STATEMENT OF ADDITIONAL INFORMATION
September 1, 2023,
as revised or amended, September 29, 2023,
December 29, 2023,
February
1, 2024, March 29, 2024 and May 1, 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, as such prospectuses may be revised from time to time. To obtain a copy of a fund's prospectus, please call your financial adviser, or write to the fund at 144 Glenn Curtiss Boulevard, Uniondale, New York 11556-0144, visit www.im.bnymellon.com or call 1-800-373-9387 (inside the U.S. only).
The most recent annual report and semi-annual report to shareholders for each fund are separate documents supplied with this SAI, and the financial statements, accompanying notes and report of the independent registered public accounting firm appearing in the annual report are incorporated by reference into this SAI and can be accessed by clicking on the applicable link in the "Fiscal Year End/Annual Report Date" column below. All classes of a fund have the same fiscal year end and prospectus date, except if otherwise indicated. Capitalized but undefined terms used in this SAI are defined in the Glossary at the end of this SAI.
|
Fund |
Abbreviation |
Share Class/Ticker |
Fiscal Year End/Annual Report Date* |
Prospectus Date |
|
BNY Mellon Absolute Insight Funds, Inc. |
BNYMAIF |
|||
|
BNY Mellon Core Plus Fund |
BNYMCPF |
Class A/DCPAX |
September 1st | |
|
Class C/DCPCX |
||||
|
Class I/DCPIX |
||||
|
Class Y/DCPYX |
||||
|
BNY Mellon California AMT-Free Municipal Bond Fund, Inc. |
BNYMCAFMBF |
Class A/DCAAX |
September 29th | |
|
Class C/DCACX |
||||
|
Class I/DCMIX |
||||
|
Class Y/DCAYX |
||||
|
Class Z/DRCAX |
||||
|
BNY Mellon Intermediate Municipal Bond Fund, Inc. |
BNYMIMBF |
DITEX |
September 29th | |
|
BNY Mellon Municipal Funds, Inc. |
BNYMMF |
|||
|
BNY Mellon AMT-Free Municipal Bond Fund |
BNYMAFMBF |
Class A/DMUAX |
December 29th | |
|
Class C/DMUCX |
||||
|
Class I/DMBIX |
||||
|
Class Y/DMUYX |
||||
|
Class Z/DRMBX |
||||
|
BNY Mellon High Yield Municipal Bond Fund |
BNYMHYMBF |
Class A/DHYAX |
December 29th | |
|
Class C/DHYCX |
||||
|
Class I/DYBIX |
||||
|
Class Y/DHYYX |
||||
|
Class Z/DHMBX |
||||
|
BNY Mellon New York Tax Exempt Bond Fund, Inc. |
BNYMNYTEBF |
DRNYX |
September 29th | |
|
|
|
Fund |
Abbreviation |
Share Class/Ticker |
Fiscal Year End/Annual Report Date* |
Prospectus Date |
|
BNY Mellon Stock Funds |
BNYMSF |
|||
|
BNY Mellon International Core Equity Fund |
BNYMICEF |
Class A/DIEAX |
February 1st | |
|
Class C/DIECX |
||||
|
Class I/DIERX |
||||
|
Class Y/DIEYX |
||||
|
BNY Mellon Strategic Funds, Inc. |
BNYMSFI |
|||
|
BNY Mellon Active MidCap Fund |
BNYMAMCF |
Class A/DNLDX |
May 1st | |
|
Class C/DNLCX |
||||
|
Class I/DNLRX |
||||
|
Class Y/DNLYX |
||||
|
BNY Mellon Global Stock Fund |
BNYMGSF |
Class A/DGLAX |
March 29th | |
|
Class C/DGLCX |
||||
|
Class I/DGLRX |
||||
|
Class Y/DGLYX |
||||
|
BNY Mellon International Stock Fund |
BNYMISF |
Class A/DISAX |
March 29th | |
|
Class C/DISCX |
||||
|
Class I/DISRX |
||||
|
Class Y/DISYX |
||||
|
BNY Mellon Select Managers Small Cap Growth Fund |
BNYMSMSCGF |
Class A/DSGAX |
September 29th | |
|
Class C/DSGCX |
||||
|
Class I/DSGIX |
||||
|
Class Y/DSGYX |
||||
|
BNY Mellon Select Managers Small Cap Value Fund |
BNYMSMSCVF |
Class A/DMVAX |
March 29th | |
|
Class C/DMECX |
||||
|
Class I/DMVIX |
||||
|
Class Y/DMVYX |
||||
|
BNY Mellon U.S. Equity Fund |
BNYMUSEF |
Class A/DPUAX |
March 29th | |
|
Class C/DPUCX |
||||
|
Class I/DPUIX |
||||
|
Class Y/DPUYX |
||||
|
BNY Mellon U.S. Mortgage Fund, Inc. |
BNYMUSMF |
Class A/GPGAX |
September 1st | |
|
Class C/GPNCX |
||||
|
Class I/GPNIX |
||||
|
Class Y/GPNYX |
||||
|
Class Z/DRGMX |
||||
* 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 April 30th, "last fiscal year" means the fiscal year immediately preceding the most recently completed fiscal year.
TABLE OF CONTENTS
PART I
|
Information About Each Board Member's Experience, Qualifications, Attributes or Skills |
|
PART II
|
DISTRIBUTION PLANS, SERVICE PLANS AND SHAREHOLDER SERVICES PLANS |
|
PART III
|
Taxable Investments (municipal or other tax-exempt funds only) |
|
|
Commodities and Commodity-Related Instruments, Including Commodity ETPs |
|
|
Taxable Investments (municipal or other tax-exempt funds only) |
|
PART I
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
|
Principal
Occupation |
Other Public Company Board Memberships During Past 5 Years |
|
Joseph
S. DiMartino |
Director or Trustee of funds in the BNY Mellon Family of Funds and certain other entities (as listed herein) |
CBIZ, Inc., a public company providing professional business services, products and solutions, Director (1997 – May 2023) |
|
Joan L. Gulley 1947 Board Member |
Nantucket Atheneum, public library, Chair (June 2018 – June 2021) and Director (2015 – June 2021) Orchard Island Club, golf and beach club, Governor (2016 – Present) and President (February 2023 – Present) |
N/A |
|
Alan
H. Howard |
Heathcote Advisors LLC, a financial advisory services firm, Managing Partner (2008 – Present) Dynatech/MPX Holdings LLC, a global supplier and service provider of military aircraft parts, President (2012 – May 2019); and Board Member of its two operating subsidiaries, Dynatech International LLC and Military Parts Exchange LLC (2012 – December 2019), including Chief Executive Officer of Dynatech International LLC (2013 – May 2019) Rossoff & Co., an independent investment banking firm, Senior Advisor (2013 – June 2021) |
Movado Group, Inc., a public company that designs, sources, markets and distributes watches, Director (1997 – Present) Diamond Offshore Drilling, Inc., a public company that provides contract drilling services, Director (2020 – April 2021) |
I-1
|
Name
|
Principal
Occupation |
Other Public Company Board Memberships During Past 5 Years |
|
Robin
A. Melvin |
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 – March 2020); Board Member (2013 – March 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) HPS Corporate Capital Solutions Fund, a closed-end management investment company regulated as a business development company, Trustee (December 2023 – Present) Northwestern Memorial Hospital, an academic medical center, Board Member (March 2024 – Present) |
|
Burton
N. Wallack |
Wallack Management Company, a real estate management company, President and Co-owner (1987 – Present) |
Mount Sinai Hospital Urology, Board Member (2017 – Present) |
|
Benaree
Pratt Wiley |
The
Wiley Group, a firm specializing in strategy and business development,
Principal |
CBIZ, Inc., a public company providing professional business services, products and solutions, Director (2008 – Present) Blue Cross Blue Shield of Massachusetts, Director (2004 – December 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 Member
|
Name
|
Principal
Occupation |
Other Public Company Board Memberships During Past 5 Years |
|
Gordon
J. Davis |
Venable LLP, a law firm, Partner (2012 – Present) |
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 |
Joan L. Gulley |
Alan H. Howard |
Robin A. Melvin |
Burton N. Wallack |
Benaree Pratt Wiley |
|
BNYMAIF |
2015 |
2017 |
2018 |
2015 |
2015 |
2016 |
|
BNYMCAFMBF |
1995 |
2017 |
2018 |
2006 |
1991 |
2016 |
|
BNYMIMBF |
1995 |
2017 |
2018 |
1995 |
2006 |
2016 |
|
BNYMMF |
1995 |
2017 |
2018 |
2006 |
1991 |
2016 |
|
BNYMNYTEBF |
1995 |
2017 |
2018 |
2006 |
1991 |
2016 |
|
BNYMSF |
2003 |
2017 |
2018 |
2003 |
2006 |
2016 |
|
BNYMSFI |
1995 |
2017 |
2018 |
1995 |
2006 |
2016 |
|
BNYMUSMF |
1995 |
2017 |
2018 |
2006 |
1991 |
2016 |
Each board member, except Ms. Gulley and Mr. Howard, has been a BNY Mellon Family of Funds board member for over 20 years. Ms. Gulley was in the asset management business for more than 30 years prior to her retirement in 2014. Mr. Howard has over 30 years of experience in investment banking, including experience advising asset managers. 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.
Independent Board Members
· Joseph S. DiMartino – Mr. 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.
· Joan L. Gulley – Ms. Gulley served in various senior roles at PNC Financial Services Group, Inc. (PNC) from 1993 until her retirement in 2014, including Chief Executive Officer of PNC Advisors, the wealth management and institutional services business of PNC, from 2002 to 2005, Executive Vice President and Chief Marketing
I-3
Officer of PNC from 2002 to 2007, and Executive Vice President (EVP) and Chief Human Resources Officer (CHRO) of PNC from 2008 until 2014. In her role as EVP and CHRO of PNC, Ms. Gulley was responsible for the oversight of $8 billion in combined pension and 401(k) assets. Ms. Gulley also served as a member of PNC's Executive Committee from 2008 to 2014, where she participated in all key strategic and operational decisions affecting PNC and was responsible for all staff support to the PNC Board's Personnel and Compensation Committee with respect to executive compensation, succession planning, talent management, human resource regulatory matters and diversity. Prior to joining PNC, Ms. Gulley held positions with The Massachusetts Company, a chartered bank and subsidiary of The Travelers Insurance Company, which was acquired by PNC in 1993, and with branches of the Federal Reserve Bank in Boston, Massachusetts and Washington D.C. Ms. Gulley currently serves as a Governor and President of the Orchard Island Club and from 2015 to 2021 served on the Board of Trustees of the Nantucket Atheneum.
· Alan H. Howard – Mr. Howard is the Managing Partner of Heathcote Advisors LLC, which he formed in 2008 and which provides financial advisory services as well as makes principal investments. Mr. Howard is a member of the Board of Directors of Movado Group, Inc., a leading global designer, marketer and distributor of watches, and serves as lead independent director, chairman of the compensation and human capital committee and a member of the board's audit committee. Since April 2022, Mr. Howard is also a member of the Board of Directors of New England Expert Technologies Corp. (formerly, Valley Precision Parts Corporation), a privately held manufacturer of complex, close tolerance and precision-machined parts and assemblies for a variety of industries and applications. Mr. Howard served as a Senior Advisor at Rossoff & Company LLC, an independent investment banking firm that provides advice on mergers and acquisitions, corporate finance and restructurings and assists on raising debt and equity capital in the private and public markets from 2013 until June 2021. He was also a member of the Board of Directors of Diamond Offshore Drilling, Inc., a public company that provides contract drilling services, and served as lead independent director, chairman of the audit committee and a member of the board's finance and executive committees from 2020 until April 2021. Mr. Howard also served as the President of Dynatech/MPX Holdings LLC (D/M Holdings), a privately held global supplier and service provider of military aircraft parts for multiple platforms and engines from 2012 through 2019. Mr. Howard also was a member of the Board of Directors of D/M Holdings from 2012 to 2019, and served as chief executive officer of one of its two operating companies (Dynatech International LLC), while also serving on the boards of the two operating companies (Dynatech International LLC and Military Parts Exchange LLC). From 2008 through 2010, Mr. Howard was Managing Partner of S3 Strategic Advisors LLC, which provides strategic advice to hedge funds and asset managers. Prior to 2006, Mr. Howard was a Managing Director of Credit Suisse First Boston LLC (CSFB), an international provider of financial services. He had been with CSFB and its predecessor companies since 1985. As a Managing Director in the Global Industrial and Services Investment Banking Group, he was an advisor to several of the firm's most important clients on mergers and acquisitions, corporate finance and capital raising assignments.
· Robin A. Melvin – From 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 (August 2021 to present) and HPS Corporate Capital Solutions Fund (December 2023 to present), each a closed-end management investment company regulated as a business development company, and a Director with Northwestern Memorial Hospital Board of Directors (March 2024 to present), an academic medical center, and served as a Trustee of Westover School, a private girls boarding school in Middlebury, Connecticut, from 2019 to June 2023.
I-4
· Burton N. Wallack – Mr. Wallack is President and co-owner of Wallack Management Company, a real estate management company that provides financial reporting and management services. He also serves as a Board member for Mount Sinai Hospital Urology.
· Benaree Pratt Wiley – Ms. Wiley is a corporate director and trustee. For fifteen years, Ms. Wiley was the President and Chief Executive Officer of The Partnership, Inc., an organization that strengthened Greater Boston's capacity to attract, retain and develop talented professionals of color. Ms. Wiley currently serves on the 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.
Advisory Board Member
· 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 31, 2021. He also served as a Director of Consolidated Edison, Inc., a utility company, and The Phoenix Companies, Inc., a life insurance company.
The boards' standing Audit, Nominating, Compensation and Litigation Committees met during the funds' last fiscal years as indicated below:
|
Fund |
Audit |
Nominating |
Compensation |
Litigation |
|
BNYMAIF |
4 |
0 |
1 |
0 |
|
BNYMCAFMBF |
4 |
0 |
1 |
0 |
|
BNYMIMBF |
4 |
0 |
1 |
0 |
|
BNYMMF |
4 |
0 |
1 |
0 |
|
BNYMNYTEBF |
4 |
0 |
1 |
0 |
|
BNYMSF |
4 |
0 |
1 |
0 |
|
BNYMSFI (5/31 fiscal year end) |
4 |
0 |
1 |
0 |
|
BNYMSFI (11/30 fiscal year end) |
4 |
0 |
1 |
0 |
|
BNYMSFI (12/31 fiscal year end) |
4 |
0 |
0 |
0 |
|
BNYMUSMF |
4 |
0 |
1 |
0 |
I-5
Board Members' Fund Share Ownership
The table below indicates the dollar range of each board member's and advisory 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, 2023.
|
Fund |
Joseph
S. |
Joan
L. |
Alan
H. |
Robin
A. |
Burton N. Wallack |
Benaree Pratt Wiley |
|
BNYMAFMBF |
None |
None |
None |
None |
None |
None |
|
BNYMAMCF |
None |
None |
None |
None |
None |
None |
|
BNYMCPF |
None |
None |
None |
None |
None |
None |
|
BNYMCAFMBF |
None |
None |
None |
None |
None |
None |
|
BNYMGSF |
None |
$50,001 – $100,000 |
None |
None |
None |
None |
|
BNYMHYMBF |
None |
$50,001 – $100,000 |
None |
None |
None |
None |
|
BNYMICEF |
None |
None |
None |
None |
None |
None |
|
BNYMIMBF |
None |
None |
None |
None |
None |
None |
|
BNYMISF |
None |
Over $100,000 |
None |
None |
None |
None |
|
BNYMNYTEBF |
None |
None |
None |
None |
None |
None |
|
BNYMSMSCGF |
None |
None |
None |
None |
None |
None |
|
BNYMSMSCVF |
None |
None |
None |
None |
None |
None |
|
BNYMUSEF |
None |
None |
None |
None |
None |
None |
|
BNYMUSMF |
None |
None |
None |
None |
None |
None |
|
Aggregate holdings of funds in the BNY Mellon Family of Funds |
Over $100,000 |
Over $100,000 |
Over $100,000 |
$10,001 – $50,000 |
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, 2023, none of the board members or advisory board member 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.
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.
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 2023, were as follows:†
I-6
|
Independent Board Members | |||||
|
Fund |
Joseph S. DiMartino |
Joan L. Gulley |
Alan
H. |
Robin
A. |
Burton N. Wallack |
|
BNYMAIF |
$16,448 |
$13,158 |
$13,158 |
$13,158 |
$13,158 |
|
BNYMCAFMBF |
$8,816 |
$7,052 |
$7,052 |
$7,052 |
$7,052 |
|
BNYMIMBF |
$6,315 |
$5,052 |
$5,052 |
$5,052 |
$5,052 |
|
BNYMMF |
$18,798 |
$15,038 |
$15,038 |
$15,038 |
$15,038 |
|
BNYMNYTEBF |
$10,978 |
$8,782 |
$8,782 |
$8,782 |
$8,782 |
|
BNYMSF |
$2,798 |
$2,239 |
$2,239 |
$2,239 |
$2,239 |
|
BNYMSFI
|
$4,243 |
$3,394 |
$3,394 |
$3,394 |
$3,394 |
|
BNYMSFI
|
$98,167 |
$78,534 |
$78,534 |
$78,534 |
$78,534 |
|
BNYMSFI
|
$5,610 |
$4,488 |
$4,488 |
$4,488 |
$4,488 |
|
BNYMUSMF |
$2,914 |
$2,331 |
$2,331 |
$2,331 |
$2,331 |
|
Total compensation from the funds and fund complex(*) |
$1,168,125
|
$349,500 (39) |
$168,000 (17) |
$745,500 |
$168,000 |
|
Independent |
Emeritus
|
Advisory Board Member | ||
|
Fund |
Benaree
|
Ehud Houminer |
Hans C. Mautner |
Gordon J. Davis** |
|
BNYMAIF |
$13,158 |
$6,579 |
$6,579 |
$13,158 |
|
BNYMCAFMBF |
$7,052 |
$3,526 |
$3,526 |
$7,052 |
|
BNYMIMBF |
$5,052 |
$2,526 |
$2,526 |
$5,052 |
|
BNYMMF |
$15,038 |
$7,519 |
$7,519 |
$15,038 |
|
BNYMNYTEBF |
$8,782 |
$4,391 |
$4,391 |
$8,782 |
|
BNYMSF |
$2,239 |
$1,119 |
$1,119 |
$2,239 |
|
BNYMSFI (5/31 fiscal year end) |
$3,394 |
$1,697 |
$1,697 |
$3,394 |
|
BNYMSFI (11/30 fiscal year end) |
$78,534 |
$39,267 |
$39,267 |
$78,534 |
|
BNYMSFI (12/31 fiscal year end) |
$4,488 |
$2,244 |
$2,244 |
$4,488 |
|
BNYMUSMF |
$2,331 |
$1,166 |
$1,166 |
$2,331 |
|
Total compensation from the funds and fund complex(*) |
$627,500 |
$172,500 |
$80,000 (17) |
$411,000 |
† 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, office supplies and secretarial services, which are paid by the funds (allocated based on net assets), which, in 2023, for the funds ranged from $217 to $6,388 ($16,667 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 2023.
** Mr. Davis became an advisory board member of the funds on November 1, 2021 and receives compensation from the funds for attending board meetings in an advisory role.
I-7
|
Name |
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 |
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 |
52 (98) |
|
James
Windels |
Director of BNYM Investment Adviser since February 2023; Vice President of BNYM Investment Adviser since September 2020; and Director – BNY Mellon Fund Administration |
53 (116) |
|
Peter
M. Sullivan |
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 |
53 (116) |
|
Sarah
S. Kelleher |
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 |
53 (116) |
|
Deirdre
Cunnane |
Managing Counsel of BNY Mellon since December 2021; and Counsel of BNY Mellon from August 2018 to December 2021 |
53 (116) |
|
Lisa
M. King |
Counsel of BNY Mellon since June 2023; and Regulatory Administration Group Manager of BNY Mellon Asset Servicing from February 2016 to June 2023 |
53 (116) |
|
Jeff
S. Prusnofsky |
Senior Managing Counsel of BNY Mellon |
53 (116) |
I-8
|
Name |
Principal Occupation During Past 5 Years |
Number of Investment Companies (Portfolios) in the Fund Complex* for which the Officer serves as an Officer |
|
Amanda
Quinn |
Managing Counsel of BNY Mellon since March 2024; Counsel of BNY Mellon from June 2019 to February 2024; and Regulatory Administration Manager at BNY Mellon Investment Management Services from September 2018 to May 2019 |
53 (116) |
|
Joanne
Skerrett |
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 |
53 (116) |
|
Natalya
Zelensky |
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 |
53 (116) |
|
Daniel
Goldstein |
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 |
52 (98) |
I-9
|
Name |
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 |
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 |
52 (98) |
|
Gavin
C. Reilly |
Tax Manager – BNY Mellon Fund Administration |
53 (116) |
|
Robert
Salviolo |
Senior Accounting Manager – BNY Mellon Fund Administration |
53 (116) |
|
Robert
Svagna |
Senior Accounting Manager – BNY Mellon Fund Administration |
53 (116) |
|
Joseph
W. Connolly |
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 |
52 (103) |
|
Caridad
M. Carosella |
Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust |
46 (109) |
* "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 BNYMAIF, each officer has held his or her respective position with the fund since 2014, except for Messrs. DiPetrillo, Goldstein, Martella and Sullivan, and Mses. Carosella, Cunnane, Quinn, Skerrett and Zelensky, whose dates are as shown above.
2 President since January 2021; previously, Vice President.
3 Chief Legal Officer since July 2021.
4 Secretary since April 2024; previously, Assistant Secretary.
I-10
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
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 |
Registered Investment Companies |
Total Assets Managed |
Other Pooled Investment Vehicles |
Total Assets Managed |
Other Accounts |
Total Assets Managed |
|
Robert C. Barringer |
1 |
$29M |
1 |
$63M |
370 |
$393M |
|
Daniel Barton |
3 |
$679M |
None |
N/A |
None |
N/A |
|
Jeffrey Burger |
10 |
$3.4B |
None |
N/A |
422 |
$2.1B |
|
Thomas Casey |
7 |
$3.6B |
None |
N/A |
524 |
$2.4B |
|
James DiChiaro |
5 |
$4.0B |
None |
N/A |
None |
N/A |
|
Andrew J. Fleming |
1 |
$382M |
None |
N/A |
6 |
$17M |
|
Fraser Fox |
5 |
$7.4B |
46 |
$25.4B |
137 |
$45.8B |
|
Elena Goncharova |
2 |
$350M |
None |
N/A |
2 |
$338M |
|
Peter D. Goslin |
5 |
$1.9B |
2 |
$672M |
5 |
$1.0B |
|
Jane Henderson |
5 |
$7.4B |
46 |
$25.4B |
137 |
$45.8B |
|
Louis M. Holtz |
3 |
$104M |
6 |
$419M |
176 |
$777M |
|
Jeffrey J. Hoo |
1 |
$32M |
None |
N/A |
1,261 |
$1.4B |
|
Gautam Khanna |
6 |
$4.1B |
None |
N/A |
39 |
$3.5B |
|
Roy Leckie |
5 |
$7.4B |
46 |
$25.4B |
137 |
$45.8B |
|
Yossi Lipsker |
3 |
$104M |
6 |
$419M |
176 |
$777M |
|
Peter Lopez |
1 |
$32M |
None |
N/A |
11 |
$6.2M |
|
James A. Lydotes |
4 |
$476M |
4 |
$59M |
8 |
$893M |
|
Wendell E. Mackey |
3 |
$151M |
2 |
$23M |
68 |
$2.8B |
|
Charlie Macquaker |
5 |
$7.4B |
46 |
$25.4B |
137 |
$45.8B |
|
Alexander Makkas |
2 |
$423M |
1 |
$8M |
238 |
$1.5B |
|
Michael J. Mufson |
2 |
$423M |
1 |
$8M |
238 |
$1.5B |
|
José Muñoz |
5 |
$1.9B |
2 |
$75M |
221 |
$3.3B |
|
Michael Munson |
1 |
$45M |
None |
N/A |
15 |
$405M |
|
Brendan Murphy1 |
3 |
$2.8B |
4 |
$216M |
5 |
$2.5B |
|
Benjamin H. Nahum |
4 |
$1.6B |
1 |
$283M |
1,065 |
$1.8B |
|
Catherine C. Nicholas |
2 |
$105M |
1 |
$146M |
25 |
$358M |
|
James M. O'Brien |
1 |
$29M |
1 |
$63M |
370 |
$393M |
|
Travis Prentice |
4 |
$240M |
2 |
$94M |
6 |
$346M |
|
William A. Priebe |
4 |
$1.9B |
2 |
$75M |
209 |
$3.2B |
|
William Scott Priebe |
5 |
$1.9B |
2 |
$75M |
250 |
$3.4B |
|
Daniel Rabasco |
15 |
$6.6B |
None |
N/A |
60 |
$2.4B |
|
Ezra S. Samet |
2 |
$423M |
1 |
$8M |
238 |
$1.5B |
|
Eric Seasholtz |
1 |
$196M |
None |
N/A |
1 |
$3.0B |
|
Joshua Shaskan |
1 |
$32M |
1 |
$40M |
195 |
$123M |
|
Jennifer K. Silver |
2 |
$423M |
1 |
$8M |
238 |
$1.5B |
|
Maxim Skorniakov |
5 |
$7.4B |
46 |
$25.4B |
137 |
$45.8B |
|
Rachel Tyndall |
1 |
$45M |
None |
N/A |
15 |
$405M |
I-11
|
Primary |
Registered Investment Companies |
Total Assets Managed |
Other Pooled Investment Vehicles |
Total Assets Managed |
Other Accounts |
Total Assets Managed |
|
Montie L. Weisenberger |
4 |
$240M |
1 |
$57M |
2 |
$91M |
|
Sarah L. Westwood |
1 |
$29M |
1 |
$63M |
370 |
$393M |
|
Scott Zaleski |
3 |
$2.5B |
1 |
$195M |
26 |
$2.3B |
1 Because Mr. Murphy became a primary portfolio manager of BNYMCPF as of February 9, 2024, his information is as of December 31, 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 Subject to Performance Fees |
|
Robert C. Barringer |
None |
N/A |
N/A |
|
Daniel Barton |
None |
N/A |
N/A |
|
Jeffrey Burger |
None |
N/A |
N/A |
|
Thomas Casey |
None |
N/A |
N/A |
|
James DiChiaro |
None |
N/A |
N/A |
|
Andrew J. Fleming |
None |
N/A |
N/A |
|
Fraser Fox |
Other Pooled Vehicles |
2 |
$193M |
|
Other Accounts |
17 |
$2.4B | |
|
Elena Goncharova |
None |
N/A |
N/A |
|
Peter D. Goslin |
Other Accounts |
2 |
$767M |
|
Jane Henderson |
Other Pooled Vehicles |
2 |
$193M |
|
Other Accounts |
17 |
$2.4B | |
|
Louis M. Holtz |
None |
N/A |
N/A |
|
Jeffrey J. Hoo |
Other Accounts |
3 |
$50M |
|
Gautam Khanna |
None |
N/A |
N/A |
|
Roy Leckie |
Other Pooled Vehicles |
2 |
$193M |
|
Other Accounts |
17 |
$2.4B | |
|
Yossi Lipsker |
None |
N/A |
N/A |
|
Peter Lopez |
Other Pooled Vehicles |
N/A |
N/A |
|
Other Accounts |
N/A |
N/A | |
|
James A. Lydotes |
Other Accounts |
3 |
$107M |
|
Wendell E. Mackey |
None |
N/A |
N/A |
|
Charlie Macquaker |
Other Pooled Vehicles |
2 |
$193M |
|
Other Accounts |
17 |
$2.4B | |
|
Alexander Makkas |
None |
N/A |
N/A |
|
Michael J. Mufson |
None |
N/A |
N/A |
I-12
|
Primary Portfolio Manager |
Type of Account |
Number of Accounts Subject to Performance Fees |
Total Assets of Accounts Subject to Performance Fees |
|
José Muñoz |
None |
N/A |
N/A |
|
Michael Munson |
None |
N/A |
N/A |
|
Brendan Murphy |
None |
N/A |
N/A |
|
Benjamin H. Nahum |
Other Pooled Vehicles |
4 |
$385M |
|
Catherine C. Nicholas |
None |
N/A |
N/A |
|
James M. O'Brien |
None |
N/A |
N/A |
|
Travis Prentice |
None |
N/A |
N/A |
|
William A. Priebe |
None |
N/A |
N/A |
|
William Scott Priebe |
None |
N/A |
N/A |
|
Daniel Rabasco |
None |
N/A |
N/A |
|
Ezra S. Samet |
None |
N/A |
N/A |
|
Eric Seasholtz |
Other Accounts |
1 |
$3.0B |
|
Joshua Shaskan |
None |
N/A |
N/A |
|
Other Accounts |
N/A |
N/A | |
|
Jennifer K. Silver |
None |
N/A |
N/A |
|
Maxim Skorniakov |
Other Pooled Vehicles |
2 |
$193M |
|
Other Accounts |
17 |
$2.4B | |
|
Rachel Tyndall |
None |
N/A |
N/A |
|
Montie L. Weisenberger |
None |
N/A |
N/A |
|
Sarah L. Westwood |
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.
|
Primary Portfolio Manager |
Fund |
Dollar Range of Fund Shares Beneficially Owned |
|
Robert C. Barringer |
BNYMSMSCVF |
$1 - $10,000 |
|
Daniel Barton |
BNYMHYMBF |
None |
|
Jeffrey Burger |
BNYMCAFMBF |
$1 - $10,000 |
|
BNYMHYMBF |
None | |
|
Thomas Casey |
BNYMAFMBF |
None |
|
BNYMCAFMBF |
$1 - $10,000 | |
|
BNYMIMBF |
$1 - $10,000 | |
|
BNYMNYTEBF |
None | |
|
James DiChiaro |
BNYMCPF |
None |
|
Andrew J. Fleming |
BNYMSMSCVF |
None |
|
Fraser Fox |
BNYMGSF |
None |
|
BNYMISF |
None | |
|
BNYMUSEF |
None | |
|
Elena Goncharova |
BNYMSMSCGF |
None |
|
BNYMSMSCVF |
None |
I-13
|
Primary Portfolio Manager |
Fund |
Dollar Range of Fund Shares Beneficially Owned |
|
Peter D. Goslin |
BNYMAMCF |
None |
|
Jane Henderson |
BNYMGSF |
None |
|
BNYMISF |
None | |
|
BNYMUSEF |
None | |
|
Louis M. Holtz |
BNYMSMSCGF |
$100,001 - $500,000 |
|
Jeffrey J. Hoo |
BNYMSMSCGF |
None |
|
Gautam Khanna |
BNYMCPF |
None |
|
Roy Leckie |
BNYMGSF |
None |
|
BNYMISF |
None | |
|
BNYMUSEF |
None | |
|
Yossi Lipsker |
BNYMSMSCGF |
$100,001 - $500,000 |
|
Peter Lopez |
BNYMSMSCGF |
None |
|
James A. Lydotes |
BNYMICEF |
$100,001 - $500,000 |
|
Wendell E. Mackey |
BNYMSMSCVF |
None |
|
Charlie Macquaker |
BNYMGSF |
None |
|
BNYMISF |
None | |
|
BNYMUSEF |
None | |
|
Alexander Makkas |
BNYMSMSCGF |
None |
|
Michael J. Mufson |
BNYMSMSCGF |
None |
|
José Muñoz |
BNYMSMSCGF |
None |
|
Michael Munson |
BNYMSMSCVF |
None |
|
Benjamin H. Nahum |
BNYMSMSCVF |
None |
|
Brendan Murphy |
BNYMCPF1 |
None |
|
Catherine C. Nicholas |
BNYMSMSCGF |
None |
|
James M. O'Brien |
BNYMSMSCVF |
$1 - $10,000 |
|
Travis Prentice |
BNYMSMSCGF |
None |
|
William A. Priebe |
BNYMSMSCGF |
None |
|
William Scott Priebe |
BNYMSMSCGF |
None |
|
Daniel Rabasco |
BNYMAFMBF |
None |
|
BNYMIMBF |
None | |
|
BNYMNYTEBF |
None | |
|
Ezra S. Samet |
BNYMSMSCGF |
None |
|
Eric Seasholtz |
BNYMUSMF |
None |
|
Joshua Shaskan |
BNYMSMSCGF |
None |
|
Jennifer K. Silver |
BNYMSMSCGF |
None |
|
Maxim Skorniakov |
BNYMGSF |
None |
|
BNYMISF |
None | |
|
BNYMUSEF |
None | |
|
Rachel Tyndall |
BNYMSMSCVF |
None |
|
Montie L. Weisenberger |
BNYMSMSCGF |
None |
|
Sarah L. Westwood |
BNYMSMSCVF |
$1 - $10,000 |
|
Scott Zaleski |
BNYMCPF |
None |
1 Mr. Murphy became a primary portfolio manager of BNYMCPF as of February 9, 2024 and, as of that date, he did not own shares of the fund.
I-14
ADVISERS' COMPENSATION; COMPLIANCE SERVICES
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 |
Net fee paid |
Fee payable |
Reduction |
Net fee paid |
Fee payable |
Reduction |
Net fee paid |
|
BNYMAFMBF |
$4,733,115 |
$357,557 |
$4,375,558 |
$7,093,700 |
$2,268,106 |
$4,825,594 |
$7,915,877 |
$2,472,500 |
$5,443,377 |
|
BNYMAMCF |
$3,068,667 |
$376,250 |
$2,692,417 |
$3,204,218 |
$697,071 |
$2,507,147 |
$3,596,647 |
$1,677,777 |
$1,918,870 |
|
BNYMCAFMBF |
$3,419,151 |
$166,060 |
$3,253,091 |
$4,781,758 |
$190,491 |
$4,591,267 |
$5,094,645 |
- |
$5,094,645 |
|
BNYMCPF |
$4,248,423 |
- |
$4,248,423 |
$5,623,296 |
- |
$5,623,296 |
$4,932,258 |
- |
$4,932,258 |
|
BNYMGSF |
$8,393,635 |
- |
$8,393,635 |
$10,254,558 |
- |
$10,254,558 |
$12,594,852 |
- |
$12,594,852 |
|
BNYMHYMBF |
$1,196,172 |
- |
$1,196,172 |
$1,633,179 |
- |
$1,633,179 |
$1,428,346 |
- |
$1,428,346 |
|
BNYMICEF* |
$1,629,049 |
$397,971 |
$1,231,078 |
$2,414,845 |
$516,313 |
$1,898,532 |
$3,532,954 |
$625,996 |
$2,906,958 |
|
BNYMIMBF |
$2,792,609 |
$232,786 |
$2,559,823 |
$3,291,700 |
$131,194 |
$3,160,506 |
$3,483,535 |
- |
$3,483,535 |
|
BNYMISF |
$47,338,978 |
- |
$47,338,978 |
$50,200,352 |
- |
$50,200,352 |
$58,108,851 |
- |
$58,108,851 |
|
BNYMNYTEBF |
$4,846,833 |
- |
$4,846,833 |
$5,766,246 |
- |
$5,766,246 |
$6,044,906 |
- |
$6,044,906 |
|
BNYMSMSCGF |
$2,674,845 |
$116,229 |
$2,558,616 |
$6,022,413 |
- |
$6,022,413 |
$5,725,523 |
- |
$5,725,523 |
|
BNYMSMSCVF |
$2,389,307 |
- |
$2,389,307 |
$4,203,931 |
- |
$4,203,931 |
$5,526,592 |
- |
$5,526,592 |
|
BNYMUSMF |
$1,075,814 |
- |
$1,075,814 |
$1,336,093 |
- |
$1,336,093 |
$1,477,250 |
- |
$1,477,250 |
|
BNYMUSEF |
$2,339,857 |
- |
$2,339,857 |
$4,288,640 |
- |
$4,288,640 |
$5,665,078 |
- |
$5,665,078 |
* Prior to September 1, 2021, Mellon served as investment adviser of the fund; thereafter, BNYM Investment Adviser serves as investment adviser and administrator of the fund. For the fiscal years ended September 30, 2023, 2022 and 2021, the administration fees paid by BNYMICEF to BNYM Investment Adviser, as administrator, were $203,631, $301,856 and $441,620, respectively.
The contractual fee rates paid by BNYM Investment Adviser to a fund's Sub-Adviser(s), if any, and the effective rate paid in the last fiscal year, are as follows (expressed as an annual rate as a percentage of the fund's average daily net assets):
|
Fund |
Sub-Adviser |
Fee Rate |
Effective Fee Rate for the Last Fiscal Year |
|
BNYMAFMBF |
INA |
0.168% |
0.127% |
|
BNYMAMCF |
NIMNA |
0.36% |
0.21% |
|
BNYMCAFMBF |
INA |
0.216% |
0.227% |
|
BNYMCPF |
INA |
* |
* |
|
BNYMGSF |
Walter Scott |
0.41% |
0.41% |
|
BNYMHYMBF |
INA |
0.216% |
0.213% |
|
BNYMICEF |
NIMNA |
0.32% |
0.32% |
|
BNYMIMBF |
INA |
0.288% |
0.238% |
|
BNYMISF |
Walter Scott |
0.41% |
0.41% |
|
BNYMNYTEBF |
INA |
0.288% |
0.288% |
|
BNYMSMSCGF |
All Sub-Advisers Combined |
0.40%+ |
0.40%+ |
|
BNYMSMSCVF |
All Sub-Advisers Combined |
0.40%+ |
0.40%+ |
|
BNYMUSEF |
Walter Scott |
0.36% |
0.36% |
|
BNYMUSMF |
Amherst |
0.24% |
0.21% |
* BNYMCPF 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 INA. The aggregate annual fee payable to
I-15
BNYM Investment Adviser and INA is 0.35% of the value of the fund's average daily net assets. The effective aggregate fee rate for the last fiscal year was 0.35%.
+ Rates shown are the combined contractual and effective fee rates for the fund's Sub-Advisers for the fund's last fiscal year. Pursuant to an exemptive order issued by the SEC, the allocation of the fee among the fund's Sub-Advisers is not disclosed.
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 | |||||||
|
Fee payable |
Reduction |
Net fee paid |
Fee payable |
Reduction |
Net fee paid |
Fee payable |
Reduction |
Net fee paid | |
|
Fund/ |
|||||||||
|
BNYMAFMBF/ |
$2,199,920 |
$811,823 |
$1,388,097 |
$3,404,976 |
$2,646,723 |
$758,253 |
N/A |
N/A |
N/A |
|
BNYMAMCF/ |
$1,472,960 |
$598,170 |
$874,790 |
$1,538,025 |
$923,586 |
$614,439 |
$596,717 |
$580,147 |
$16,570 |
|
BNYMCAFMBF/ |
$1,641,193 |
$165,880 |
$1,475,313 |
$1,689,014 |
$190,674 |
$1,498,340 |
N/A |
N/A |
N/A |
|
BNYMGSF/ |
$4,028,945 |
- |
$4,028,945 |
$4,944,904 |
- |
$4,944,904 |
$6,142,634 |
- |
$6,142,634 |
|
BNYMHYMBF/ |
$574,163 |
$8,344 |
$565,819 |
$783,926 |
- |
$783,926 |
N/A |
N/A |
N/A |
|
BNYMICEF/ NIMNA* |
$651,620 |
- |
$651,620 |
$965,938 |
- |
$965,938 |
$104,953 |
- |
$104,953 |
|
BNYMIMBF/ |
$1,340,452 |
$232,695 |
$1,107,757 |
$1,161,260 |
$131,285 |
$1,029,976 |
N/A |
N/A |
N/A |
|
BNYMISF/ |
$22,722,710 |
- |
$22,722,710 |
$24,096,169 |
- |
$24,096,169 |
$6,142,634 |
- |
$6,142,634 |
|
BNYMNYTEBF/ |
$2,326,480 |
- |
$2,326,480 |
$2,037,767 |
- |
$2,037,767 |
N/A |
N/A |
N/A |
|
BNYMSMSCGF (All Sub-Advisers) |
$1,186,148 |
- |
$1,186,148 |
$2,699,288 |
- |
$2,699,288 |
$2,080,766 |
- |
$2,080,766 |
|
BNYMSMSCVF |
$1,096,261 |
- |
$1,096,261 |
$1,880,542 |
- |
$1,880,542 |
$2,460,752 |
- |
$2,460,752 |
|
BNYMUSMF/ |
$516,391 |
$64,549 |
$451,842 |
$641,321 |
$80,162 |
$561,159 |
$708,085 |
$87,640 |
$620,445 |
|
BNYMUSEF/ |
$1,123,131 |
$1,524 |
$1,121,607 |
$2,058,547 |
$725 |
$2,057,822 |
$2,719,237 |
$103 |
$2,719,134 |
* INA or NIMNA, as applicable, was appointed a Sub-Adviser effective September 1, 2021.
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:
I-16
|
Fund |
CCO and Staff Compensation and Expenses |
|
BNYMAFMBF |
$19,196 |
|
BNYMAMCF |
$23,689 |
|
BNYMCAFMBF |
$19,511 |
|
BNYMCPF |
$18,622 |
|
BNYMGSF |
$20,851 |
|
BNYMHYMBF |
$19,196 |
|
BNYMICEF |
$20,362 |
|
BNYMIMBF |
$19,511 |
|
BNYMISF |
$20,809 |
|
BNYMNYTEBF |
$19,511 |
|
BNYMSMSCGF |
$49,273 |
|
BNYMSMSCVF |
$47,234 |
|
BNYMUSEF |
$20,855 |
|
BNYMUSMF |
$20,855 |
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 |
BNYMAMCF |
BNYMCPF |
BNYMGSF |
BNYMICEF |
|
Gross income from securities lending activities (including income from cash collateral reinvestment) |
$111,197 |
$221,157 |
$3,512 |
$39,896 |
|
Fees and/or compensation for securities lending activities and related services |
$0 |
$0 |
$0 |
$0 |
|
Fees paid to securities lending agent from a revenue split |
$13,342 |
$8,648 |
$27 |
$498 |
|
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) |
$0 |
$149,073 |
$3,285 |
$35,740 |
|
Other fees not included in revenue split |
$0 |
$0 |
$0 |
$0 |
|
Aggregate fees/compensation for securities lending activities |
$13,342 |
$157,721 |
$3,312 |
$36,238 |
|
Net income from securities lending activities |
$97,855 |
$63,436 |
$200 |
$3,658 |
I-17
|
Fund |
BNYMISF |
BNYMSMSCGF |
BNYMSMSCVF |
BNYMUSEF |
|
Gross income from securities lending activities (including income from cash collateral reinvestment) |
$24,887 |
$176,011 |
$93,418 |
$5,403 |
|
Fees and/or compensation for securities lending activities and related services |
$0 |
$0 |
$0 |
$0 |
|
Fees paid to securities lending agent from a revenue split |
$214 |
$16,983 |
$5,634 |