* Includes internal investment management fee and fund level fees and expenses, subject to an expense reimbursement, as detailed in the Fund’s respective Schedule A. Please note that because of any applicable expense reimbursements, the actual fee may be lower for applicable Funds.  For more complete information about a Fund's fees and expenses, please refer to the respective Fund's Schedule A.  If a Fund or unit class of a Fund does not charge an internal investment management fee, an external investment management fee will be charged as specified in the participation agreement with the participating trust.  Any applicable external investment management fees are not reflected in Estimated Total Fee detailed above. 

The collective investment funds (“Funds”) described herein are exclusively for “Qualified Participants” as more fully detailed in the Declaration of Trust, as amended from time to time (“Trust”), and the Schedule A & Disclosure Document (“Schedule A”) for the Funds.  The Bank of New York Mellon, a New York state chartered banking institution (“BNY”), is the discretionary trustee for the Funds established under the applicable Trust.  BNY is responsible for the management of the Funds, including the custody of Fund assets.  Please refer to the Schedule A for the Funds (and for each other fund that such Funds invest in, if applicable) for important additional information. To obtain more information on these Funds, please contact us at BNYCIT@bny.com.

Any decision to invest in the Funds described herein should be made only after carefully reviewing the Trust and Schedule A for the applicable Funds, and any other applicable documents relating to such Funds.  This material has been provided for informational purposes only and should not be construed as 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.  Prospective investors should consult a legal, tax or financial professional to determine whether any investment product, strategy or service is appropriate for their particular circumstances.

The Funds and the Funds’ units of participation (“Units”) are exempt from registration under federal and state securities laws.  Units of the Fund(s) are not traded on public, or any other markets and Units are generally only transferable as detailed in the Trust and the Schedule A for the applicable Funds.  Because the Funds are not mutual funds, they are governed by different regulations, restrictions and disclosure requirements that apply to mutual funds.  For example, the Funds are subject to banking, securities and tax regulations which, among other things, limit participation to certain eligible Qualified Participants where BNY or an affiliate is a trustee, investment manager, custodian or directed agent.  Units of the Funds may only be sold to eligible Qualified Participants, as detailed in the applicable Trust, that have executed a trust, custody, agency, participation or investment management agreement with BNY that, among other things, subjects qualified participants to the terms and conditions of the applicable Trust.

For select Funds as detailed in the applicable Schedule A, employees of Mellon Investments Corporation ("MIC") manage the assets of the Fund in their capacity as dual officers of BNY and MIC.

BNY has appointed Insight North America, LLC (“INA”) to act as the discretionary sub-advisor to select Funds as detailed in the applicable Schedule A.  INA is operated by Insight Investment Management Limited and is associated with other global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may be referred to as “Insight” or “Insight Investment”.  INA is permitted to delegate some or all of its discretionary authority to Insight branded affiliates and non-discretionary (back or middle office) services to Insight branded affiliates or third-party service providers.

BNY has appointed Newton Investment Management North America, LLC (“NIMNA”) to act as the discretionary sub-advisor to select Funds as detailed in the applicable Schedule A. NIMNA entered into a sub-sub-investment advisory agreement with its affiliate Newton Investment Management Limited (“NIM”), to enable NIM to provide certain advisory services to NIMNA for the benefit of the Funds, including, but not limited to, portfolio management services.

BNY has appointed NIM to act as the discretionary sub-advisor to select Funds as detailed in the applicable Schedule A.  NIM has entered into a sub-sub-investment advisory agreement with its affiliate NIMNA, to enable NIMNA to provide certain advisory services to NIM for the benefit of the Funds, including, but not limited to, portfolio management services.

For select Funds as detailed in the applicable Schedule A, employees of BNY Mellon Advisors, Inc. (“BNY Advisors”) manage the assets of the Fund in their capacity as dual officers of BNY and BNY Advisors.

BNY has appointed Walter Scott & Partners Limited ("Walter Scott") to act as the discretionary sub-advisor to select Funds as detailed in the applicable Schedule A.

BNY has appointed CenterSquare Investment Management LLC (“CSIM”) to act as discretionary sub-advisor to select Funds as detailed in the applicable Schedule A. CSIM is not affiliated with BNY.

BNY has appointed NISA Investment Advisors, LLC (“NISA”) to act as the discretionary sub-advisor to the Fund as detailed in the applicable Schedule A. NISA is not affiliated with BNY.

BNY, MIC, INA, NIMNA, NIM, BNY Advisors, and Walter Scott are subsidiaries of The Bank of New York Mellon Corporation.

The decision to participate in the Fund or to offer the Fund as an investment option (in the case of participant-directed accounts) must be made by the independent trustees, named fiduciaries or participants, as applicable, of each individual plan or by the independent representative of any other investor after reviewing all available relevant information. The AFL-CIO is not an investment advisor or investment manager and does not have any intention of, and shall not be deemed to be, advising any plan, its trustees, its participants or its beneficiaries or any other investor regarding the making of an investment in the Fund. Moreover, the AFL-CIO makes no representation or warranty, express or implied, as to the results to be obtained by the Fund or any investor in the Fund.

BNY, as trustee of the Funds, has appointed one or more marketing agents to assist in marketing the Funds, including BNY Mellon Securities Corporation (“BNYSC”), a registered broker-dealer, FINRA member and affiliate of The Bank of New York Mellon Corporation.  BNYSC in its capacity as a marketing agent does not offer any fiduciary services to Fund investors or prospective clients.  Personnel of certain other BNY affiliates may also act as officers of BNY to offer the Funds.

All collective investment funds presented are not deposits of, and are not insured or guaranteed by, any bank, the Federal Deposit Insurance Corporation ("FDIC”) or any other government agency and may lose value.  All investments involve risk including loss of principal. Certain investments involve greater or unique risks that should be considered along with the objectives, fees, and expenses before investing. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Past performance is not indicative of future returns and there is no guarantee that losses will not occur in the future.

BNY Investments is the brand name for the investment management business of BNY and its investment firm affiliates worldwide. BNY is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally. 

No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission from BNY.  Information contained herein has been obtained from sources believed to be reliable, but the information has not been independently verified and is not guaranteed. BNY makes no representation as to the completeness of such information and has no obligation to revise or update any statements made herein for any reason.

Any indices shown are trademarks used for comparative purposes only.  None of the owners of the trademarks sponsor, endorse, sell or promote any Fund, or make any representation regarding the advisability of investing in any Fund.  Please refer to the Schedule A for the Funds for more information.

For Institutional Investors Only

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE