The value of investments can fall. Investors may not get back the amount invested.

IMPORTANT INFORMATION:

BNY PinPoint℠ (the “tool”) is intended to be used with Financial Professionals who set the parameters of the analysis contained herein and is not a proposed investment strategy or a comprehensive financial plan. The content produced by the tool is being provided for informational purposes only and should not be construed as and does not constitute investment advice or a recommendation of any particular investment product, strategy, investment manager or account arrangement, and should not serve as a primary basis for investment decisions.

By utilising the report generated from the use of this tool, Financial Professionals acknowledge their understanding of the following important information:

• This information does not contain sufficient information to support an investment decision and it should not be relied upon in evaluating the merits of investing in any securities or strategy. This material does not take into account the particular investment objectives, restrictions, or financial, legal or tax situation of any specific investor, nor does it purport to be comprehensive or intended to replace the exercise of an independent review regarding any investment, asset class or other financial decision. Financial Professionals are responsible for making their own independent judgment as to how to use this information. Portfolios that are the subject matter of any report provided by the tool may not be suitable investments for the Financial Professional or their client.
• The projections or other information generated by the tool regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not a guide to future results. Results may vary with each use and over time. The tool cannot predict a portfolio or fund’s risk of loss due to, among other things, changing market conditions, or other unanticipated circumstances. Please refer to the end of the report for important information regarding the use of hypothetical performance.
• Funds are considered for inclusion in the hypothetical portfolio if they already form part of the current portfolio or are specifically requested by the report recipient for consideration. Funds may also be included to illustrate exposure to asset classes for which index data is not available in the tool.  Where results from the tool include BNY funds, it should be noted BNY receives more revenue when an investor invests in a portfolio or asset allocation strategy that uses BNY funds over other funds.

The content of the tool’s report is current as of the date of creation and subject to change. The report is provided for informational purposes only and should not be construed as and does not constitute investment advice. The report is not investment research or a research recommendation. Stress-testing may be carried out on a portfolio to determine how it may perform if a particular market or macroeconomic variable is to move. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from those shown here. The information is based on current market conditions which will fluctuate and may be superseded by subsequent market events or for other reasons. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be and should not be interpreted as recommendations. Information contained in the tool has been obtained from third party sources believed to be reliable and BNY shall not assume any responsibility for the accuracy and/or completeness of such information, including any errors or omissions. No part of the tool’s output may be reproduced in any form, or referred to in any other publication, without express written permission.

Investors and their advisors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. Investors should contact a financial professional or visit www.bny.com/investments or relevant third-party websites to obtain the fund prospectus and Key Information Document or Key Investor Information Document and read them carefully before making any investment decisions.

Investment Risks

All investments involve some level of risk, including loss of principal. Certain investments have specific or unique risks that should be considered along with their objectives, fees and expenses. For a full list of risks applicable to funds included in the tool’s report, please refer to the respective fund’s prospectus or other offering documents. Asset allocation and diversification cannot assure a profit or protect against loss. There can be no assurance that an investment strategy based on the tool will be successful.

Charts are provided for illustrative purposes only. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be and should not be interpreted as recommendations.

Morningstar Data

All data contained in the tool is provided by Morningstar, Inc., unless specified otherwise. Certain elements are created with MPI Stylus Pro, with data provided by Morningstar: Fund Attribution, Factor Attribution, Historical Scenarios, Regime Analysis, and Hypothetical Shocks.

Historical Performance Information

Historical performance reflects performance of the security or asset class shown under certain parameters and over time. Please note that careful consideration should be given to assets that have short-term historic performance records, i.e. less than five years as there is limited information as to how these assets may have performed during all market conditions. Past performance is not a guide to future performance.

Hypothetical Performance Information (Portfolio Analysis Only)

Information provided may illustrate the hypothetical historical performance of a current and hypothetical portfolio. While the individual asset classes and specific securities may have actual historical performance, the combination of these asset classes/securities in a current or hypothetical portfolio is new and, therefore, that combination does not have an actual performance record. Since these illustrations of the historic performance do not reflect the results of actual trading, but were calculated by the retroactive application of historical performance of the investment returns, such returns are hypothetical in nature.

Hypothetical performance results have many inherent limitations. No representation is being made that any fund or account will or is likely to achieve profit or loss. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently realised by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or adhere to a particular trading program in spite of trading losses are material points which can adversely affect actual trading results. There can be no assurance that the portfolios will remain the same in the future, or that an application of the current portfolio in the future will produce similar results, because the relevant market and economic conditions that prevailed during the hypothetical performance period will not necessarily recur. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results, all of which can adversely affect actual trading results. All hypothetical performance results are presented for illustrative purposes only.

What If Scenarios

What If Scenarios are illustrations that aim to quantify the impact of an event or a series of events to a fund or portfolio. The historical market events, historical regime analysis and the portfolio stress testing measures the potential impact of discrete market events on a portfolio using a multi-factor statistical risk model. Based on the portfolio weightings the model determines the portfolio’s exposure to the risk factors defined in the risk model. The volatility of the risk factors used in the model as well as the sensitivity to the market event, regime or index is estimated using the available historical performance for the investments within the portfolio. The sensitivity of each risk factor to the discrete market event is aggregated to the portfolio’s total sensitivity to the market event. The scenarios used in this analysis may be different to those used by the fund or its investment manager for the purposes of monitoring and managing risk in accordance with the relevant laws, regulations and standards applicable to the fund and the investment manager. Reference should also be made to the risk disclosures and relevant risk indicator(s) set out in the fund prospectus and Key Information Document/Key Investor Information Document (as relevant).

Historical Market Events: Historical Market Events illustrate hypothetical portfolio performance during actual historical events. The investment’s exposure to the risk factor model is used to recreate the portfolio and determine hypothetical historical performance during predefined time periods.

Portfolio Stress Testing: Portfolio Stress Testing illustrates hypothetical portfolio performance if a hypothetical shock were to occur today. These stress events are not necessarily tied to actual historical event but illustrate how investments might behave in stress environments.

Historical Regime Analysis: Historical Regime Analysis illustrates hypothetical portfolio performance during actual historical market regimes. Regimes are based on historical periods that share a common characteristic or meet particular rules. Regimes are based on the trailing 25 years and are a collection of all the months that where the condition was meet. Market factors are used to recreate the portfolio and determine hypothetical historical performance.

General Disclosures

BNY Mellon Investment Funds (BNYMIF) is an open-ended investment company with variable capital (ICVC) with limited liability between sub-funds. Incorporated in England and Wales: registered number IC27. The Authorised Corporate Director (ACD) is BNY Mellon Fund Managers Limited (BNY MFM), incorporated in England and Wales: No. 1998251. Registered address: BNY Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA. Authorised and regulated by the Financial Conduct Authority.

BNY Mellon Global Funds, plc (BNYMGF) is an open-ended investment company with variable capital (ICVC), with segregated liability between sub-funds. Incorporated with limited liability under the laws of Ireland and authorised by the Central Bank of Ireland as a UCITS Fund. The Management Company is BNY Mellon Fund Management (Luxembourg) S.A. (BNY MFML), regulated by the Commission de Surveillance du Secteur Financier (CSSF). Registered address: 2-4 Rue Eugène Ruppert L-2453 Luxembourg. Information on investor rights including the complaints handling policy and investor redress mechanisms is available at www.bnymellonim.com. For investors in the European Union (EU): The Manager may terminate the arrangements made for the marketing of one or more sub-funds of BNYMGF in one or more EU Member States and shareholders will receive prior notification in this event. For investors in the United Kingdom (UK): BNYMGF is authorised overseas but not in the UK. The Financial Ombudsman Service is unlikely to be able to consider complaints related to BNYMGF, its sub-funds, its operator or its depositary. Any claims for losses relating to the operator and the depositary of BNYMGF are unlikely to be covered under the compensation scheme. A prospective investor should consider getting financial advice before deciding to invest and should see the BNYMGF prospectus for more information.

BNY is the corporate brand of The Bank of New York Mellon Corporation and may be used to reference the corporation as a whole and/or its various subsidiaries generally.

No part of this material may be reproduced in any form. Not for use with the general public.