BNY Mellon Global High Yield Bond Fund Institutional W Income

OBJECTIVE To achieve income over the medium term (3-5 years). POLICY The Fund will: – invest anywhere in the world; – invest at least 80% of the portfolio in sterling-denominated or hedged back to sterling fixed income securities (bonds) and other debt instruments; – typically invest at least 75% of the portfolio in bonds rated below investment grade (BBB-) by Standard & Poor's (or equivalent recognised rating agency); and – invest in derivatives (financial instruments whose value is derived from other assets) to help achieve the Fund's investment objective. The Fund will also use derivatives with the aim of risk or cost reduction or to generate additional capital or income. The Fund may: – invest in emerging markets; – invest in money market instruments, deposits, cash and near cash; – invest in Contingent Convertible Securities (CoCo's); and – invest up to 10% in other collective investment schemes. Benchmark: The Fund will measure its performance against the ICE Bank of America Global High Yield ex Bank Capital & Junior Subordinated (100% Hedged into sterling) TR Index as a comparator benchmark (the "Benchmark"). The Fund will use the Benchmark as an appropriate comparator because it includes a broad representation of the asset class, credit quality, sectors and geographical areas in which the Fund predominantly invests. The Fund is actively managed, which means the Investment Manager has absolute discretion to invest outside the Benchmark subject to the investment objective and policies disclosed in the Prospectus. While the Fund's holdings may include constituents of the Benchmark, the investment weightings in the portfolio are not influenced by the Benchmark. The investment strategy does not restrict the extent to which the Investment Manager may deviate from the Benchmark. OTHER INFORMATION Treatment of income: income generated will be paid to shareholders monthly on or before the second last business day of each month. Dealing: you can buy and sell your shares in the Fund between 9:00 and 17:00 (UK time) on each business day in England and Wales. Instructions received before 12:00 will receive the price quoted on that day. The minimum initial investment for this share class is GBP 500,000.