerrett and Zelensky whose dates are as shown above. With respect to CSF, each officer has held his or her respective position with the fund since the date shown above, except Mr. Svagna (please see note 5). With respect to DILF, each officer has held his or

I-12

 

her respective position since 2017, except for Messrs. DiPetrillo, Goldstein, Martella and Sullivan and Mses. Cunnane, Quinn and Skerrett, whose dates are shown above.

2 President since January 2021; previously, Vice President.

3 Chief Legal Officer since July 2021.

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

5 Mr. Svagna has held this position since 2002 with respect to BNYMOF, BNYMSTMBF, BNYMSUSEF and BNYMLCSF, and 2005 with respect to IPMMF, BNYMIFVII and CSF.

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-13

 

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 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

             

Karen Behr

7

$4.2B

3

$326M

21

$2.5B

David Bowser

2

$218M

1

$201M

63

$11.17B

Jeffrey Burger

10

$3.6B

None

N/A

413

$2.2B

Brock Campbell1

1

$16M

2

$158M

3

$424M

Thomas Casey

7

$3.9B

None

N/A

508

$2.4B

Gautam Khanna

5

$4.09B

None

N/A

18

$1.79B

David S. Intoppa

7

$5.2B

None

N/A

34

$3.6B

Matthew Jenkin

3

$1.3B

None

N/A

12

$1.9B

Julianne McHugh

4

$677M

None

N/A

2

$42M

Nick Pope

4

$685M

1

$87M

1

$406K

Scott Zaleski

3

$2.53B

1

$367M

None

N/A

1 Because Mr. Campbell became a primary Portfolio manager of BNYMNRF as of August 21, 2023, his information is as of June 30, 2023.

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

       

Karen Behr

Other Accounts

1

$43M

David Bowser

None

N/A

N/A

Jeffrey Burger

None

N/A

N/A

Brock Campbell

None

N/A

N/A

Thomas Casey

None

N/A

N/A

Gautam Khanna

None

N/A

N/A

David S. Intoppa

Other Accounts

3

$108M

Matthew Jenkin

None

N/A

N/A

Julianne McHugh

None

N/A

N/A

Nick Pope

None

N/A

N/A

Scott Zaleski

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.

I-14

 

     

Primary Portfolio Manager

Fund

Dollar Range of Fund Shares Beneficially Owned

     

Karen Behr

BNYMLCSF

None

David Bowser

BNYMSTIF

$10,001 - $50,000

Jeffrey Burger

BNYMSTMBF

None

Brock Campbell

BNYMNRF1

None

Thomas Casey

BNYMSTMBF

None

Gautam Khanna

BNYMSTIF

None

David S. Intoppa

BNYMNRF

$50,001 - $100,000

Matthew Jenkin

BNYMLCSF

None

Julianne McHugh

BNYMLCSF

None

 

BNYMSUSEF2

None

Nick Pope

BNYMSUSEF

None

Scott Zaleski

BNYMSTIF

$10,001 - $50,000

1 Mr. Campbell became a primary portfolio manager of BNYMNRF as of August 21, 2023 and, as of June 30, 2023, he did not own any shares of the fund.

2 Ms. McHugh became a primary portfolio manager of BNYMSUSEF, as of March 31, 2023, and as of that date she did not own shares of the fund.

ADVISERS' COMPENSATION; COMPLIANCE SERVICES

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 BNYM Investment Adviser and the net fees paid by the fund were as follows:

                   
 

2023 Fiscal Year

2022 Fiscal Year

2021 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

BNYMSTMBF

$562,620

$10,137

$552,483

$845,053

$31,721

$813,332

$856,178

$32,069

$824,109

BNYMSUSEF

$2,467,478

$0

$2,467,478

$3,223,947

$0

$3,223,947

$2,562,450

$0

$2,562,450

DCM

$8,169,819

$0

$8,169,819

$8,478,679

$5,699,760

$2,778,919

$13,416,793

$6,902,604

$6,514,189

DGCM

$241,351,248

$36,178,426

$205,172,822

$225,746,612

$189,355,851

$36,390,761

$159,486,554

$40,131,416

$119,335,138

DGSCM

$7,533,957

$376,699

$7,157,258

$8,938,986

$6,964,940

$1,974,046

$10,283,209

$0

$10,283,209

DIPGMMF

$12,519,005

$862,950

$11,656,055

$8,647,717

$3,827,329

$4,820,388

$13,963,292

$4,327,183

$9,636,109

DIPGPMMF

$3,159,585

$3,159,585

$0

$2,506,712

$2,506,712

$0

$1,722,779

$1,722,779

$0

DIPTSMMF

$305,492

$17,080

$288,412

$705,737

$705,737

$0

$268,741

$59,680

$290,061

DTECM

$829,634

$211,768

$617,866

$837,967

$710,382

$127,585

$1,241,718

$371,061

$870,657

DTOCM

$73,778,096

$11,066,437

$62,711,659

$58,976,429

$45,410,852

$13,565,577

$47,563,434

$6,233,062

$41,330,372

DTSCM

$90,083,549

$13,504,520

$76,579,029

$93,709,867

$71,347,232

$22,362,635

$75,969,373

$8,833,193

$67,136,180

DIPTOF

$442,318

$25,545

$416,773

$394,567

$169,925

$224,642

$869,291

$211,313

$657,978

I-15

 

                   
 

2022 Fiscal Year

2021 Fiscal Year

2020 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

BNYMLCSF1

$10,257,139

$0

$10,257,139

$10,923,984

$0

$10,923,984

$8,734,235

$0

$8,734,235

BNYMNRF

$5,477,762

$0

$5,477,762

$2,964,213

$0

$2,964,213

$2,133,661

$0

$2,133,661

BNYMSTIF

$565,092

$422,703

$142,389

$655,024

$350,220

$304,804

$646,098

$332,772

$313,326

DTALMMF

$8,330,085

$781,706

$7,548,379

$7,569,414

$4,816,227

$2,753,187

$6,611,003

$452,503

$6,158,500

1 As compensation for its services to the fund, the fund has agreed to pay BNYM Investment Adviser a monthly management fee, as a percentage of the fund's average daily net assets, at the following annual rate: .65% up to $1.5 billion; .625% between $1.5 billion and $2 billion; .60% between $2 billion and $2.5 billion; and .55% over $2.5 billion.

I-16

 

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):

       

Fund

Sub-Adviser

Fee Rate

Effective Fee Rate for the Last Fiscal Year

BNYMSUSEF

NIM

*

*

BNYMSTMBF

INA1

0.12%2

0.08%

BNYMLCSF

NIMNA1

0.312%

0.312%

BNYMNRF

NIMNA1

0.36%

0.36%

BNYMSTIF

INA1

0.15%3

0.00%

DCM

Dreyfus4

**

N/A

DGCM

Dreyfus4

**

N/A

DGSCM

Dreyfus4

**

N/A

DIPGMMF

Dreyfus4

**

N/A

DIPGPMMF

Dreyfus4

**

N/A

DIPTSMMF

Dreyfus4

**

N/A

DTECM

Dreyfus4

**

N/A

DTOCM

Dreyfus4

**

N/A

DTSCM

Dreyfus4

**

N/A

DIPTOF

Dreyfus4

**

N/A

DTALMMF

Dreyfus4

**

N/A

* The fund operates pursuant to an exemptive order that permits it to disclose, as a dollar amount and a percentage of its net assets, the aggregate fee payable to BNYM Investment Adviser and NIM in lieu of disclosing the fee rate BNYM Investment Adviser has agreed to pay NIM. The aggregate annual fee payable to BNYM Investment Adviser and NIM is .60% of the value of the fund's average daily net assets. The effective fee rate paid to BNYM Investment Adviser and NIM for the last fiscal year was .60%.

1 NIMNA or INA, as applicable, was appointed as Sub-Adviser effective September 1, 2021.

2 Prior to June 30, 2022, BNYM Investment Adviser had agreed to pay INA a sub-advisory fee at the annual rate of 0.144% of the value of the fund's average daily net assets.

3 Prior to May 6, 2022, BNYM Investment Adviser had agreed to pay INA a sub-advisory fee at the annual rate of 0.24% of the value of the fund's average daily net assets.

4 Dreyfus was appointed as Sub-Adviser 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 reimbursements 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, if any, the reduction, if any, in the amount of the fee paid due to fee waivers by the Sub-Adviser and the net fees paid were as follows:

                   
 

2023 Fiscal Year

2022 Fiscal Year

2021 Fiscal Year

Fund/
Sub-Adviser

Fee payable

Fee reduction

Net fee paid

Fee payable

Fee reduction

Net fee paid

Fee payable

Fee reduction

Net fee paid

                   

BNYMSTMBF/
INA1

$270,058

$92,283

$177,775

$236,561

$95,540

$141,021

N/A

N/A

N/A

I-17

 

                   
 

2022 Fiscal Year

2021 Fiscal Year

2020 Fiscal Year

Fund/
Sub-Adviser

Fee payable

Fee reduction

Net fee paid

Fee payable

Fee reduction

Net fee paid

Fee payable

Fee reduction

Net fee paid

                   

BNYMLCSF/
NIMNA1

$4,933,955

$0

$4,933,955

$1,864,463

$0

$1,864,463

N/A

N/A

N/A

BNYMNRF/
NIMNA1

$2,629,326

$0

$2,629,326

$134,075

$0

$134,075

N/A

N/A

N/A

BNYMSTIF/
INA1

$246,131

$246,131

$0

N/A

N/A

N/A

N/A

N/A

N/A

1  NIMNA or INA, as applicable, was appointed as Sub-Adviser effective September 1, 2021.

I-18

 

Compliance Services

The funds' compliance program is developed, implemented and maintained by the funds' CCO and the CCO staff. The funds bear the CCO's compensation (which is approved by the boards), 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 other funds in the BNY Mellon Family of Funds and BNY Mellon Funds Trust, 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 funds' last fiscal years were as follows:

   

Fund

CCO and Staff Compensation and Expenses*

BNYMLCSF

$17,082

BNYMNRF

$17,230

BNYMSTIF

$19,996

BNYMSTMBF

$15,546

BNYMSUSEF

$19,799

DCM

$16,947

DGCM

$16,947

DGSCM

$16,947

DIPGMMF

$15,546

DIPGPMMF

$15,546

DIPTOF

$19,512

DIPTSMMF

$15,546

DTALMMF

$17,027

DTECM

$16,947

DTOCM

$16,947

DTSCM

$16,947

* For unitary fee funds, such compensation and expenses are borne by BNYM Investment Adviser.

I-19

 

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 Mellon as securities lending agent), related to certain funds' securities lending activities during the most recent fiscal year were as follows:

       

Fund

BNYMLCSF

BNYMNRF

BNYMSTIF

       

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

$23,512

$132,651

$9,678

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

     

Fees paid to securities lending agent from a revenue split

$2,699

$15,916

$1,046

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

Administrative fees not included in revenue split

$0

$0

$0

Indemnification fees not included in revenue split

$0

$0

$0

Rebate (paid to borrower)

$1,015

$0

$949

Other fees not included in revenue split

$0

$0

$0

Aggregate fees/compensation for securities lending activities

$3,714

$15,916

$1,995

Net income from securities lending activities

$19,798

$116,735

$7,683

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.

BNYMSTMBF and BNYMSUSEF did not engage in any securities lending activity during the most recent fiscal year. In addition, there is no current intention for BNYMSUSEF to engage in any securities lending activity.

I-20

 

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

         

BNYMSTMBF

       
 

Total commissions

$17,458

$69,068

$77,929

 

Commission amount retained

$288

$1,451

$584

 

Total CDSCs

$3,143

$2,000

$0

 

CDSC amount retained

$3,143

$2,000

$0

         

BNYMSUSEF

       
 

Total commissions

$6,164

$23,724

$18,217

 

Commission amount retained

$1,066

$3,487

$2,454

 

Total CDSCs

$18

$785

$394

 

CDSC amount retained

$18

$785

$394

         
         

Fund

 

2022 Fiscal Year

2021 Fiscal Year

2020 Fiscal Year

         

BNYMNRF

       
 

Total commissions

$650,279

$379,028

$65,246

 

Commission amount retained

$44,833

$15,938

$3,370

 

Total CDSCs

$16,590

$857

$320

 

CDSC amount retained

$16,590

$857

$320

         

BNYMSTIF

Total commissions

N/A

N/A

N/A

 

Commission amount retained