# Appendix IX
### ADDITIONAL INFORMATION ON FINANCIAL INDICES USED FOR INVESTMENT PURPOSES
Where set out in the relevant Supplement, a Sub-fund may gain indirect exposure to financial indices through the use of FDI for investment purposes. Details on where to find additional information on the financial indices are set out below.
| Indices | Link |
| --- | --- |
| AEX Index CAC 40 Index | https://live.euronext.com/en/products/indices |
| ASX SPI Index | https://www2.asx.com.au/markets/trade-our-derivatives-market/derivatives-market-  prices/index-derivatives |
| Borsa Istanbul | www.borsaistanbul.com |
| BOVESPA Index | https://www.b3.com.br/en_us/market-data-and-indices/indices/ |
| Barclays Capital Aggregate Bond Index | https://www.bloomberg.com/markets/rates-bonds/bloomberg-barclays-indices |
| Bloomberg Commodity Index | https://www.bloomberg.com/professional/product/indices/ |
| Chicago Board Options Exchange SPX Volatility Index | http://www.cboe.com/vix |
| Dax 30 Index MDAX Index | https://www.dax-indices.com/indices |
| EURIBOR | https://www.euribor-rates.eu/ |
| Euro Stoxx 50 Index Stoxx Europe 600 Index Stoxx Europe Small 200 | https://www.stoxx.com/indices |
| FTSE 100 Index FTSE 350 Supersectors Index FTSE All Share Index FTSE China 150 Index FTSE MIB Index FTSE Taiwan FTSE World Index FTSE/JSE Top 40 Index Russell 2000 Index | https://www.ftserussell.com/index |
| Hang Seng Index HSCEI Index | https://www.hsi.com.hk/eng |
| IBEX 35 Index | https://www.bolsamadrid.es/ing/aspx/Indices/Resumen.aspx |
| KOSPI Index KOPSI 200 Index | https://global.krx.co.kr |
| LIBOR | https://www.theice.com/iba/libor |
| Markit CDX North American Investment Grade Index Markit CDX American Investment Grade High Volatility Index Markit CDX North American High Yield Index Markit CDX North American High Yield Beta Index Markit CDX Emerging Markets Index Markit CDX Emerging Markets Diversified Index Markit iBoxx EUR Liquid High Yield Index Markit iBoxx GBP Corporates Index Markit iBoxx GEMX Index Markit iBoxx USD Domestic Corporates Index Markit iBoxx USD Liquid HY Index Markit iBoxx USD Liquid IG Index Markit iBoxx USD Liquid Leveraged Loans Index Markit iBoxx EUR Corporates Index Markit iTraxx Asia Index Markit iTraxx CDS Index Markit iTraxx Crossover Index Markit iTraxx Europe Index Markit iTraxx Europe Crossover (High Yield) Index Markit iTraxx Financial Index Markit iTraxx Senior Financials Index Markit iTraxx Subordinated Financial Index | https://ihsmarkit.com/products/indices.html |
| MSCI All Countries World Index MSCI Emerging Markets Index MSCI Singapore Index MSCI World Developed ex Europe Index | https://www.msci.com/index-solutions |

| Indices | Link |
| --- | --- |
| Nasdaq Composite Index Nasdaq 100 EMINI Index | https://www.nasdaq.com/ |
| Nikkei 225 Index | https://indexes.nikkei.co.jp/en/nkave/ |
| S&P/ASX 200 Index S&P 500 Index S&P CNX Nifty Index S&P Emerging Markets Index S&P GSCI Index S&P Midcap 400 Index S&P/TSX Composite Index S&P/TSX 60 Index | https://www.spglobal.com/spdji/en/index-finder/ |
| SOFR | https://apps.newyorkfed.org/markets/autorates/SOFR |
| SONIA | https://www.bankofengland.co.uk/markets/sonia-benchmark |
| Stockholm OMX Index | https://indexes.nasdaqomx.com/index/overview/omxs30 |
| Swiss Markit Index | https://www.six-group.com/exchanges/indices/ |
| TOPIX | https://www.jpx.co.jp/english/markets/indices/ |


## BNY Mellon Asian Equity Fund

### SUPPLEMENT 1 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Newton Investment Management Limited

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro A | EUR | 5,000 | 5% | 2.00% | 0% |
| USD A | USD | 5,000 | 5% | 2.00% | 0% |
| Sterling A (Acc.) | GBP | 5,000 | 5% | 2.00% | 0% |
| Sterling A (Inc.) | GBP | 5,000 | 5% | 2.00% | 0% |

| “B” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro B | EUR | 10,000 | 5% | 1.50% | 0% |
| USD B | USD | 10,000 | 5% | 1.50% | 0% |

| “G” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| USD G (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Acc.) | GBP | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Inc.) | GBP | 5,000 | 5% | 1.00% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro C | EUR | 5,000,000 | 5% | 1.00% | 0% |
| USD C | USD | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |

| “W” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| USD W | USD | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to achieve long term capital growth
through investment primarily (meaning at least two-thirds of the Sub-Fund’s assets) in a portfolio of equity and up to one-third of the Sub-Fund’s assets in a portfolio of equity-related securities of companies located in Asia
(excluding Japan) or deriving a preponderant part of their income therefrom.

##### Investment Policy
The Sub-Fund will invest primarily, meaning at least two- thirds of the Sub-Fund’s Net Asset Value, in a portfolio of equity and up to one-third of the Sub-Fund’s Net Asset Value in a portfolio of equity-related securities including
convertible bonds (usually unrated), convertible
preference shares and warrants (subject to a 10% limit of the Net Asset Value of the Sub-Fund in the case of warrants) of companies located in Asia (excluding Japan) or deriving a preponderant part of their income from Asia (excluding Japan). Investment may be made in both developed and emerging Asian regions (excluding Japan).
Up to one-third of the Sub-Fund’s Net Asset Value may
also be invested in equity and equity-related securities of
companies neither located in Asia (excluding Japan) nor deriving a preponderant part of their income from Asia (excluding Japan).
The Sub-Fund may invest less than 30% of its Net Asset Value in China A-shares via the Stock Connect. Further details about the Stock Connect are set out in Appendix V in the Prospectus.
The majority of the Sub-Fund’s investments shall be listed or traded on Eligible Markets located in Asia and the Pacific Region.
In addition, the Sub-Fund will not invest more than 10% of its Net Asset Value in aggregate in collective investment schemes.

##### Benchmark
MSCI AC Asia Pacific ex Japan TR Index (the
“Benchmark”).
The Benchmark captures large and mid cap representation across developed markets countries (excluding Japan) and emerging markets countries in the Asia Pacific region. With 1,060 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest outside the Benchmark subject to the investment
objective and policy. While the Sub-Fund’s holdings may
include constituents of the Benchmark, the selection of
investments and their 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.

##### Investment Strategy
The investment philosophy is based upon the conviction of the Investment Manager that no company, market or economy can be considered in isolation; each must be understood in a global context. The Investment Manager believes that events occurring around the world influence all financial markets and that successful investment in Asian equities requires therefore a thorough understanding of the world as a whole.
The Investment Manager identifies themes which encompass the major areas of change in the world and use these themes as the basis of their investment ideas. A global, thematic approach allows the Investment
Manager to gain long-term perspective on global financial markets and economies and always to consider the ‘big picture’. Perspective is a defining feature of their investment process; it helps them to anticipate how the
world will change and it directs analysts and portfolio managers towards profitable opportunities.
The Investment Manager’s Asian equity portfolios are constructed holistically using research-driven/’bottom-up’ investment process. This approach concentrates on
investing in attractively valued stocks of companies with good prospects and strong fundamentals.

##### The Sustainable Finance Disclosure Regulation
The consideration of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
The Investment Manager has access to a variety of ESG- related data points provided by third party data which assists with the identification of potential ESG-related issues that an issuer may be facing. This includes but is not limited to exposure to activities that may be deemed
harmful to the environment or society. This data, along with data from the Investment Manager’s own proprietary responsible investment research resources, forms a central part of the Investment Manager’s consideration and assessment of the level of sustainability risk that an
investment may be subject to.
This assessment is integrated in to the security level research process, which is based upon fundamental analysis of individual investment opportunities across a number of different factors including:
- Fundamental financial or economic characteristics
- Valuation
- Risk/reward profile
- The ESG characteristics of the issuer, including understanding how such considerations can impact economic returnsThe information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer or continue to hold a position.

As explained above, the assessment and management of sustainability risks forms an important part of the
Investment Manager’s due diligence process, however,
there may still be a risk that the value of the Sub-Fund
could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of
the principal adverse impact consideration regime in Article 4 SFDR, (the “PAI regime”). The Manager is supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Registration in Hong Kong
This Sub-Fund is registered for sale in Hong Kong.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 50% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.
In utilising FDI for EPM purposes, the Sub-Fund may gain indirect exposure to financial indices.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending arrangements and repurchase/reverse repurchase
agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of
SFTs shall be 100% of the Net Asset Value of the Sub- Fund. However, it is not anticipated that the Sub-Fund’s exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Management of Collateral”, “Appendix III -
Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£ or 1€ depending on the currency of the relevant class (plus the
sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset
Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will
normally be paid on or before 11 February. Further details are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Small Cap Euroland Fund

### SUPPLEMENT 2 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.


#### The Investment Manager
Newton Investment Management North America LLC

#### Base Currency
Euro

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro A | EUR | 5,000 | 5% | 2.00% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 2.00% | 0% |
| USD A | USD | 5,000 | 5% | 2.00% | 0% |

| “B” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro B | EUR | 10,000 | 5% | 1.50% | 0% |

| “G” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro C | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| USD C | USD | 5,000,000 | 5% | 1.00% | 0% |
| USD I (Acc.) (hedged) | USD | 5,000,000 | 5% | 1.00% | 0% |

| “W” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to provide long term capital growth through investment primarily, meaning at least 90% of its assets, in a portfolio of equity and equity-related securities of small-cap companies that are located in countries which have the Euro as their unit of currency
(“Euroland Countries”).

##### Investment Policy
The Sub-Fund aims to provide long-term capital growth through investment primarily, meaning at least 90% of its Net Asset Value, in a portfolio of equity and equity- related securities of small cap companies that are located in Euroland Countries. These include common and preferred stocks and shares, warrants (subject to a 10% limit of Net Asset Value of the Sub-Fund in the case of warrants), stock purchase rights, convertible securities, depositary receipts, and, for efficient portfolio management purposes, equity indexed futures contracts.
The Sub-Fund may also invest up to 10% of its Net Asset Value in equity and equity-related securities of small cap
companies located in Europe but not currently included in the Euroland Countries (see “Approved Countries”).
The Sub-Fund will invest in the securities of those companies that have total market capitalisations that fall in the range of the capitalisations of the companies that comprise the S&P EuroZone SmallCap TR Index (the
“Benchmark”) or such other similarly constructed index as
the Investment Manager may select from time to time.
In addition, the Sub-Fund will not invest more than 10% of its Net Asset Value in aggregate in collective investment schemes.
Securities in which the Sub-Fund will invest will be listed on Eligible Markets.
Approved Countries
Currently the Sub-Fund may invest in any country in the Benchmark. Investment outside the Benchmark is allowed up to a maximum of 10% to allow for the inclusion or the removal of the country from the Benchmark in the Euroland Countries. In other words, the Sub-Fund will invest at least 90% of its Net Asset Value in countries which form part of the Benchmark.
Country Diversification Policy
The Sub-Fund will focus on individual stock selection
rather than trying to predict which countries will perform well. However, the Sub-Fund’s country allocation may differ from the Benchmark as a by-product of the stock-
selection process. The maximum deviation from the Benchmark is likely to be 5%.
- Typically, the Sub-Fund will hold as many countries as are represented in the Benchmark.

Sector Diversification Policy
The Sub-Fund will focus on individual stock selection
rather than trying to predict which sectors will perform well. However, the Sub-Fund’s sector allocation may differ from the Benchmark as a by-product of the stock-
selection process. The maximum deviation from the Benchmark is likely to be 5%.
- Typically, the Sub-Fund will hold as many sectors as are represented in the Benchmark.
- Normally, the weighting in any one sector shall not be more than 30%.

Stock Selection Process
- The Sub-Fund’s stock selection process is designed to produce a diversified portfolio that, relative to theBenchmark has a lower valuation and higher earnings growth trend. The Sub-Fund will use proprietary quantitative models to identify attractive stocks as well as traditional qualitative analysis to select stocks.
- The Sub-Fund may purchase stocks that were not identified by the models but deemed attractive by fund analysts in order to control portfolio risk or pursue alpha. The Sub-Fund may group stocks into micro-universes of similar companies to facilitate comparisons.

Cash Positions
The Sub-Fund aims to remain fully invested at all times and maintain modest cash positions as ancillary liquid assets, typically less than 5%. However, during periods of unusually high subscription activity the cash position could exceed this level over the short term but will not exceed a maximum level of 10%.
Hedging of Currencies
The Sub-Fund does not intend to take active currency positions. Foreign currency balances will be converted
into the base currency as trading occurs. Cross “hedging”
of currencies is permitted as long as it does not result in
short positions after taking into account the underlying assets. It is anticipated that cross-hedging of currencies will be only be utilised in unusual circumstances and by way of forward foreign exchange contracts.

##### Benchmark
S&P EuroZone SmallCap TR Index (the “Benchmark”).
The Benchmark forms part of the S&P Developed SmallCap Index series. This Benchmark represents, on a country-by-country basis of Eurozone-member countries, the bottom 15% of the cumulative available capital of the S&P Developed Broad Market Index.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Benchmark subject to the investment objective and policy. While the majority of the Sub-Fund’s holdings are expected to be constituents of, and have
similar weightings to, the Benchmark, the investment strategy does not restrict the extent to which the Investment Manager may deviate from the Benchmark.

##### Investment Strategy
The Sub-Fund has a research-driven investment strategy that combines the strengths of fundamental and quantitative capabilities to generate investment results driven by bottom-up stock selection. Hallmarks of the investment approach are a portfolio with high active share and a core positioning driven by a barbell methodology in which the Investment Manager balances
elements of value and quality growth at the portfolio rather than the security level. The consistent thread that ties the process together is a systematic risk management process, executed on a daily, weekly and monthly basis to ensure a balanced portfolio capable of providing a consistent, compelling relative return profile.
The ultimate core positioning of the portfolio is obtained through a thoughtful blend of value and growth-oriented securities. The strategy does not attempt to create a portfolio where all security characteristics are similarly
“core” in nature – meaning a modest valuation discount
with better-than-market earnings growth potential. The
Investment Manager acknowledges that through a full market cycle, there will be times when there are more, or fewer, ideas that combine all of the compelling elements of a discounted valuation plus strong relative earnings
growth potential. As a result, the Investment Manager does not force stocks to all look “core” in nature, but instead seeks to balance the portfolio with a blend of the
best value opportunities available in the market with the best quality growth/momentum ideas.
The Sub-Fund’s strategy is earnings focused, research driven and risk aware. The investment philosophy is to
add value through a combination of relative value and relative growth disciplines. Security selection is the cornerstone of the investment philosophy.
Earnings Focused: The Investment Manager believes that in the long run stock prices follow earnings growth. We invest in companies with accelerating business momentum and undervalued earnings strength.
Research Driven: Fundamental and quantitative research techniques are essential to the identification of attractive valuation and improving business momentum. The Investment Manager believes that the best way to add value is through our global research capabilities. It
utilizes a broad range of proprietary computer models, and we capitalize on our analysts’ industry expertise. It looks to identify the surprises that move markets and
stocks.
Consistent: The Investment Manager believes that the most consistent factors leading to outperformance in stock selection are:
- Improving business momentum
- Attractive valuationRisk Aware: The Investment Manager attempts to provide solid risk-adjusted returns by minimizing the unintended risks it takes. By spending the tracking error on stock- specific risks, the Investment Manager hopes to consistently outperform the Benchmark independent of the market environment.


##### The Sustainable Finance Disclosure Regulation
The management of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying
investments could be materially negatively impacted by an ESG event or condition (“ESG Event”).
As part of the bottom-up security research process, the Investment Manager assesses the environmental, social and governance factors of each portfolio investment for
potential sustainability risks. These factors may include, but are not limited to, an issuers impact on the
environment, including emissions, land use and waste practices, and an issuer’s social policies and practices, including employee matters, supply chain practices and human rights policies. The Investment Manager’s internal credit research includes resources such as the Investment Manager’s proprietary ESG score as an input and is supplemented with third-party resources including
MSCI ESG data and ratings, Bloomberg ESG data, Sustainability Accounting Standards Board’s (SASB) Engagement Guide, credit rating agency research, sell-
side research and industry events. This research into
sustainability risks is taken into consideration, along with the Investment Manager’s macroeconomic research and credit analysis, in the security selection process.
The Investment Manager also assesses the governance practices of issuers through its fundamental research, supplemented by third-party governance scoring methodologies, in order to satisfy itself that the relevant issuers follow good governance practices, in particular with respect to sound management structures, employee relations, remuneration of staff and tax compliance.
The Investment Manager monitors sustainability factors
and risk exposures on a regular basis by reviewing regular reporting on both the Investment Manager’s proprietary and third-party ESG scores.
As explained above, the management and assessment of sustainability risks forms an important part of the Investment Manager's due diligence, however there may still be a risk that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of
the principal adverse impact consideration regime in Article 4 SFDR, (the “PAI regime”). The Manager is supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Registration in Hong Kong
This Sub-Fund is registered for sale in Hong Kong.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 50% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions
and limits set out in the Central Bank UCITS Regulations. Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.
In utilising FDI for EPM purposes, the Sub-Fund may gain indirect exposure to financial indices.
Cross currency hedging transactions are permitted as long as they do not result in short positions after taking into account the underlying assets. It is anticipated that the cross currency hedging of currencies will only be utilised in unusual circumstances and by way of forward exchange contracts.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending arrangements and repurchase/reverse repurchase
agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of
SFTs shall be 100% of the Net Asset Value of the Sub- Fund. However, it is not anticipated that the Sub-Fund’s exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be issued during their respective Initial Offer Periods at their
respective initial offer price per Share of 1USD, 1£ or 1€
depending on the currency of the relevant class (plus the
sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February. Further details
are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Global Bond Fund

### SUPPLEMENT 3 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. The use of FDI for investment purposes will not be extensive. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.


#### The Investment Manager
Newton Investment Management Limited

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro A | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| USD A | USD | 5,000 | 5% | 1.00% | 0% |
| Euro H (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |

| “B” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD B | USD | 10,000 | 5% | 0.85% | 0% |

| “G” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 0.50% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 0.50% | 0% |
| Euro G (Acc.) | EUR | 5,000 | 5% | 0.50% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 0.50% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Sterling G (Acc.) | GBP | 5,000 | 5% | 0.50% | 0% |
| Sterling G (Inc.) | GBP | 5,000 | 5% | 0.50% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro C | EUR | 5,000,000 | 5% | 0.50% | 0% |
| USD C | USD | 5,000,000 | 5% | 0.50% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.50% | 0% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 0.50% | 0% |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 0.50% | 0% |
| Euro I (hedged) | EUR | 5,000,000 | 5% | 0.50% | 0% |
| AUD I (Acc.) (hedged) | AUD | 5,000,000 | 5% | 0.50% | 0% |
| AUD I (Inc.) (hedged) | AUD | 5,000,000 | 5% | 0.50% | 0% |

| “W” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR W (Acc.) | EUR | 15,000,000 | 5% | 0.40% | 0% |
| EUR W (Inc.) | EUR | 15,000,000 | 5% | 0.40% | 0% |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.40% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.40% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.40% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.40% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.40% | 0% |
| CHF W (Inc.) | CHF | 15,000,000 | 5% | 0.40% | 0% |
| EUR W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.40% | 0% |
| EUR W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.40% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.40% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.40% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.40% | 0% |
| CHF W (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.40% | 0% |

| “Z” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Sterling Z (Acc.) (hedged) | GBP | 200,000,000 | 5% | 0.30% | 0% |
| Sterling Z (Inc.) (hedged) | GBP | 200,000,000 | 5% | 0.30% | 0% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| USD X | USD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to maximise total returns from
income and capital growth through investment primarily (meaning at least 90% of the Sub-Fund’s assets) in a portfolio of international, sovereign, government, agency,
corporate, bank and asset-backed debt and debt-related securities and in derivatives.

##### Investment Policy
The Sub-Fund will primarily invest, meaning at least 90% of the Sub-Fund’s Net Asset Value, in a portfolio of international, sovereign, government, supranational
agency, corporate, bank and other bonds (including mortgage and corporate bonds) and other debt and debt- related securities (such as debentures, notes (including corporate, sovereign, floating and fixed rate notes with a minimum term of one year or more) asset and mortgage- backed securities, certificates of deposit, commercial paper and American and/or Global Depository Receipts) listed or traded on Eligible Markets located worldwide and in FDI.
No more than 10% of the Sub-Fund’s Net Asset Value will be listed or traded on Eligible Markets located in emerging market regions.
The minimum credit rating of the debt and debt-related instruments in which the Sub-Fund may invest at time of purchase is BBB-, (or its equivalent), as rated by a Recognised Rating Agency. In the case of a split rating, the highest rating will be considered. If an instrument is unrated, it must be of equivalent quality as determined by the Investment Manager.
In addition, the Sub-Fund will not invest more than 10% of its Net Asset Value in aggregate in collective investment schemes.
The Sub-Fund may also invest up to 10% of its Net Asset Value in debt and debt-related securities in the People’s Republic of China (“PRC”) traded in the China interbank bond market (“CIBM”) via Bond Connect (as further described Appendix VI to the Prospectus.)

##### Benchmark
JP Morgan Global GBI Unhedged TR Index (the
“Benchmark”).
The Benchmark is a bond index representative of the fixed-rate government securities. Global Bond Income indices generally track fixed rate issuances from high- income countries spanning North America, Europe, and Asia.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Benchmark subject to the investment objective and policy. While the Sub-Fund’s holdings may include constituents of the Benchmark, the selection of
investments and their 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.

##### Investment Strategy
The investment philosophy is based upon the conviction of the Investment Manager that no company, market or economy can be considered in isolation; each must be understood in a global context. The Investment Manager believes that events occurring around the world influence all financial markets and that successful investment in global bonds requires therefore a thorough understanding of the world as a whole.
The Investment Manager identifies themes which encompass the major areas of change in the world and use these themes as the basis of their investment ideas. This global, thematic approach allows the Investment
Manager to gain long-term perspective on global financial markets and economies and always to consider the ‘big picture’. Perspective is a defining feature of their investment process; it helps to anticipate how the world
will change and it directs analysts and portfolio managers towards profitable opportunities.
The Investment Manager’s approach to managing its global bond portfolios is to identify the themes acting upon bond and currency markets, to select assets that
will benefit from these themes and to invest to generate positive returns. Typically, the major contributors to performance are portfolio duration, yield-curve positioning, and currency and country allocation.

##### The Sustainable Finance Disclosure Regulation
The consideration of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
The Investment Manager has access to a variety of ESG- related data points provided by third party data which assists with the identification of potential ESG-related issues that an issuer may be facing. This includes but is not limited to exposure to activities that may be deemed harmful to the environment or society. This data, along
with data from the Investment Manager’s own proprietary
responsible investment research resources, forms a central part of the Investment Manager’s consideration and assessment of the level of sustainability risk that an
investment may be subject to.
This assessment is integrated in to the security level research process, which is based upon fundamental analysis of individual investment opportunities across a number of different factors including:
- Fundamental financial or economic characteristics
- Valuation
- Risk/reward profile
- The ESG characteristics of the issuer, including understanding how such considerations can impact economic returnsThe information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer or continue to hold a position.

As explained above, the assessment and management of
sustainability risks forms an important part of the Investment Manager’s due diligence process, however, there may still be a risk that the value of the Sub-Fund
could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Government Bond Futures Currency Futures Money Market Futures |
| --- | --- |
| Options | Options on Government Bond Futures Options on Currency Futures Currency Options (including FX Options) |
| Forwards (de- liverable and non-deliver- able) | Forward Foreign Exchange Contracts |
| Swaps | Credit Default Swaps (single name, index and custom basket) |
| Securities with Embedded FDI/Leverage | Asset-Backed Securities (ABS) and Mortgage- Backed Securities (MBS) |

A list of the Eligible Markets on which FDI may be quoted or traded is set out in Appendix II of the Prospectus.
Further details regarding the use of FDI for EPM and investment purposes, including their commercial purpose, are described in the Prospectus in the section entitled
“The Company – Financial Derivative Instruments and Techniques”. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – FDI, Techniques and Other Instrument Risks”.

#### Registration in Hong Kong
This Sub-Fund is registered for sale in Hong Kong.

#### Registration in Taiwan
This Sub-Fund is registered for sale in Taiwan. The following investment restrictions, which may be amended from time to time, apply to Sub-Funds Registered for sale in Taiwan.
- Where the Sub-Fund invests in China securities markets, only listed securities and interbank bond market can be invested directly or indirectly, the aggregate percentage of which cannot exceed 20% ofits Net Asset Value. ‘China securities markets’ meanssecurities available on any exchange or interbankbond market within mainland China; Hong Kong and Macau are not included. Please refer to Appendix II for a list of eligible markets, including those located in mainland China.


#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 40% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending arrangements and repurchase/reverse repurchase
agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of
SFTs shall be 100% of the Net Asset Value of the Sub- Fund. However, it is not anticipated that the Sub-Fund’s exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class
shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£, 1€, 1CHF or 1AUD depending on the currency of the relevant
class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the USD C (Inc.) share class, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September and paid on or before 11 February, 11 May, 11 August and 11 November.
In the case of income generating (Inc.) and accumulating (Acc.) share classes except for the USD C (Inc.) share class, dividends will normally be declared semi-annually on 30 June and 31 December. For holders of income generating Shares, the declared dividends will normally
be paid on or before 11 August and 11 February. Further details are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Global Equity Fund

### SUPPLEMENT 4 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Newton Investment Management Limited

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro A | EUR | 5,000 | 5% | 2.00% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 2.00% | 0% |
| USD A | USD | 5,000 | 5% | 2.00% | 0% |

| “B” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD B | USD | 10,000 | 5% | 1.50% | 0% |
| Euro B | EUR | 10,000 | 5% | 1.50% | 0% |

| “G” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Euro G (Acc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro C | EUR | 5,000,000 | 5% | 1.00% | 0% |
| USD C | USD | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| AUD I (Acc.) (hedged) | AUD | 5,000,000 | 5% | 1.00% | 0% |

| “W” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.75% | 0% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to achieve long term capital growth
through investment primarily (meaning at least two-thirds of the Sub-Fund’s assets) in a portfolio of equity securities of companies located worldwide. Up to one- third of the Sub-Fund’s assets may be invested in a portfolio of equity-related or debt securities of
companies located worldwide.

##### Investment Policy
The Sub-Fund will invest primarily, meaning at least two- thirds of the Sub-Fund’s Net Asset Value, in a portfolio of equity securities of companies located worldwide.
Up to one-third of the Sub-Fund’s Net Asset Value may be invested in a portfolio of equity-related securities, including convertible bonds (usually unrated), convertible
preference shares and warrants (subject to a 10% limit of Net Asset Value of the Sub-Fund in the case of warrants) of companies located worldwide or in international, sovereign, government, supranational agency, corporate, bank and other bonds (including mortgage and corporate bonds) and other debt and debt-related securities (such as debentures, notes (including corporate, sovereign, floating and fixed rate notes with a minimum term of one year or more) or asset and mortgage-backed securities,
certificates of deposit, commercial paper and American or Global Depository Receipts) listed or traded on Eligible Markets located worldwide.
The minimum credit rating of the debt and debt-related securities in which the Sub-Fund may invest at time of purchase is BBB- (or its equivalent), as rated by a Recognised Rating Agency. In the case of a split rating, the highest rating will be considered. If an instrument is unrated, it must be of equivalent quality as determined by the Investment Manager.
The Sub-Fund invests on a global basis and while there is no geographical, industry or sector focus, the Sub-Fund may at times be concentrated in particular industries, sectors or countries including the U.S.
Methods of gaining exposure to Chinese securities may include purchasing China A-shares via the Stock Connect. The Sub-Fund may invest up to 10% of its Net Asset Value in China A-shares via the Stock Connect. Further details about the Stock Connect are set out in Appendix V to the Prospectus.
A list of the Eligible Markets on which FDI may be quoted or traded is set out in Appendix II of the Prospectus.
In addition, the Sub-Fund will not invest more than 10% of its Net Asset Value in aggregate in collective investment schemes.

##### Benchmark
MSCI AC World NR Index (the “Benchmark”).
The Benchmark is a comprehensive indicator of the performance of the global equity market, capturing large and mid-cap representation across developed and emerging markets countries. With over 2,000 constituents, it covers approximately 85% of the global investable equity opportunity set. The Benchmark implements a comprehensive and consistent approach to index construction that allows for meaningful global views and cross regional comparisons across all market capitalization size, sector and style segments and combinations. This methodology aims to provide exhaustive coverage of the opportunity set with a strong emphasis on index liquidity, investability and replicability. The Benchmark is reviewed quarterly to reflect changes in the underlying equity markets, while limiting undue index turnover.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Benchmark subject to the investment objective and policy. While the Sub-Fund’s holdings may include constituents of the Benchmark, the selection of
investments and their 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.

##### Investment Strategy
The investment philosophy is based upon the conviction of the Investment Manager that no company, market or economy can be considered in isolation; each must be understood in a global context. The Investment Manager believes that events occurring around the world influence all financial markets and that successful investment in global equities requires therefore a thorough understanding of the world as a whole.
The Investment Manager identifies themes which encompass the major areas of change in the world and use these themes as the basis of our investment ideas. This global, thematic approach allows the Investment
Manager to gain long-term perspective on global financial markets and economies and always to consider the ‘big picture’. Perspective is a defining feature of their investment process; it helps them to anticipate how the
world will change and it directs analysts and portfolio managers towards profitable opportunities.
The global equity portfolios are constructed holistically using the research-driven/’bottom-up’ investment process of the Investment Manager. They do not follow
either a value or growth investment style exclusively; instead, they concentrate on investing in attractively valued stocks of companies with good prospects and strong fundamentals.

##### The Sustainable Finance Disclosure Regulation
The consideration of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
The Investment Manager has access to a variety of ESG- related data points provided by third party data which assists with the identification of potential ESG-related issues that an issuer may be facing. This includes but is not limited to exposure to activities that may be deemed
harmful to the environment or society. This data, along with data from the Investment Manager’s own proprietary responsible investment research resources, forms a central part of the Investment Manager’s consideration and assessment of the level of sustainability risk that an
investment may be subject to.
This assessment is integrated in to the security level research process, which is based upon fundamental analysis of individual investment opportunities across a number of different factors including:
- Fundamental financial or economic characteristics
- Valuation
- Risk/reward profile
- The ESG characteristics of the issuer, including understanding how such considerations can impact economic returnsThe information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer or continue to hold a position.

As explained above, the assessment and management of sustainability risks forms an important part of the
Investment Manager’s due diligence process, however,
there may still be a risk that the value of the Sub-Fund
could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Registration in Hong Kong
This Sub-Fund is registered for sale in Hong Kong.

#### Registration in Taiwan
This Sub-Fund is registered for sale in Taiwan. The following investment restrictions, which may be amended from time to time, apply to Sub-Funds registered for sale in Taiwan.
- Where the Sub-Fund invests in China securities markets, only listed securities and interbank bond market can be invested directly or indirectly, the aggregate percentage of which cannot exceed 20% ofits Net Asset Value ‘China securities markets’securities available on any exchange or interbankbond market within mainland China; Hong Kong and Macau are not included. Please refer to Appendix II for a list of eligible markets, including those located in mainland China.
- As an equity Sub-Fund registered in Taiwan, the Sub- Fund must invest at least 70% of its Net Asset Value in equity securities.


#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 40% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
In utilising FDI for EPM purposes, the Sub-Fund may gain indirect exposure to financial indices.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending arrangements and repurchase/reverse repurchase
agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of SFTs shall be 100% of the Net Asset Value of the Sub-
Fund. However, it is not anticipated that the Sub-Fund’s
exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£, 1€ or 1AUD depending on the currency of the relevant class
(plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will
normally be paid on or before 11 February. Further details are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Global High Yield Bond Fund

### SUPPLEMENT 5 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- Management fees and other fees and expenses of the Sub-Fund will be charged to the capital of the Sub-Fund to seek to maximise distributions. See “Fees and Expenses” in the Prospectus for further details.An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Alcentra NY, LLC

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD A (Acc.) | USD | 5,000 | 5% | 1.25% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.25% | 0% |
| USD A (Inc.) (M) | USD | 5,000 | 5% | 1.25% | 0% |
| Euro A | EUR | 5,000 | 5% | 1.25% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 1.25% | 0% |
| Sterling A (Acc.) | GBP | 5,000 | 5% | 1.25% | 0% |
| Sterling A (Inc.) | GBP | 5,000 | 5% | 1.25% | 0% |
| AUD A (Acc.) | AUD | 5,000 | 5% | 1.25% | 0% |
| AUD A (Inc.) (M) | AUD | 5,000 | 5% | 1.25% | 0% |
| CAD A (Acc.) | CAD | 5,000 | 5% | 1.25% | 0% |
| CAD A (Inc.) (M) | CAD | 5,000 | 5% | 1.25% | 0% |
| HKD A (Acc.) | HKD | 50,000 | 5% | 1.25% | 0% |
| HKD A (Inc.) (M) | HKD | 50,000 | 5% | 1.25% | 0% |
| CNH A (Acc.) | CNH | 50,000 | 5% | 1.25% | 0% |
| CNH A (Inc.) (M) | CNH | 50,000 | 5% | 1.25% | 0% |
| SGD A (Acc.) | SGD | 5,000 | 5% | 1.25% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| SGD A (Inc.) (M) | SGD | 5,000 | 5% | 1.25% | 0% |
| Euro H (hedged) | EUR | 5,000 | 5% | 1.25% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 1.25% | 0% |
| Sterling H (Acc.) (hedged) | GBP | 5,000 | 5% | 1.25% | 0% |
| Sterling H (Inc.) (hedged) | GBP | 5,000 | 5% | 1.25% | 0% |
| AUD H (Acc.) (hedged) | AUD | 5,000 | 5% | 1.25% | 0% |
| AUD H (Inc.) (hedged) (M) | AUD | 5,000 | 5% | 1.25% | 0% |
| CAD H (Acc.) (hedged) | CAD | 5,000 | 5% | 1.25% | 0% |
| CAD H (Inc.) (hedged) (M) | CAD | 5,000 | 5% | 1.25% | 0% |
| HKD H (Acc.) (hedged) | HKD | 50,000 | 5% | 1.25% | 0% |
| HKD H (Inc.) (hedged) (M) | HKD | 50,000 | 5% | 1.25% | 0% |
| CNH H (Acc.) (hedged) | CNH | 50,000 | 5% | 1.25% | 0% |
| CNH H (Inc.) (hedged) (M) | CNH | 50,000 | 5% | 1.25% | 0% |
| SGD H (Acc.) (hedged) | SGD | 5,000 | 5% | 1.25% | 0% |
| SGD H (Inc.) (hedged) | SGD | 5,000 | 5% | 1.25% | 0% |
| SGD H (Inc.) (hedged) (M) | SGD | 5,000 | 5% | 1.25% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD C | USD | 5,000,000 | 5% | 1.00% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 1.00% | 0% |
| Euro C | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Sterling I (Acc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling I (Inc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| SGD I (Acc.) (hedged) | SGD | 5,000,000 | 5% | 1.00% | 0% |
| SGD I (Inc.) (hedged) | SGD | 5,000,000 | 5% | 1.00% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.50% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.50% | 0% |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.50% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.50% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.50% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.50% | 0% |
| HKD W (Inc.) (M) | HKD | 150,000,000 | 5% | 0.50% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.50% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.50% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.50% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.50% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.50% | 0% |
| AUD W (Inc.) (hedged) (M) | AUD | 15,000,000 | 5% | 0.50% | 0% |
| CAD W (Inc.) (hedged) (M) | CAD | 15,000,000 | 5% | 0.50% | 0% |
| CNH W (Inc.) (hedged) (M) | CNH | 150,000,000 | 5% | 0.50% | 0% |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.50% | 0% |
| SGD W (Inc.) (hedged) | SGD | 15,000,000 | 5% | 0.50% | 0% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |
| JPY X (Inc.) (hedged) | JPY | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The investment objective of the Sub-Fund is to achieve a total return comprised of income and long term capital
growth through investment primarily (meaning at least 80% of the Sub-Fund’s assets) in a broadly diversified portfolio of high yield bonds and in derivatives.

##### Investment Policy
The Sub-Fund will invest primarily (meaning at least 80% of its Net Asset Value) in a broadly diversified portfolio of high yield bonds issued by companies located worldwide and related FDI, which offer relatively attractive risk adjusted yields. Investments in securities or related FDI
which are not considered high yield are limited to 20% of the Sub-Fund’s Net Asset Value.
The fixed or floating rate debt and debt-related securities in which the Sub-Fund may invest, include but are not limited to the following:
- 30% or more of Net Asset Value in each of the following: Corporate Bonds which may be issued as private placements (such as Reg S bonds and 144A Bonds), and will include Corporate Hybrid Bonds,Bullet Bonds, Callable Bonds, Puttable Bonds and Floating Rate Notes (FRN). Reg S bonds and Rule 144A bonds are bonds from publicly-traded companies of which investment is restricted to specified investors, namely, they may be sold inside the U.S. to U.S. investors or outside the U.S. to foreign investors which are eligible for a SEC exemption from registration. For the avoidance of doubt, the Rule 144A bonds and Reg S bonds selected for investment by the Sub-Fund will primarily be listed or traded on Eligible Markets (a list of which is set out in Appendix II of the Prospectus) and are expected to be liquid;
- up to 30% of Net Asset Value in each of the following: Eurobonds, Zero-Coupon Bonds, bonds issued by state bodies or government agencies (such as U.S. Treasuries and Municipal Bonds), Agency Bonds (such as mortgage-backed securities issued by a government agency), Perpetual Bonds and Exchange Traded Notes (ETNs);
- up to 25% of its Net Asset Value in Convertible Bonds (including Mandatory Convertible Bonds);
- up to 20% of its Net Asset Value in money market instruments (such as bankers acceptances, commercial paper and certificates of deposit);
- up to 15% of its Net Asset Value in aggregate in Mortgage-Backed Securities (MBS) (including Collateralised Mortgage Obligations (CMOs)) and Asset-Backed Securities (ABS) (including Collateralised Debt Obligations (CDOs) and Collateralised Loan Obligations (CLOs));
- up to 10% of Net Asset Value in each of the following Payment in Kind Bond, Step-up Bonds, Toggle Bonds, Yankee Bonds, Amortising Debt and Deferrable Interests (i.e., Trust Preferred Securities);
- up to 10% of its Net Asset Value in Loans (including Leveraged Loans, Loan Participations, Loan Assignments, Amortising Loans and Syndicated Loans) which will constitute money market instruments; and
- up to 10% of its Net Asset Value in CoCos. Please see “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associatedwith CoCos.

The Sub-Fund may also invest in debt and debt-related FDI as listed in “Use of FDI” below.
The Sub-Fund may also invest up to 10% of its Net Asset Value in equity and equity-related instruments including common and preference shares, securities convertible into or exchangeable for such equities (i.e., convertible preference shares), warrants, open-ended CIS (including
exchange traded funds (“ETFs”)), Real Estate Investment Trusts (REITs) and related FDI (as listed in “Use of FDI” below).
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in open-ended CIS including money market funds and open-ended ETFs.
The Sub-Fund may invest up to 30% of its Net Asset Value in subordinated debt instruments. Such instruments include CoCos, senior non-preferred debts and additional/restricted tier 1 bonds, tier 2 bonds, tier 3 bonds.
- Additional/restricted tier 1 bonds, tier 2 bonds, tier 3 bonds are corporate bonds issued by financial companies such as banks and insurance companies. Additional/restricted tier 1 bonds are the most junior hybrid capital, tier 2 bonds are the second most senior hybrid capital and tier 3 bonds are the most senior hybrid capital a financial company can issue in the bond market.
- Subordinated debt instruments are instruments with loss-absorption features.These instruments may be subject to contingent write-down or contingent conversion to ordinary shares on the occurrence of trigger event(s).

Please see “Subordinated Debt Risk” in the Prospectus for further details of the risks associated with subordinated debt.
The Sub-Fund will invest in high yield bonds which are securities rated below investment grade (BB+ or below or its equivalent, as rated by a Recognised Rating Agency)
or are unrated. No more than 25% of the Sub-Fund’s Net
Asset Value may, at time of purchase, be invested in
securities that are rated below B- (or its equivalent as rated by a Recognised Rating Agency) or are unrated. An unrated bond is that which has not been assessed by a rating agency and received a credit rating. The average
credit rating of the debt securities in the Sub-Fund will be maintained at a minimum of B- (or its equivalent as rated by a Recognised Rating Agency).
With the exception of permitted investment in unlisted securities and open-ended CIS, the Sub-Fund investments shall be listed or traded on Eligible Markets listed in Appendix II of the Prospectus.
The Sub-Fund intends to invest globally (i.e. its investments shall be listed or traded globally on Eligible Markets). In addition, the Sub-Fund may invest up to 30% of its Net Asset Value in securities issued by companies domiciled in emerging market countries (including the
People’s Republic of China (“PRC”)) which are traded on
U.S. or European markets. While the Sub-Fund may have
exposure to Russia, it will not invest in securities traded on Russian markets. For the avoidance of doubt, the Sub- Fund will not gain exposure through debt securities in the
PRC traded in the China interbank bond market (“CIBM”)
via Bond Connect (as further described Appendix VI to the
Prospectus).
Other than as stated above, the Sub-Fund is not subject to any limitation on the portion of its Net Asset Value that may be invested in any one country or geographic region. However the Sub-Fund may at times be concentrated in particular countries or geographic regions, depending on where the Investment Manager sees investment opportunity. For instance, the Sub-Fund may at times invest significantly (i.e. more than 70% of its Net Asset Value) in high yield bonds issued by companies domiciled in the U.S. due to the U.S. often being the domicile of global companies (namely companies with business of a global nature i.e., they have global operations and/or a global customer base) issuing high yield bonds.
Whilst the Sub-Fund’s base currency is USD, it may invest in non-USD denominated assets that will be
hedged back into USD using currency-related FDI. The currency-related FDI which may be used by the Sub-Fund for hedging purposes are further described in the
Prospectus in the section “Financial Derivative Instruments and Techniques”.

##### Benchmark
ICE BofA Developed Markets High Yield Constrained TR Index (hedged to U.S. Dollars) (the “Benchmark”). The Benchmark tracks the performance of below investment
grade corporate debt denominated in U.S. Dollars, Canadian Dollars, Pounds and Euros that are publicly issued in the major U.S. or Eurobond markets. The weighting of index constituents is limited to a maximum 2%. Additional information on the Benchmark can be found here:
https://www.theice.com/market-data/indices/fixed- income-indices
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Benchmark subject to the investment objective and policy. While the majority of the Sub-Fund’s holdings are expected to be constituents of, and have
similar weightings to, the Benchmark, the investment strategy does not restrict the extent to which the Investment Manager may deviate from the Benchmark.

##### Investment Strategy
The Sub-Fund will invest primarily in a diversified portfolio of high yield bonds and will seek to identify investment opportunities that combine an attractive current return with a strong probability of ultimate return of capital. The Sub-Fund aims to provide income while also protecting against interest rate volatility by maintaining low duration and protecting against capital loss.
The Investment Manager’s process combines both a top down view and bottom-up approach. The process is
predicated on bottom-up fundamental credit research and market analysis with the aim of identifying and exploiting market inefficiencies in leveraged finance markets. The Investment Manager favours sectors with attractive asset valuations, stable competitive environments and high barriers to entry. In addition, the Investment Manager selects issuers it believes to have stable-to-improving credit profiles, strong competitive positions, financial flexibility and whose assets, in their view, are fair-to-cheap in valuation. Valuation is determined through assessment of the asset relative to
other assets in the issuer’s capital structure and relative
to other assets in the sector and market.
This detailed bottom-up, fundamental credit research is enhanced with a top-down overlay which is formed from a number of macro and market specific metrics, including regional economic outlook, sector outlooks, path of interest rates and default outlook.
The Investment Manager’s investment process relies on a blend of qualitative and quantitative due diligence, undertaken by a global team of seasoned, experienced
analysts to identify sources of alpha (excess returns) at sector, issuer and security level. This due diligence
includes assessment of an issuer’s credit characteristics,
management quality, free cash flow, financial flexibility,
market share, revenue growth, margin trends, access to capital, meetings with senior management at an issuer and attendance at industry specific conferences. The
Investment Manager’s analyst team is organised by
industry sector in high yield FRN, high yield fixed and
leveraged loan markets, and has an independent team dedicated to the CLO market.
The Investment Manager has a monthly asset allocation committee, which sets target allocations to each asset class and articulates investment themes. Investment themes for the Sub-Fund are then selected through discussion of themes relevant to specific asset classes e.g., credit status of issuers, supply and demand dynamics and valuations. Macro themes are also considered such as region specific growth, inflation, interest rates and default rate outlook. Asset allocation targets are amended based on these discussions and the individual issuer analysis carried out by the Investment Manager.

##### The Sustainable Finance Disclosure Regulation
The management of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
Using both quantitative and qualitative processes, sustainability risk is identified, monitored and managed by the Investment Manager in the following manner:
- Prior to acquiring investments on behalf of a Sub-Fund, the investment universe is screened using the Investment Manager’s sector exclusion policy, whereby potential investments are removed based onthe sector they operate in, for example controversial weapons. In assessing an investment opportunity, the Investment Manager undertakes a holistic fundamental analysis of the credit risk of the issuer. A key component of this analysis is an assessment of any material ESG factors that may adversely impact the creditworthiness of an issuer. The process of integrating ESG factors starts by identifying anissuers’ exposure to material ESG risks, followed byan assessment of the potential financial impact ofthose risks. Finally, the Investment Manager assesses the commitment of the issuer to manage exposure to material ESG risks. Given the markets that the Sub- Fund has exposure to, active corporate engagement is the most important tool and forms the basis of the integration and analysis of ESG factors. The Investment Manager has developed an ESG checklist and sector materiality guide which frame the engagement activities. The integration of ESG risk factors culminates with the assignment of a proprietary ESG rating, which informs the InvestmentManager’s credit opinion and portfolio constructiondecisions.
- During the life of the investment, sustainability risk is monitored through reviewing ESG data published by the issuer (where relevant) and an ongoing focus on active corporate engagement to determine whether the level of sustainability risk has changed since the initial assessment was conducted. The InvestmentManager’s assessment of ESG factors is an importantpart of the daily credit monitoring process, wherebythe Investment Manager assesses all risks and opportunities related to the issuer. The Investment Manager engages with all issuers on ESG matters annually, however, engagement is more frequent where exposure to material ESG risks is higher. In addition, the Investment Manager tracks ESG engagement to capture and measure the effectiveness of engagement activities. Where the sustainability risk associated with a particular investment has increased beyond the ESG risk appetite for the Sub-Fund, the Investment Managerwill consider selling or reducing the Sub-Fund’sexposure to the relevant investment, taking intoaccount the best interests of the Shareholders of the Sub-Fund.

As explained above, the management and assessment of sustainability risks forms an important part of the
Investment Manager’s due diligence process, however,
there may still be a risk that the value of a Sub-Fund
could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of
the principal adverse impact consideration regime in Article 4 SFDR, (the “PAI regime”). The Manager is supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment
decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Swaps | Credit Default Swaps Credit Default Swaps Index/Basket Total Return Swaps (TRS) (including single name, credit, and custom basket) |
| --- | --- |
| Securities with Embedded FDI/Leverage | Convertible Bonds Contingent Convertible Securities (CoCos) Callable and Puttable Bonds Asset-Backed Securities (ABS) (including CLOs) Mortgage-Backed Securities (MBS) Warrants Synthetic ETFs Convertible Preference Shares |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both efficient portfolio management (EPM) and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices used to provide exposure to global fixed income markets in a more cost effective manner than buying the physical securities. | IHS Markit’s North American High Yield CDX Index IHS Markit North American Investment Grade CDX Index IHS Markit iTraxx Europe Index IHS Markit iTraxx Europe Crossover |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. However, as the Sub- Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX–Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.

#### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. Using the Commitment Approach, the total long exposure through FDI is not expected to exceed 50% of the Net Asset Value of the Sub-Fund and the total short exposure is not expected to exceed 50% of the Net Asset Value of the Sub-Fund. For the avoidance of doubt, the Sub-Fund will not have directionally net short positions at fund-level.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Relative VaR
Relative VaR Limit: Sub-Fund’s portfolio will not exceed twice the VaR on a representative benchmark portfolio (using a 1 Business Day holding period)
Relative VaR Benchmark: ICE BofA Developed Markets High Yield Constrained TR Index (hedged to U.S. Dollars)
Gross leverage is expected to vary between: 100 – 500% of the Net Asset Value. The gross leverage may exceed this target level at times
The Central Bank UCITS Regulations provide that where VaR is used as a risk management approach it can also be supplemented with a leverage calculation using the commitment approach.
Maximum leverage: 50% of the Net Asset Value (Using the commitment approach)
For more information on the Relative Value at Risk
approach, Gross Leverage and the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions
and limits set out in the Central Bank UCITS Regulations. Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements and
repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 50% and in respect of SFTs shall be 100%
of the Net Asset Value of the Sub-Fund. However, it is not anticipated that the Sub-Fund’s exposure in respect of TRS will exceed 10% and in respect of SFTs will
exceed 15% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Registration in Hong Kong
This Sub-Fund is registered for sale in Hong Kong.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1€, 1£, 1CHF, 1AUD, 1CAD, 10HKD, 10CNH, 1SGD or 100¥
depending on the currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) share classes with the suffix “(M)”, dividends will normally be declared monthly on the last Business Day of the month. For
holders of income generating monthly distributing Shares, the declared dividends will normally be paid on or before the 20
th 
calendar day of the following month. In the case of all other income generating (Inc.) share classes and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of these income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11 November respectively. Further details are set out under the heading "The Company - Distribution
Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus, in particular, the “Concentration Risk” as the Sub-Fund may be concentrated in high yield bonds issued by companies domiciled in the U.S, the “Subordinated Debt Risk” and “Contingent Convertible Securities (CoCos) Risk” relating to subordinated debt instruments, as well as the
additional risks specific to the Sub-Fund below.

#### Interest rate and inflation risk
Investment in the Sub-Fund is subject to interest rate and inflation risk. In general, the prices of debt securities rise when interest rates fall, whilst their prices fall when interest rates rise. The value of the Sub-Fund may be affected by substantial adverse movements in interest rates and inflation.

#### Risks associated with Rule 144A / Reg S bonds
The Sub-Fund may invest in Rule 144A bonds and Reg S bonds, which are generally referred to as “restricted securities” that may be subject to limitation on resale or transfer. For instance, Rule 144A bonds are privately
offered bonds that can be resold only to certain qualified institutional buyers, and Reg S bonds are sold to persons or entities located outside the U.S. without registering those securities with the SEC and may only be resold into the U.S. in limited circumstances. As such, Rule 144A bonds and Reg S bonds may be subject to a higher price volatility and lower asset liquidity in comparison to certain other types of debt securities, and it may be relatively more difficult to dispose of such investments within the desired time limit. To reduce the risks associated with such instruments, the Rule 144A bonds and Reg S bonds selected for investment by the Sub- Fund will primarily be listed or traded on Eligible Markets (a list of which is set out in Appendix II of this Prospectus) and are expected to be liquid.

## BNY Mellon Global Opportunities Fund

### SUPPLEMENT 6 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Newton Investment Management Limited

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro A | EUR | 5,000 | 5% | 2.00% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 2.00% | 0% |
| USD A | USD | 5,000 | 5% | 2.00% | 0% |
| AUD A (Acc.) | AUD | 5,000 | 5% | 2.00% | 0% |
| CAD A (Acc.) | CAD | 5,000 | 5% | 2.00% | 0% |
| HKD A (Acc.) | HKD | 50,000 | 5% | 2.00% | 0% |
| CNH A (Acc.) | CNH | 50,000 | 5% | 2.00% | 0% |
| SGD A (Acc.) | SGD | 5,000 | 5% | 2.00% | 0% |
| Euro H (hedged) | EUR | 5,000 | 5% | 2.00% | 0% |
| AUD H (Acc.) (hedged) | AUD | 5,000 | 5% | 2.00% | 0% |
| CAD H (Acc.) (hedged) | CAD | 5,000 | 5% | 2.00% | 0% |
| CNH H (Acc.) (hedged) | CNH | 50,000 | 5% | 2.00% | 0% |
| SGD H (Acc.) (hedged) | SGD | 5,000 | 5% | 2.00% | 0% |

| “B” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD B | USD | 10,000 | 5% | 1.50% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro C | EUR | 5,000,000 | 5% | 1.00% | 0% |
| USD C | USD | 5,000,000 | 5% | 1.00% | 0% |
| SGD I (Acc.) (hedged) | SGD | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.75% | 0% |
| HKD W (Acc.) | HKD | 150,000,000 | 5% | 0.75% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| SGD W (Inc.) (hedged) | SGD | 15,000,000 | 5% | 0.75% | 0% |
| AUD W (Acc.) (hedged) | AUD | 15,000,000 | 5% | 0.75% | 0% |
| CAD W (Acc.) (hedged) | CAD | 15,000,000 | 5% | 0.75% | 0% |
| CNH W (Inc.) (hedged) | CNH | 150,000,000 | 5% | 0.75% | 0% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro X | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to achieve long term capital growth
through investment primarily, (meaning at least two- thirds of the Sub-Fund’s assets) in a portfolio of equity and equity-related securities of companies located
worldwide, the majority of which shall be listed or traded on Eligible Markets located worldwide.
The Sub-Fund has no restrictions (save as set out in the Prospectus under the heading “The Company - Investment and Borrowing Restrictions”) as to the proportion allocated to any particular geographical area,
sector or type of security.

##### Investment Policy
The Sub-Fund will invest primarily, meaning at least two- thirds of the Sub-Fund’s Net Asset Value, in a portfolio of equity and equity-related securities (including convertible
bonds (usually unrated), convertible preference shares and warrants (subject to a 10% limit of Net Asset Value of the Sub-Fund in the case of warrants)) of companies located worldwide which are listed or traded on Eligible Markets.
Up to one-third of the Sub-Fund’s Net Asset Value may be invested in international sovereign, government, supranational agency, corporate, bank and other bonds
(including mortgage and corporate bonds) and other debt and debt-related securities (such as debentures, notes (including corporate, sovereign, floating and fixed rate notes with a minimum term of one year or more) or asset and mortgage-backed securities, certificates of deposit, commercial paper and American and/or Global Depositary Receipts) listed or traded on Eligible Markets located worldwide.
The minimum credit rating of the debt and debt-related securities in which the Sub-Fund may invest at time of purchase is BBB- (or its equivalent), as rated by a Recognised Rating Agency. In the case of a split rating, the highest rating will be considered. If an instrument is unrated, it must be of equivalent quality as determined by the Investment Manager.
The Sub-Fund invests on a global basis and while its investments are not required to be confined or concentrated in any particular geographic region or market, the Sub-Fund may have significant exposure to certain markets including the U.S. The global nature of the Sub-Fund means an investment in the Sub-Fund may involve certain additional risks due to the volatility of its short-term performance.
Methods of gaining exposure to Chinese securities may include purchasing China A-shares via the Stock Connect. The Sub-Fund may invest up to 10% of its Net Asset Value in China A-shares via the Stock Connect. Further details about the Stock Connect are set out in Appendix V to the Prospectus.
In addition, the Sub-Fund will not invest more than 10% of its Net Asset Value in aggregate in collective
investment schemes (“CIS”).

##### Benchmark
MSCI AC World NR Index (the “Benchmark”).
The Benchmark is a comprehensive indicator of the performance of the global equity market, capturing large and mid-cap representation across developed and emerging markets countries. With over 2,000 constituents, it covers approximately 85% of the global investable equity opportunity set. The Benchmark implements a comprehensive and consistent approach to index construction that allows for meaningful global views and cross regional comparisons across all market capitalization size, sector and style segments and combinations. This methodology aims to provide exhaustive coverage of the opportunity set with a strong emphasis on index liquidity, investability and replicability. The Benchmark is reviewed quarterly to reflect changes in the underlying equity markets, while limiting undue index turnover.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Benchmark subject to the investment objective and policy. While the Sub-Fund’s holdings may include constituents of the Benchmark, the selection of
investments and their 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.

##### Investment Strategy
The investment philosophy is based upon the conviction of the Investment Manager that no company, market or economy can be considered in isolation; each must be understood in a global context. The Investment Manager believes that events occurring around the world influence all financial markets and that successful investment in global equities requires therefore a thorough understanding of the world as a whole.
The Investment Manager identifies themes which encompass the major areas of change in the world and use these themes as the basis of our investment ideas. This global, thematic approach allows the Investment Manager to gain long-term perspective on global financial
markets and economies and always to consider the ‘big picture’. Perspective is a defining feature of their investment process; it helps them to anticipate how the
world will change and it directs analysts and portfolio managers towards profitable opportunities.
The global opportunities portfolios are constructed holistically and follow an unconstrained investment approach, with no regional, sector or comparative index constraints. The Investment Manager does not follow value or growth investment styles; instead, they concentrate on investing in attractively valued stocks of companies with good prospects and strong fundamentals.
On average, each holding in a global opportunities portfolio forms about 2% to 3% of the portfolio’s total value meaning that the Investment Manager has high-
conviction ideas in portfolios.

##### The Sustainable Finance Disclosure Regulation
The consideration of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
The Investment Manager has access to a variety of ESG- related data points provided by third party data which assists with the identification of potential ESG-related issues that an issuer may be facing. This includes but is not limited to exposure to activities that may be deemed
harmful to the environment or society. This data, along with data from the Investment Manager’s own proprietary responsible investment research resources, forms a central part of the Investment Manager’s consideration and assessment of the level of sustainability risk that an
investment may be subject to.
This assessment is integrated in to the security level research process, which is based upon fundamental analysis of individual investment opportunities across a number of different factors including:
- Fundamental financial or economic characteristics
- Valuation
- Risk/reward profile
- The ESG characteristics of the issuer, including understanding how such considerations can impact economic returnsThe information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer or continue to hold a position.

As explained above, the assessment and management of sustainability risks forms an important part of the
Investment Manager’s due diligence process, however,
there may still be a risk that the value of the Sub-Fund
could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Registration in Hong Kong
This Sub-Fund is registered for sale in Hong Kong.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 50% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
In utilising FDI for EPM purposes, the Sub-Fund may gain indirect exposure to financial indices.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending
arrangements and repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of SFTs shall be 100% of the Net Asset Value of the Sub-
Fund. However, it is not anticipated that the Sub-Fund’s
exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£, 1€, 1CAD, 1AUD, 1SGD, 10HKD or 10CNH depending on the
currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February. Further details
are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Pan European Equity Fund

### SUPPLEMENT 7 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
This Sub-Fund was closed by way of compulsory redemption whereby all of the Shares in issue in the Sub-Fund as of 09 March, 2017 were compulsorily redeemed. Shares in the Sub-Fund are no longer available for investment. The Company intends to apply
to the Central Bank to revoke the Sub-Fund’s approval
following the preparation of the audited financial
statements for the year ended 31 December, 2017. The Company shall seek approval from the Central Bank to remove the Sub-Fund from this Prospectus following approval of that revocation.
This Supplement contains specific information in relation to the BNY Mellon Pan European Equity Fund (the “Sub- Fund”), a sub-fund of BNY Mellon Global Funds, plc (the “Company”) an open-ended umbrella type investment company established as a UCITS pursuant to the UCITS
Regulations. There exists segregated liability between the Sub-Funds of the Company.
This Supplement forms part of and should be read in conjunction with the general description of:
- its Share Classes
- its Investment and Borrowing Restrictions
- its Distribution Policy
- its Method of Calculating the Net Asset Value
- the Company, its Management and Administration
- the Company's Fees and Expenses
- its Risk Factors
- the Taxation of the Company and of its Shareholderswhich are contained in the Prospectus dated 3 May, 2022 for the Company and which has been delivered along with this Supplement. If you have not received the Prospectus please contact the Administrator.

Investors' attention is particularly drawn to the section entitled “Risk Factors” in the Prospectus.
The Directors whose names appear in the Prospectus under the heading “Management and Administration of the Company”, accept responsibility for the information contained in this Supplement and in the Prospectus. To
the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) such information is in accordance with the facts and does not omit anything likely to affect the import of such information. The Directors accept responsibility accordingly.

#### The Investment Manager
The Manager has appointed Newton Investment Management Limited (the "Investment Manager") to manage the investment and re-investment of the assets of the Sub-Fund.
A description of the Investment Manager can be found under the heading “Management and Administration of the Company” in the Prospectus.

#### Base Currency
Euro

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has an investment horizon of 5 years or more and is prepared to accept a moderate level of volatility.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the Share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors to which each class of Shares may be offered are set out
under the heading “The Company - Structure” in the
Prospectus.
| “Euro A” Shares and “USD A” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| Euro A | EUR | up to 5% | EUR 5,000 | 2.00% | None |
| USD A | USD | up to 5% | USD 5,000 | 2.00% | None |

| “Euro B” Shares, “Sterling B (Acc.)” Shares, “Sterling B (Inc.)” Shares and “USD B (Acc.)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| Euro B | EUR | up to 5% | EUR 10,000 | 1.50% | None |
| Sterling B (Acc.) | GBP | up to 5% | GBP 1,000 | 1.50% | None |
| Sterling B (Inc.) | GBP | up to 5% | GBP 1,000 | 1.50% | None |
| USD B (Acc.) | USD | up to 5% | USD 10,000 | 1.50% | None |

| “Euro C” Shares and “USD C” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| Euro C | EUR | up to 5% | EUR 5,000,000 | 1.00% | None |
| USD C | USD | up to 5% | USD 5,000,000 | 1.00% | None |

| “Euro X (Acc.)” Shares and “USD X (Acc.)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| Euro X (Acc.) | EUR | None | None | None | None |
| USD X (Acc.) | USD | None | None | None | None |

| “Sterling W (Acc.)” Shares, “Euro W (Acc.)” Shares and “USD W (Acc.)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| Sterling W (Acc.) | GBP | up to 5% | GBP 15,000,000 | 0.75% | None |
| Euro W (Acc.) | EUR | up to 5% | EUR 15,000,000 | 0.75% | None |
| USD W (Acc.) | USD | up to 5% | USD 15,000,000 | 0.75% | None |


#### Investment Objectives and Policies

##### Investment Objective
The Sub-Fund aims to achieve long term capital growth through investment primarily (meaning at least two-thirds
of the Sub-Fund’s assets) in a portfolio of equity and up to one-third of the Sub-Fund’s assets in a portfolio of equity-related securities of companies located or listed in
Europe (including the United Kingdom) or deriving a preponderant part of their income in Europe (including the United Kingdom).

##### Investment Policy
The Sub-Fund will invest primarily, meaning at least two- thirds of the Sub-Fund’s assets, in a portfolio of equity and up to one-third of the Sub-Fund’s assets in a portfolio of equity-related securities including convertible
bonds (usually unrated), convertible preference shares and warrants (subject to a 10% limit of the Net Asset Value of the Sub-Fund in the case of warrants) of companies located in Europe (including the United Kingdom) or deriving a preponderant part of their income in Europe (including the United Kingdom).
Up to one-third of the Sub-Fund’s assets may be invested in equity and equity-related securities of companies
neither located in Europe or the United Kingdom nor deriving a preponderant part of their income therefrom. Investment may be made in both developed and emerging European regions.
The majority of the Sub-Fund’s investments shall be listed or traded on Eligible Markets located in Europe (including the United Kingdom).
The Sub-Fund may engage in transactions in FDI for efficient portfolio management purposes (as described
under the heading “Efficient Portfolio Management”
below) or for hedging purposes. A list of the Eligible
Markets on which the FDI may be quoted or traded is set out in Appendix II of the Prospectus. The Sub-Fund may also engage in over the counter derivative transactions as
outlined below under the heading “Efficient Portfolio Management”.

##### Investment Strategy
The investment philosophy is based upon the conviction of the Investment Manager that no company, market or economy can be considered in isolation; each must be understood in a global context. The Investment Manager believes that events occurring around the world influence all financial markets and that successful investment in Pan-European equities requires therefore a thorough understanding of the world as a whole.
The Investment Manager identifies themes which encompass the major areas of change in the world and use these themes as the basis of their investment ideas. This global, thematic approach allows the Investment
Manager to gain long-term perspective on global financial markets and economies and always to consider the ‘big picture’. Perspective is a defining feature of their
investment process; it helps them to anticipate how the world will change and it directs analysts and portfolio managers towards profitable opportunities.
The Pan-European equity portfolios are constructed holistically using our research-driven/’bottom-up’ investment process. The Investment Manager does not
follow either a value or growth investment style exclusively; instead, they concentrate on investing in attractively valued stocks of companies with good prospects and strong fundamentals.

#### Issue of Shares
The initial offering (the “Initial Offer Period”) for all launched Share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched Share classes shall
continue until 17 May, 2018 or such earlier or later date on which the first Shares of the relevant Share class are issued, at which point the Initial Offer Period of such Share class shall automatically end. Details of the launched Share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in unlaunched Share classes will be issued during
their respective Initial Offer Periods at their respective initial offer price per Share of 1$, 1£, 1€, 1CHF or 100 ¥ depending on the currency of the relevant class (plus the
sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Repurchase of Shares
Shares in each class may be repurchased, at the option of the relevant Shareholder, on any Valuation Day at the Valuation Point. The Repurchase Price is the Net Asset Value per Share of that class calculated as at the Valuation Point less the applicable redemption fee.
All requests for the repurchase of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Investment and Borrowing Restrictions
The Sub-Fund’s investment and borrowing restrictions are as set out under the heading “The Company - Investment and Borrowing Restrictions” in the Prospectus.
In addition, the total net value of long positions in derivatives held shall not exceed 15% of the net asset value of the Sub-Fund.
In addition, the Sub-Fund will not invest more than 10% of its net assets in aggregate in collective investment schemes.

#### Global Exposure and Leverage
The Sub-Fund will use the commitment approach methodology to accurately measure, monitor and manage
the “leverage” effect produced by the use of derivatives.
The commitment approach is calculated by converting the derivative position into the equivalent position in the underlying asset, based on the market value of the underlying asset or the market value of the contract and allowing for any netting and hedging arrangements, as described in the Risk Management Process.
Using the commitment approach, the Sub-Fund will not be leveraged in excess of 100% of its net assets as a result of the use of derivatives.
The Sub-Fund’s global exposure must not exceed its total net asset value.

#### Efficient Portfolio Management
The Sub-Fund may utilise techniques and FDI for efficient portfolio management purposes. The Sub-Fund may utilise the following techniques and instruments for efficient portfolio management purposes: futures, options, swaps, warrants, forward currency contracts and when issued and/or delayed delivery securities.
A description of the techniques and instruments which
the Sub-Fund may use for efficient portfolio management purposes are set out under the heading “The Company – Efficient Portfolio Management” in the Prospectus.
The Sub-Fund may also utilise stocklending arrangements and repurchase/reverse repurchase agreements for efficient portfolio management purposes only, subject to the conditions and limits set out in the Central Bank UCITS Regulations 2015.
A stocklending agreement is an agreement under which title to the “loaned” securities is transferred by a “lender” to a “borrower” with the borrower contracting to deliver “equivalent securities” to the lender at a later date.
Repurchase agreements are transactions in which one party sells a security to the other party with a simultaneous agreement to repurchase the security at a fixed future date at a stipulated price reflecting a market rate of interest unrelated to the coupon rate of the securities. A reverse repurchase agreement is a transaction whereby the Sub-Fund purchases securities from a counterparty and simultaneously commits to resell the securities to the counterparty at an agreed upon date and price. For example, the Investment Manager may enter into repurchase agreements to enhance income earned in the Sub-Fund, or to manage interest exposure of fixed rate bonds more precisely than via the use of interest rate futures.
Efficient portfolio management transactions relating to the assets of the Sub-Fund may be entered into with one of the following aims:
- a reduction of risk;
- a reduction of cost; or
- the generation of additional capital or income for the Sub-Fund with a level of risk (relative to the expected return) consistent with the risk profile of the Sub- Fund and the risk diversification requirements in accordance with the Central Bank UCITS Regulations2015 and the Central Bank’s Guidance on “UCITSEligible Assets” and as set out under the heading “The Company - Investment and Borrowing Restrictions” in the Prospectus.

In relation to efficient portfolio management operations the Investment Manager will look to ensure that the transaction is economically appropriate and realised in a cost-effective manner.
Transaction costs may be incurred in respect of efficient portfolio management techniques in respect of the Sub- Fund. All revenues from efficient portfolio management techniques, net of direct and indirect operational costs, will be returned to the Sub-Fund. Any direct and indirect operational costs/fees arising from efficient portfolio management techniques do not include hidden revenue and will be paid to such entities as outlined in the annual report of the Company, which shall indicate if the entities are related to the Manager or the Depositary.
Investors should consult the sections of the Prospectus entitled “Risk Factors- Counterparty Risk”, “Risk Factors- Derivatives and Techniques and Instruments Risk” and “Conflicts of Interest” for more information on the risks associated with efficient portfolio management.
The Sub-Fund may enter into cross currency transactions for Efficient Portfolio Management purposes.
Information on the collateral management policy for the Sub-Fund is set out under the heading “Collateral Management Policy” in the Prospectus.

##### Risk Management Process
The Company will employ a Risk Management Process which will enable it to accurately measure, monitor and manage the risks attached to financial derivative positions and details of this process have been provided to the Central Bank. The Company will not utilise FDI which have not been included in the Risk Management Process until such time as such instruments are disclosed in a revised Risk Management Process that has been submitted to and cleared in advance by the Central Bank.
The Company will provide on request to Shareholders supplementary information relating to the risk management methods employed by the Company including the quantitative limits that are applied and any recent developments in the risk and yield characteristics of the main categories of investments.

#### Securities Financing Transactions
The Sub-Fund may engage in securities financing transactions (“SFTs”), i.e. stocklending arrangements and repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management”.
The maximum exposure of the Sub-Fund in respect of SFTs shall be 100% of the Net Asset Value of the Sub-
Fund. However, it is not anticipated that the Sub-Fund’s
exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to stocklending arrangements and repurchase/reverse repurchase agreements respectively will be assets which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”,
“Appendix III - Management of Collateral”, “Appendix III -
Use of Repurchase/Reverse Repurchase and Stocklending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Share Class Hedging
For the purpose of Share class hedging, the Sub-Fund
will engage in foreign exchange hedging transactions in respect of all Shares with the suffix “(hedged”). In relation to Share class hedging, only the currency exposure
between the denominated currency of the relevant hedged Share class and the base currency of the Sub- Fund will be hedged. Over-hedged or under-hedged positions may arise due to factors outside of the control of the Sub-Fund. Such over-hedged positions will not be permitted to exceed 105% of the Net Asset Value of the class. Hedged positions will be kept under review with the aim of ensuring that over-hedged positions do not exceed the permitted level and that positions materially in excess of 100% will not be carried forward to the next month. Investors should be aware that this strategy may substantially limit Shareholders of these Shares from benefiting if the designated currency of the class falls against the base currency of the Sub-Fund and the currencies in which the assets of the Sub-Fund are denominated. In such circumstances, Shareholders of these Shares may be exposed to fluctuations in the Net Asset Value per Share reflecting the gains/losses on and the costs of the relevant financial instruments. The gains/losses and the costs of the relevant financial instruments will accrue solely to the relevant Shares. Any currency exposure of these Share classes relating to foreign exchange hedging transactions may not be combined with or offset against that of any other class. The currency exposure of the assets attributable to these Share classes may not be allocated to other classes. The annual and semi-annual accounts of the Company will indicate how transactions undertaken to provide protection against exchange rate risks have been utilised.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) Share classes, dividends will normally be declared annually on 31 December. Holders of income generating Shares will normally be paid the
dividends declared on or before 11 February. Further details are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management fee payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
Investors' attention is particularly drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon S&P 500® Index Tracker

### SUPPLEMENT 8 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
This Sub-Fund was closed by way of compulsory redemption whereby all of the Shares in issue in the Sub- Fund as of 15 January 2021, were compulsorily redeemed. Shares in the Sub-Fund are no longer available for investment. The Company intends to apply to the Central
Bank to revoke the Sub-Fund’s approval following the
preparation of the audited financial statements for the
year ended 31 December 2021. The Company shall seek approval from the Central Bank to remove the Sub-Fund from this Prospectus following approval of that revocation.
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise financial derivative instruments (“FDI”) for hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.


#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 22.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| Euro A | EUR | up to 5% | EUR 5,000 | 1.00% | None |
| USD A | USD | up to 5% | USD 5,000 | 1.00% | None |

| “C” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| Euro C | EUR | up to 5% | EUR 5,000,000 | 0.30% | None |
| USD C | USD | up to 5% | USD 5,000,000 | 0.30% | None |

| “G” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| USD G (Acc.) | USD | up to 5% | USD 5,000 | 0.30% | None |
| Euro G (Acc.) | EUR | up to 5% | EUR 5,000 | 0.30% | None |

| “X” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| Euro X (Acc.) | EUR | None | None | None | None |
| USD X (Acc.) | USD | None | None | None | None |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to match the performance of the S&P 500
® 
Index (the “Index”). The Sub-Fund is constructed to mirror the Index and to provide long-term capital growth
by investing in equity securities that represent a large cross-section of the U.S. publicly-traded stock market.

##### Investment Management and Process
Indexing offers a cost-effective, sensible investment approach to gaining diversified U.S. equity market exposure and receiving competitive relative returns over the long-term. However, investors should keep in mind that there is no guarantee or assurance that an index tracking sub-fund will at all times fully replicate the composition or performance of the relevant index. An index sub-fund has operating expenses and costs; a market index (often referred to as a benchmark for tracking purposes) does not. Therefore, an index sub- fund, while expected to track a specific index as closely as possible, typically will not match the performance of the targeted index exactly. Tracking errors can arise from index constituent changes, corporate actions, cashflow management and transaction costs which can be minimised by paying close attention to the changes and actions, using specialised instruments or index futures to manage cashflows and by active management of trading to control costs.
In the likely event that all 500 stocks cannot be purchased, the Sub-Fund will purchase a representative sample of stocks from each economic sector included in the Index in proportion to the weighting in the Index. To the extent that the Sub-Fund seeks to replicate the Index using such sampling techniques, a close correlation
between the Sub-Fund’s performance and the
performance of the Index would be anticipated in both
rising and falling markets. A decline in the Index is likely to result in a corresponding decline in the value of the Sub-Fund.
However it should be noted that the Sub-Fund may not invest more than 10% of its Net Asset Value in transferable securities of any one issuer and if it invests more than 5% of its Net Asset Value in securities of any particular issuer the aggregate value of all holdings of this kind may not exceed 40% of the Net Asset Value of the Sub-Fund. Consequently it would not be possible for movements in the relevant index to be duplicated completely in the Sub-Fund if one or more investments would exceed those limits, as measured by the percentage-weight within the relevant market index.
However, the Sub-Fund may purchase certain types of transferable securities such as bonds and notes which will be listed, traded or dealt in on an Eligible Market and the performance of which will be linked to the performance of equities on the Index. Such bonds and notes will be of investment grade as determined by Standard & Poor's Rating Group. The use of these types
of instruments will result in the Sub-Fund having exposure to the issuer of the relevant instrument while nonetheless maintaining an economic exposure to the underlying equity on the Index greater than the limits provided for in the Investment Restrictions applicable to the Sub-Fund.
It is anticipated that the tracking error of the Index will be within the range of 0.1% to 0.2%. This will be disclosed in the annual and semi-annual accounts of the Company.
The majority of the Sub-Fund’s investments shall be listed or traded on Eligible Markets located in the U.S.
In addition, the Sub-Fund will not invest more than 10% of its Net Asset Value in aggregate in collective investment schemes.

##### Investment Strategy
The Sub-Fund aims to replicate the characteristics and
performance of the S&P500
® 
Index. To replicate index performance, the Sub-Fund’s portfolio managers use a passive management approach and purchase all or a
representative sample of securities comprising the S&P 500
®
. The Sub-Fund may also use stock index futures as a substitute for the sale or purchase of securities. The Sub-Fund generally invests in the stocks within the S&P 500
® 
in proportion to their weighting in the index. In view of the index tracking nature of the Sub-Fund, the Investment Manager will have no discretion to adapt to market changes and dispose of underperforming shares which comprise the Index. The S&P 500
® 
index consists of common stocks chosen to reflect the industries of the
U.S. economy and is often considered a proxy for the U.S. stock market in general. Each company's stock is weighted by the number of available float shares (i.e., those shares available to investors) divided by the total shares outstanding, which means larger companies with more available float shares have greater representation in the index than smaller ones. Companies included in the S&P 500
® 
must meet certain criteria for inclusion within the index which include specified minimum market capitalizations, minimum float requirements, minimum liquidity thresholds and achieve certain financial ratio requirements amongst others. The accuracy of the calculation of the Index may be affected in the event trading in a constituent stock comprising the Index is suspended.

##### Change in the Index
The Sub-Fund is constructed to mirror the S&P 500
® 
Index. The Directors may not change the Index which the Sub-Fund mirrors without the approval of the Shareholders of the Sub-Fund on the basis of the majority votes cast at a general meeting.
In the event that the Index ceases to be available, the Manager will consult with the Investment Manager in order to identify an alternative appropriate index. Once
such an alternative index has been identified, the consent of the Shareholders of the Sub-Fund will be sought for the change of index as mentioned above.

##### About the S&P 500® Index
The Index is composed of 500 common stocks that are selected by Standard & Poor’s to capture the price performance of a large cross-section of the U.S. publicly-
traded stock market. Stocks included in the Index are chosen with the aim of achieving a representative portfolio from the various components of the U.S. economy. A limited percentage of the Index may include non-U.S. securities traded on U.S. exchanges. Aggregate market value and trading activity are also considered in the selection process. While these stocks do not necessarily represent the 500 largest corporations in the United States, the Index is recognized for its emphasis towards large stocks. The 500 securities, most of which trade on the New York Stock Exchange, represent approximately 80% of the market value of all U.S. common stocks. Each stock in the Index is weighted by its market capitalization (its total market value relative to the total market values of all the securities in the Index). The inclusion of a stock in the Index in no way implies
that Standard & Poor’s believes the stock to be an attractive investment, nor is Standard & Poor’s in any
way affiliated with the Sub-Fund, the Manager, or the
Investment Manager. Further details of the Index can be found at www.standardandpoors.com.

##### Financial Indices
Details of any financial indices used by the Sub-Fund will be provided to Shareholders by the Investment Manager of the Sub-Fund on request and will be set out in the
Company’s semi-annual and annual accounts. Any such
indices will be cleared by the Central Bank or will meet
its requirements.
In any event, however, the financial indices to which the Sub-Fund may gain exposure will typically be rebalanced on a monthly, quarterly, semi-annual or annual basis. The costs associated with gaining exposure to a financial index will be impacted by the frequency with which the relevant financial index is rebalanced.
Where the weighting of a particular constituent in the financial index exceeds the UCITS investment
restrictions, the Investment Manager of the Sub-Fund will as a priority objective look to remedy the situation taking into account the interests of Shareholders and the Company.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Registration in Hong Kong
This Sub-Fund is registered for sale in Hong Kong. The SFC reserves the right to withdraw authorisation of the Sub-Fund for sale in Hong Kong if the Index is no longer considered acceptable by the SFC.

#### Issue of Shares
The initial offering (the “Initial Offer Period”) for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall
continue until 30 April, 2021 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD or 1€ depending on the currency of the relevant class (plus the
sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Repurchase of Shares
Shares in each class may be repurchased, at the option of the relevant Shareholder, on any Valuation Day at the Valuation Point. The Repurchase Price is the Net Asset Value per Share of that class calculated as at the Valuation Point less the applicable redemption fee.
All requests for the repurchase of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Investment and Borrowing Restrictions
The Sub-Fund’s investment and borrowing restrictions are as set out under the heading “The Company - Investment and Borrowing Restrictions” in the Prospectus.
The investment restrictions set out in paragraphs 4.1 and
4.2 therein will not apply to the Sub-Fund. The remaining investment restrictions set out in the in the Prospectus
under the heading “The Company - Investment and Borrowing Restrictions” will continue to apply to the Sub- Fund.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 50% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and
warrants. The Sub-Fund may also utilise stocklending arrangements and repurchase/reverse repurchase agreements for efficient portfolio management (EPM) purposes, subject to the conditions and limits set out in
the Central Bank UCITS Regulations. Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of
techniques and FDI the Sub-Fund may use for EPM purposes.
The Sub-Fund will not enter into cross currency hedging transactions.

#### Securities Financing Transactions
The Sub-Fund may engage in securities financing transactions (“SFTs”), i.e. stocklending arrangements and repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of
SFTs shall be 100% of the Net Asset Value of the Sub- Fund. However, it is not anticipated that the Sub-Fund’s exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to stocklending arrangements and repurchase/reverse repurchase agreements respectively will be assets which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Stocklending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Distribution Policy
In the case of the accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. Further details are set out under the heading
“The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management fee payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.
The BNY Mellon S&P 500
® 
Index Tracker (the “Sub-Fund”) is not sponsored, endorsed, sold or promoted by Standard & Poor's, a division of The McGraw-Hill
Companies, Inc. (“S&P”). S&P make no representation or
warranty, express or implied, to the shareholders of BNY Mellon Global Funds, plc (the “Company”) or to any member of the public regarding the advisability of
investing in securities generally or in the Sub-Fund particularly or the ability of the S&P 500
® 
Index to track general stock market performance. S&P's only relationship to the Company is the licensing of certain trademarks and trade names of S&P and of the S&P 500
®
Index which is determined, composed and calculated by S&P without regard to the Company or the Sub-Fund.
S&P has no obligation to take the needs of the Company or the shareholders of the Sub-Fund into consideration in determining, composing or calculating the S&P 500
® 
Index. S&P is not responsible for and has not participated in the determination of the prices and amount of the Sub-Fund or the timing of the issuance or sale of the Sub-Fund or in the determination or calculation of the equation by which the Sub-Fund is to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of the Sub-Fund.
S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P 500
® 
INDEX OR ANY DATA INCLUDED THEREIN AND S&P SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&P MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE COMPANY, THE SHAREHOLDERS OF THE SUB-FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500
® 
INDEX OR ANY DATA INCLUDED THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P 500
® 
INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

#### Cluster Munitions
This Sub-Fund is not included within the Company’s policy to not invest in corporates involved in cluster munitions and anti-personnel mines.

## BNY Mellon U.S. Dynamic Value Fund

### SUPPLEMENT 9 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
This Sub-Fund was closed by way of compulsory redemption whereby all of the Shares in issue in the Sub- Fund as of 5 March 2021, were compulsorily redeemed.
Shares in the Sub-Fund are no longer available for investment. The Company intends to apply to the Central
Bank to revoke the Sub-Fund’s approval following the
preparation of the audited financial statements for the
year ended 31 December 2021. The Company shall seek approval from the Central Bank to remove the Sub-Fund from this Prospectus following approval of that revocation.
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise financial derivative instruments (“FDI”) for hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.


#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” and “H (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| Euro A | EUR | up to 5% | EUR 5,000 | 2.00% | None |
| Euro A (Inc.) | EUR | up to 5% | EUR 5,000 | 2.00% | None |
| USD A | USD | up to 5% | USD 5,000 | 2.00% | None |
| Sterling A (Acc.) | GBP | up to 5% | GBP 5,000 | 2.00% | None |
| Euro H (Acc.) (hedged) | EUR | up to 5% | EUR 5,000 | 2.00% | None |
| Euro H (Inc.) (hedged) | EUR | up to 5% | EUR 5,000 | 2.00% | None |

| “B” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| USD B | USD | up to 5% | USD 10,000 | 1.50% | None |

| “C” and “I (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| Euro C | EUR | up to 5% | EUR 5,000,000 | 1.00% | None |
| Euro C (Inc.) | EUR | up to 5% | EUR 5,000,000 | 1.00% | None |
| USD C | USD | up to 5% | USD 5,000,000 | 1.00% | None |
| Sterling C (Inc.) | GBP | up to 5% | GBP 5,000,000 | 1.00% | None |
| Sterling C (Acc.) | GBP | up to 5% | GBP 5,000,000 | 1.00% | None |
| Euro I (Acc.) (hedged) | EUR | up to 5% | EUR 5,000,000 | 1.00% | None |
| Euro I (Inc.) (hedged) | EUR | up to 5% | EUR 5,000,000 | 1.00% | None |

| “G” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| USD G (Acc.) | USD | up to 5% | USD 5,000 | 1.00% | None |
| USD G (Inc.) | USD | up to 5% | USD 5,000 | 1.00% | None |
| Euro G (Acc.) | EUR | up to 5% | EUR 5,000 | 1.00% | None |
| Euro G (Inc.) | EUR | up to 5% | EUR 5,000 | 1.00% | None |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| Euro W (Acc.) | EUR | up to 5% | EUR 15,000,000 | 0.75% | None |
| Euro W (Inc.) | EUR | up to 5% | EUR 15,000,000 | 0.75% | None |
| Euro W (Acc.) (hedged) | EUR | up to 5% | EUR 15,000,000 | 0.75% | None |
| Euro W (Inc.) (hedged) | EUR | up to 5% | EUR 15,000,000 | 0.75% | None |
| USD W (Acc.) | USD | up to 5% | USD 15,000,000 | 0.75% | None |
| Sterling W (Acc.) | GBP | up to 5% | GBP 15,000,000 | 0.75% | None |

| “X” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| Euro X (Acc.) | EUR | None | None | None | None |
| Euro X (Inc.) | EUR | None | None | None | None |
| USD X (Acc.) | USD | None | None | None | None |
| USD X (Inc.) | USD | None | None | None | None |
| Euro X (Acc.) (hedged) | EUR | None | None | None | None |
| Euro X (Inc.) (hedged) | EUR | None | None | None | None |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to achieve long term capital growth
through investment primarily (meaning at least two-thirds of the Sub-Fund’s assets) in a portfolio of equity and equity-related securities of companies with a market
capitalisation of U.S. $1 billion or above at the time of investment, having their registered office in the U.S. or carrying out a preponderant part of their economic activities in the U.S.

##### Investment Policy
The Sub-Fund will invest primarily, meaning at least two- thirds of the Sub-Fund’s Net Asset Value, in a portfolio of equity and equity-related securities including convertible
bonds, (usually unrated) convertible preference shares and warrants (subject to a 10% limit of Net Asset Value of the Sub-Fund in the case of warrants) of companies with a market capitalisation of U.S.$1 billion or above at the time of investment, having their registered office in the U.S. or carrying out a preponderant part of their economic activities in the U.S.
The Sub-Fund may also invest in American Depositary Receipts and/or Global Depositary Receipts listed or traded on Eligible Markets in the U.S.
The Sub-Fund may invest up to one-third of its Net Asset Value in equity or equity-related securities of companies located in the U.S. of any size or in equity or equity- related securities of companies which neither have their registered office in the U.S. nor carry out a preponderant part of their economic activities in the U.S. The Sub-Fund will not invest in emerging market regions.
The majority of the Sub-Fund’s investments shall be listed or traded on Eligible Markets in the U.S. The remainder of the Sub-Fund’s listed assets shall be listed or traded on Eligible Markets located outside the U.S.
The Investment Manager shall not be required to realise any assets of the Sub-Fund (unless such realisation is deemed by the Investment Manager to be in the interests of the Shareholders) where the investment policy is inadvertently breached as a result of the decline in size of the relevant issuer.
In addition, the Sub-Fund will not invest more than 10% of its Net Asset Value in aggregate in collective investment schemes.

##### Benchmark
Russell 1000 Value TR Index (the “Benchmark”).
The Benchmark is an unmanaged market capitalization- weighted index of value-oriented stocks of the largest
U.S. domiciled companies that are included in the Russell 1000 Index.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Benchmark subject to the investment objective and policy. While the majority of the Sub-Fund’s holdings are expected to be constituents of, and have
similar weightings to, the Benchmark, the investment strategy does not restrict the extent to which the Investment Manager may deviate from the Benchmark.

##### Investment Strategy
The Investment Manager will pursue a dynamic equity portfolio strategy which includes the following features:
- The ability to principally invest in stocks capitalised at U.S.$1 billion or above at the time of investment;
- Willingness to build concentrated sector and industry weights; and
- Emphasis upon alpha generation with less emphasis on tracking error.

The Investment Manager believes successful investing is achieved through a philosophy that is value-oriented, research-driven and risk-controlled:
Value-Oriented
- Focus on equity securities with attractive valuations relative to the market, sector, and stock history.
- Avoid the value trap and "being early" by combining traditional valuation measures with companies that exhibit business improvement and strong fundamentals.

Research-Driven
- Use proprietary fundamental research resources that understand the past but are focused on the future.
- Recognize that one size does not fit all; be flexible in performing analyses so as to solve for the right company, sector, and macro variables.

Risk-Controlled
- Employ risk controls at all levels of the portfolio- construction process to minimize unintended exposures and ensure performance is driven by stock selection.
- Set up/down price targets ahead of establishing new positions.


##### Process
Step 1: Universe Screening
The goal of this step is to review all potential U.S. equity securities in order to identify roughly 20 to 30 for inclusion on a fundamental working list. The Investment Manager uses quantitative screens during this step, and it also employs qualitative screens to uncover alpha opportunities not yet reflected in quantitative data. Either method can identify a security for potential
consideration. Ultimately, this step focuses their fundamental research effort in Step 2.
Step 2: Fundamental Research
Once a working list of securities has been identified, the Investment Manager conducts fundamental research on those names consistent with assigned sector coverage. A
large number of research inputs are utilized, including the Investment Manager’s proprietary Global Research team, but there is no one-size-fits-all approach to the
work. Ultimately, the team analyst makes a buy/pass recommendation supported by up/down price targets, investment thesis factors (valuation, fundamentals, business improvement) and potential risks.
Step 3: Portfolio Construction
The lead portfolio manager makes the final determination as to whether a security is added to the portfolio and what the specific security weightings need to be.
Importantly during this final step, decisions are made in the context of the overall risk profile of the portfolio. The result is a large cap value portfolio that is attractive from a risk/reward standpoint and consistent with the client's overall investment objective and related guidelines.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Registration in Hong Kong
This Sub-Fund is registered for sale in Hong Kong.

#### Issue of Shares
The initial offering (the “Initial Offer Period”) for all launched share classes of the Sub-Fund has now closed.
The Initial Offer Period of unlaunched share classes shall continue until 30 April, 2021 or such earlier or later date
on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be issued during their respective Initial Offer Periods at their
respective initial offer price per Share of 1USD, 1£ or 1€
depending on the currency of the relevant class (plus the
sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Repurchase of Shares
Shares in each class may be repurchased, at the option of the relevant Shareholder, on any Valuation Day at the Valuation Point. The Repurchase Price is the Net Asset Value per Share of that class calculated as at the Valuation Point less the applicable redemption fee.
All requests for the repurchase of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Investment and Borrowing Restrictions
The Sub-Fund’s investment and borrowing restrictions are as set out under the heading “The Company - Investment and Borrowing Restrictions” in the Prospectus.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 50% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise stocklending arrangements and repurchase/reverse repurchase agreements for efficient portfolio management (EPM) purposes, subject to the conditions and limits set out in
the Central Bank UCITS Regulations. Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of
techniques and FDI the Sub-Fund may use for EPM purposes.
The Sub-Fund will not enter into cross currency hedging transactions.

#### Securities Financing Transactions
The Sub-Fund may engage in securities financing transactions (“SFTs”), i.e. stocklending arrangements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of SFTs shall be 100% of the Net Asset Value of the Sub-
Fund. However, it is not anticipated that the Sub-Fund’s
exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to the stocklending arrangements will be assets which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Stocklending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Share Class Hedging
This Sub-Fund offers hedged share classes. Such share classes are indicated by the suffix “(hedged)” Please see the section entitled “Share Class Hedging” in the Prospectus for further information on the operation and
impact of hedged share classes.

#### Distribution Policy
In the case of the USD X (Inc.) share class, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September and paid on or before 11 February, 11 May, 11 August and 11 November.
In the case of the income generating (Inc.) and accumulating (Acc.) except the USD X (Inc.) share class, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February. Further details are set out under the heading
“The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management fee payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Euroland Bond Fund

### SUPPLEMENT 10 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Insight Investment Management (Global) Limited
The Investment Manager may delegate its investment management functions to a Sub-Investment Manager and/or appoint a sub-investment adviser to provide investment advice in accordance with the requirements of the Central Bank. As at the date of this Supplement, the Investment Manager has appointed the Sub- Investment Manager, as described below.

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this
Sub-Fund to Insight North America LLC (the “Sub- Investment Manager”). Details of the Sub-Investment Management Agreement between the Investment
Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
Euro

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 17.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro A | EUR | 5,000 | 5% | 1.00% | 0% |
| USD A (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| CHF H (hedged) | CHF | 5,000 | 5% | 1.00% | 0% |
| Sterling H (Acc.) (hedged) | GBP | 5,000 | 5% | 1.00% | 0% |
| Sterling H (Inc.) (hedged) | GBP | 5,000 | 5% | 1.00% | 0% |
| USD H (Acc.) (hedged) | USD | 5,000 | 5% | 1.00% | 0% |
| USD H (Inc.) (hedged) | USD | 5,000 | 5% | 1.00% | 0% |

| “B” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro B | EUR | 10,000 | 5% | 0.75% | 0% |
| Euro B (Inc.) | EUR | 10,000 | 5% | 0.75% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro G (Acc.) | EUR | 5,000 | 5% | 0.50% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 0.50% | 0% |
| USD G (Acc.) (hedged) | USD | 5,000 | 5% | 0.50% | 0% |
| USD G (Inc.) (hedged) | USD | 5,000 | 5% | 0.50% | 0% |
| CHF G (Acc.) (hedged) | CHF | 5,000 | 5% | 0.50% | 0% |
| CHF G (Inc.) (hedged) | CHF | 5,000 | 5% | 0.50% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro C | EUR | 5,000,000 | 5% | 0.50% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 0.50% | 0% |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.50% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.50% | 0% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 0.50% | 0% |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 0.50% | 0% |
| CHF I (hedged) | CHF | 5,000,000 | 5% | 0.50% | 0% |
| Sterling I (Acc.) (hedged) | GBP | 5,000,000 | 5% | 0.50% | 0% |
| Sterling I (Inc.) (hedged) | GBP | 5,000,000 | 5% | 0.50% | 0% |
| USD I (Acc.) (hedged) | USD | 5,000,000 | 5% | 0.50% | 0% |
| USD I (Inc.) (hedged) | USD | 5,000,000 | 5% | 0.50% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR W (Acc.) | EUR | 15,000,000 | 5% | 0.45% | 0% |
| EUR W (Inc.) | EUR | 15,000,000 | 5% | 0.45% | 0% |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.45% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.45% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.45% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.45% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.45% | 0% |
| CHF W (Inc.) | CHF | 15,000,000 | 5% | 0.45% | 0% |
| USD W (Acc.) (hedged) | USD | 15,000,000 | 5% | 0.45% | 0% |
| USD W (Inc.) (hedged) | USD | 15,000,000 | 5% | 0.45% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.45% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.45% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.45% | 0% |
| CHF W (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.45% | 0% |

| “Z” Shares and “Z (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro Z (Inc.) | EUR | 200,000,000 | 5% | 0.40% | 0% |
| Euro Z (Acc.) | EUR | 200,000,000 | 5% | 0.40% | 0% |
| USD Z (Acc.) (hedged) | USD | 200,000,000 | 5% | 0.40% | 0% |
| USD Z (Inc.) (hedged) | USD | 200,000,000 | 5% | 0.40% | 0% |
| Sterling Z (Acc.) (hedged) | GBP | 200,000,000 | 5% | 0.40% | 0% |
| Sterling Z (Inc.) (hedged) | GBP | 200,000,000 | 5% | 0.40% | 0% |
| CHF Z (Acc.) (hedged) | CHF | 200,000,000 | 5% | 0.40% | 0% |
| CHF Z (Inc.) (hedged) | CHF | 200,000,000 | 5% | 0.40% | 0% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to provide total return that exceeds the Benchmark (against which it will measure its performance) through investment primarily, meaning at least 90% of its assets, in a portfolio of fixed income bonds and other debt securities issued by corporations or any government, government agency, supranational or public international organisations or in derivatives.
It is intended that the majority of investments will be
invested in Euroland Countries (countries which have the Euro as their unit of currency) (see “Investment Policy”).

##### Investment Policy
The Sub-Fund will be a fully invested portfolio and its investments will include government bonds, government agency bonds, corporate bonds, mortgage-backed bonds and asset-backed bonds traded on an Eligible Market or in FDI.
At least two thirds of the Sub-Fund’s Net Asset Value will be invested in securities issued by issuers located in Euroland Countries.
The Sub-Fund will have minimum exposure to Euro currency securities of 60% of its Net Asset Value and minimum exposure to Euro currency of 90% of its Net Asset Value.
The securities in which the Sub-Fund may invest will be rated in categories AAA to B.
The Sub-Fund may invest up to 30% of its Net Asset Value in FDI provided that it invests at least two-thirds of its Net Asset Value in bonds.
The Sub-Fund may invest up to 10% of its Net Asset Value in loans, participations in loans or assignments of loans to borrowers (which can be corporates, sovereign governments, public bodies or others) which will constitute money market instruments.
In addition, the Sub-Fund will not invest more than 10%
of its Net Asset Value in aggregate in collective investment schemes (“CIS”).
The Sub-Fund may also invest up to 10% of its Net Asset Value in debt securities in the People’s Republic of China (“PRC”) traded in the China interbank bond market (“CIBM”) via Bond Connect (as further described Appendix VI to the Prospectus.)
Country Diversification Policy
The Sub-Fund will focus on individual stock selection
rather than trying to predict which countries will perform well. However the Sub-Fund’s country allocation may differ from the Bloomberg Barclays Euro Aggregate Bond TR Index (the “Benchmark”) as a by-product of the stock- selection process. The maximum deviation from the
benchmark is likely to be 40%.
Typically, no one country will represent more than 80% of the Net Asset Value of the Sub-Fund.
Sector Diversification Policy
The Sub-Fund will focus on individual stock selection rather than trying to predict which sectors will perform
well. However the Sub-Fund’s sector allocation may differ
from the Benchmark as a by-product of the stock-
selection process. The maximum deviation from the Benchmark is likely to be 50%.
Normally, the weighting in any one industrial sector shall not be more than 20% of the Sub-Fund’s Net Asset Value.
Duration
The Sub-Fund will apply a duration controlled approach emphasising sector and securities selection.
The Sub-Fund will minimise the use of interest rate risk by maintaining portfolio average weighted duration (including cash) within a band of +/- 40% of the Benchmark.
Since the Investment Manager will deviate the duration
of the Sub-Fund from that of the Benchmark there can be no assurance that the Sub-Fund’s performance will match that of the Benchmark and depending on
circumstances may achieve higher or lower performance than the Benchmark.
Number of Holdings
Typically, no single holding of government guaranteed bonds will account for more than 25% of the Sub-Fund at the time of purchase and no single holding of corporate bond or other fixed interest security will account for more than 5% of the Sub-Fund.
The Sub-Fund may also invest up to 10% of its Net Asset value in open-ended CIS in order to diversify its investment in corporate bonds, high yield bonds and emerging market debt.
Security Selection Process and Quality Rating:
Intensive credit research will underpin much of the Sub- Fund’s intensive strategy, as it attempts to identify safe, but higher yielding, alternatives to the government bonds that dominate the Sub-Fund’s primary index. So as to capture relative value on an intermediate basis, the Sub-
Fund will also attempt to rotate tactically between the broad sectors in which the Sub-Fund may invest.
The securities in which the Sub-Fund may invest will be rated in categories AAA to B. The Sub-Fund will maintain an average quality rating not lower than A/A3 by at least one major a Recognised Rating Agency.
The minimum quality rating for an individual security is B-/B3.
Up to 25% of the Sub-Fund net asset value may be invested in BB+/Ba1 and B-/ B3.
Up to 40% of the Sub-Fund net asset value may be invested in a combination of high yield corporate, convertible, preferred and emerging market debt securities.
Cash Positions
The Sub-Fund aims to remain fully invested at all times and maintain modest cash positions, as ancillary liquid assets, typically less than 5%. However, during periods of unusually high subscription activity the cash position could exceed this level over the short term but will not exceed a maximum level of 10%.
Hedging of Currencies
The Sub-Fund will seek to limit its exposure to currencies other than the Euro by limiting its exposure to such
currencies to 10% of the Sub-Fund’s Net Asset Value. Any
exposure in excess of this amount will be fully hedged to
Euros by way of forward foreign exchange contract.
Cross “hedging” of currencies is permitted as long as it does not result in short positions after taking into account the underlying assets.
It is anticipated that cross-hedging of currencies will be only be utilised in unusual circumstances.

##### Benchmark
Bloomberg Barclays Euro Aggregate Bond TR Index (the
“Benchmark”).
The Benchmark includes fixed-rate, investment-grade Euro denominated bonds. Inclusion is based on the currency of the issue, and not the domicile of the issuer. The principal sectors in the Benchmark are the Treasury, corporate, government-related and securitised.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest outside the Benchmark subject to the investment
objective and policy. While the majority of the Sub-Fund’s
holdings are expected to be constituents of, and have
similar weightings to, the Benchmark, the investment strategy does not restrict the extent to which the Investment Manager may deviate from the Benchmark.

##### Investment Strategy
The Investment Manager employs a dynamic and active approach to portfolio management through investment in a wide array of fixed income, currency and FDI (as
detailed above in the section “Investment Policy” and below in the section “Use of FDI”), in order to reduce risk via diversification and enhance potential returns.
The Investment Manager performs both top-down macroeconomic research and bottom-up security research in the management of the Sub-Fund. Their investment process is one that is based primarily on fundamental research but also employs quantitative inputs. Top-down research, includes the use of a number of proprietary valuation models that are used to value currencies and interest rates and to determine the
relative valuation between various fixed income sectors. The Investment Manager’s fundamental research process involves country and security specific research to
determine credit worthiness of the issuer
At least two thirds of the Sub-Fund's Net Asset Value will be invested in securities issued by issuers located in Euroland Countries. The Sub-Fund will have minimum exposure to Euro currency securities of 60% and minimum exposure to Euro currency of 90%. The majority of the bonds, debt and debt-related securities and FDI will be listed or traded on an Eligible Market.

##### The Sustainable Finance Disclosure Regulation
The management of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
As part of the bottom-up security research process, the Investment Manager assesses the environmental, social and governance factors of each portfolio investment for potential sustainability risks. These factors may include, but are not limited to, an issuers impact on the environment, including emissions, land use and waste
practices, and an issuer’s social policies and practices,
including employee matters, supply chain practices and human rights policies. The Investment Manager’s internal credit research includes resources such as the Investment Manager’s proprietary ESG score as an input and is supplemented with third-party resources including
MSCI ESG data and ratings, Bloomberg ESG data,
Sustainability Accounting Standards Board’s (SASB) Engagement Guide, credit rating agency research, sell-
side research and industry events. This research into sustainability risks is taken into consideration, along with
the Investment Manager’s macroeconomic research and
credit analysis, in the security selection process.
The Investment Manager also assesses the governance practices of issuers through its fundamental research, supplemented by third-party governance scoring methodologies, in order to satisfy itself that the relevant issuers follow good governance practices, in particular with respect to sound management structures, employee relations, remuneration of staff and tax compliance.
The Investment Manager monitors sustainability factors and risk exposures on a regular basis by reviewing
regular reporting on both the Investment Manager’s
proprietary and third-party ESG scores.
As explained above, the management and assessment of sustainability risks forms an important part of the Investment Manager's due diligence, however there may still be a risk that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Government Bond Futures Currency Futures Money Market Futures |
| --- | --- |
| Options | Options on Government Bond Futures Options on Currency Futures Currency Options (including FX Options) Swaptions |
| Forwards (de- liverable and non-deliver- able) | Forward Foreign Exchange Contracts |

| Swaps | Credit Default Swaps (single name, index and custom basket) Interest Rate Swaps Total Return Swaps (single name, credit, index and custom basket) Inflation Swaps |
| --- | --- |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial
purpose, are described in the Prospectus in the section entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both efficient portfolio management (EPM) and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit CDX American Investment Grade High Volatility Index Markit CDX North American Investment Grade Index Markit CDX North American High Yield Index Markit CDX North American High Yield Beta Index Markit CDX Emerging Markets Index Markit CDX Emerging Markets Diversified Index Markit iTraxx Europe Index Markit iTraxx Crossover Index Markit iTraxx Financial Index Markit iTraxx Subordinated Financial Index |
| Interest rate indices to provide exposure to interest rate markets and to express the managers view that the yield curve will move in a particular direction in a more cost effective or efficient manner than buying physical securities. | EURIBOR LIBOR SOFR SONIA |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. The remaining financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Relative VaR
Relative VaR Limit: Sub-Fund’s portfolio will not exceed twice the VaR on a representative benchmark portfolio (using a 20 Business Day holding period)
Relative VaR Benchmark: Bloomberg Barclays Euro Aggregate Bond Index
Gross leverage is expected to vary between: 100 – 500% of the Net Asset Value. The gross leverage may exceed this target level at times
For more information on the Relative VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements and
repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 10% and in respect of SFTs shall be 100% of the Net Asset Value of the Sub-Fund. However, it is
not anticipated that the Sub-Fund’s exposure in respect
of TRS will exceed 10% and in respect of SFTs will
exceed 15% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be issued during their respective Initial Offer Periods at their
respective initial offer price per Share of 1USD, 1£, 1€ or
1CHF depending on the currency of the relevant class
(plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11
November respectively. Further details are set out under the heading "The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Emerging Markets Debt Fund

### SUPPLEMENT 11 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Insight Investment Management (Global) Limited
The Investment Manager may delegate its investment management functions to a Sub-Investment Manager and/or appoint a sub-investment adviser to provide investment advice in accordance with the requirements of the Central Bank. As at the date of this Supplement, the Investment Manager has appointed the Sub- Investment Manager, as described below.

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this
Sub-Fund to Insight North America LLC (the “Sub- Investment Manager”). Details of the Sub-Investment Management Agreement between the Investment
Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro A | EUR | 5,000 | 5% | 1.50% | 0% |
| USD A | USD | 5,000 | 5% | 1.50% | 0% |
| Euro H (Acc.) (hedged) | EUR | 5,000 | 5% | 1.50% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 1.50% | 0% |
| Sterling H (Acc.) (hedged) | GBP | 5,000 | 5% | 1.50% | 0% |
| Sterling H (Inc.) (hedged) | GBP | 5,000 | 5% | 1.50% | 0% |

| “G” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro C | EUR | 5,000,000 | 5% | 1.00% | 0% |
| USD C | USD | 5,000,000 | 5% | 1.00% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Sterling I (Acc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling I (Inc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| USD W | USD | 15,000,000 | 5% | 0.75% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The investment objective of the Sub-Fund is to achieve a superior total return from a portfolio of bond and other debt instruments from emerging markets worldwide or in derivatives.

##### Investment Policy
The Sub-Fund will primarily invest in a portfolio of emerging market bonds and other debt securities, such as international sovereign, government supranational agency, corporate, bank notes and bonds (which may be fixed or floating), Brady and Yankee Bonds and mortgage- backed securities or in FDI.
The Sub-Fund will invest at least two thirds of its Net Asset Value in straight bonds issued by issuers having their registered seat in emerging market countries or exercising the preponderant part of their economic activity in emerging markets and a maximum of one third of its assets in monetary papers with a maturity less than 12 months.
The Sub-Fund may invest a maximum of 25% of its Net Asset Value in convertible bonds and 10% of its Net Asset Value in equity and equity-related securities, including convertible preference shares and warrants.
The Sub-Fund may also invest up to 10% of its Net Asset Value in loans (including loan participations/loan participation notes and loan assignments), which will either be transferable securities or money market instruments.
The Sub-Fund may invest up to 20% of its Net Asset Value in securities listed or traded on Russian markets.
Such securities will be listed or traded on Eligible Markets located worldwide.
The Investment Manager will not be restricted by credit quality or maturity when making investment decisions. Therefore no minimum credit rating will apply to the investments of the Sub-Fund.
In addition, the Sub-Fund will not invest more than 10% of its Net Asset Value in aggregate in collective investment schemes.

##### Benchmark
JP Morgan Emerging Markets Bond Index (EMBI) Global TR Index (the “Benchmark”).
The Benchmark tracks total returns for traded external debt instruments in the emerging markets, and is an expanded version of the JPMorgan EMBI+. As with the EMBI+, the EMBI Global includes U.S. Dollar denominated Brady bonds, loans, and Eurobonds with an outstanding face value of at least $500 million. It covers more of the eligible instruments than the EMBI+ by relaxing somewhat the strict EMBI+ limits on secondary market trading liquidity.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest outside the Benchmark subject to the investment
objective and policy. While the majority of the Sub-Fund’s
holdings are expected to be constituents of, and have
similar weightings to, the Benchmark, the investment strategy does not restrict the extent to which the Investment Manager may deviate from the Benchmark.

##### Investment Strategy
The investment process is largely top-down, fundamental in nature, but it is also supported by the discipline of quantitative models. It is geared toward overweighting countries experiencing deep, positive, fundamental changes, and underweighting or outright avoiding those countries whose currencies and/or bonds are supported primarily by short-term capital flows, which may reverse quickly in the future. Top-down analysis of macroeconomic, financial, and political variables guides country allocation. Careful consideration is also given to the global risk environment and market technicals.
At least two thirds of the Sub-Fund's Net Asset Value will be invested in securities issued by issuers located in (and/or conduct the greater part of their economic activity in) emerging market countries around the world.

##### The Sustainable Finance Disclosure Regulation
The management of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
As part of the bottom-up security research process, the Investment Manager assesses the environmental, social and governance factors of each portfolio investment for potential sustainability risks. These factors may include, but are not limited to, an issuers impact on the environment, including emissions, land use and waste
practices, and an issuer’s social policies and practices,
including employee matters, supply chain practices and human rights policies. The Investment Manager’s internal credit research includes resources such as the Investment Manager’s proprietary ESG score as an input and is supplemented with third-party resources including
MSCI ESG data and ratings, Bloomberg ESG data, Sustainability Accounting Standards Board’s (SASB) Engagement Guide, credit rating agency research, sell-
side research and industry events. This research into
sustainability risks is taken into consideration, along with the Investment Manager’s macroeconomic research and credit analysis, in the security selection process.
The Investment Manager also assesses the governance practices of issuers through its fundamental research, supplemented by third-party governance scoring methodologies, in order to satisfy itself that the relevant issuers follow good governance practices, in particular with respect to sound management structures, employee relations, remuneration of staff and tax compliance.
The Investment Manager monitors sustainability factors and risk exposures on a regular basis by reviewing
regular reporting on both the Investment Manager’s
proprietary and third-party ESG scores.
As explained above, the management and assessment of sustainability risks forms an important part of the Investment Manager's due diligence, however there may still be a risk that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations
under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Government Bond Futures Currency Futures Money Market Futures |
| --- | --- |
| Options | Options on Government Bond Futures Options on Currency Futures Currency Options (including FX Options) Bond Options |
| Forwards (de- liverable and non-deliver- able) | Forward Foreign Exchange Contracts |
| Swaps | Credit Default Swaps (single name, index and custom basket) Interest Rate Swaps Total Return Swaps (single name, credit, index and custom basket) |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit CDX American Investment Grade High Volatility Index Markit CDX North American Investment Grade Index Markit CDX North American High Yield Index Markit CDX North American High Yield Beta Index Markit CDX Emerging Markets Index Markit CDX Emerging Markets Diversified Index Markit iTraxx Europe Index Markit iTraxx Crossover Index Markit iTraxx Financial Index Markit iTraxx Subordinated Financial Index |
| Interest rate indices to provide exposure to interest rate markets and to express the managers view that the yield curve will move in a particular direction in a more cost effective or efficient manner than buying physical securities. | EURIBOR LIBOR SOFR SONIA |

The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both efficient portfolio management (EPM) and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. The remaining financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Relative VaR
Relative VaR Limit: Sub-Fund’s portfolio will not exceed twice the VaR on a representative benchmark portfolio (using a 20 Business Day holding period)
Relative VaR Benchmark: JP Morgan Emerging Markets Bond Index (EMBI) Global Index
Gross leverage is expected to vary between: 0 – 300% of the Net Asset Value. The gross leverage may exceed this target level at times
For more information on the Relative VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements and
repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 10% and in respect of SFTs shall be 100%
of the Net Asset Value of the Sub-Fund. However, it is not anticipated that the Sub-Fund’s exposure in respect of TRS will exceed 10% and in respect of SFTs will
exceed 15% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£, 1€ or 1CHF depending on the currency of the relevant class
(plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11 November respectively. Further details are set out under
the heading "The Company - Distribution Policy” in the
Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Emerging Markets Debt Local Currency Fund

### SUPPLEMENT 12 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. The use of FDI for investment purposes will not be extensive. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Insight Investment Management (Global) Limited
The Investment Manager may delegate its investment management functions to a Sub-Investment Manager and/or appoint a sub-investment adviser to provide investment advice in accordance with the requirements of the Central Bank. As at the date of this Supplement, the Investment Manager has appointed the Sub- Investment Manager, as described below.

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this
Sub-Fund to Insight North America LLC (the “Sub- Investment Manager”). Details of the Sub-Investment Management Agreement between the Investment
Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD A | USD | 5,000 | 5% | 1.50% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.50% | 0% |
| Euro A | EUR | 5,000 | 5% | 1.50% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 1.50% | 0% |
| Sterling A (Acc.) | GBP | 5,000 | 5% | 1.50% | 0% |
| Sterling A (Inc.) | GBP | 5,000 | 5% | 1.50% | 0% |
| Euro H (hedged) | EUR | 5,000 | 5% | 1.50% | 0% |
| Sterling H (Acc.) (hedged) | GBP | 5,000 | 5% | 1.50% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Sterling H (Inc.) (hedged) | GBP | 5,000 | 5% | 1.50% | 0% |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 1.50% | 0% |

| “B” Shares and “J (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Sterling B (Acc.) | GBP | 10,000 | 5% | 1.25% | 0% |
| Sterling J (Inc.) (hedged) | GBP | 10,000 | 5% | 1.25% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Acc.) | GBP | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Inc.) | GBP | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Acc.) (hedged) | GBP | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Inc.) (hedged) | GBP | 5,000 | 5% | 1.00% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD C | USD | 5,000,000 | 5% | 1.00% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 1.00% | 0% |
| Euro C | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| CHF I (Acc.) (hedged) | CHF | 5,000,000 | 5% | 1.00% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W | USD | 15,000,000 | 5% | 0.65% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.65% | 0% |
| Euro W | EUR | 15,000,000 | 5% | 0.65% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.65% | 0% |
| Euro W (hedged) | EUR | 15,000,000 | 5% | 0.65% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.65% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.65% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.65% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.65% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.65% | 0% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD X | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| CHF X (Inc.) | CHF | None | 0% | 0% | 0% |
| JPY X (Acc.) | JPY | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The investment objective of the Sub-Fund is to achieve a superior total return from a portfolio of bond and other debt instruments, including derivatives thereon, from emerging markets.

##### Investment Policy
The Sub-Fund will primarily invest, in a portfolio of emerging market bonds and other debt securities, denominated in the local currency of issue, such as international sovereign, government, supranational, agency, corporate, structured notes and bonds (which may be fixed or floating), and mortgage-backed and other asset-backed securities, or FDI thereon.
The Sub-Fund may also invest in other bonds denominated in a hard currency. Such emerging markets may include, but are not limited to, Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Jordan, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, Turkey and Venezuela.
The Sub-Fund will invest at least two thirds of its total Net Asset Value in bonds and other debt securities, or FDI thereon, issued by issuers having their registered seat in emerging market countries or exercising the preponderant part of their economic activity in emerging markets and a maximum of one third of its Net Asset Value in monetary papers with a maturity less than 12 months.
The Sub-Fund may invest a maximum of 25% of its Net Asset Value in convertible bonds.
In addition, the Sub-Fund will not invest more than 10% of its Net Asset Value in aggregate in collective investment schemes.
Such securities will be listed or traded on Eligible Markets located worldwide.
The Sub-Fund will not invest in equity or equity-related securities.
The Investment Manager will not be restricted by credit quality or maturity when making investment decisions. Therefore no minimum credit rating will apply to the investments of the Sub-Fund, which may be rated below investment grade.
The Sub-Fund may invest more than 10% and up to 35% of its Net Asset Value in debt securities issued and/or guaranteed by a single sovereign issuer (including its government, public or local authority) which is below investment grade (i.e. BB+ or below) as rated by a Recognised Rating Agency. Examples of such sovereign issuers are Turkey, Russia, South Africa and Brazil. Such investments are based on (i) the reference to the
“Benchmark (as defined below)” and/or (ii) the
professional judgment of the Investment Manager whose
reasons for investment may include a favourable / positive outlook on the sovereign issuer, potential for ratings upgrade and the expected changes in the value of such investments due to the ratings changes. Please note that ratings of sovereign issuers may change from time to time and the abovementioned sovereigns are named only for reference and are subject to change as their ratings change.
The Sub-Fund may invest up to 20% of its Net Asset Value in securities listed or traded on Russian markets.
The Sub-Fund may also invest up to 20% of its Net Asset Value in debt securities in the People’s Republic of China (“PRC”) traded in the China interbank bond market (“CIBM”) via Bond Connect (as further described Appendix VI to the Prospectus.)

##### Benchmark
JP Morgan GBI-EM Global Diversified TR Index (the
“Benchmark”).
The Benchmark is a comprehensive emerging market debt index that track local currency bonds issued by Emerging market governments. The Benchmark was launched in June 2005 and is the first comprehensive global local Emerging Markets index.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Benchmark subject to the investment objective and policy. While the majority of the Sub-Fund’s holdings are expected to be constituents of, and have
similar weightings to, the Benchmark, the investment strategy does not restrict the extent to which the Investment Manager may deviate from the Benchmark.

##### Investment Strategy
The Sub-Fund is an actively managed bond fund designed to maximise the total return from a fixed income portfolio of bonds and other debt instruments issued predominately in local currency by governments, agencies and corporations in emerging market economies, including the limited use of FDI.
The investment process is largely top-down, fundamental in nature, but it is also supported by the discipline of quantitative models. The Investment Manager seeks to overweight those countries experiencing deep, positive, fundamental changes, and underweighting or outright avoiding those countries whose currencies and/or bonds are supported primarily by short-term capital flows, which may reverse quickly in the future. The investment strategy is based on the analysis of medium-term (12 months ahead) sovereign fundamentals, with a goal of identifying shifts in country fundamentals a few months before they are priced in by the market.
At least two thirds of the Sub-Fund's Net Asset Value will be invested in securities issued by issuers located in (and/or conduct the greater part of their economic activity in) emerging market countries around the world.

##### The Sustainable Finance Disclosure Regulation
The management of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
As part of the bottom-up security research process, the Investment Manager assesses the environmental, social and governance factors of each portfolio investment for potential sustainability risks. These factors may include, but are not limited to, an issuers impact on the
environment, including emissions, land use and waste practices, and an issuer’s social policies and practices, including employee matters, supply chain practices and human rights policies. The Investment Manager’s internal credit research includes resources such as the Investment Manager’s proprietary ESG score as an input and is supplemented with third-party resources including
MSCI ESG data and ratings, Bloomberg ESG data, Sustainability Accounting Standards Board’s (SASB) Engagement Guide, credit rating agency research, sell-
side research and industry events. This research into
sustainability risks is taken into consideration, along with the Investment Manager’s macroeconomic research and credit analysis, in the security selection process.
The Investment Manager also assesses the governance practices of issuers through its fundamental research, supplemented by third-party governance scoring methodologies, in order to satisfy itself that the relevant
issuers follow good governance practices, in particular with respect to sound management structures, employee relations, remuneration of staff and tax compliance.
The Investment Manager monitors sustainability factors
and risk exposures on a regular basis by reviewing regular reporting on both the Investment Manager’s proprietary and third-party ESG scores.
As explained above, the management and assessment of sustainability risks forms an important part of the Investment Manager's due diligence, however there may still be a risk that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of
the principal adverse impact consideration regime in Article 4 SFDR, (the “PAI regime”). The Manager is supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Government Bond Futures Currency Futures Money Market Futures |
| --- | --- |
| Options | Options on Government Bond Futures Options on Currency Futures Currency Options (including FX Options) Bond Options |
| Forwards (de- liverable and non-deliver- able) | Forward Foreign Exchange Contracts |
| Swaps | Credit Default Swaps (single name, index and custom basket) Interest Rate Swaps Total Return Swaps (single name, credit, index and custom basket) |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

##### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both efficient portfolio management (EPM) and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit CDX American Investment Grade High Volatility Index Markit CDX North American Investment Grade Index Markit CDX North American High Yield Index Markit CDX North American High Yield Beta Index Markit CDX Emerging Markets Index Markit CDX Emerging Markets Diversified Index Markit iTraxx Europe Index Markit iTraxx Crossover Index Markit iTraxx Financial Index Markit iTraxx Subordinated Financial Index |
| Interest rate indices to provide exposure to interest rate markets and to express the managers view that the yield curve will move in a particular direction in a more cost effective or efficient manner than buying physical securities. | EURIBOR LIBOR SOFR SONIA |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. The remaining financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Relative VaR
Relative VaR Limit: Sub-Fund’s portfolio will not exceed twice the VaR on a representative benchmark portfolio (using a 20 Business Day holding period)
Relative VaR Benchmark: JP Morgan GBI-EM Global Diversified Index
Gross leverage is expected to vary between: 0 – 300% of the Net Asset Value. The gross leverage may exceed this target level at times.
For more information on the Relative VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements and
repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 10% and in respect of SFTs shall be 100%
of the Net Asset Value of the Sub-Fund. However, it is not anticipated that the Sub-Fund’s exposure in respect of TRS will exceed 10% and in respect of SFTs will
exceed 15% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£, 1€, 1CHF or 100¥ depending on the currency of the relevant
class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11 November. Further details are set out under the heading
"The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Brazil Equity Fund

### SUPPLEMENT 13 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
ARX Investimentos Ltda.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and Brazil.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro A | EUR | 5,000 | 5% | 2.00% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 2.00% | 0% |
| USD A | USD | 5,000 | 5% | 2.00% | 0% |
| Sterling A (Acc.) | GBP | 5,000 | 5% | 2.00% | 0% |
| Sterling A (Inc.) | GBP | 5,000 | 5% | 2.00% | 0% |
| DKK A (Acc.) | DKK | 50,000 | 5% | 2.00% | 0% |
| NOK A (Acc.) | NOK | 50,000 | 5% | 2.00% | 0% |
| SEK A (Acc.) | SEK | 50,000 | 5% | 2.00% | 0% |
| Euro H (hedged) | EUR | 5,000 | 5% | 2.00% | 0% |

| “B” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro B | EUR | 10,000 | 5% | 1.50% | 0% |
| USD B | USD | 10,000 | 5% | 1.50% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Sterling B (Acc.) | GBP | 10,000 | 5% | 1.50% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Acc.) | GBP | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Inc.) | GBP | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro C | EUR | 5,000,000 | 5% | 1.00% | 0% |
| USD C | USD | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |

| “W” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro W | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| USD W | USD | 15,000,000 | 5% | 0.75% | 0% |
| DKK W (Acc.) | DKK | 150,000,000 | 5% | 0.75% | 0% |
| NOK W (Acc.) | NOK | 150,000,000 | 5% | 0.75% | 0% |
| SEK W (Acc.) | SEK | 150,000,000 | 5% | 0.75% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to achieve long-term capital growth
through investment primarily (meaning at least three- quarters of the Sub-Fund’s total assets) in a portfolio of equity and equity-related securities of companies having
their registered office in Brazil or carrying out a preponderant part of their activities in Brazil.

##### Investment Policy
The Sub-Fund will invest at least three-quarters of its Net Asset Value in a portfolio of equity and equity-related securities (including preference shares, convertible preference shares, and American Depositary Receipts (listed in the United States)) of companies located in or exercising a preponderant part of their activities in Brazil.
Up to one-quarter of the Sub-Fund’s Net Asset Value may be invested in equity and equity-related securities of
companies which are neither located in Brazil nor exercising a preponderant part of their activities in Brazil.
Up to one-quarter of the Sub-Fund’s Net Asset Value may also be invested in convertible bonds (both fixed and floating rate, corporate and non-corporate, rated and
unrated), fixed and floating rate semi-government and corporate bonds (of investment grade quality or lower), cash, money market instruments (including, but not limited to, commercial paper, government bonds and
certificates of deposit) and, collective investment schemes (“CIS”).
The Sub-Fund may use FDI, as outlined below in the section headed “Use of FDI”. The Sub-Fund may on occasion hold warrants or stock purchase rights where
these have been acquired by the Sub-Fund as a result of corporate actions.
The majority of the Sub-Fund’s investments shall be listed or traded on Eligible Markets located in Brazil and the United States. The remainder of the Sub-Fund’s listed investments shall be listed or traded on Eligible Markets
located outside Brazil and the United States.
In addition, the Sub-Fund will not invest more than 10% of its Net Asset Value in aggregate in CIS.

##### Benchmark
MSCI Brazil 10/40 NR Index (the “Benchmark”).
The Benchmark is designed to measure the performance of the large and mid cap segments of the Brazilian market. The MSCI 10/40 equity indexes are designed and maintained on a daily basis to take into consideration the 10% and 40% concentration constraints on funds subject to the UCITS III Directive. With 55 constituents, the Benchmark covers approximately 85% of the free float- adjusted market capitalization in Brazil.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest outside the Benchmark subject to the investment objective and policy. However, as the Benchmark covers a
significant proportion of the investable universe, the majority of the Sub-Fund’s holdings will be constituents of the Benchmark but the weightings in the portfolio are
not influenced by those of the Benchmark. The investment strategy does not restrict the extent to which the Investment Manager may deviate from the Benchmark.

##### Investment Strategy
The Investment Manager will pursue a value strategy, with a view to investing in companies with high dividend yield ratios and the capability to preserve income and capital, that follows a combination of fundamental analysis and bottom-up stock selection in the approach to portfolio construction.
In addition, macroeconomic and business sector conditions are evaluated. Pursuing a value/income strategy ensures that only companies with sound business fundamentals, attractive valuations and a high dividend yield are included in the portfolio. Dividends are an important part of the investment decision, as is the valuation attractiveness related to future capital gains.
The portfolio construction process relies on quantitative optimization models, liquidity caps, company and sector diversification limits and attempts to minimize market risk and increase risk-adjusted returns.
Whilst the investors may benefit from short-term gains, the Investment Manager will not be targeting them specifically. The Investment Manager will pursue a value strategy with a view to investing in companies with high dividend yield ratios and the capability to preserve income and capital over the long-term. Because of the long-term nature of this Sub-Fund, the Investment Manager purchases equity and equity-related securities with a view to holding them for a period of 3 to 5 years.
The philosophy of the Investment Manager is based on a non-benchmarked and research driven quantitative investment process.
Stock selection focuses on companies with sustainable earnings (company level), a high dividend level (shareholder level), and attractive valuations.

##### The Sustainable Finance Disclosure Regulation
The management of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
Using both quantitative and qualitative processes, sustainability risk is identified, monitored and managed by the Investment Manager in the following manner:
- Prior to acquiring investments on behalf of the Sub- Fund, the Investment Manager considers ESG factors in order to screen the relevant investment against sustainability risk and to identify whether it is vulnerable to such risk. This process incorporates applying both an exclusion policy (whereby potential investments may be removed from the investment universe on the basis that they pose too great a sustainability risk to the Sub-Fund) and positive screening whereby those investments which are considered to have a low sustainability risk as well as strong financial performance are included in the investment universe. The Investment Manager alsoconducts fundamental analysis on each potential investment, using ESG data published by the issuer (where relevant) or proprietary research in order to allow it to assess the adequacy of ESG practices of an issuer to manage the sustainability risk it faces. The information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer and may, in certain circumstances, result in the Investment Manager investing in an issuer which apparently has a higher associated ESG risk where it believes that the market perception regarding its ESG practices does not fully capture recent positive sustainability-related changes which have been implemented by the relevant issuer.
- During the life of the investment, sustainability risk is monitored through review of ESG data published by the issuer (where relevant) or proprietary research to determine whether the level of sustainability risk has changed since the initial assessment has been conducted. Where the sustainability risk associated with a particular investment has increased beyond the ESG risk appetite for the Sub-Fund, theInvestment Manager will consider selling or reducing the Sub-Fund’s exposure to the relevant investment, taking into account the best interests of theShareholders of the Sub-Fund.

As explained above, the management and assessment of sustainability risks forms an important part of the
Investment Manager’s due diligence process, however,
there may still be a risk that the value of a Sub-Fund
could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
| Futures | Currency Futures |
| --- | --- |
| Options | Options on Currency Futures Currency Options (including FX Options) |

The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Forwards (de- liverable and non-deliver- able) | Forward Foreign Exchange Contracts |
| --- | --- |
| Securities with Embedded FDI/Leverage | Convertible Bonds Warrants Stock Purchase Rights |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial
purpose, are described in the Prospectus in the section entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Settlement Period
The settlement proceeds for this Sub-Fund must normally be paid in cleared funds in the base currency of the relevant class by telegraphic transfer to the bank account specified in the relevant application form within two Business Days immediately following the relevant
Valuation Day (“T+2”).

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending arrangements and repurchase/reverse repurchase
agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of SFTs shall be 100% of the Net Asset Value of the Sub-
Fund. However, it is not anticipated that the Sub-Fund’s
exposure in respect of SFTs will exceed 15% of the Net
Asset Value of the Sub-Fund. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£, 1€, 10DKK, 10NOK or 10SEK depending on the currency of
the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will
normally be paid on or before 11 February. Further details are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Long-Term Global Equity Fund

### SUPPLEMENT 14 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.


#### The Investment Manager
Walter Scott & Partners Limited

#### Base Currency
Euro

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro A | EUR | 5,000 | 5% | 2.00% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 2.00% | 0% |
| USD A | USD | 5,000 | 5% | 2.00% | 0% |
| Sterling A (Inc.) | GBP | 5,000 | 5% | 2.00% | 0% |
| Sterling A (Acc.) | GBP | 5,000 | 5% | 2.00% | 0% |
| USD H (Acc.) (hedged) | USD | 5,000 | 5% | 2.00% | 0% |
| DKK H (Acc.) (hedged) | DKK | 50,000 | 5% | 2.00% | 0% |
| NOK H (Acc.) (hedged) | NOK | 50,000 | 5% | 2.00% | 0% |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 2.00% | 0% |

| “B” Shares and “J (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro B | EUR | 10,000 | 5% | 1.50% | 0% |
| Sterling B (Inc.) | GBP | 10,000 | 5% | 1.50% | 0% |
| USD B | USD | 10,000 | 5% | 1.50% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| USD B (Inc.) | USD | 10,000 | 5% | 1.50% | 0% |
| CAD B (Acc.) | CAD | 10,000 | 5% | 1.50% | 0% |
| SGD B (Acc.) | SGD | 10,000 | 5% | 1.50% | 0% |
| SGD B (Inc.) | SGD | 10,000 | 5% | 1.50% | 0% |
| CNH B (Acc.) | CNH | 100,000 | 5% | 1.50% | 0% |
| HKD B (Acc.) | HKD | 100,000 | 5% | 1.50% | 0% |
| USD J (Acc.) (hedged) | USD | 10,000 | 5% | 1.50% | 0% |
| CAD J (Acc.) (hedged) | CAD | 10,000 | 5% | 1.50% | 0% |
| SGD J (Acc.) (hedged) | SGD | 10,000 | 5% | 1.50% | 0% |
| CNH J (Acc.) (hedged) | CNH | 100,000 | 5% | 1.50% | 0% |
| HKD J (Acc.) (hedged) | HKD | 100,000 | 5% | 1.50% | 0% |
| JPY J (Acc.) (hedged) | JPY | 1,000,000 | 5% | 1.50% | 0% |
| JPY J (Inc.) (hedged) | JPY | 1,000,000 | 5% | 1.50% | 0% |

| “G” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Acc.) | GBP | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Inc.) | GBP | 5,000 | 5% | 1.00% | 0% |

| “C” Shares and “I (hedged)” shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro C | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| USD C | USD | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| USD I (Inc.) (hedged) | USD | 5,000,000 | 5% | 1.00% | 0% |
| USD I (Acc.) (hedged) | USD | 5,000,000 | 5% | 1.00% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro W | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (hedged) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| USD W | USD | 15,000,000 | 5% | 0.75% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.75% | 0% |
| USD W (hedged) | USD | 15,000,000 | 5% | 0.75% | 0% |
| AUD W (Acc.) (hedged) | AUD | 15,000,000 | 5% | 0.75% | 0% |
| CAD W (Acc.) (hedged) | CAD | 15,000,000 | 5% | 0.75% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| HKD W (Acc.) (hedged) | HKD | 150,000,000 | 5% | 0.75% | 0% |
| CNH W (Acc.) (hedged) | CNH | 150,000,000 | 5% | 0.75% | 0% |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.75% | 0% |
| DKK W (Acc.) (hedged) | DKK | 150,000,000 | 5% | 0.75% | 0% |
| NOK W (Acc.) (hedged) | NOK | 150,000,000 | 5% | 0.75% | 0% |
| SEK W (Acc.) (hedged) | SEK | 150,000,000 | 5% | 0.75% | 0% |

| “S” Shares and “T (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Hurdle Rate |
| Euro S | EUR | 5,000,000 | 5% | 0.50% | 0% | 15% | MSCI World Index (with net dividends reinvested) In Euro terms |
| USD S (Acc.) 1 | USD | 5,000,000 | 5% | 0.50% | 0% | 15% | MSCI World Index (with net dividends reinvested) in USD terms |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| Sterling X | GBP | None | 0% | 0% | 0% |


#### Performance Fee
In addition to the annual management charge, the Manager will be entitled to an annual performance fee
(the “Performance Fee”) subject to the conditions outlined
below. The rate at which the Performance Fee shall be
applied is set out in the table above. Performance Fees reduce the value of your investment and the investment return you will receive.
The Performance Fee in respect of each relevant Share Class is calculated as the performance fee rate (set out in the table above) of the Share Class Return (as defined below) over the Hurdle Rate Return (as defined below).
The Performance Fee will be calculated in respect of each twelve-month period ending on the 31 December
(the “Calculation Period”). The first Calculation Period will
be the period commencing on the Business Day
immediately following the closing of the Initial Offer Period and ending on 31 December of the same year.
The “Share Class Return” is calculated on each Valuation Day and is the percentage difference between the Adjusted Net Asset Value on such Valuation Day and the
Adjusted Net Asset Value on the previous Valuation Day.
The “Adjusted Net Asset Value” is the Net Asset Value of the relevant share class (which includes an accrual for all fees and expenses including the annual management
charge and the operating and administrative expenses to be borne by the relevant share class, adjusted for any
dividend distributions) but without deduction of any Performance Fee accrued since the start of the Calculation Period.
The “Hurdle Rate” is set out in the table above and is consistent with the investment policy of the Sub-Fund. A hurdle rate is a predetermined level of return a fund
must exceed to earn a performance fee. Past performance of the Sub-Fund against MSCI World NR Index is disclosed in the KIID for the relevant Class of Shares.
The “Hurdle Rate Return” is calculated on each Valuation Day and is the percentage difference between the Hurdle Rate on such Valuation Day and the Hurdle Rate on the
previous Valuation Day.
On each Valuation Day, an Adjusted Net Asset Value is calculated in respect of each share class for which the Performance Fee applies. If the Share Class Return exceeds the Hurdle Rate Return, a Performance Fee is accrued.
If the Share Class Return does not exceed the Hurdle Rate Return, the Performance Fee accrual is reduced (not below zero). The Performance Fee is reduced by an amount calculated as the performance fee percentage (as set out in the table above) of the underperformance of the Share Class Return against the Hurdle Rate Return (the negative return) multiplied by the Shares in issue.
Once the Performance Fee accrual has been reduced to zero, no new Performance Fee is accrued until (i) the
cumulative Share Class Return exceeds the cumulative Hurdle Rate Return since the beginning of the Calculation Period.
Clawback – Following a Calculation Period in which no Performance Fee has been charged, no Performance Fee
will accrue until the cumulative Share Class Return (since the last Valuation Day of the last accounting year in which a Performance Fee was charged) exceeds the cumulative Hurdle Rate Return (since the last Valuation Day of the last accounting year in which a Performance Fee was charged).
If no Performance Fee has been charged since the launch of a share class, no Performance Fee will accrue until such time as the cumulative Share Class Return (since the launch of that share class) exceeds the cumulative Hurdle Rate Return accrued since the launch of that share class.
The Performance Fee accrued on each Valuation Day is reflected in the Net Asset Value per Share on the basis of which subscriptions, redemptions, switches or transfers may be accepted.
Included in the calculation of the Performance Fee shall be net realised and unrealised capital gains plus net realised and unrealised capital losses as at the end of the relevant period. As a result, Performance Fees may be paid on unrealised gains which may subsequently never be realised.
Positive performance may be generated by market movements as well as active portfolio management; this may lead to circumstances where a portion of the Performance Fee is paid based on market movements.
The calculation of the Performance Fee is not open to the possibility of manipulation and shall be verified by the Depositary.
The Performance Fee is calculated and accrued on each Valuation Day and paid yearly in arrears, in respect of each Calculation Period. Any Performance Fee due will generally be paid within 30 Business Days after the end of each Calculation Period, the date of any redemption, the date of a merger (subject to the requirements of the Central Bank), the date of termination of the Management Agreement or such other date on which the Company or the Sub-Fund may be liquidated or cease trading.

##### Examples of how the performance fee will be calculated
Please note the performance fee model allows for performance fees to be charged where the Sub-Fund has outperformed the Hurdle Rate, but overall has negative performance.
| Valuation Day | Adjusted Net Asset Value at end of Calculation Period | Hurdle Rate Return ex- pressed in pence | Excess Return expressed in pence* | Performance Fee** | Net Asset Value at end of Calculation Period | Description of the example |
| --- | --- | --- | --- | --- | --- | --- |
| 31 December (year one) | 105p | 102p | 3p | 0.45p | 104.55p | Performance of the Adjusted Net Asset Value over the Calculation Period resulted in an Adjusted Net Asset Value of 105p at end of year one, which is higher than the Hurdle Rate Return of 102p and the Excess Return of 3p is positive. Therefore, a Performance Fee of 0.45p was paid. |
| 31 December (year two) | 95p | 106p | 0p | 0p | 95p | Performance of the Adjusted Net Asset Value over the Calculation Period resulted in an Adjusted Net Asset Value of 95p at the end of year two, which is lower than the Hurdle Rate Return of 106p. Therefore, no Performance Fee was paid. |
| 31 December (year three) | 104p | 105p | 0p | 0p | 104p | Performance of the Adjusted Net Asset Value over the Calculation Period resulted in an Adjusted Net Asset Value of 104p at end of year three, which is lower than the Hurdle Rate Return of 105p. Therefore, no Performance Fee was paid. |

| Valuation Day | Adjusted Net Asset Value at end of Calculation Period | Hurdle Rate Return ex- pressed in pence | Excess Return expressed in pence* | Performance Fee** | Net Asset Value at end of Calculation Period | Description of the example |
| --- | --- | --- | --- | --- | --- | --- |
| 31 December (year four) | 110p | 108p | 2p | 0.30p | 109.70p | Performance of the Adjusted Net Asset Value over the Calculation Period resulted in an Adjusted Net Asset Value of 110p at end of year four, which is higher than the Hurdle Rate of 108p and the Excess Return of 2p is positive. Therefore, a Performance Fee of 0.30p was paid. |

*Excess Return is the outperformance of the Share Class Return over the Hurdle Rate Return
**15% of Excess Return

#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The objective of the Sub-Fund is to achieve long-term capital appreciation through investing primarily (meaning
at least three-quarters of the Sub-Fund’s total assets) in
a portfolio of equity and equity related securities of
companies located throughout the world.

##### Investment Policy
The Sub-Fund will invest primarily (meaning at least three-quarters of the Sub-Fund’s Net Asset Value) in a portfolio of equity and equity-related securities of
companies located worldwide, the majority of which shall be listed or traded on Eligible Markets. Equity-related securities shall include common and preferred stocks and shares, convertible preference shares and warrants. Investment in warrants are subject to a limit of 10% of the Net Asset Value of the Sub-Fund.
The Sub-Fund may also invest indirectly in global equity securities through instruments such as American Depositary Receipts and Global Depositary Receipts
(collectively “Depositary Receipts”).
While the Investment Manager may allocate the Sub- Fund’s assets without limitation among geographic regions and individual countries based on its analysis of
global economic, political and financial conditions, the Sub-Fund may have significant exposure to certain
markets including the U.S. Up to 20% in value of the Sub- Fund’s Net Asset Value may be invested in equity or equity-related securities of companies located in
emerging market countries. For these purposes, “emerging market countries” will be those countries identified as such for the purposes of the Morgan Stanley
Capital International Emerging Markets Index (an index designed to measure equity market performance in global emerging markets) (including any subsequent amendments or replacement of the index as may be implemented by the index provider). In determining where the issuer of a security is located, the Investment Manager looks at such factors as its country of organisation, the primary trading market for its securities, and the location of its assets, personnel, sales, and earnings.
There is no restriction on market capitalisation in relation to the equity and equity-related securities which the
Sub-Fund may invest in.
Up to one-quarter of the Sub-Fund’s Net Asset Value may also be invested in bonds which may be fixed or floating
rate, government or corporate convertible debt securities and money market instruments (including, but not limited to, commercial paper, government bonds and certificates of deposit) or as cash. The debt securities which the
Sub-Fund may invest in shall be rated investment grade ( i.e. BBB-/Baa3) or above as rated by a Recognised Rating Agency.
The Sub-Fund will not invest more than 10% of its Net Asset Value in collective investment schemes.
The Sub-Fund may invest in FDI for hedging and efficient portfolio management purposes.
In general, the Sub-Fund will be exposed to the currency fluctuations that are incidental to its investment in equity and equity-related securities. While the Investment Manager will not seek to add value by speculating in
currencies, it will generally leave the Sub-Fund’s currency
exposure unhedged. Notwithstanding the foregoing, the
Investment Manager will regularly monitor and review currency exposure and will employ currency hedging when the Investment Manager perceives that currency exposure presents significant risk. Any currency hedging generally will be conducted through American-style OTC currency options that are negotiated with major banks and broker-dealers. American-Style OTC options can be exercised on any business day up to and including the expiry date, unlike European-style OTC options which can only be exercised at expiry. These options will be designed to enable the Sub-Fund to convert the value of equity and equity-related securities into EUR at an
agreed rate on the day that the option contract is entered into.

##### Benchmark
MSCI World NR Index (the “Benchmark”).
The Benchmark is a broad global equity index that is designed to represent the performance of large and mid cap securities across 23 developed markets countries including: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States of America. The Benchmark covers approximately 85% of the free float- adjusted market capitalisation in each country.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Benchmark subject to the investment objective and policy. While the Sub-Fund’s holdings may include constituents of the Benchmark, the selection of
investments and their 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.

##### Investment Strategy
The investment strategy of the Sub-Fund is to achieve long-term capital growth through investing primarily in a portfolio of equity and equity-related securities of companies located throughout the world (see Investment Policy for further details).
The investment philosophy and process is consistent with the Investment Manager’s philosophical framework: a long-term investment approach based on rigorous
bottom-up company analysis with the aim of identifying companies with superior wealth generation prospects. This reflects a fundamental belief that, over time, a
portfolio’s investment return never exceeds the wealth
created by the underlying companies. As a result, the focus of the Investment Manager’s research team is to identify those companies with wealth generation capabilities consistent with the portfolio’s investment objective.
The Investment Manager's philosophy is based on detailed fundamental research looking at the growth potential of particular securities over a period of time. Because of the long-term nature of this Sub-Fund, it is expected that the equity and equity-related securities within the portfolio will be purchased with a view to holding them for a period of 3 to 5 years or longer. The portfolio turnover will remain low throughout the life of the Sub-Fund as it is integral to the Investment
Manager’s process as described above. As such, whilst
investors may benefit from short-term gains, the
Investment Manager will not be targeting them specifically.

##### The Sustainable Finance Disclosure Regulation
The management of sustainability risk is fully integrated into the investment process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
When researching any company, regardless of geography and sector, the Investment Manager applies the same analytical framework. This framework is both quantitative and qualitative and involves analysis of historical financial records alongside consideration of seven key areas of investigation:
- business activities and physical footprint
- integrity, sustainability and governance
- market characteristics
- control of destiny
- financial profile
- management and board
- valuation and tradingThe Investment Manager’s analysis of integrity, sustainability and governance practices includesassessing and monitoring companies on relevant and material factors across four key areas:
- environmental considerations
- climate risk and climate change
- human and social capital
- governanceThis process allows the Investment Manager to examine every factor that could affect the long-term success of abusiness before investing. As part of the Investment Manager’s ongoing assessment of a company, it is updated, reviewed and discussed annually, allowing theInvestment Manager to monitor progress over time.

While all research is the Investment Manager’s own, it is augmented with information and analysis from external sources, including third-party research providers,
academics and subject matter experts. The Investment Manager’s regular engagement with company management also contributes to its overall assessment
of a company.
As explained above, the management and assessment of sustainability risks is fully integrated into the Investment Manager's investment process, however there may still be a risk that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of
the principal adverse impact consideration regime in Article 4 SFDR, (the “PAI regime”). The Manager is supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Registration in Hong Kong
This Sub-Fund is registered for sale in Hong Kong.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 50% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
In utilising FDI for EPM purposes, the Sub-Fund may gain indirect exposure to financial indices.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending arrangements and repurchase/reverse repurchase
agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of SFTs shall be 100% of the Net Asset Value of the Sub-
Fund. However, it is not anticipated that the Sub-Fund’s
exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£, 1€, 1CAD, 1AUD, 1CHF, 1SGD, 10HKD, 10CNH, 10DKK, 10NOK,
10SEK or 100 ¥ depending on the currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February. Further details
are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Global Real Return Fund (USD)

### SUPPLEMENT 15 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
- The Sub-Fund may invest substantially in deposits with credit institutions. Although the Sub-Fund may invest in money market instruments and cash deposits, Shares in the Sub-Fund are not deposits and are different in nature to a deposit in that the investment is not guaranteed and the value of the investment is capable of fluctuation. Investment in the Sub-Fund involves certain investment risks, including the possible loss of principal.


#### The Investment Manager
Newton Investment Management Limited

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this
Sub-Fund to Newton Investment Management North America LLC (the “Sub-Investment Manager”). Details of the Sub-Investment Management Agreement between the
Investment Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD A | USD | 5,000 | 5% | 1.50% | 0% | SOFR (30-day compounded) +4% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.50% | 0% | SOFR (30-day compounded) +4% |
| AUD H (Acc.) (hedged) | AUD | 5,000 | 5% | 1.50% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 4% |
| CAD H (Acc.) (hedged) | CAD | 5,000 | 5% | 1.50% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |
| CNH H (Acc.) (hedged) | CNH | 50,000 | 5% | 1.50% | 0% | 1 Month CNH HIBOR + 4% |
| SGD H (Acc.) (hedged) | SGD | 5,000 | 5% | 1.50% | 0% | 1 Month SGD SIBOR + 4% |

| “G” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD G (Acc.) | USD | 5,000 | 5% | 1.00% | 0% | SOFR (30-day compounded) +4% |
| USD G (Inc.) | USD | 5,000 | 5% | 1.00% | 0% | SOFR (30-day compounded) +4% |

| “C” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD C | USD | 5,000,000 | 5% | 1.00% | 0% | SOFR (30-day compounded) +4% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 1.00% | 0% | SOFR (30-day compounded) +4% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD W | USD | 15,000,000 | 5% | 0.75% | 0% | SOFR (30-day compounded) +4% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.75% | 0% | SOFR (30-day compounded) +4% |
| AUD W (Acc.) (hedged) | AUD | 15,000,000 | 5% | 0.75% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 4% |
| CAD W (Inc.) (hedged) | CAD | 15,000,000 | 5% | 0.75% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |
| CAD W (Acc.) (hedged) | CAD | 15,000,000 | 5% | 0.75% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |
| CNH W (Acc.) (hedged) | CNH | 150,000,000 | 5% | 0.75% | 0% | 1 Month CNH HIBOR + 4% |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.75% | 0% | 1 Month SGD SIBOR + 4% |

| “Z (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| CAD Z (Acc.) (hedged) | CAD | 200,000,000 | 5% | 0.65% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |
| CAD Z (Inc.) (hedged) | CAD | 200,000,000 | 5% | 0.65% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD X | USD | None | 0% | 0% | 0% | SOFR (30-day compounded) +4% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| --- | --- | --- | --- | --- | --- | --- |
| CAD X (Acc.) (hedged) | CAD | None | 0% | 0% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |
| CAD X (Inc.) (hedged) | CAD | None | 0% | 0% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The objective of the Sub-Fund is to achieve a total return in excess of a cash benchmark (as described below) over an investment horizon of 3-5 years.

##### Investment Policy
The Sub-Fund will use its ability to invest freely in a wide range of asset classes, aiming to have a reasonably moderate risk exposure at any point in time. The Sub-
Fund is a multi-asset global portfolio. Allocations will be made at the Investment Manager’s discretion, based upon the Investment Manager’s proprietary global investment approach, both within each asset class and
among the asset classes. The Sub-Fund need not be invested in all of the asset classes at any one time.
In general, the Sub-Fund may invest in equities, equity- related securities, debt and debt-related securities, FDI
(including currency related FDI), collective investment schemes (“CIS”), deposits, cash, money market instruments and cash equivalents, each of which is
discussed in more detail below.
In relation to the equity and equity-related securities that the Sub-Fund may invest in, these will be principally, but not limited to common shares, preference shares, securities convertible into or exchangeable for such equities, American Depositary Receipts and Global Depository Receipts listed or traded on Eligible Markets located worldwide.
In relation to the debt and debt-related securities, that the Sub-Fund may invest in, these will be principally, but not limited to international, sovereign, government, supranational agency, corporate, bank and other bonds and other debt and debt-related securities (such as debentures, notes (including corporate, sovereign, floating and fixed rate notes with a minimum term of one year or more) and asset and mortgage-backed securities, each of which may be fixed or floating rate.
The Sub-Fund may invest in investment grade or below investment grade, as determined by a Recognised Rating Agency. Investment in sub-investment grade fixed income securities is not expected to exceed 30% of the Sub-
Fund’s Net Asset Value and will generally be substantially
lower than 30%.
The Sub-Fund may invest up to 10% of its Net Asset Value in CoCos. Please see “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos.
The Sub-Fund may invest up to 10% of its Net Asset Value in Structured Notes.
The Sub-Fund may invest more than 10% and up to 35% of its Net Asset Value in debt securities issued and/or guaranteed by a single sovereign issuer (including its government, public or local authority) which is below investment grade (i.e. BB+ or below) a Recognised Rating Agency. Examples of such sovereign issuers are Brazil, Indonesia and Hungary. Such investments are based on the professional judgement of the Investment Manager, whose reasons for investment may include a favourable/ positive outlook on the sovereign issuer, potential for ratings upgrade and the expected changes in the value of such investments due to the ratings changes. Please note the ratings of sovereign issuers may change from time to time and the abovementioned sovereigns are named only for reference and are subject to change as their ratings change.
In addition, the Sub-Fund will not invest more than 10% of its Net Asset Value in aggregate in CIS.
To provide liquidity and cover for exposures generated through the use of FDI, the majority of the Sub-Fund’s assets may, at any one time, be invested in cash, money
market instruments including, but not limited to, commercial paper, government bonds which may be fixed or floating rate, investment grade or below investment grade (as determined by a Recognised Rating Agency), certificates of deposit and CIS.
The Sub-Fund may invest in commodities, property, renewable energy and infrastructure through a combination of CIS (including open-ended exchange traded funds), equity and equity-related securities (such
as listed real estate investment trusts (“REITS”) and other
closed end listed funds) and fixed income securities
(such as exchange traded notes (including exchange traded commodities and exchange traded certificates)). Any investment in closed-ended listed funds shall constitute an investment in a transferable security in accordance with the requirements of the Central Bank.
The Sub-Fund is not subject to any specific geographic or market sector.
The Sub-Fund may also invest up to 10% of its Net Asset Value in debt and debt-related securities in the People’s Republic of China (“PRC”) traded in the China interbank bond market (“CIBM”) via Bond Connect (as further described Appendix VI to the Prospectus.)
Methods of gaining exposure to Chinese securities may include purchasing China A-shares via the Stock Connect. The Sub-Fund may invest up to 10% of its Net Asset Value in China A-shares via the Stock Connect. Further details about the Stock Connect are set out in Appendix V to the Prospectus.
The Sub-Fund may invest up to 10% of its Net Asset Value in transferable securities not listed or traded on Eligible Markets.

##### Benchmark
SOFR (30-day compounded)+ 4% per annum (the “Cash Benchmark”).
The Sub-Fund uses the Cash Benchmark as a target set for the Sub-Fund’s performance to match or exceed over 5 years before fees.
SOFR (the Secured Overnight Financing Rate) is a broad measure of the cost of borrowing cash overnight collateralised by U.S. Treasuries and is administered by the New York Federal Reserve.
The Sub-Fund is actively managed, which means the Investment Manager has discretion over the selection of investments, subject to the investment objective and policy.

##### Investment Strategy
The investment philosophy is based upon the conviction of the Investment Manager that no company, market or economy can be considered in isolation; each must be understood in a global context. The Investment Manager believes that events occurring around the world influence all financial markets and therefore successful investment in internationally diversified securities requires a thorough understanding of the world as a whole.
The Investment Manager identifies themes which encompass the major areas of change in the world and use these themes as the basis of their investment ideas. This global, thematic approach allows the Investment Manager to gain long-term perspective on global financial
markets and economies and always to consider the ‘big picture’. Perspective is a defining feature of their investment process; it helps them to anticipate how the
world will change and it directs analysts and portfolio managers towards profitable opportunities.
The Global Real Return strategy is an actively managed multi-asset strategy, investing predominantly in
‘conventional’ assets, with the use of FDI to protect
capital or to generate income. The multi-asset targeted
return portfolios are constructed holistically and follow an unconstrained investment approach, with no regional, sector or indices constraints. The Investment Manager customises the investment characteristics that they seek to the changes we see in the investing environment. The
asset allocation of the Sub-Fund may change according to the Investment Manager’s views of fundamental economic and market conditions and investment trends
across the globe, taking into consideration factors such as liquidity, costs, timing of execution, relative attractiveness of individual securities and issuers available in the market.

##### The Sustainable Finance Disclosure Regulation
The consideration of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
The Investment Manager has access to a variety of ESG- related data points provided by third party data which assists with the identification of potential ESG-related issues that an issuer may be facing. This includes but is
not limited to exposure to activities that may be deemed
harmful to the environment or society. This data, along with data from the Investment Manager’s own proprietary responsible investment research resources, forms a central part of the Investment Manager’s consideration and assessment of the level of sustainability risk that an
investment may be subject to.
This assessment is integrated in to the security level research process, which is based upon fundamental analysis of individual investment opportunities across a number of different factors including:
- Fundamental financial or economic characteristics
- Valuation
- Risk/reward profile
- The ESG characteristics of the issuer, including understanding how such considerations can impact economic returnsThe information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer or continue to hold a position.

As explained above, the assessment and management of
sustainability risks forms an important part of the Investment Manager’s due diligence process, however, there may still be a risk that the value of the Sub-Fund
could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Currency Futures Government Bond Futures Equity Index Futures Volatility Index Futures Equity Futures |
| --- | --- |

| Options | Equity Options (single name, index, sector custom basket) Low Exercise Price Options (LEPOs) and Low Exercise Price Warrants (LEPWs) Index Options Bond Options Options on Currency Futures Swaptions Options on Volatility Indices Currency Options (including FX Options) Options on Futures |
| --- | --- |
| Swaps | Credit Default Swaps (single name, index and custom basket) Interest Rate Swaps Equity Swaps (single name, index, sector and custom basket) Variance Swaps Total Return Swaps (single name, credit, index and custom basket) Contracts for Difference |
| Forwards | Forward Foreign Exchange Contracts |
| Securities with Embedded FDI/Leverage | Convertible Bonds Contingent Convertible Securities (CoCos) Asset-Backed Securities (ABS) Mortgage-Backed Securities (MBS) Warrants Structured Notes |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. The remaining financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX–Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.
Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial
purpose, are described in the Prospectus in the section entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit iTraxx CDS Index |
| Equity indices to provide exposure to regional and global equity markets in a more cost effective or efficient manner than buying the physical securities. | Borsa Istanbul 30 Dax 30 Index Euro Stoxx 50 Index FTSE 100 Index FTSE All Share Index FTSE World Index Hang Seng Index KOSPI Index MDAX Index MSCI All Countries World Index MSCI Emerging Markets Index Nasdaq Composite Index Nikkei 225 Index Russell 2000 Index S&P/ASX 200 Index S&P/TSX Composite Index S&P 500 Index Stoxx Europe 600 Index Stoxx Europe Small 200 |
| Volatility indices to provide exposure express the Investment Manager’s view on the volatility of a particular market or currency in a more cost effective or efficient manner than buying the physical securities. | Chicago Board Options Exchange SPX Volatility Index |

The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total net long exposure (after taking account of hedging) through FDI is not expected to exceed 100% of the Net Asset Value of the Sub-Fund and the total net short exposure is not expected to exceed 100% of the Net Asset Value of the Sub-Fund (using the commitment approach).

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Absolute VaR
Absolute VaR Limit: Sub-Fund’s portfolio will not exceed 20% of the Net Asset Value (using a 20 Business Day holding period).
Gross leverage is expected to vary between: 0% to 1000% of the Sub-Fund’s Net Asset Value. The gross leverage may exceed this target level at times.
For more information on the Absolute VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements and
repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 100% and in respect of SFTs shall be 100%
of the Net Asset Value of the Sub-Fund. However, it is not anticipated that the Sub-Fund’s exposure in respect of TRS will exceed 30% and in respect of SFTs will
exceed 15% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1€, 1CAD, 1AUD, 1SGD, 10HKD or 10CNH depending on the currency
of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will
normally be paid on or before 11 February. Further details are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Global Real Return Fund (EUR)

### SUPPLEMENT 16 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors
- The Sub-Fund may invest substantially in deposits with credit institutions. Although the Sub-Fund may invest in money market instruments and cash deposits, Shares in the Sub-Fund are not deposits and are different in nature to a deposit in that the investment is not guaranteed and the value of the investment is capable of fluctuation. Investment in the Sub-Fund involves certain investment risks, including the possible loss of principal.


#### The Investment Manager
Newton Investment Management Limited

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this
Sub-Fund to Newton Investment Management North America LLC (the “Sub-Investment Manager”). Details of the Sub-Investment Management Agreement between the
Investment Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
Euro

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Euro A | EUR | 5,000 | 5% | 1.50% | 0% | 1 Month EURIBOR + 4% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 1.50% | 0% | 1 Month EURIBOR + 4% |
| Sterling H (Acc.) (hedged) | GBP | 5,000 | 5% | 1.50% | 0% | SONIA (30-day compounded) + 4% |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 1.50% | 0% | SARON (30-day compounded) + 4% |
| USD H (Acc.) (hedged) | USD | 5,000 | 5% | 1.50% | 0% | SOFR (30-day compounded) + 4% |
| AUD H (Acc.) (hedged) | AUD | 5,000 | 5% | 1.50% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 4% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| --- | --- | --- | --- | --- | --- | --- |
| CAD H (Acc.) (hedged) | CAD | 5,000 | 5% | 1.50% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |
| HKD H (Acc.) (hedged) | HKD | 50,000 | 5% | 1.50% | 0% | 1 Month HKD HIBOR + 4% |
| CNH H (Acc.) (hedged) | CNH | 50,000 | 5% | 1.50% | 0% | 1 Month CNH HIBOR + 4% |
| SGD H (Acc.) (hedged) | SGD | 5,000 | 5% | 1.50% | 0% | 1 Month SGD SIBOR + 4% |

| “G” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Euro G (Acc.) | EUR | 5,000 | 5% | 1.00% | 0% | 1 Month EURIBOR + 4% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% | 1 Month EURIBOR + 4% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Euro C | EUR | 5,000,000 | 5% | 1.00% | 0% | 1 Month EURIBOR + 4% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 1.00% | 0% | 1 Month EURIBOR + 4% |
| CHF I (Acc.) (hedged) | CHF | 5,000,000 | 5% | 1.00% | 0% | SARON (30-day compounded) + 4% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Euro W | EUR | 15,000,000 | 5% | 0.75% | 0% | 1 Month EURIBOR + 4% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.75% | 0% | 1 Month EURIBOR + 4% |
| USD W (Acc.) (hedged) | USD | 15,000,000 | 5% | 0.75% | 0% | SOFR (30-day compounded) + 4% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.75% | 0% | SONIA (30-day compounded) + 4% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.75% | 0% | SARON (30-day compounded) + 4% |
| AUD W (Acc.) (hedged) | AUD | 15,000,000 | 5% | 0.75% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 4% |
| CAD W (Acc.) (hedged) | CAD | 15,000,000 | 5% | 0.75% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |
| HKD W (Acc.) (hedged) | HKD | 150,000,000 | 5% | 0.75% | 0% | 1 Month HKD HIBOR + 4% |
| CNH W (Acc.) (hedged) | CNH | 150,000,000 | 5% | 0.75% | 0% | 1 Month CNH HIBOR + 4% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| --- | --- | --- | --- | --- | --- | --- |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.75% | 0% | 1 Month SGD SIBOR + 4% |

| “Z” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Euro Z (Inc.) | EUR | 200,000,000 | 5% | 0.65% | 0% | 1 Month EURIBOR + 4% |
| Euro Z (Acc.) | EUR | 200,000,000 | 5% | 0.65% | 0% | 1 Month EURIBOR + 4% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Euro X | EUR | None | 0% | 0% | 0% | 1 Month EURIBOR + 4% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The objective of the Sub-Fund is to achieve a total return in excess of a cash benchmark (as described below) over an investment horizon of 3-5 years.

##### Investment Policy
The Sub-Fund will use its ability to invest freely in a wide range of asset classes, aiming to have a reasonably moderate risk exposure at any point in time. The Sub-
Fund is a multi-asset global portfolio. Allocations will be made at the Investment Manager’s discretion, based upon the Investment Manager’s proprietary global investment approach, both within each asset class and
among the asset classes. The Sub-Fund need not be invested in any or all of the asset classes at any one time.
In general, the Sub-Fund may invest in equity, equity- related securities, debt and debt-related securities, FDI
(including currency related FDI), collective investment schemes (“CIS”), deposits, cash, money market instruments and cash equivalents, each of which is
discussed in more detail below.
In relation to the equity and equity-related securities that the Sub-Fund may invest in, these will be principally, but not limited to common shares, preference shares, securities convertible into or exchangeable for such equities, American Depositary Receipts and Global Depository Receipts listed or traded on Eligible Markets located worldwide.
In relation to the debt and debt-related securities that the Sub-Fund may invest in, these will be principally, but not limited to international, sovereign, government, supranational agency, corporate, bank and other bonds and other debt and debt-related securities (such as
debentures, notes (including corporate, sovereign, floating and fixed rate notes with a minimum term of one year or more) and asset and mortgage-backed securities, each of which may be fixed or floating rate.
The Sub-Fund may invest in investment grade or below investment grade, as determined by a Recognised Rating Agency. Investment in sub-investment grade fixed income securities is not expected to exceed 30% of the Sub-
Fund’s Net Asset Value and will generally be substantially
lower than 30%.
The Sub-Fund may invest up to 10% of its Net Asset Value in CoCos. Please see “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos.
The Sub-Fund may invest up to 10% of its Net Asset Value in structured notes.
The Sub-Fund may invest more than 10% and up to 35% of its Net Asset Value in debt securities issued and/or guaranteed by a single sovereign issuer (including its government, public or local authority) which is below investment grade (i.e. BB+ or below) as rated by a Recognised Rating Agency. Examples of such sovereign issuers are Brazil, Indonesia and Hungary. Such investments are based on the professional judgement of the Investment Manager, whose reasons for investment may include a favourable/positive outlook on the sovereign issuer, potential for ratings upgrade and the expected changes in the value of such investments due to the ratings changes. Please note the ratings of sovereign issuers may change from time to time and the abovementioned sovereigns are named only for reference and are subject to change as their ratings change.
In addition, the Sub-Fund will not invest more than 10% of its Net Asset Value in aggregate in CIS.
To provide liquidity and cover for exposures generated through the use of FDI, the majority of the Sub-Fund’s assets may, at any one time, be invested in cash, money
market instruments including, but not limited to, commercial paper, government bonds which may be fixed or floating rate, investment grade or below investment grade (as determined by a Recognised Rating Agency) certificates of deposit and CIS.
The Sub-Fund may invest in commodities, property, renewable energy and infrastructure through a combination of CIS (including open-ended exchange
traded funds), equity and equity-related securities (such as listed real estate investment trusts (“REITS”) and other closed end listed funds) and fixed income securities
(such as exchange traded notes (including exchange traded commodities and exchange traded certificates)). Any investment in closed-ended listed funds shall constitute an investment in a transferable security in accordance with the requirements of the Central Bank. The Sub-Fund may also invest up to 10% of its Net Asset
Value in debt and debt-related securities in the People’s Republic of China (“PRC”) traded in the China interbank bond market (“CIBM”) via Bond Connect (as further described Appendix VI to the Prospectus.)
Methods of gaining exposure to Chinese securities may include purchasing China A-shares via the Stock Connect. The Sub-Fund may invest up to 10% of its Net Asset Value in China A-shares via the Stock Connect. Further details about the Stock Connect are set out in Appendix V to the Prospectus.
The Sub-Fund may invest up to 10% of its Net Asset Value in transferable securities not listed or traded on Eligible Markets.

##### Benchmark
1 Month EURIBOR + 4% per annum (the “Cash Benchmark”).
The Sub-Fund uses the Cash Benchmark as a target set for the Sub-Fund’s performance to match or exceed over 5 years before fees.
EURIBOR is the Euro Interbank Offer Rate and is a reference rate that is constructed from the average interest rate at which Eurozone banks offer unsecured short-term lending on the inter-bank market.
The Sub-Fund is actively managed, which means the Investment Manager has discretion over the selection of investments, subject to the investment objective and policy.

##### Investment Strategy
The investment philosophy of the Investment Manager is based upon the conviction that no company, market or economy can be considered in isolation; each must be understood in a global context. The Investment Manager believes that events occurring around the world influence all financial markets and therefore successful investment in internationally diversified securities requires a thorough understanding of the world as a whole.
The Investment Manager identifies themes which encompass the major areas of change in the world and use these themes as the basis of their investment ideas. This global, thematic approach allows the Investment
Manager to gain long-term perspective on global financial markets and economies and always to consider the ‘big picture’. Perspective is a defining feature of their
investment process; it helps them to anticipate how the world will change and it directs analysts and portfolio managers towards profitable opportunities.
The Global Real Return strategy is an actively managed multi-asset strategy, investing predominantly in
‘conventional’ assets, with the use of FDI to protect
capital or to generate income. The multi-asset targeted
return portfolios are constructed holistically and follow an unconstrained investment approach, with no regional, sector or indices constraints. The Investment Manger customises the investment characteristics that they seek to the changes they see in the investing environment. The asset allocation of the Sub-Fund may change according
to the Investment Manager’s views of fundamental
economic and market conditions and investment trends
across the globe, taking into consideration factors such as liquidity, costs, timing of execution, relative attractiveness of individual securities and issuers available in the market.

##### The Sustainable Finance Disclosure Regulation
The consideration of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
The Investment Manager has access to a variety of ESG- related data points provided by third party data which assists with the identification of potential ESG-related issues that an issuer may be facing. This includes but is not limited to exposure to activities that may be deemed
harmful to the environment or society. This data, along with data from the Investment Manager’s own proprietary responsible investment research resources, forms a central part of the Investment Manager’s consideration and assessment of the level of sustainability risk that an
investment may be subject to.
This assessment is integrated in to the security level research process, which is based upon fundamental analysis of individual investment opportunities across a number of different factors including:
- Fundamental financial or economic characteristics
- Valuation
- Risk/reward profile
- The ESG characteristics of the issuer, including understanding how such considerations can impact economic returnsThe information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer or continue to hold a position.

As explained above, the assessment and management of
sustainability risks forms an important part of the Investment Manager’s due diligence process, however, there may still be a risk that the value of the Sub-Fund
could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of
the principal adverse impact consideration regime in Article 4 SFDR, (the “PAI regime”). The Manager is supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Currency Futures Government Bond Futures Equity Index Futures Volatility Index Futures Equity Futures |
| --- | --- |
| Options | Equity Options (single name, index, sector custom basket) Low Exercise Price Options (LEPOs) and Low Exercise Price Warrants (LEPWs) Index Options Bond Options Options on Currency Futures Swaptions Options on Volatility Indices Currency Options (including FX Options) Options on Futures |
| Swaps | Credit Default Swaps (single name, index and custom basket) Interest Rate Swaps Equity Swaps (single name, index, sector and custom basket) Variance Swaps Total Return Swaps (single name, credit, index and custom basket) Contracts for Difference |
| Forwards | Forward Foreign Exchange Contracts |
| Securities with Embedded FDI/Leverage | Convertible Bonds Contingent Convertible Securities (CoCos) Asset-Backed Securities (ABS) Mortgage-Backed Securities (MBS) Warrants Structured Notes |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit iTraxx CDS Index |
| Equity indices to provide exposure to regional and global equity markets in a more cost effective or efficient manner than buying the physical securities. | Borsa Istanbul 30 Dax 30 Index Euro Stoxx 50 Index FTSE 100 Index FTSE All Share Index FTSE World Index Hang Seng Index KOSPI Index MDAX Index MSCI All Countries World Index MSCI Emerging Markets Index Nasdaq Composite Index Nikkei 225 Index Russell 2000 Index S&P/ASX 200 Index S&P/TSX Composite Index S&P 500 Index Stoxx Europe 600 Index Stoxx Europe Small 200 |
| Volatility indices to provide exposure express the Investment Manager’s view on the volatility of a particular market or currency in a more cost effective or efficient manner than buying the physical securities. | Chicago Board Options Exchange SPX Volatility Index |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. The remaining financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX–Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total net long exposure (after taking account of hedging) through FDI is not expected to exceed 100% of the Net Asset Value of the Sub-Fund and the total net short exposure is not expected to exceed 100% of the Net Asset Value of the Sub-Fund (using the commitment approach).

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Absolute VaR
Absolute VaR Limit: Sub-Fund’s portfolio will not exceed 20% of the Net Asset Value (using a 20 Business Day holding period).
Gross leverage is expected to vary between: 0% to 1000% of the Sub-Fund’s Net Asset Value. The gross leverage may exceed this target level at times.
For more information on the Absolute VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements and
repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 100% and in respect of SFTs shall be 100% of the Net Asset Value of the Sub-Fund. However, it is
not anticipated that the Sub-Fund’s exposure in respect
of TRS will exceed 30% and in respect of SFTs will
exceed 15% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1€, 1USD, 1GBP, 1CAD, 1AUD, 1CHF, 1SGD, 10HKD or 10CNH depending on
the currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will
normally be paid on or before 11 February. Further details are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Global Equity Income Fund

### SUPPLEMENT 17 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. The use of FDI for investment purposes will not be extensive. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
- It is proposed to charge the fees and expenses of the Sub-Fund to the capital of the Sub-Fund to seek to maximise distributions. See “Fees and Expenses” in the Prospectus for further details.


#### The Investment Manager
Newton Investment Management Limited

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro A | EUR | 5,000 | 5% | 2.00% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 2.00% | 0% |
| USD A | USD | 5,000 | 5% | 2.00% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 2.00% | 0% |
| Sterling A (Acc.) | GBP | 5,000 | 5% | 2.00% | 0% |
| Sterling A (Inc.) | GBP | 5,000 | 5% | 2.00% | 0% |
| Euro H (hedged) | EUR | 5,000 | 5% | 2.00% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 2.00% | 0% |

| “B” Shares and “J (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro B | EUR | 10,000 | 5% | 1.50% | 0% |
| Euro B (Inc.) | EUR | 10,000 | 5% | 1.50% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| USD B | USD | 10,000 | 5% | 1.50% | 0% |
| USD B (Inc.) | USD | 10,000 | 5% | 1.50% | 0% |
| Sterling B (Acc.) | GBP | 10,000 | 5% | 1.50% | 0% |
| Sterling B (Inc.) | GBP | 10,000 | 5% | 1.50% | 0% |
| AUD B (Acc.) | AUD | 10,000 | 5% | 1.50% | 0% |
| AUD B (Inc.) | AUD | 10,000 | 5% | 1.50% | 0% |
| CAD B (Acc.) | CAD | 10,000 | 5% | 1.50% | 0% |
| CAD B (Inc.) | CAD | 10,000 | 5% | 1.50% | 0% |
| HKD B (Acc.) | HKD | 100,000 | 5% | 1.50% | 0% |
| HKD B (Inc.) | HKD | 100,000 | 5% | 1.50% | 0% |
| CNH B (Acc.) | CNH | 100,000 | 5% | 1.50% | 0% |
| CNH B (Inc.) | CNH | 100,000 | 5% | 1.50% | 0% |
| SGD B (Acc.) | SGD | 10,000 | 5% | 1.50% | 0% |
| SGD B (Inc.) | SGD | 10,000 | 5% | 1.50% | 0% |
| Euro J (Acc.) (hedged) | EUR | 10,000 | 5% | 1.50% | 0% |
| Euro J (Inc.) (hedged) | EUR | 10,000 | 5% | 1.50% | 0% |
| SGD J (Acc.) (hedged) | SGD | 10,000 | 5% | 1.50% | 0% |
| SGD J (Inc.) (hedged) | SGD | 10,000 | 5% | 1.50% | 0% |
| AUD J (Acc.) (hedged) | AUD | 10,000 | 5% | 1.50% | 0% |
| AUD J (Inc.) (hedged) | AUD | 10,000 | 5% | 1.50% | 0% |
| CAD J (Acc.) (hedged) | CAD | 10,000 | 5% | 1.50% | 0% |
| CAD J (Inc.) (hedged) | CAD | 10,000 | 5% | 1.50% | 0% |
| CNH J (Acc.) (hedged) | CNH | 100,000 | 5% | 1.50% | 0% |
| CNH J (Inc.) (hedged) | CNH | 100,000 | 5% | 1.50% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Acc.) | GBP | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Inc.) | GBP | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro C | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| USD C | USD | 5,000,000 | 5% | 1.00% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Sterling I (Acc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling I (Inc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| SGD I (Acc.) (hedged) | SGD | 5,000,000 | 5% | 1.00% | 0% |
| SGD I (Inc.) (hedged) | SGD | 5,000,000 | 5% | 1.00% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro W | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| USD W | USD | 15,000,000 | 5% | 0.75% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Inc.) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| HKD W (Inc.) | HKD | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.75% | 0% |
| SGD W (Inc.) (hedged) | SGD | 15,000,000 | 5% | 0.75% | 0% |
| AUD W (Inc.) (hedged) | AUD | 15,000,000 | 5% | 0.75% | 0% |
| CAD W (Inc.) (hedged) | CAD | 15,000,000 | 5% | 0.75% | 0% |
| CNH W (Inc.) (hedged) | CNH | 150,000,000 | 5% | 0.75% | 0% |

| “Z” Shares and “Z (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro Z (Inc.) | EUR | 200,000,000 | 5% | 0.65% | 0% |
| Euro Z (Acc.) | EUR | 200,000,000 | 5% | 0.65% | 0% |
| Euro Z (Acc.) (hedged) | EUR | 200,000,000 | 5% | 0.65% | 0% |
| USD Z (Inc.) | USD | 200,000,000 | 5% | 0.65% | 0% |
| USD Z (Acc.) | USD | 200,000,000 | 5% | 0.65% | 0% |
| Sterling Z (Inc.) | GBP | 200,000,000 | 5% | 0.65% | 0% |
| Sterling Z (Acc.) | GBP | 200,000,000 | 5% | 0.65% | 0% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| CAD X (Acc.) | CAD | None | 0% | 0% | 0% |
| JPY X (Acc.) | JPY | None | 0% | 0% | 0% |
| JPY X (Inc.) | JPY | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The objective of the Sub-Fund is to aim to generate annual distributions and to achieve long-term capital growth by investing predominantly in equity and equity- related global securities.

##### Investment Policy
The Sub-Fund will invest primarily, meaning at least three-quarters of the Sub-Fund’s Net Asset Value in a portfolio of equity and equity-related securities including
but not limited to, convertible preference shares, warrants (up to 10% of the Sub-Fund’s Net Asset Value) and convertible bonds (up to 10% of the Sub-Fund’s Net Asset Value and which are not rated by any Recognised
Rating Agency) of companies located worldwide which are listed or traded on Eligible Markets.
Stock selection focuses on companies which have strong fundamentals, are attractively valued and meet the
Investment Manager’s yield criteria in light of the
investment objective of the Sub-Fund to aim to achieve
annual distributions together with long-term capital growth.
The Sub-Fund will utilise techniques and FDI for investment purposes as set out below in the section “Use of FDI” and to protect against foreign exchange rate risks as set out in the section below entitled “Efficient Portfolio Management”.
The Sub-Fund invests on a global basis and while its investments are not required to be confined or concentrated in any particular geographic region or market, the Sub-Fund may have significant exposure to certain markets including the U.S. There is also no restriction on market capitalisation in relation to the equity and equity-related securities which the Sub-Fund may invest in.
Methods of gaining exposure to Chinese securities may include purchasing China A-shares via the Stock Connect. The Sub-Fund may invest up to 10% of its Net Asset Value in China A-shares via the Stock Connect. Further details about the Stock Connect are set out in Appendix V to the Prospectus.
The Sub-Fund may invest up to 10% of its Net Asset Value in equity securities listed or traded on the Moscow Exchange.
In addition, the Sub-Fund will not invest more than 10% of its Net Asset Value in aggregate in collective
investment schemes (“CIS”). Investment in CIS may be
used for cash management purposes or to give exposure
to the equity and equity-related securities listed in the investment policy above.

##### Benchmark
FTSE World TR Index (the “Benchmark”).
The Benchmark is a market -capitalisation weighted index representing the performance of the large and mid cap stocks from the Developed and Advanced Emerging segments of the FTSE Global Equity Index Series and covers 90-95% of the investable market capitalisation. The Benchmark is suitable as the basis for investment products, such as funds, FDI and exchange traded funds.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest outside the Benchmark subject to the investment
objective and policy. While the Sub-Fund’s holdings may
include constituents of the Benchmark, the selection of
investments and their 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.

##### Investment Strategy
The investment philosophy is based upon the conviction of the Investment Manager that no company, market or economy can be considered in isolation; each must be understood in a global context. The Investment Manager believes that events occurring around the world influence all financial markets and therefore successful investment in higher-income global equities requires a thorough understanding of the world as a whole.
The Investment Manager identifies themes which encompass the major areas of change in the world and uses these themes as the basis for investment ideas. This global and thematic approach allows the Investment Manager to gain long-term perspective on global financial
markets and economies and to consider the ‘big picture’.
Perspective is a defining feature of their investment
process as it helps them to anticipate how the world will change and directs analysts and portfolio managers towards potentially profitable opportunities.
The global equity income portfolios are constructed holistically using the research-driven/’bottom-up’ investment process of the Investment Manager. This
approach concentrates on investing in attractively valued stocks of companies with good prospects and strong fundamentals. The global equity income strategy has an inherent style bias; every holding in a global equity income portfolio has to yield at least 25% more than the Benchmark at the point of purchase. Any holding whose prospective yield falls below the comparative index yield is sold. The most attractive stocks for this strategy tend to be those of good quality, cash-generative companies with reliable dividend yields.

##### The Sustainable Finance Disclosure Regulation
The consideration of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying
investments could be materially negatively impacted by an ESG event or condition (“ESG Event”).
The Investment Manager has access to a variety of ESG- related data points provided by third party data which assists with the identification of potential ESG-related issues that an issuer may be facing. This includes but is not limited to exposure to activities that may be deemed
harmful to the environment or society. This data, along with data from the Investment Manager’s own proprietary responsible investment research resources, forms a central part of the Investment Manager’s consideration and assessment of the level of sustainability risk that an
investment may be subject to.
This assessment is integrated in to the security level research process, which is based upon fundamental analysis of individual investment opportunities across a number of different factors including:
- Fundamental financial or economic characteristics
- Valuation
- Risk/reward profile
- The ESG characteristics of the issuer, including understanding how such considerations can impact economic returnsThe information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer or continue to hold a position.

As explained above, the assessment and management of sustainability risks forms an important part of the
Investment Manager’s due diligence process, however,
there may still be a risk that the value of the Sub-Fund
could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
| Futures | Equity Futures Equity Index Futures Currency Futures |
| --- | --- |
| Options | Options on Currency Futures Currency Options (including FX Options) Warrants Equity Options (single name, index, sector, custom basket) Covered Call Options Options on Equity Futures (single name, index, sector, custom basket) |
| Forwards (de- liverable and non-deliver- able) | Forward Foreign Exchange Contracts |
| Securities with Embedded FDI/Leverage | Convertible Bonds Convertible Preference Shares |

The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial
purpose, are described in the Prospectus in the section entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Equity indices to provide | Dax 30 Index |
| exposure to regional and global | Euro Stoxx 50 Index |
| equity markets in a more cost | FTSE 100 Index |
| effective or efficient manner | FTSE All Share Index |
| than buying the physical | FTSE World Index |
| securities. | Hang Seng Index |
|  | KOSPI Index |
|  | MSCI All Countries World Index |
|  | MSCI Emerging Markets Index |
|  | Nasdaq Composite Index |
|  | Nikkei 225 Index |
|  | Russell 2000 Index |
|  | S&P/ASX 200 Index |
|  | S&P/TSX Composite Index |
|  | S&P 500 Index |
|  | Stoxx Europe 600 Index |

These financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where
additional information can be found, will be set out in the Company’s semi-annual and annual accounts.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Registration in Hong Kong
This Sub-Fund is registered for sale in Hong Kong.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 50% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending
arrangements and repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of SFTs shall be 100% of the Net Asset Value of the Sub-
Fund. However, it is not anticipated that the Sub-Fund’s
exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£, 1€, 1CAD, 1AUD, 1SGD, 10HKD, 10CNH or 100¥ depending on
the currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11 November respectively. Further details are set out under
the heading "The Company - Distribution Policy” in the
Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Global Dynamic Bond Fund

### SUPPLEMENT 18 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. The use of FDI for investment purposes will not be extensive. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Newton Investment Management Limited

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this
Sub-Fund to Newton Investment Management North America LLC (the “Sub-Investment Manager”). Details of the Sub-Investment Management Agreement between the
Investment Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD A | USD | 5,000 | 5% | 1.25% | 0% | SOFR (30-day compounded) + 2% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.25% | 0% | SOFR (30-day compounded) + 2% |
| Euro A | EUR | 5,000 | 5% | 1.25% | 0% | 1 Month EURIBOR + 2% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 1.25% | 0% | 1 Month EURIBOR + 2% |
| Sterling A (Acc.) | GBP | 5,000 | 5% | 1.25% | 0% | SONIA (30-day compounded) + 2% |
| Sterling A (Inc.) | GBP | 5,000 | 5% | 1.25% | 0% | SONIA (30-day compounded) + 2% |
| CAD A (Acc.) | CAD | 5,000 | 5% | 1.25% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 2% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| --- | --- | --- | --- | --- | --- | --- |
| CAD A (Inc.) | CAD | 5,000 | 5% | 1.25% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 2% |
| AUD A (Acc.) | AUD | 5,000 | 5% | 1.25% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 2% |
| AUD A (Inc.) | AUD | 5,000 | 5% | 1.25% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 2% |
| HKD A (Acc.) | HKD | 50,000 | 5% | 1.25% | 0% | 1 Month HKD HIBOR + 2% |
| HKD A (Inc.) | HKD | 50,000 | 5% | 1.25% | 0% | 1 Month HKD HIBOR + 2% |
| CNH A (Acc.) | CNH | 50,000 | 5% | 1.25% | 0% | 1 Month CNH HIBOR + 2% |
| CNH A (Inc.) | CNH | 50,000 | 5% | 1.25% | 0% | 1 Month CNH HIBOR + 2% |
| SGD A (Acc.) | SGD | 5,000 | 5% | 1.25% | 0% | 1 Month SGD SIBOR + 2% |
| SGD A (Inc.) | SGD | 5,000 | 5% | 1.25% | 0% | 1 Month SGD SIBOR + 2% |
| Euro H (hedged) | EUR | 5,000 | 5% | 1.25% | 0% | 1 Month EURIBOR + 2% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 1.25% | 0% | 1 Month EURIBOR + 2% |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 1.25% | 0% | SARON (30-day compounded) + 2% |
| CAD H (Acc.) (hedged) | CAD | 5,000 | 5% | 1.25% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 2% |
| CAD H (Inc.) (hedged) | CAD | 5,000 | 5% | 1.25% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 2% |
| SGD H (Acc.) (hedged) | SGD | 5,000 | 5% | 1.25% | 0% | 1 Month SGD SIBOR + 2% |
| SGD H (Inc.) (hedged) | SGD | 5,000 | 5% | 1.25% | 0% | 1 Month SGD SIBOR + 2% |
| AUD H (Acc.) (hedged) | AUD | 5,000 | 5% | 1.25% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 2% |
| AUD H (Inc.) (hedged) | AUD | 5,000 | 5% | 1.25% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 2% |
| CNH H (Acc.) (hedged) | CNH | 50,000 | 5% | 1.25% | 0% | 1 Month CNH HIBOR + 2% |
| CNH H (Inc.) (hedged) | CNH | 50,000 | 5% | 1.25% | 0% | 1 Month CNH HIBOR + 2% |
| DKK H (Acc.) (hedged) | DKK | 50,000 | 5% | 1.25% | 0% | 1 Month DKK LIBOR + 2% |
| NOK H (Acc.) (hedged) | NOK | 50,000 | 5% | 1.25% | 0% | 1 Month NOK LIBOR + 2% |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 1.25% | 0% | 1 Month SEK LIBOR + 2% |

| “G” Shares and “G” (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD G (Acc.) | USD | 5,000 | 5% | 0.75% | 0% | SOFR (30-day compounded) + 2% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| --- | --- | --- | --- | --- | --- | --- |
| USD G (Inc.) | USD | 5,000 | 5% | 0.75% | 0% | SOFR (30-day compounded) + 2% |
| Euro G (Acc.) | EUR | 5,000 | 5% | 0.75% | 0% | 1 Month EURIBOR + 2% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 0.75% | 0% | 1 Month EURIBOR + 2% |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 0.75% | 0% | 1 Month EURIBOR + 2% |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 0.75% | 0% | 1 Month EURIBOR + 2% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD C | USD | 5,000,000 | 5% | 0.75% | 0% | SOFR (30-day compounded) + 2% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.75% | 0% | SOFR (30-day compounded) + 2% |
| Euro C (Acc.) | EUR | 5,000,000 | 5% | 0.75% | 0% | 1 Month EURIBOR + 2% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 0.75% | 0% | SONIA (30-day compounded) + 2% |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 0.75% | 0% | SONIA (30-day compounded) + 2% |
| CHF C (Acc.) (hedged) | CHF | 5,000,000 | 5% | 0.75% | 0% | SARON (30-day compounded) + 2% |
| Euro I (hedged) | EUR | 5,000,000 | 5% | 0.75% | 0% | 1 Month EURIBOR + 2% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.75% | 0% | 1 Month EURIBOR + 2% |
| SGD I (Acc.) (hedged) | SGD | 5,000,000 | 5% | 0.75% | 0% | 1 Month SGD SIBOR + 2% |
| SGD I (Inc.) (hedged) | SGD | 5,000,000 | 5% | 0.75% | 0% | 1 Month SGD SIBOR + 2% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD W | USD | 15,000,000 | 5% | 0.50% | 0% | SOFR (30-day compounded) + 2% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.50% | 0% | SOFR (30-day compounded) + 2% |
| HKD W (Inc.) | HKD | 150,000,000 | 5% | 0.50% | 0% | 1 Month HKD HIBOR + 2% |
| Euro W (hedged) | EUR | 15,000,000 | 5% | 0.50% | 0% | 1 Month EURIBOR + 2% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.50% | 0% | 1 Month EURIBOR + 2% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.50% | 0% | SONIA (30-day compounded + 2% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.50% | 0% | SONIA (30-day compounded + 2% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.50% | 0% | SARON (30-day compounded + 2% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| --- | --- | --- | --- | --- | --- | --- |
| CAD W (Inc.) (hedged) | CAD | 15,000,000 | 5% | 0.50% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 2% |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.50% | 0% | 1 Month SGD SIBOR + 2% |
| SGD W (Inc.) (hedged) | SGD | 15,000,000 | 5% | 0.50% | 0% | 1 Month SGD SIBOR + 2% |
| AUD W (Inc.) (hedged) | AUD | 15,000,000 | 5% | 0.50% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 2% |
| CNH W (Inc.) (hedged) | CNH | 150,000,000 | 5% | 0.50% | 0% | 1 Month CNH HIBOR + 2% |
| DKK W (Acc.) (hedged) | DKK | 150,000,000 | 5% | 0.50% | 0% | 1 Month DKK LIBOR + 2% |
| NOK W (Acc.) (hedged) | NOK | 150,000,000 | 5% | 0.50% | 0% | 1 Month NOK LIBOR + 2% |
| SEK W (Acc.) (hedged) | SEK | 150,000,000 | 5% | 0.50% | 0% | 1 Month SEK LIBOR + 2% |
| JPY W (Acc.) (hedged) | JPY | 1,500,000,000 | 5% | 0.50% | 0% | TONAR (30-day compounded) + 2% |
| JPY W (Inc.) (hedged) | JPY | 1,500,000,000 | 5% | 0.50% | 0% | TONAR (30-day compounded) + 2% |

| “Z” Shares and “Z (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Sterling Z (Acc.) | GBP | 200,000,000 | 5% | 0.35% | 0% | SONIA (30-day compounded) + 2% |
| Sterling Z (Inc.) | GBP | 200,000,000 | 5% | 0.35% | 0% | SONIA (30-day compounded) + 2% |
| Sterling Z (Acc.) (hedged) | GBP | 200,000,000 | 5% | 0.35% | 0% | SONIA (30-day compounded) + 2% |
| Sterling Z (Inc.) (hedged) | GBP | 200,000,000 | 5% | 0.35% | 0% | SONIA (30-day compounded) + 2% |
| USD Z (Acc.) | USD | 200,000,000 | 5% | 0.35% | 0% | SOFR (30-day compounded) + 2% |
| USD Z (Inc.) | USD | 200,000,000 | 5% | 0.35% | 0% | SOFR (30-day compounded) + 2% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD X (Acc.) | USD | None | 0% | 0% | 0% | SOFR (30-day compounded) + 2% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% | SOFR (30-day compounded) + 2% |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% | 1 Month EURIBOR + 2% |
| Sterling X (Acc.) | GBP | None | 0% | 0% | 0% | SONIA (30-day compounded) + 2% |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% | SARON (30-day compounded) + 2% |
| JPY X (Acc.) (hedged) | JPY | None | 0% | 0% | 0% | TONAR (30-day compounded) + 2% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| --- | --- | --- | --- | --- | --- | --- |
| JPY X (Inc.) (hedged) | JPY | None | 0% | 0% | 0% | TONAR (30-day compounded) + 2% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The objective of the Sub-Fund is to maximize the total return from income and capital growth by investment primarily (meaning at least three-quarters of the Sub-
Fund’s total assets) in a globally diversified portfolio of
predominantly corporate and government fixed interest
securities.

##### Investment Policy
The Sub-Fund will primarily invest at least three-quarters of the Sub-Fund’s Net Asset Value, in a portfolio of either fixed or floating rate, international, emerging market,
sovereign, government, supranational agency, corporate and bank bonds (including mortgage and corporate bonds) and other debt and debt-related securities (such as debentures, notes (including corporate, sovereign, floating and fixed rate notes), asset and mortgage- backed securities, certificates of deposit and commercial paper listed or traded on Eligible Markets located worldwide.
The Sub-Fund may invest up to 10% of its Net Asset Value in CoCos. Please see “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos.
The minimum credit rating of the debt and debt-related instruments in which the Sub-Fund may invest at time of purchase is CCC-/Caa3 (or its equivalent), as rated by a Recognised Rating Agency. In the case of a split rating, the highest rating will be considered. If an instrument is unrated, it must be of equivalent quality as determined by the Investment Manager.
Therefore the Sub-Fund may invest in predominantly sub- investment grade corporate and government fixed interest securities. There are no limits with regard to the maximum maturity of the securities.
The Sub-Fund may also invest in FDI as set out under the heading “Use of FDI” below.
The Sub-Fund may also invest up to 10% of its Net Asset Value in collective investment schemes (“CIS”).
Investment in CIS may be used for cash management
purposes by investment in money market funds or to give exposure to bonds and other securities listed above.
The Sub-Fund may also invest in exchange traded funds (“ETFs”) which will be listed on Eligible Markets and give exposure to bond markets Any investment in open-ended
ETFs will be in accordance with the investment limits for CIS and any investment in closed-ended ETFs will be in accordance with the investment limits for transferable
securities, as set out under the heading “The Company - Investment and Borrowing Restrictions” in the Prospectus.
There is no formal limit on the duration of the Sub-Fund.
The Sub-Fund may invest more than 10% and up to 35% of its Net Asset Value in debt securities issued and/or guaranteed by a single sovereign issuer (including its government, public or local authority) which is below investment grade (i.e. BB+ or below) as rated by Recognised Rating Agency. Examples of such sovereign issuers are Brazil, Indonesia and Hungary. Such investments are based on the professional judgement of the Investment Manager, whose reasons for investment may include a favourable/positive outlook on the sovereign issuer, potential for ratings upgrade and the expected changes in the value of such investments due to the ratings changes. Please note the ratings of sovereign issuers may change from time to time and the abovementioned sovereigns are named only for reference and are subject to change as their ratings change.
The Sub-Fund may invest up to 10% of its Net Asset Value in securities listed or traded on Russian markets. Any such investment will only be made on Eligible Markets included in Appendix II to the Prospectus.
The Sub-Fund may also invest up to 10% of its Net Asset Value in debt and debt-related securities in the People’s Republic of China (“PRC”) traded in the China interbank bond market (“CIBM”) via Bond Connect (as further described Appendix VI to the Prospectus.)

##### Benchmark
SOFR (30-day compounded) + 2% per annum (the “Cash Benchmark”).
SOFR (the Secured Overnight Financing Rate) is a broad measure of the cost of borrowing cash overnight collateralised by U.S. Treasuries and is administered by the New York Federal Reserve.
The Sub-Fund uses the Cash Benchmark as a target set for the Sub-Fund’s performance to match or exceed over 5 years before fees.
The Sub-Fund is actively managed, which means the Investment Manager has discretion over the selection of investments, subject to the investment objective and policy.

##### Investment Strategy
The investment philosophy is based upon the conviction of the Investment Manager that no company, market or economy can be considered in isolation; each must be understood in a global context. The Investment Manager believes that events occurring around the world influence all financial markets and that successful investment in global bonds requires therefore a thorough understanding of the world as a whole.
The Investment Manager identifies themes which encompass the major areas of change in the world and uses these themes as the basis of their investment ideas. This global, thematic approach allows the Investment User to gain long-term perspective on global financial
markets and economies and always to consider the ‘big picture’. Perspective is a defining feature of their
investment process; it helps them to anticipate how the world will change and it directs analysts and portfolio managers towards profitable opportunities.
The Investment Manager’s global dynamic bond strategy invests in a diversified range of fixed-interest securities.
The portfolio managers identify the themes acting upon bond and currency markets, select assets that will benefit from these themes and invest in these assets to generate positive returns.

##### The Sustainable Finance Disclosure Regulation
The consideration of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying
investments could be materially negatively impacted by an ESG event or condition (“ESG Event”).
The Investment Manager has access to a variety of ESG- related data points provided by third party data which assists with the identification of potential ESG-related issues that an issuer may be facing. This includes but is not limited to exposure to activities that may be deemed
harmful to the environment or society. This data, along with data from the Investment Manager’s own proprietary responsible investment research resources, forms a central part of the Investment Manager’s consideration and assessment of the level of sustainability risk that an
investment may be subject to.
This assessment is integrated in to the security level research process, which is based upon fundamental analysis of individual investment opportunities across a number of different factors including:
- Fundamental financial or economic characteristics
- Valuation
- Risk/reward profile
- The ESG characteristics of the issuer, including understanding how such considerations can impact economic returnsThe information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer or continue to hold a position.

As explained above, the assessment and management of
sustainability risks forms an important part of the Investment Manager’s due diligence process, however, there may still be a risk that the value of the Sub-Fund
could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that
would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Government Bond Futures Money Market Futures Currency Futures |
| --- | --- |
| Options | Options on Government Bond Futures Options on Currency Futures Currency Options (including FX Options) Warrants |
| Swaps | Credit Default Swaps (single name, index and custom basket) |
| Forwards (de- liverable and non-deliver- able) | Forward Foreign Exchange Contracts |
| Securities with Embedded FDI/Leverage | Convertible Bonds Contingent Convertible Securities (CoCos) Asset-Backed Securities (ABS) and Mortgage- Backed Securities (MBS) |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit iTraxx CDS Index |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. However, as the Sub- Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX–Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total net long exposure (after taking account of hedging) through FDI is not expected to exceed 100% of the Net Asset Value of the Sub-Fund and the total net short exposure is not expected to exceed 100% of the Net Asset Value of the Sub-Fund (using the commitment approach).

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Absolute VaR
Absolute VaR Limit: Sub-Fund’s portfolio will not exceed 20% of the Net Asset Value (using a 20 Business Day holding period).
Gross leverage is expected to vary between: 0% to 1000% of the Sub-Fund’s Net Asset Value. The gross leverage may exceed this target level at times.
For more information on the Absolute VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending
arrangements and repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of SFTs shall be 100% of the Net Asset Value of the Sub-
Fund. However, it is not anticipated that the Sub-Fund’s
exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£, 1€, 1 CHF, 1CAD, 1AUD, 1SGD, 10HKD, 100¥, 10CNH, 10DKK,
10NOK or 10SEK depending on the currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11
November respectively. Further details are set out under the heading "The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Absolute Return Equity Fund

### SUPPLEMENT 19 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may invest principally in FDI and will use FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund may invest substantially in deposits with credit institutions. Although the Sub-Fund may invest in money market instruments and cash deposits, Shares in the Sub-Fund are not deposits and are different in nature to a deposit in that the investment is not guaranteed and the value of the investment is capable of fluctuation. Investment in the Sub-Fund involves certain investment risks, including the possible loss of principal.


#### The Investment Manager
Insight Investment Management (Global) Limited

#### Base Currency
Sterling

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “R” Shares and “R (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| Sterling R (Acc.) | GBP | 5,000 | 5% | 1.50% | 0% | 15% | SONIA (30- day com- pounded) | SONIA (30- day com- pounded) + 0.04% |
| USD R (hedged) | USD | 5,000 | 5% | 1.50% | 0% | 15% | SOFR (30-day compounded) | SOFR (30-day compounded) + 0.12% |
| Euro R (hedged) | EUR | 5,000 | 5% | 1.50% | 0% | 15% | 1 Month EURIBOR | 1 Month EURIBOR |
| Euro R (Inc.) (hedged) | EUR | 5,000 | 5% | 1.50% | 0% | 15% | 1 Month EURIBOR | 1 Month EURIBOR |
| CHF R (Inc.) (hedged) | CHF | 5,000 | 5% | 1.50% | 0% | 15% | SARON (30- day com- pounded) | SARON (30- day com- pounded) |
| CHF R (hedged) | CHF | 5,000 | 5% | 1.50% | 0% | 15% | SARON (30- day com- pounded) | SARON (30- day com- pounded) |

| “D” Shares and “D (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| Sterling D (Acc.) | GBP | 5,000 | 5% | 1.00% | 0% | 15% | SONIA (30- day com- pounded) | SONIA (30- day com- pounded) + 0.04% |
| Sterling D (Inc.) | GBP | 5,000 | 5% | 1.00% | 0% | 15% | SONIA (30- day com- pounded) | SONIA (30- day com- pounded) + 0.04% |
| USD D (Acc.) (hedged) | USD | 5,000 | 5% | 1.00% | 0% | 15% | SOFR (30-day compounded) | SOFR (30-day compounded) + 0.12% |
| USD D (Inc.) (hedged) | USD | 5,000 | 5% | 1.00% | 0% | 15% | SOFR (30-day compounded) | SOFR (30-day compounded) + 0.12% |
| Euro D (Acc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% | 15% | 1 Month EURIBOR | 1 Month EURIBOR |
| Euro D (Inc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% | 15% | 1 Month EURIBOR | 1 Month EURIBOR |
| CHF D (Acc.) (hedged) | CHF | 5,000 | 5% | 1.00% | 0% | 15% | SARON (30- day com- pounded) | SARON (30- day com- pounded) |
| CHF D (Inc.) (hedged) | CHF | 5,000 | 5% | 1.00% | 0% | 15% | SARON (30- day com- pounded) | SARON (30- day com- pounded) |

| “S” Shares and “T (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| Sterling S (Acc.) | GBP | 5,000,000 | 5% | 1.00% | 0% | 15% | SONIA (30- day com- pounded) | SONIA (30- day com- pounded) + 0.04% |
| USD T (hedged) | USD | 5,000,000 | 5% | 1.00% | 0% | 15% | SOFR (30-day compounded) | SOFR (30-day compounded) + 0.12% |
| Euro T (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% | 15% | 1 Month EURIBOR | 1 Month EURIBOR |
| Euro T (Inc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% | 15% | 1 Month EURIBOR | 1 Month EURIBOR |
| CHF T (Inc.) (hedged) | CHF | 5,000,000 | 5% | 1.00% | 0% | 15% | SARON (30- day com- pounded) | SARON (30- day com- pounded) |
| CHF T (Acc.) (hedged) | CHF | 5,000,000 | 5% | 1.00% | 0% | 15% | SARON (30- day com- pounded) | SARON (30- day com- pounded) |

| “U” Shares and “U (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| Sterling U (Acc.) | GBP | 15,000,000 | 5% | 0.85% | 0% | 15% | SONIA (30- day com- pounded) | SONIA (30- day com- pounded) + 0.04% |
| Sterling U (Inc.) | GBP | 15,000,000 | 5% | 0.85% | 0% | 15% | SONIA (30- day com- pounded) | SONIA (30- day com- pounded) + 0.04% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| USD U (hedged) | USD | 15,000,000 | 5% | 0.85% | 0% | 15% | SOFR (30-day compounded) | SOFR (30-day compounded) + 0.12% |
| USD U (Inc.) (hedged) | USD | 15,000,000 | 5% | 0.85% | 0% | 15% | SOFR (30-day compounded) | SOFR (30-day compounded) + 0.12% |
| Euro U (hedged) | EUR | 15,000,000 | 5% | 0.85% | 0% | 15% | 1 Month EURIBOR | 1 Month EURIBOR |
| Euro U (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.85% | 0% | 15% | 1 Month EURIBOR | 1 Month EURIBOR |
| CHF U (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.85% | 0% | 15% | SARON (30- day com- pounded) | SARON (30- day com- pounded) |
| CHF U (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.85% | 0% | 15% | SARON (30- day com- pounded) | SARON (30- day com- pounded) |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| Sterling X (Acc.) | GBP | None | 0% | 0% | 0% | None | SONIA (30- day com- pounded) | None |
| USD X (Acc.) (hedged) | USD | None | 0% | 0% | 0% | None | SOFR (30-day compounded) | None |
| Euro X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% | None | 1 Month EURIBOR | None |
| CHF X (Inc.) (hedged) | CHF | None | 0% | 0% | 0% | None | SARON (30- day com- pounded) | None |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% | None | SARON (30- day com- pounded) | None |


#### Performance Fee
In addition to the annual management charge, the Manager will be entitled to an annual performance fee
(the “Performance Fee”) subject to the conditions outlined
below. The rate at which the Performance Fee shall be
applied is set out in the table above. Performance Fees reduce the value of your investment and the investment return you will receive.
The Performance Fee in respect of each relevant Share Class is calculated as the performance fee rate (set out in the table above) of the Share Class Return (as defined below) over the Hurdle Rate Return (as defined below), subject to a High Water Mark (as defined below).
The Performance Fee will be calculated in respect of
each twelve-month period ending on the 31 December (the “Calculation Period”). The first Calculation Period will be the period commencing on the Business Day
immediately following the closing of the Initial Offer Period and ending on 31 December of the same year.
The “Share Class Return” is calculated on each Valuation Day and is the percentage difference between the Adjusted Net Asset Value on such Valuation Day and the
Adjusted Net Asset Value on the previous Valuation Day.
The “Adjusted Net Asset Value” is the Net Asset Value of the relevant share class (which includes an accrual for all
fees and expenses including the annual management charge and the operating and administrative expenses to be borne by the relevant share class, adjusted for any dividend distributions) but without deduction of any Performance Fee accrued since the start of the Calculation Period.
The “Hurdle Rate” is the rate set out in the table above. A hurdle rate is a predetermined level of return a fund must exceed to earn a performance fee.
The “Hurdle Rate Return” is calculated on each Valuation Day and is defined as the greater of (i) the return of the Hurdle Rate (expressed as a percentage); or, (ii) zero
percent (0%). The “Hurdle Rate” is set out in the table
above and is calculated over a 365 day basis for SONIA
(30-day compounded) and over a 360 day basis for 1 Month EURIBOR, SOFR (30-day compounded), SARON (30- day compounded) and TONAR (30-day compounded).
The “High Water Mark” is defined as the greater of (i) the highest Adjusted Net Asset Value per Share on which a Performance Fee was paid on the last day of any previous
Calculation Period; or, (ii) the initial issue price per Share of each Class.
On each Valuation Day, an Adjusted Net Asset Value is calculated in respect of each share class for which the Performance Fee applies. If the Adjusted Net Asset Value of the relevant share class exceeds the High Water Mark and the Share Class Return exceeds the Hurdle Rate Return, a Performance Fee is accrued.
The use of a High Water Mark ensures that you will not be charged a Performance Fee until any previous underperformance of the Share Class Return is clawed back. Accordingly, no Performance Fee will be charged unless the Adjusted Net Asset Value per Share at the end of the Calculation Period (or at the time of redemption, in the case of a merger subject to the requirements of the Central Bank), the date of termination of the Management Agreement or such other date on which the Company or the Sub-Fund may be liquidated or cease trading) is greater than the High Water Mark. You should note that relative underperformance of Share Class
Return against Hurdle Rate Return in previous Calculation Periods will not be clawed back.
Where the Hurdle Rate would be less than zero percent (0%), a minimum Hurdle Rate Return of zero percent (0%) will be applied in calculating any Performance Fee. This means that you will not be charged a Performance Fee unless the Share Class Return is greater than zero percent (0%) and that any Performance Fees accrued will be limited to the outperformance achieved above zero percent (0%) i.e. Performance Fees are not charged in times of negative performance.
If the Share Class Return does not exceed the Hurdle Rate Return, the Performance Fee accrual is reduced (not below zero). The Performance Fee is reduced by an amount calculated as the performance fee percentage (as set out in the table above) of the underperformance of the Share Class Return against the Hurdle Rate Return (the negative return) multiplied by the Shares in issue.
Once the Performance Fee accrual has been reduced to zero, no new Performance Fee is accrued until (i) the cumulative Share Class Return exceeds the cumulative Hurdle Rate Return since the beginning of the Calculation Period; and, (ii) the Adjusted Net Asset Value of the relevant share class exceeds the High Water Mark.
The Performance Fee accrued on each Valuation Day is reflected in the Net Asset Value per Share on the basis of which subscriptions, redemptions, switches or transfers may be accepted.
Included in the calculation of the Performance Fee shall be net realised and unrealised capital gains plus net realised and unrealised capital losses as at the end of the relevant period. As a result, Performance Fees may be paid on unrealised gains which may subsequently never be realised.
Positive performance may be generated by market movements as well as active portfolio management; this may lead to circumstances where a portion of the Performance Fee is paid based on market movements.
The calculation of the Performance Fee is not open to the possibility of manipulation and shall be verified by the Depositary.
The Performance Fee is calculated and accrued on each Valuation Day and paid yearly in arrears, in respect of each Calculation Period. Any Performance Fee due will generally be paid within 30 Business Days after the end of each Calculation Period, the date of any redemption, the date of a merger (subject to the requirements of the Central Bank), the date of termination of the Management Agreement or such other date on which the Company or the Sub-Fund may be liquidated or cease trading.

##### Examples of how the performance fee will be calculated
Please note the performance fee model does not allow for performance fees to be charged in cases of negative performance.
| Valuation Day | Adjusted Net Asset Value at end of Calculation Period | High Water Mark | Hurdle Rate Return ex- pressed in pence | Excess Return expressed in pence* | Performance Fee** | Net Asset Value at end of Calculation Period | Description of the example |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 31 December (year one) | 105p | 100p | 102p | 3p | 0.45p | 104.55p | Performance was positive over the Calculation Period as the Adjusted Net Asset Value of 105p at end of year one, was higher than the initial issue price of 100p In addition, the Adjusted Net Asset Value is above the High Water Mark of 100p AND the Excess Return of 3p is positive Therefore, a Performance Fee of 0.45p was paid |

| Valuation Day | Adjusted Net Asset Value at end of Calculation Period | High Water Mark | Hurdle Rate Return ex- pressed in pence | Excess Return expressed in pence* | Performance Fee** | Net Asset Value at end of Calculation Period | Description of the example |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 31 December (year two) | 95p | 105p | 106p | 0p | 0p | 95p | Performance was negative over the Calculation Period as the Adjusted Net Asset Value of 95p at the end of year two, was below the Net Asset Value of 104.55p at the end of year one Therefore, no Performance Fee was paid |
| 31 December (year three) | 104p | 105p | 97p | 0p | 0p | 104p | Performance was positive over the Calculation Period as the Adjusted Net Asset Value of 104p at end of year three was higher than the Net Asset Value of 95p at end of year two However, the Adjusted Net Asset Value of 104p was below the High Water Mark of 105p, resulting in Excess Return being zero Therefore, no Performance Fee was paid |
| 31 December (year four) | 110p | 105p | 108p | 2p | 0.30p | 109.7p | Performance was positive over the Calculation Period as the Adjusted Net Asset Value of 110p at end of year four was higher than the Net Asset Value of 104p at end of year three In addition, the Adjusted Net Asset Value is higher than the High Water Mark of 105p AND the Excess Return of 2p is positive Therefore, a Performance Fee of 0.30p was paid |

*Excess Return is the outperformance of the Share Class Return over the Hurdle Rate Return where the Adjusted Net Asset Value has exceeded the High Water Mark.
**15% of Excess Return

#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to provide a positive absolute return in all market conditions.

##### Investment Policy
The Sub-Fund aims to achieve its objective over a rolling twelve month period through discretionary investment management and may employ a range of hedging techniques. However, a positive return is not guaranteed and a capital loss may occur.
The overall policy consists of two distinct elements. First, the Sub-Fund seeks to generate long-term capital growth from investing in a range of equity and equity-related securities (including warrants, preference shares and convertible preference shares) of companies primarily in Europe (including the United Kingdom and countries which may be considered emerging markets within Europe) listed or traded on any Eligible Markets set out
in Appendix II and FDI permitted by the UCITS Regulations. The use of FDI forms an important part of the investment strategy as outlined below. As set out further below, the Sub-Fund could be referred to as a long/short fund. The Investment Manager will primarily use a bottom-up fundamental security analysis in its selection of equity and equity-related securities.
Secondly, the Sub-Fund will invest in a broad range of liquid, near cash or debt or debt-related securities including but not limited to bank deposits, instruments and obligations issued or guaranteed by any sovereign government or their agencies and securities, instruments and obligations issued by supranational or public international bodies, banks, corporates or other
commercial issuers “Liquid, Near Cash, Debt and Debt Related Securities”. It is intended that issuers and/or guarantors of any such securities, instruments or
obligations referred to in the previous sentence will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality. Debt and debt-related securities (as
referred to above) shall include securities, instruments, obligations, treasury bills, securities debentures, bonds, asset-backed and mortgage-backed securities which will not be leveraged, certificates of deposit, floating rate notes, short and medium term obligations and commercial paper, which may be fixed or floating rate and are issued or guaranteed by any sovereign government or their agencies, local authority, supranational or public international bodies, banks, corporates or other commercial issuers and may have maturities longer than 1 year. This asset class will be held both as an absolute return producing asset class in its own right, and also to provide liquidity and cover for exposures generated through the FDI.
The Sub-Fund aims to achieve its objective through a combination of long/short positions. Long positions may be held through a combination of direct investments and/ or derivative instruments primarily equity swaps, contract for differences, futures, options and forwards. Short positions will be held primarily through FDI primarily equity swaps, contracts for differences, futures, options and forwards further referred to below. In addition to maintaining a portfolio of Liquid, Near Cash or Debt and Debt-Related Securities (as described above), the Sub- Fund will generally seek to achieve its objective by actively managing the market related risks usually associated with investing in equities (otherwise known as
“beta”), as well as isolating the stock specific returns, (otherwise known as “alpha”). It will normally do this through a technique called “pair trades”.
Each equity or equity-related “pair trade” position in the Sub-Fund consists of two parts. The lead idea reflects the Investment Manager’s views about a particular equity and the hedging unit serves to focus the risk of the pair
on the specific return factors the managers are targeting. Where the managers are targeting stock specific return factors only, they may choose to hedge out sector, market direction and other risks. Where the managers target market directional return factors, the lead idea may be partially hedged or unhedged.
Either the lead or hedging unit will be a synthetic short position. A synthetic short position is created when the Sub-Fund sells an asset which it does not own, with the intention of buying it back in the future. If the shorted asset falls in price, then the value of the position increases, and vice-versa. The other part of each pair will be a long position, created by purchasing an asset.
Therefore the Sub-Fund could be referred to as being a “long/short” fund. The Investment Manager has discretion in determining whether to take long or short positions
and the percentage of the Sub-Fund held long or short will vary over the life of the Sub-Fund as the Investment Manager makes such adjustments as it sees fit taking into account the objective of the Sub-Fund.
Although UCITS Regulations prohibit the short selling of physical securities, they allow the creation of synthetic short positions (synthetic in this context meaning essentially achieving the same economic outcome without actually selling short) through the use of derivative instruments, such as equity swaps, futures or
contracts for difference. (See also “Use of FDI” below).
As such the Sub-Fund will make frequent use of FDI for achieving both synthetic long and synthetic short positions (including but not limited to contracts for differences, equity index, equity sub-indices and single equity swaps) relating to equity market indices, sectors,
stocks and baskets of stocks in each case within the conditions and limits set out in the Central Bank UCITS Regulations.
The Sub-Fund will only make equity and equity-related investments when opportunities are identified which, in the opinion of the Investment Manager, provide the Sub- Fund with the potential for significant risk adjusted returns. Otherwise the Sub-Fund will remain invested in Liquid, Near Cash or Debt and Debt Related Securities.
The Investment Manager may express its views in relation to future market volatility relating to equity market indices, sectors, stocks and baskets of stocks in each case within the conditions and limits set out in the
Central Bank’s UCITS Regulations. Volatility investing will
generally be implemented through FDI such as options
and options on futures.
If the Investment Manager believes that future volatility will be higher than anticipated by other investors it will increase exposure to volatility by buying options. The Sub-Fund would profit from any future rise in the volatility of the given asset or market. If, on the other hand, the Investment Manager believes that future
volatility will be lower than anticipated by other investors it will decrease exposure to volatility by selling options. The Sub-Fund would profit from any future fall in asset or market volatility.
The Sub-Fund may also invest up to 10% of its Net Asset Value in collective investment schemes (“CIS”) including other CIS managed by the Investment Manager or its
associates. For example, investment in CIS may be used for cash management purposes or to give exposure to the equity and equity-related securities listed in the investment policy above.
The various types of investment described in these investment policies can include products which the Investment Manager considers to be structured products in that they will enable the Sub-Fund to indirectly gain market exposure to stocks, equity market indices, sectors and/or baskets of stocks although it is not expected that investment in these type of instruments will be significant. Such structured products typically take the form of transferable securities and/or money market instruments (i.e. instruments normally dealt in on the money markets which are liquid and have a value which can be accurately determined at any time) with an embedded derivative. Transferable securities shall have the meaning attributed thereto in the Central Bank UCITS Regulations. An example of such a structured product is a capital-protected zero coupon bond which contains an embedded derivative and which gives a return linked to an equity index. To the extent that such investments expose the Sub-Fund to the performance of any index, such index will need to be sufficiently diversified, represent an adequate benchmark for the markets to which they refer, be published in an appropriate manner and have been cleared in advance by the Central Bank.
Such structured products will be primarily confined to
assets listed or traded on one of the Eligible Markets set out in Appendix II, or if unlisted shall be restricted to 10% of the Net Asset Valueof the Sub-Fund, and shall comply with the requirements of the Central Bank.
With the exception of permitted investment in unlisted securities and open-ended CIS, investments will be made on Eligible Markets listed in Appendix II of the Prospectus.
The Sub-Fund may also enter into securities lending
agreements for investment purposes subject to the conditions and limits set out in the Central Bank’s UCITS Regulations.

##### Benchmark
SONIA 30-day compounded (the “Cash Benchmark”).
SONIA (Sterling Over Night Index Average) is a measure of the rate at which interest is paid on sterling short-term wholesale funds in circumstances where credit, liquidity and other risks are minimal. On each London business day, SONIA is measured as the trimmed mean, rounded to four decimal places, of interest rates paid on eligible sterling denominated deposit transactions. SONIA is a nearly risk-free rate meaning no bank credit risk is included, the rate can rise or fall as a result of central bank policy decisions or changing economic conditions.
The Sub-Fund uses the Cash Benchmark as a target against which to measure its performance on a rolling 12 month basis after fees.
The Sub-Fund is actively managed, which means the Investment Manager has discretion over the selection of investments, subject to the investment objective and policy.

##### Investment Strategy
The investment strategy of the Sub-Fund seeks to provide long and short investment exposure to equity securities with active net exposure via the size of the hedge.
Portfolio construction is based on:
- Individual portfolio manager responsibility
	- Position taking is a function of idea flow and timing judgement

- Position sizes and overall gross exposure varies with
	- Specific risks
	- Liquidity
	- Market environment (volatility, correlation)

- Hedge size at pair trade level is a function of:
	- Specific valuation and fundamental characteristics of the lead idea
	- Assessment of the broader market environment

- Hedge composition varies with:
	- Changing risks to the lead idea
	- Assessment of the broader market environment



##### The Sustainable Finance Disclosure Regulation
When assessing the sustainability risk associated with underlying investments of the Sub-Fund, the Investment Manager is assessing the risk that the value of such
underlying investments could be materially negatively impacted by an ESG event or condition (“ESG Event”). Sustainability risks are managed by ensuring senior
decision makers are informed and included in the Investment Manager’s responsible investment programme, and set effective accountability,
transparency and implementation procedures. Where sustainability risk issues are considered material to investment outcomes, they are incorporated into due diligence processes. This may include evaluating individual securities and/or interaction with issuers or market participants. Internal controls ensure sustainability criteria are applied to The Sub-Fund continuously. ESG restrictions, which includes proprietary ESG ratings and third-party data, are set to prevent or permit investment in securities that meet sustainability- related characteristics. These controls are coded against the Sub-Fund and updated as new information is absorbed.
Corporate governance is a key sustainability risk factor forming part of proprietary ESG risk ratings for all issuers. The Investment Manager's corporate governance assessment includes evaluating board practices and behaviour, remuneration, control and accountability, and ethics or controversies. The Investment Manager applies
the insights from ESG ratings alongside their own knowledge of issuers’ governance structures to set engagement priorities with issuers. The Investment
Manager considers these risks together to decide whether an investment reasonably compensates a fund for sustainability risks over the long and short-term.
In terms of social and environmental factors, the Investment Manager’s proprietary ESG ratings methodology provides sector specific and issuer specific
information on key issues. This model helps the Investment Manager to identify key risks that a specific sector or issuer may be facing.
The Sub-Fund may underperform or perform differently relative to other comparable funds that do not integrate sustainability risks into their investment decisions and there is a risk that that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Equity Futures Equity Index Futures |
| --- | --- |
| Options | Warrants Equity Options (single name, index, sector custom basket) Options on Futures Swaptions |
| Swaps | Equity Swaps (single name, index, sector and custom basket) Contracts for Difference |
| Forwards (de- liverable and non-deliver- able) | Forward Foreign Exchange Contracts |
| Securities with Embedded FDI/Leverage | Convertible Bonds Convertible Preference Shares |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial
purpose, are described in the Prospectus in the section entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Equity indices to provide | Dax 30 Index |
| exposure to regional and global | Euro Stoxx 50 Index |
| equity markets in a more cost | FTSE 100 Index |
| effective or efficient manner | FTSE 250 Index |
| than buying the physical | FTSE 350 Index |
| securities. | FTSE 350 Supersectors Indexes |
|  | FTSE All Share Index |
|  | FTSE MIB |
|  | FTSE World Index |
|  | Hang Seng Index |
|  | IBEX 35 |
|  | KOSPI Index |
|  | MDAX Index |
|  | MSCI All Countries World Index |
|  | MSCI Emerging Markets Index |
|  | MSCI World Developed ex Europe |
|  | Nasdaq Composite Index |
|  | Nikkei 225 Index |
|  | Russell 2000 Index |
|  | S&P/ASX 200 Index |
|  | S&P/TSX Composite Index |
|  | S&P 500 Index |
|  | Stoxx Europe 600 Index |

These financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total net long exposure (after taking account of hedging) through FDI is not expected to exceed 200% of the Net Asset Value of the Sub-Fund and the total net short exposure is not expected to exceed 200% of the Net Asset Value of the Sub-Fund (using the commitment approach).

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Absolute VaR
Absolute VaR Limit: 10% of the Net Asset Value of the Sub-Fund (using a 5 Business Day holding period)
Gross leverage is expected to vary between: 0 – 500% of the Net Asset Value. The gross leverage may exceed this target level at times
For more information on the Absolute VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into contracts for difference and equity swaps with securities financing effects similar to
total return swaps (“Securities Financing Swaps” or “SFS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements
and repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of SFS shall be 400% and in respect of SFTs shall be 100% of the Net Asset Value of the Sub-Fund. However, it is
not anticipated that the Sub-Fund’s exposure in respect
of SFS will exceed 350% and in respect of SFTs will
exceed 15% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to SFS will be of a type which is consistent with the investment policy of the Sub-Fund. The types of assets that will be subject to SFTs will be assets which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”,
“Appendix III - Management of Collateral”, “Appendix III -
Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1£,1USD, 1€ or 1CHF depending on the currency of the relevant class
(plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February. Further details
are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors' attention is particularly drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Emerging Markets Corporate Debt Fund

### SUPPLEMENT 20 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. The use of FDI for investment purposes will not be extensive. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- Investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be suitable for all investors.


#### The Investment Manager
Insight Investment Management (Global) Limited
The Investment Manager may delegate its investment management functions to a Sub-Investment Manager and/or appoint a sub-investment adviser to provide investment advice in accordance with the requirements of the Central Bank. As at the date of this Supplement, the Investment Manager has appointed the Sub- Investment Manager, as described below.

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its
investment management functions with respect to this Sub-Fund to Insight North America LLC (the “Sub- Investment Manager”). Details of the Sub-Investment Management Agreement between the Investment
Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro A | EUR | 5,000 | 5% | 1.50% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 1.50% | 0% |
| Euro A (Inc.) (M) | EUR | 5,000 | 5% | 1.50% | 0% |
| USD A | USD | 5,000 | 5% | 1.50% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.50% | 0% |
| AUD A (Acc.) | AUD | 5,000 | 5% | 1.50% | 0% |
| AUD A (Inc.) (M) | AUD | 5,000 | 5% | 1.50% | 0% |
| HKD A (Acc.) | HKD | 50,000 | 5% | 1.50% | 0% |
| HKD A (Inc.) (M) | HKD | 50,000 | 5% | 1.50% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| CNH A (Acc.) | CNH | 50,000 | 5% | 1.50% | 0% |
| CNH A (Inc.) (M) | CNH | 50,000 | 5% | 1.50% | 0% |
| SGD A (Acc.) | SGD | 5,000 | 5% | 1.50% | 0% |
| SGD A (Inc.) (M) | SGD | 5,000 | 5% | 1.50% | 0% |
| Euro H (hedged) | EUR | 5,000 | 5% | 1.50% | 0% |
| Euro H (Inc.) (hedged) (M) | EUR | 5,000 | 5% | 1.50% | 0% |
| AUD H (Acc.) (hedged) | AUD | 5,000 | 5% | 1.50% | 0% |
| AUD H (Inc.) (hedged) (M) | AUD | 5,000 | 5% | 1.50% | 0% |
| CNH H (Acc.) (hedged) | CNH | 50,000 | 5% | 1.50% | 0% |
| CNH H (Inc.) (hedged) (M) | CNH | 50,000 | 5% | 1.50% | 0% |
| SGD H (Acc.) (hedged) | SGD | 5,000 | 5% | 1.50% | 0% |
| SGD H (Inc.) (hedged) (M) | SGD | 5,000 | 5% | 1.50% | 0% |
| DKK H (Acc.) (hedged) | DKK | 50,000 | 5% | 1.50% | 0% |
| NOK H (Acc.) (hedged) | NOK | 50,000 | 5% | 1.50% | 0% |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 1.50% | 0% |

| “B” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD B | USD | 10,000 | 5% | 1.25% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 0.85% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 0.85% | 0% |
| Euro G (Acc.) | EUR | 5,000 | 5% | 0.85% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 0.85% | 0% |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 0.85% | 0% |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 0.85% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro C | EUR | 5,000,000 | 5% | 0.85% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 0.85% | 0% |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 0.85% | 0% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 0.85% | 0% |
| CHF C (Acc.) | CHF | 5,000,000 | 5% | 0.85% | 0% |
| USD C | USD | 5,000,000 | 5% | 0.85% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.85% | 0% |
| Euro I (hedged) | EUR | 5,000,000 | 5% | 0.85% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.85% | 0% |
| Sterling I (Acc.) (hedged) | GBP | 5,000,000 | 5% | 0.85% | 0% |
| Sterling I (Inc.) (hedged) | GBP | 5,000,000 | 5% | 0.85% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro W | EUR | 15,000,000 | 5% | 0.65% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.65% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.65% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.65% | 0% |
| Euro W (Inc.) (hedged) (M) | EUR | 15,000,000 | 5% | 0.65% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.65% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.65% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.65% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.65% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.65% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.65% | 0% |
| CHF W (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.65% | 0% |
| USD W | USD | 15,000,000 | 5% | 0.65% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.65% | 0% |
| USD W (Inc.) (M) | USD | 15,000,000 | 5% | 0.65% | 0% |
| HKD W (Inc.) (M) | HKD | 150,000,000 | 5% | 0.65% | 0% |
| AUD W (Inc.) (hedged) (M) | AUD | 15,000,000 | 5% | 0.65% | 0% |
| CAD W (Inc.) (hedged) (M) | CAD | 15,000,000 | 5% | 0.65% | 0% |
| CNH W (Inc.) (hedged) (M) | CNH | 150,000,000 | 5% | 0.65% | 0% |
| SGD W (Inc.) (hedged) (M) | SGD | 15,000,000 | 5% | 0.65% | 0% |
| DKK W (Acc.) (hedged) | DKK | 150,000,000 | 5% | 0.65% | 0% |
| NOK W (Acc.) (hedged) | NOK | 150,000,000 | 5% | 0.65% | 0% |
| SEK W (Acc.) (hedged) | SEK | 150,000,000 | 5% | 0.65% | 0% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | None | 0% | 0% | 0% |
| USD X | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |

| “Y” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD Y (Acc.) | USD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to generate a total return comprised of income and capital growth by investing primarily in corporate debt, and corporate debt-related instruments issued by emerging markets issuers worldwide and in financial derivative instruments relating to such instruments.

##### Investment Policy
The Sub-Fund will invest primarily (meaning at least three-quarters of the Sub-Fund’s Net Asset Value) in a broad range of corporate bonds, other bonds and credit
or bond related instruments and investments including asset-backed securities and convertible bonds issued by corporate issuers which are economically tied or linked to emerging market countries and which are listed or traded on any Eligible Markets (as set out in Appendix II of the Prospectus). The Sub-Fund may invest directly in such instruments or via a broad range of FDI, as permitted by the UCITS Regulations and listed below. FDI may be used to manage interest rate, credit and/or currency risks, as well as to take directional views on corporate issuers.
The Sub-Fund may also invest in debt securities which may be fixed or floating rate and may be issued or guaranteed by sovereign governments or their agencies or supranational or public international bodies from emerging market countries. The emerging market debt and debt-related securities that the Sub-Fund may invest in include Brady bonds, sovereign Eurobonds, loans (such as unsecuritised loan participations, and/or loan assignments), sovereign loans, local treasury bills, notes and bonds, certificates of deposit, commercial paper and structured notes.
The Sub-Fund may invest up to 15% of its Net Asset Value in asset-backed securities and up to 30% of its Net
Asset Value in subordinated debt instruments including contingent convertible securities (“CoCos”). The Sub-Fund will not invest more than 10% of its Net Asset Value in
CoCos. Please see “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos.
The Sub-Fund may invest in corporate bonds that are subordinated debt including unsecured bonds, corporate hybrid bonds and CoCos as well as additional/restricted tier 1 bonds, tier 2 bonds and tier 3 bonds issued by financial companies such as banks and insurance companies.
The Sub-Fund may invest up to 10% in other open-ended collective investment schemes (“CIS”). Investment in CIS may be used for cash management purposes (e.g. via
money market funds) or to give exposure to the debt and debt-related instruments listed in the investment policy. The Sub-Fund may also hold money market instruments and ancillary liquid assets such as bank deposits.
Emerging markets comprise countries other than advanced economies although it may include some advanced economies that exhibit financial / economic conditions characteristic of developing nations, for example, low gross national product (GNP). The Sub-Fund is likely to invest in, but is not limited to: Asia (such as Azerbaijan and Thailand), Latin America (such as El Salvador and Panama), the Middle East (such as Iraq and
Saudi Arabia), Africa (such as Cote D’ivoire and United
Republic of Tanzania) and emerging or developing European countries (such as Czech Republic and Hungary).
The Sub-Fund may also invest up to 15% of its Net Asset Value in debt or debt-related securities listed or traded on the Moscow Exchange.
Many of the emerging market securities in which the Sub-Fund may invest are, by definition, high yield and rated below investment grade (BB+ or below) (or its
equivalent) or are unrated by a Recognised Rating Agency. Issuers and/or guarantors of any investments held by the Sub-Fund may also be rated below investment grade or unrated by a Recognised Rating Agency. Those issuers with a rating below investment grade have a lower quality than those with an investment grade rating, and the investments in securities of these issuers present a high risk.
The Sub-Fund will not invest more than 10% of its Net Asset Value in securities issued and/or guaranteed by a single sovereign issuer with a credit rating below investment grade. For the avoidance of doubt, a single sovereign issuer shall include its government, agencies, a public or local authority.
The Sub-Fund may invest in instruments denominated in hard or local currencies. Hard currencies are generally issued by developed countries and have a stable exchange rate over a longer period. Local currencies are generally issued by developing countries and, from time to time, have a fluctuating exchange rate.

##### Benchmark
JP Morgan Corporate Emerging Market Bond Index Broad Diversified (CEMBI - BD) TR Index (the “Benchmark”).
The Benchmark is a market capitalisation weighted index consisting of USD denominated emerging market corporate bonds.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Benchmark subject to the investment objective and policy. While the Sub-Fund’s holdings may include constituents of the Benchmark, the selection of
investments and their 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.

##### Investment Strategy
The investment strategy of the Sub-Fund is based on:
- Emerging market corporate bonds offering excess yield compared to developed markets, which presents a structural investment opportunity;
- an imperfect market that is not always properly understood, or valued;and
- the following sources of alpha:
	- Country allocation
	- Credit and legal analysis
	- Liquidity management

- Instrument selectionWithin the emerging market country coverage model, fundamental credit research, quantitative screening and valuation assessment is undertaken leading to theInvestment Manager’s debt issuer selection (in terms ofrisk/reward valuation) and debt instrument selection (interms of maturity, covenants and position size).


##### The Sustainable Finance Disclosure Regulation
When assessing the sustainability risk associated with underlying investments of the Sub-Fund, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively
impacted by an ESG event or condition (“ESG Event”).
Sustainability risks are managed by ensuring senior
decision makers are informed and included in the Investment Manager’s responsible investment programme, and set effective accountability,
transparency and implementation procedures. Where sustainability risk issues are considered material to investment outcomes, they are incorporated into due diligence processes. This may include evaluating individual securities and/or interaction with issuers or market participants. Internal controls ensure sustainability criteria are applied to The Sub-Fund continuously. ESG restrictions, which includes proprietary ESG ratings and third-party data, are set to prevent or permit investment in securities that meet sustainability- related characteristics. These controls are coded against the Sub-Fund and updated as new information is absorbed.
Corporate governance is a key sustainability risk factor forming part of proprietary ESG risk ratings for all issuers. The Investment Manager's corporate governance assessment includes evaluating board practices and behaviour, remuneration, control and accountability, and ethics or controversies. The Investment Manager applies
the insights from ESG ratings alongside their own knowledge of issuers’ governance structures to set engagement priorities with issuers. The Investment
Manager considers these risks together to decide whether an investment reasonably compensates a fund for sustainability risks over the long and short-term.
In terms of social and environmental factors, the Investment Manager’s proprietary ESG ratings methodology provides sector specific and issuer specific
information on key issues. This model helps the Investment Manager to identify key risks that a specific sector or issuer may be facing.
The Sub-Fund may underperform or perform differently relative to other comparable funds that do not integrate sustainability risks into their investment decisions and there is a risk that that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the
technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Bond Futures Interest Rate Futures |
| --- | --- |
| Options | Currency Options (including FX Options) Bond Options |
| Swaps | Credit Default Swaps (single name, index and custom basket) Inflation Swaps Interest Rate Swaps Total Return Swaps (single name, credit, index and custom basket) Currency Swaps |
| Forwards (de- liverable and non-deliver- able) | Forward Foreign Exchange Contracts |
| Securities with Embedded FDI/Leverage | Contingent Convertible Securities (CoCos) Convertible Bonds Asset-Backed Securities |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

##### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit CDX Emerging Markets Index |
| Total Return Swap (TRS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying physical securities. | Markit iBoxx GEMX Index |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. The remaining financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any
rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total net long exposure (after taking account of hedging) through FDI is not expected to exceed 50% of the Net Asset Value of the Sub-Fund and the total net short exposure is not expected to exceed 50% of the Net Asset Value of the Sub-Fund (using the commitment approach).

#### Registration in Hong Kong
This Sub-Fund is registered for sale in Hong Kong.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 50% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions
and limits set out in the Central Bank UCITS Regulations. Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements and
repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 30% and in respect of SFTs shall be 100% of the Net Asset Value of the Sub-Fund. However, it is
not anticipated that the Sub-Fund’s exposure in respect
of TRS will exceed 20% and in respect of SFTs will
exceed 30% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in unlaunched share classes will be issued during
their respective Initial Offer Periods at their respective initial offer price per Share of 100$, 100£, 100€, 100CHF, 100AUD, 100CAD, 1000HKD, 1000CNH, 100SGD, 1000DKK,
1000NOK or 1000SEK depending on the currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge if any applicable to the relevant class).
All applications for Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) share classes with the suffix “(M)”, dividends will normally be declared monthly on the last Business Day of the month. For
holders of income generating monthly distributing Shares, the declared dividends will normally be paid on or before the 20
th 
calendar day of the following month. In the case of all other income generating (Inc.) share classes and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of these income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11 November respectively. Further details are
set out under the heading "The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Absolute Return Bond Fund

### SUPPLEMENT 21 DATED 3 MAY, 2022 TO TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may invest principally in FDI, and will use FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- Investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
- The Sub-Fund may, from time to time, invest substantially in money market instruments and/or deposits with credit institutions. Although the Sub- Fund may invest in money market instruments and cash deposits, Shares in the Sub-Fund are not deposits and are different in nature to a deposit in that the investment is not guaranteed and the value of the investment is capable of fluctuation. Investment in the Sub-Fund involves certain investment risks, including the possible loss of principal.


#### The Investment Manager
Insight Investment Management (Global) Limited
The Investment Manager may delegate its investment management functions to a Sub-Investment Manager and/or appoint a sub-investment adviser to provide investment advice in accordance with the requirements of the Central Bank. As at the date of this Supplement, the Investment Manager has appointed the Sub- Investment Manager, as described below.

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this
Sub-Fund to Insight North America LLC (the “Sub- Investment Manager”). Details of the Sub-Investment
Management Agreement between the Investment Manager and the Sub-Investment Manager are set out
under the heading “Sub-Investment Managers” in the
Prospectus.

#### Base Currency
Euro

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.75% | 0% | None | 3 Month EURIBOR | None |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.75% | 0% | None | 3 Month EURIBOR | None |
| USD W (Acc.) (hedged) | USD | 15,000,000 | 5% | 0.75% | 0% | None | SOFR (90-day compounded) | None |
| USD W (Inc.) (hedged) | USD | 15,000,000 | 5% | 0.75% | 0% | None | SOFR (90-day compounded) | None |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.75% | 0% | None | SONIA (90- day com- pounded) | None |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.75% | 0% | None | SONIA (90- day com- pounded) | None |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.75% | 0% | None | SARON (90- day com- pounded) | None |
| CHF W (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.75% | 0% | None | SARON (90- day com- pounded) | None |
| JPY W (Acc.) (hedged) | JPY | 1,500,000,000 | 5% | 0.75% | 0% | None | TONAR (90- day com- pounded) | None |
| JPY W (Inc.) (hedged) | JPY | 1,500,000,000 | 5% | 0.75% | 0% | None | TONAR (90- day com- pounded) | None |

| “Z” Shares and “Z (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| Euro Z (Acc.) | EUR | 200,000,000 | 5% | 0.65% | 0% | None | 3 Month EURIBOR | None |
| Euro Z (Inc.) | EUR | 200,000,000 | 5% | 0.65% | 0% | None | 3 Month EURIBOR | None |
| Sterling Z (Acc.) (hedged) | GBP | 200,000,000 | 5% | 0.65% | 0% | None | SONIA (90- day com- pounded) | None |
| Sterling Z (Inc.) (hedged) | GBP | 200,000,000 | 5% | 0.65% | 0% | None | SONIA (90- day com- pounded) | None |

| “R” Shares and “R (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| Euro R | EUR | 5,000 | 5% | 1.00% | 0% | 10% | 3 Month EURIBOR | 3 Month EURIBOR |
| Euro R (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% | 10% | 3 Month EURIBOR | 3 Month EURIBOR |
| USD R (hedged) | USD | 5,000 | 5% | 1.00% | 0% | 10% | SOFR (90-day compounded) | SOFR (90-day compounded) + 0.27% |
| USD R (Inc.) (hedged) | USD | 5,000 | 5% | 1.00% | 0% | 10% | SOFR (90-day compounded) | SOFR (90-day compounded) + 0.27% |
| CHF R (Acc.) (hedged) | CHF | 5,000 | 5% | 1.00% | 0% | 10% | SARON (90- day com- pounded) | SARON (90- day com- pounded) + 0.01% |
| CHF R (Inc.) (hedged) | CHF | 5,000 | 5% | 1.00% | 0% | 10% | SARON (90- day com- pounded) | SARON (90- day com- pounded) + 0.01% |

| “D” Shares and “D (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| Euro D (Acc.) | EUR | 5,000 | 5% | 0.50% | 0% | 10% | 3 Month EURIBOR | 3 Month EURIBOR |
| Euro D (Inc.) | EUR | 5,000 | 5% | 0.50% | 0% | 10% | 3 Month EURIBOR | 3 Month EURIBOR |
| USD D (Acc.) (hedged) | USD | 5,000 | 5% | 0.50% | 0% | 10% | SOFR (90-day compounded) | SOFR (90-day compounded) +0.27% |
| USD D (Inc.) (hedged) | USD | 5,000 | 5% | 0.50% | 0% | 10% | SOFR (90-day compounded) | SOFR (90-day compounded) + 0.27% |
| Sterling D (Acc.) (hedged) | GBP | 5,000 | 5% | 0.50% | 0% | 10% | SONIA (90- day com- pounded) | SONIA (90- day com- pounded) + 0.12% |
| Sterling D (Inc.) (hedged) | GBP | 5,000 | 5% | 0.50% | 0% | 10% | SONIA (90- day com- pounded) | SONIA (90- day com- pounded) + 0.12% |
| CHF D (Acc.) (hedged) | CHF | 5,000 | 5% | 0.50% | 0% | 10% | SARON (90- day com- pounded) | SARON (90- day com- pounded) + 0.01% |
| CHF D (Inc.) (hedged) | CHF | 5,000 | 5% | 0.50% | 0% | 10% | SARON (90- day com- pounded) | SARON (90- day com- pounded) + 0.01% |

| “S” Shares and “T (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| Euro S | EUR | 5,000,000 | 5% | 0.50% | 0% | 10% | 3 Month EURIBOR | 3 Month EURIBOR |
| Euro S (Inc.) | EUR | 5,000,000 | 5% | 0.50% | 0% | 10% | 3 Month EURIBOR | 3 Month EURIBOR |
| USD T (hedged) | USD | 5,000,000 | 5% | 0.50% | 0% | 10% | SOFR (90-day compounded) | SOFR (90-day compounded) + 0.27% |
| USD T (Inc.) (hedged) | USD | 5,000,000 | 5% | 0.50% | 0% | 10% | SOFR (90-day compounded) | SOFR (90-day compounded) + 0.27% |
| Sterling T (Acc.) (hedged) | GBP | 5,000,000 | 5% | 0.50% | 0% | 10% | SONIA (90- day com- pounded) | SONIA (90- day com- pounded) + 0.12% |
| Sterling T (Inc.) (hedged) | GBP | 5,000,000 | 5% | 0.50% | 0% | 10% | SONIA (90- day com- pounded) | SONIA (90- day com- pounded) + 0.12% |
| CHF T (Acc.) (hedged) | CHF | 5,000,000 | 5% | 0.50% | 0% | 10% | SARON (90- day com- pounded) | SARON (90- day com- pounded) + 0.01% |
| CHF T (Inc.) (hedged) | CHF | 5,000,000 | 5% | 0.50% | 0% | 10% | SARON (90- day com- pounded) | SARON (90- day com- pounded) + 0.01% |
| JPY T (Acc.) (hedged) | JPY | 500,000,000 | 5% | 0.50% | 0% | 10% | TONAR (90- day com- pounded) | TONAR (90- day com- pounded) + 0.01% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| JPY T (Inc.) (hedged) | JPY | 500,000,000 | 5% | 0.50% | 0% | 10% | TONAR (90- day com- pounded) | TONAR (90- day com- pounded) + 0.01% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| Euro X | EUR | None | 0% | 0% | 0% | None | 3 Month EURIBOR | None |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% | None | 3 Month EURIBOR | None |
| USD X (Acc.) (hedged) | USD | None | 0% | 0% | 0% | None | SOFR (90-day compounded) | None |
| USD X (Inc.) (hedged) | USD | None | 0% | 0% | 0% | None | SOFR (90-day compounded) | None |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% | None | SONIA (90- day com- pounded) | None |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% | None | SONIA (90- day com- pounded) | None |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% | None | SARON (90- day com- pounded) | None |
| CHF X (Inc.) (hedged) | CHF | None | 0% | 0% | 0% | None | SARON (90- day com- pounded) | None |
| JPY X (Acc.) (hedged) | JPY | None | 0% | 0% | 0% | None | TONAR (90- day com- pounded) | None |
| JPY X (Inc.) (hedged) | JPY | None | 0% | 0% | 0% | None | TONAR (90- day com- pounded) | None |


#### Performance Fee
In addition to the annual management charge, the Manager will be entitled to an annual performance fee
(the “Performance Fee”) subject to the conditions outlined
below. The rate at which the Performance Fee shall be
applied is set out in the table above. Performance Fees reduce the value of your investment and the investment return you will receive.
The Performance Fee in respect of each relevant Share Class is calculated as the performance fee rate (set out in the table above) of the Share Class Return (as defined below) over the Hurdle Rate Return (as defined below), subject to a High Water Mark (as defined below).
The Performance Fee will be calculated in respect of
each twelve-month period ending on the 31 December (the “Calculation Period”). The first Calculation Period will be the period commencing on the Business Day
immediately following the closing of the Initial Offer Period and ending on 31 December of the same year.
The “Share Class Return” is calculated on each Valuation Day and is the percentage difference between the Adjusted Net Asset Value on such Valuation Day and the
Adjusted Net Asset Value on the previous Valuation Day.
The “Adjusted Net Asset Value” is the Net Asset Value of the relevant share class (which includes an accrual for all fees and expenses including the annual management
charge and the operating and administrative expenses to be borne by the relevant share class, adjusted for any dividend distributions) but without deduction of any Performance Fee accrued since the start of the Calculation Period.
The “Hurdle Rate” is the rate set out in the table above. A hurdle rate is a predetermined level of return a fund must exceed to earn a performance fee.
The “Hurdle Rate Return” is calculated on each Valuation Day and is defined as the greater of (i) the return of the
Hurdle Rate (expressed as a percentage); or, (ii) zero percent (0). The “Hurdle Rate” is set out in the table above and is calculated over a 365 day basis for SONIA
(90-day compounded) and over a 360 day basis for 3 Month EURIBOR, SOFR (90-day compounded), SARON (90- day compounded) and TONAR (90-day compounded).
The “High Water Mark” is defined as the greater of (i) the highest Adjusted Net Asset Value per Share on which a Performance Fee was paid on the last day of any previous
Calculation Period; or, (ii) the initial issue price per Share of each Class.
On each Valuation Day, an Adjusted Net Asset Value is calculated in respect of each share class for which the Performance Fee applies. If the Adjusted Net Asset Value of the relevant share class exceeds the High Water Mark and the Share Class Return exceeds the Hurdle Rate Return, a Performance Fee is accrued.
The use of a High Water Mark ensures that you will not be charged a Performance Fee until any previous underperformance of the Share Class Return is clawed back. Accordingly, no Performance Fee will be charged unless the Adjusted Net Asset Value per Share at the end of the Calculation Period (or at the time of redemption, in the case of a merger subject to the requirements of the Central Bank), the date of termination of the Management Agreement or such other date on which the Company or the Sub-Fund may be liquidated or cease trading) is greater than the High Water Mark. You should note that relative underperformance of Share Class
Return against Hurdle Rate Return in previous Calculation Periods will not be clawed back.
Where the Hurdle Rate would be less than zero percent (0%), a minimum Hurdle Rate Return of zero percent (0%) will be applied in calculating any Performance Fee. This means that you will not be charged a Performance Fee unless the Share Class Return is greater than zero percent (0%) and that any Performance Fees accrued will be limited to the outperformance achieved above zero percent (0%) i.e. Performance Fees are not charged in times of negative performance.
If the Share Class Return does not exceed the Hurdle Rate Return, the Performance Fee accrual is reduced (not below zero). The Performance Fee is reduced by an amount calculated as the performance fee percentage (as set out in the table above) of the underperformance of the Share Class Return against the Hurdle Rate Return (the negative return) multiplied by the Shares in issue.
Once the Performance Fee accrual has been reduced to zero, no new Performance Fee is accrued until (i) the cumulative Share Class Return exceeds the cumulative Hurdle Rate Return since the beginning of the Calculation Period; and, (ii) the Adjusted Net Asset Value of the relevant share class exceeds the High Water Mark.
The Performance Fee accrued on each Valuation Day is reflected in the Net Asset Value per Share on the basis of which subscriptions, redemptions, switches or transfers may be accepted.
Included in the calculation of the Performance Fee shall be net realised and unrealised capital gains plus net realised and unrealised capital losses as at the end of the relevant period. As a result, Performance Fees may be paid on unrealised gains which may subsequently never be realised.
Positive performance may be generated by market movements as well as active portfolio management; this may lead to circumstances where a portion of the Performance Fee is paid based on market movements.
The calculation of the Performance Fee is not open to the possibility of manipulation and shall be verified by the Depositary.
The Performance Fee is calculated and accrued on each Valuation Day and paid yearly in arrears, in respect of each Calculation Period. Any Performance Fee due will generally be paid within 30 Business Days after the end of each Calculation Period, the date of any redemption, the date of a merger (subject to the requirements of the Central Bank), the date of termination of the Management Agreement or such other date on which the Company or the Sub-Fund may be liquidated or cease trading.

##### Examples of how the performance fee will be calculated
Please note the performance fee model does not allow for performance fees to be charged in cases of negative performance.
| Valuation Day | Adjusted Net Asset Value at end of Calculation Period | High Water Mark | Hurdle Rate Return ex- pressed in pence | Excess Return expressed in pence* | Performance Fee** | Net Asset Value at end of Calculation Period | Description of the example |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 31 December (year one) | 105p | 100p | 102p | 3p | 0.3p | 104.7p | Performance was positive over the Calculation Period as the Adjusted Net Asset Value of 105p at end of year one, was higher than the initial issue price of 100p In addition, the Adjusted Net Asset Value is above the High Water Mark of 100p AND the Excess Return of 3p is positive Therefore, a Performance Fee of 0.30p was paid |

| Valuation Day | Adjusted Net Asset Value at end of Calculation Period | High Water Mark | Hurdle Rate Return ex- pressed in pence | Excess Return expressed in pence* | Performance Fee** | Net Asset Value at end of Calculation Period | Description of the example |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 31 December (year two) | 95p | 105p | 106p | 0p | 0p | 95p | Performance was negative over the Calculation Period as the Adjusted Net Asset Value of 95p at the end of year two, was below the Net Asset Value of 104.7p at the end of year one Therefore, no Performance Fee was paid |
| 31 December (year three) | 104p | 105p | 97p | 0p | 0p | 104p | Performance was positive over the Calculation Period as the Adjusted Net Asset Value of 104p at end of year three was higher than the Net Asset Value of 95p at end of year two However, the Adjusted Net Asset Value of 104p was below the High Water Mark of 105p, resulting in Excess Return being zero Therefore, no Performance Fee was paid |
| 31 December (year four) | 110p | 105p | 108p | 2p | 0.20p | 109.8p | Performance was positive over the Calculation Period as the Adjusted Net Asset Value of 110p at end of year four was higher than the Net Asset Value of 104p at end of year three In addition, the Adjusted Net Asset Value is higher than the High Water Mark of 105p AND the Excess Return of 2p is positive Therefore, a Performance Fee of 0.20p was paid |

* Excess Return is the outperformance of the Share Class Return over the Hurdle Rate Return where the Adjusted Net Asset Value has exceeded the High Water Mark
** 10% of Excess Return

#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to provide a positive absolute return in all market conditions over a rolling 12 month period by investing primarily in debt and debt-related securities and instruments located worldwide and in financial derivative instruments relating to such securities and instruments.

##### Investment Policy
The Sub-Fund will seek to achieve its investment objective by investing primarily in bonds and bond- related instruments and other types of securities listed or traded on any Eligible Markets and FDI permitted by the UCITS Regulations, as set out below.
The Sub-Fund will employ a range of fixed income strategies which involve taking long and short positions relating to interest rates, bonds and inflation. Investment
decisions will be driven by the Investment Manager’s
views on a range of global return sources including but not limited to credit strategy, security selection, market allocation, duration and yield curve, and currency selection. Long positions may be held through a combination of direct investments and/or FDI listed below. Short positions will be held synthetically, through the use of FDI. The long/short ratio of the Sub-Fund will vary over time depending on the strategies the Investment Manager wishes to employ.
The Investment Manager will primarily use bottom-up credit research and analysis in its selection of securities, which aims to identify, on a worldwide basis and without any specific geographic focus, investments with good total return generating potential.
Whilst the Sub-Fund’s base currency is Euro, it may invest in non-Euro denominated assets which may not necessarily be hedged back into Euro.
The Sub-Fund may invest in a broad range of debt investments which may be fixed or floating rate and including debt securities, instruments and obligations, which may be issued or guaranteed by sovereign
governments or their agencies and debt securities, instruments and obligations issued by supranational or public international bodies, banks, corporates or other commercial issuers.
It is intended that issuers and/or guarantors of any such securities, instruments or obligations referred to in the previous sentence will have a credit rating at the time of purchase of at least BBB- (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.
These types of debt investments that the Sub-Fund will invest in include, but are not limited, to sovereign government bonds and treasury bills, supranational bonds, corporate bonds, debentures, notes (which are transferable securities) and other similar corporate debt instruments, including convertible bonds ((including Contingent Convertible Securities (CoCos)), asset-backed securities, certificates of deposit, floating rate notes, short and medium term obligations and commercial paper and other money market instruments.
The Sub-Fund may invest in emerging market debt and debt-related securities. These include Brady bonds, sovereign Eurobonds, corporate bonds, loans and sovereign loans, local treasury bills, notes and bonds, certificates of deposit, commercial paper, structured notes and money market securities. Many of the emerging market securities in which the Sub-Fund may invest are, by definition, rated below investment grade (BBB-); those issuers with a rating below (BBB-) have a lower quality than those with an investment grade rating and the investments in securities of these issuers present a high risk.
Debt securities may be acquired with warrants attached. Corporate income-producing securities may also include forms of preferred or preference stock. The rate of interest on a corporate debt security may be fixed, floating or variable, and may vary inversely with respect to a reference rate.
The Sub-Fund may invest in a broad range of sub- investment grade securities which have a credit rating at the time of purchase of at least Ba1/BB+ or below (or its equivalent) from a Recognised Rating Agency. These include sovereign bonds, supranational bonds, corporate bonds, debentures, notes (which are transferable securities) and other similar corporate debt instruments, including convertible bonds ((including Contingent Convertible Securities (CoCos)), asset-backed securities, certificates of deposit, floating rate notes, short and medium term obligations and commercial paper and other money market instruments.
The Sub-Fund may also invest up to 10% of its Net Asset Value in loans, participations in loans or assignments of loans to borrowers (which can be corporates, sovereign governments, public bodies or others) and which will either be transferable securities, or money market instruments.
The Sub-Fund may invest up to 10% of its Net Asset Value in CoCos. Please see “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos.
The Sub-Fund may invest up to 10% in other open-ended collective investment schemes (“CIS”) including money market funds and may also hold ancillary liquid assets
such as bank deposits. Investment in CIS may be used
for cash management purposes or to give exposure to the debt and debt-related securities listed in the investment policy above.
The Sub-Fund may invest up to 10% of its Net Asset Value in securities listed or traded on Russian markets. Any such investment will only be made on Eligible Markets included in Appendix II to the Prospectus.
The Sub-Fund may also invest up to 10% of its Net Asset Value in debt and debt-related securities in the People’s Republic of China (“PRC”) traded in the China interbank bond market (“CIBM”) via Bond Connect (as further described Appendix VI to the Prospectus.)

##### Benchmark
3 Month EURIBOR (the “Cash Benchmark”).
EURIBOR is the Euro Interbank Offer Rate and is a reference rate that is constructed from the average interest rate at which Eurozone banks offer unsecured short-term lending on the inter-bank market.
The Sub-Fund uses the Cash Benchmark as a target against which to measure its performance on a rolling 12 month basis after fees. The Sub-Fund uses the Cash Benchmark +3% per annum as a target against which to measure its performance on a rolling annualised 3 year basis before fees.
The Sub-Fund is actively managed, which means the Investment Manager has discretion over the selection of investments, subject to the investment objective and policy.

##### Investment Strategy
The investment strategy of the Sub-Fund is a combination of:
Credit strategy: The Investment Manager’s credit strategy based on a top-down approach that combines long-term strategic forecasts, shorter-term tactical views and
observations of market trends as well as bottom-up analysis to identify the most compelling investment opportunities.
Security selection: The Investment Manager surveys the credit universe, filtering out companies where it feels there is inadequate financial reporting or poor access to management. Companies are assessed on the basis of their credit fundamentals and other risks that could give rise to a sharp deterioration in credit quality. Only what the Investment Manager considers to be attractive opportunities, at the right valuation, are selected for the Sub-Fund.
Duration and yield curve: When managing portfolio duration, the Investment Manager is taking a view on the direction of bond yields and interest rates.
Market allocation: The Investment Manager’s assessments are based on macro-economic fundamentals. The Investment Manager utilises the
expertise of its government bond teams and its strategy team. Its government bond portfolio managers have responsibility for all aspects of economic and other research for their market. In performing their analysis, the portfolio managers consider a wide range of variables both economic and market related.
Currency selection: The Sub-Fund seeks to generate a modest level of alpha (added value) from active currency selection and management. The investment universe includes the full range of global currencies.

##### The Sustainable Finance Disclosure Regulation
When assessing the sustainability risk associated with underlying investments of the Sub-Fund, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively
impacted by an ESG event or condition (“ESG Event”).
Sustainability risks are managed by ensuring senior
decision makers are informed and included in the Investment Manager’s responsible investment programme, and set effective accountability,
transparency and implementation procedures. Where sustainability risk issues are considered material to investment outcomes, they are incorporated into due diligence processes. This may include evaluating individual securities and/or interaction with issuers or market participants. Internal controls ensure sustainability criteria are applied to The Sub-Fund continuously. ESG restrictions, which includes proprietary ESG ratings and third-party data, are set to prevent or permit investment in securities that meet sustainability- related characteristics. These controls are coded against the Sub-Fund and updated as new information is absorbed.
Corporate governance is a key sustainability risk factor forming part of proprietary ESG risk ratings for all issuers. The Investment Manager's corporate governance assessment includes evaluating board practices and behaviour, remuneration, control and accountability, and ethics or controversies. The Investment Manager applies
the insights from ESG ratings alongside their own knowledge of issuers’ governance structures to set engagement priorities with issuers. The Investment
Manager considers these risks together to decide whether an investment reasonably compensates a fund for sustainability risks over the long and short-term.
In terms of social and environmental factors, the Investment Manager’s proprietary ESG ratings methodology provides sector specific and issuer specific
information on key issues. This model helps the Investment Manager to identify key risks that a specific sector or issuer may be facing.
The Sub-Fund may underperform or perform differently relative to other comparable funds that do not integrate sustainability risks into their investment decisions and there is a risk that that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations
under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Bond Futures Interest Rate Futures Currency Futures |
| --- | --- |
| Options | Options on Interest Rate Futures Options on Currency Futures Currency Options (including FX Options) Bond Options Options on Credit Default Swaps (single name, index and custom basket) Warrants |
| Swaps | Credit Default Swaps (single name, index and custom basket) Interest Rate Swaps Inflation Swaps Currency Swaps Total Return Swaps (single name, credit, index and custom basket) |
| Forwards (de- liverable and non-deliver- able) | Forward Foreign Exchange Contracts |
| Securities with Embedded FDI/Leverage | Convertible Bonds Contingent Convertible Securities (CoCos)Asset- Backed Securities (ABS) and Mortgage-Backed Securities (MBS) |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

##### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | iTraxx Europe Index Markit CDX North American Investment Grade Index |
| Total Return Swap (TRS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying physical securities. | Markit iBoxx USD Liquid Investment Grade Total Return Index Markit iBoxx EUR Corporates Markit iBoxx USD Liquid High Yield Index Markit iBoxx EUR Liquid High Yield Index |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. The remaining financial
indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where
additional information can be found, will be set out in the Company’s semi-annual and annual accounts.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total net long exposure (after taking account of hedging) through FDI is not expected to exceed 500% of the Net Asset Value of the Sub-Fund and the total net short exposure is not expected to exceed 150% of the Net Asset Value of the Sub-Fund (using the commitment approach).

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Absolute VaR
Absolute VaR Limit: 5% of the Net Asset Value of the Sub-Fund (using a 5 Business Day holding period)
Gross leverage is expected to vary between: 50 – 1500% of the Net Asset Value. The gross leverage may exceed this target level at times
For more information on the Absolute VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.
The Central Bank UCITS Regulations provide that where VaR is used as a risk management approach it can also be supplemented with a leverage calculation using the commitment approach.
Maximum leverage: 300% of the Net Asset Value (Using the commitment approach)
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements and
repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 30% and in respect of SFTs shall be 100% of the Net Asset Value of the Sub-Fund. However, it is
not anticipated that the Sub-Fund’s exposure in respect
of TRS will exceed 20% and in respect of SFTs will
exceed 30% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in unlaunched share classes will be issued during their respective Initial Offer Periods at their respective
initial offer price per Share of 100€, 100$, 100£, 100CHF
or 10,000¥ depending on the currency of the relevant
class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge if any applicable to the relevant class).
All applications for Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11
November respectively. Further details are set out under the heading "The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon European Credit Fund

### SUPPLEMENT 22 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.


#### The Investment Manager
Insight Investment Management (Global) Limited

#### Base Currency
Euro

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro A | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% |

| “G” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro G (Acc.) | EUR | 5,000 | 5% | 0.50% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 0.50% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro C | EUR | 5,000,000 | 5% | 0.50% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 0.50% | 0% |
| USD I (Acc.) (hedged) | USD | 5,000,000 | 5% | 0.50% | 0% |
| USD I (Inc.) (hedged) | USD | 5,000,000 | 5% | 0.50% | 0% |
| Sterling I (Acc.) (hedged) | GBP | 5,000,000 | 5% | 0.50% | 0% |
| Sterling I (Inc.) (hedged) | GBP | 5,000,000 | 5% | 0.50% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| CHF I (Acc.) (hedged) | CHF | 5,000,000 | 5% | 0.50% | 0% |
| JPY I (Acc.) (hedged) | JPY | 500,000,000 | 5% | 0.50% | 0% |
| JPY I (Inc.) (hedged) | JPY | 500,000,000 | 5% | 0.50% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR W (Acc.) | EUR | 15,000,000 | 5% | 0.40% | 0% |
| EUR W (Inc.) | EUR | 15,000,000 | 5% | 0.40% | 0% |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.40% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.40% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.40% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.40% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.40% | 0% |
| CHF W (Inc.) | CHF | 15,000,000 | 5% | 0.40% | 0% |
| USD W (Acc.) (hedged) | USD | 15,000,000 | 5% | 0.40% | 0% |
| USD W (Inc.) (hedged) | USD | 15,000,000 | 5% | 0.40% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.40% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.40% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.40% | 0% |
| CHF W (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.40% | 0% |
| JPY W (Acc.) (hedged) | JPY | 1,500,000,000 | 5% | 0.40% | 0% |
| JPY W (Inc.) (hedged) | JPY | 1,500,000,000 | 5% | 0.40% | 0% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro X | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |
| JPY X (Acc.) (hedged) | JPY | None | 0% | 0% | 0% |
| JPY X (Inc.) (hedged) | JPY | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to generate a total return comprised of income and capital growth by investing primarily in a broad range of Euro-denominated debt and debt-related investments and in financial derivative instruments relating to such investments.

##### Investment Policy
The Sub-Fund will invest the majority of its assets in fixed or floating investment grade corporate bonds and credit related instruments denominated in Euros and listed or traded on any Eligible Markets, but may also invest in debt instruments issued by government and supranational entities and in loans and sovereign loans.
The Sub-Fund may invest directly in such instruments or via a broad range of FDI (as permitted by the UCITS Regulations and referred to below).
From time to time the Sub-Fund’s exposure to government and supranational issuers may be significant,
but exposure to corporate bonds and credit related investments will always exceed 50% of its Net Asset Value.
The Investment Manager will primarily use bottom-up credit research and analysis in its selection process, which aims to identify investments with good total return generating potential.
The Sub-Fund may invest up to 25% in sub-investment grade instruments and up to 10% emerging market debt.
The Sub-Fund may also invest in other transferable securities, either directly, or via a broad range of FDI i.e. fixed income securities (such as bonds, debentures and notes) issued by corporations (in addition to those referred to above) and governments, each of which may be fixed or floating rate.
The Sub-Fund may invest in investment grade (a credit rating at the time of purchase of at least BBB- (or its equivalent) or below investment grade (a credit rating at the time of purchase of at least Ba1/BB+ or below (or its equivalent) as determined by a Recognised Rating Agency, convertible bonds (including Contingent Convertible Securities), collective investment schemes
(“CIS”), cash, near cash assets and money market
instruments (including commercial paper and certificates
of deposit).
The Sub-Fund may invest up to 10% of its Net Asset Value in CoCos. Please see “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos.
The Sub-Fund may invest up to 10% of its Net Asset Value in loans, participations in loans or assignments of loans to borrowers (which can be corporates, sovereign governments, public bodies or others) and which will either be transferable securities, or money market instruments.
The Sub-Fund may invest up to 10% of its Net Asset Value in other open-ended CIS including money market funds and may also hold ancillary liquid assets such as bank deposits. Investment in CIS may be used for cash management purposes or to give exposure to the debt and debt-related securities listed in the investment policy above.
The Sub-Fund may invest up to 10% of its Net Asset Value in securities listed or traded on Russian markets. Any such investment will only be made on Eligible Markets included in Appendix II to the Prospectus.

##### Benchmark
Markit iBoxx Euro Corporates TR Index (the “Benchmark”).
The Benchmark represents investment grade fixed- income bonds issued by public or private corporations. The Markit iBoxx Corporates Indices cover senior and subordinated debt and are classified into Financials and Non-Financials. Financials are classified further into four sectors and Non-Financials offer nine sectors, depending
on the issuer’s business scope. The iBoxx EUR Financials
and EUR Non-Financials comprise approximately 700 and
1300 bonds respectively.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has discretion to invest outside the Benchmark subject to the investment objective and policy. However, as the Benchmark covers a significant
proportion of the investable universe, the majority of the Sub-Fund’s holdings will be constituents of the Benchmark and the weightings in the portfolio may be
similar to those of the Benchmark. The investment strategy will restrict the extent to which the portfolio holdings may deviate from the Benchmark and consequently the extent to which the Sub-Fund can outperform the Benchmark.

##### Investment Strategy
The investment strategy of the Sub-Fund is a combination of:
- understanding the current and future macroeconomic environment, for employment levels, inflation, interest rates, and what impact these factors may have on Debt and Debt Related Securities and currencies. This understanding is developed using a number of sources including economic data releases, central bank policy statements and a review of historical data;and
- analysing the different asset classes that make up the investments in the Sub-Fund, i.e. credit, emerging market debt, government bonds and currency to assess their return generating potential.

Once this analysis is complete the Investment Manager can decide the asset allocation of the Sub-Fund, i.e. what percentage of the assets to invest in the asset classes.
The Investment Manager may consider factors such as expense and ease of implantation when deciding how to implement the investment strategy and gain exposure to the asset classes, e.g. using FDI or CIS rather than buying assets directly.
Selecting the individual securities within each asset class is made with input from the credit teams who specialise in specific sectors or industries, e.g. telecoms, automobiles, technology, manufacturing and government bonds.

##### The Sustainable Finance Disclosure Regulation
When assessing the sustainability risk associated with underlying investments of the Sub-Fund, the Investment Manager is assessing the risk that the value of such
underlying investments could be materially negatively impacted by an ESG event or condition (“ESG Event”). Sustainability risks are managed by ensuring senior
decision makers are informed and included in the Investment Manager’s responsible investment programme, and set effective accountability,
transparency and implementation procedures. Where sustainability risk issues are considered material to investment outcomes, they are incorporated into due diligence processes. This may include evaluating individual securities and/or interaction with issuers or market participants. Internal controls ensure sustainability criteria are applied to The Sub-Fund continuously. ESG restrictions, which includes proprietary ESG ratings and third-party data, are set to prevent or permit investment in securities that meet sustainability- related characteristics. These controls are coded against the Sub-Fund and updated as new information is absorbed.
Corporate governance is a key sustainability risk factor forming part of proprietary ESG risk ratings for all issuers. The Investment Manager's corporate governance assessment includes evaluating board practices and behaviour, remuneration, control and accountability, and ethics or controversies. The Investment Manager applies
the insights from ESG ratings alongside their own knowledge of issuers’ governance structures to set engagement priorities with issuers. The Investment
Manager considers these risks together to decide whether an investment reasonably compensates a fund for sustainability risks over the long and short-term.
In terms of social and environmental factors, the Investment Manager’s proprietary ESG ratings methodology provides sector specific and issuer specific
information on key issues. This model helps the Investment Manager to identify key risks that a specific sector or issuer may be facing.
The Sub-Fund may underperform or perform differently relative to other comparable funds that do not integrate sustainability risks into their investment decisions and there is a risk that that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of
the principal adverse impact consideration regime in Article 4 SFDR, (the “PAI regime”). The Manager is supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Currency Futures |
| --- | --- |
| Options | Currency Options (including FX Options) Bond Options |
| Swaps | Credit Default Swaps (single name, index and custom basket) Interest Rate Swaps Inflation Swaps Currency Swaps Cross Currency Swaps Total Return Swaps (single name, credit, index and custom basket) |
| Forwards (de- liverable and non-deliver- able) | Forward Foreign Exchange Contracts |

| Securities with Embedded FDI/Leverage | Convertible Bonds Contingent Convertible Securities (CoCos) |
| --- | --- |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both efficient portfolio management (EPM) and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | iTraxx Europe Index |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. However, as the Sub- Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where
additional information can be found, will be set out in the Company’s semi-annual and annual accounts.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total net long exposure (after taking account of hedging) through FDI is not expected to exceed 100% of the Net Asset Value of the Sub-Fund and the total net short exposure is not expected to exceed 100% of the Net Asset Value of the Sub-Fund (using the commitment approach).

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Relative VaR
Relative VaR Limit: Sub-Fund’s portfolio will not exceed twice the VaR on a representative benchmark portfolio (using a 5 Business Day holding period)
Relative VaR Benchmark: Markit iBoxx Euro Corporates Index
Gross leverage is expected to vary between: 0 – 500% of the Net Asset Value. The gross leverage may exceed this target level at times.
For more information on the Relative VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.
The Central Bank UCITS Regulations provide that where VaR is used as a risk management approach it can also be supplemented with a leverage calculation using the commitment approach.
Maximum leverage: 200% of the Net Asset Value (Using the commitment approach)
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions
and limits set out in the Central Bank UCITS Regulations. Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements and
repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 30% and in respect of SFTs shall be 100% of the Net Asset Value of the Sub-Fund. However, it is
not anticipated that the Sub-Fund’s exposure in respect
of TRS will exceed 20% and in respect of SFTs will
exceed 30% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in unlaunched share classes will be issued during
their respective Initial Offer Periods at their respective initial offer price per Share of 100$, 100£, 100€, 100CHF
or 10,000¥ depending on the currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge if any applicable to the relevant class).
All applications for Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11 November respectively. Further details are set out under
the heading "The Company - Distribution Policy” in the
Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The Annual Management Charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Global Real Return Fund (GBP)

### SUPPLEMENT 23 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
- The Sub-Fund may invest substantially in deposits with credit institutions. Although the Sub-Fund may invest in money market instruments and cash deposits, Shares in the Sub-Fund are not deposits and are different in nature to a deposit in that the investment is not guaranteed and the value of the investment is capable of fluctuation. Investment in the Sub-Fund involves certain investment risks, including the possible loss of principal.


#### The Investment Manager
Newton Investment Management Limited

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this
Sub-Fund to Newton Investment Management North America LLC (the “Sub-Investment Manager”). Details of the Sub-Investment Management Agreement between the
Investment Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
Sterling

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Sterling A (Acc.) | GBP | 5,000 | 5% | 1.50% | 0% | SONIA (30-day compounded) + 4% |
| Sterling A (Inc.) | GBP | 5,000 | 5% | 1.50% | 0% | SONIA (30-day compounded) + 4% |

| “B” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Sterling B (Acc.)* | GBP | 10,000 | 5% | 1.50% | 0% | SONIA (30-day compounded) + 4% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| --- | --- | --- | --- | --- | --- | --- |
| Sterling B (Inc.)* | GBP | 10,000 | 5% | 1.50% | 0% | SONIA (30-day compounded) + 4% |

*	share class is closed to new investors.
| “G” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Sterling G (Acc.) | GBP | 5,000 | 5% | 1.00% | 0% | SONIA (30-day compounded) + 4% |
| Sterling G (Inc.) | GBP | 5,000 | 5% | 1.00% | 0% | SONIA (30-day compounded) + 4% |

| “C” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 1.00% | 0% | SONIA (30-day compounded) + 4% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 1.00% | 0% | SONIA (30-day compounded) + 4% |

| “W” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.75% | 0% | SONIA (30-day compounded) + 4% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.75% | 0% | SONIA (30-day compounded) + 4% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Sterling X (Acc.) | GBP | None | 0% | 0% | 0% | SONIA (30-day compounded) + 4% |
| Sterling X (Inc.) | GBP | None | 0% | 0% | 0% | SONIA (30-day compounded) + 4% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The objective of the Sub-Fund is to achieve a total return in excess of a cash benchmark (as described below) over an investment horizon of 3-5 years.

##### Investment Policy
The Sub-Fund will use its ability to invest freely in a wide range of asset classes, aiming to have a reasonably moderate risk exposure at any point in time. The Sub- Fund is a multi-asset global portfolio. Allocations will be
made at the Investment Manager’s discretion, based upon the Investment Manager’s proprietary global thematic investment approach, both within each asset
class and among the asset classes. The Sub-Fund need not be invested in all of the asset classes at any one time.
In general, the Sub-Fund may invest in equity and equity- related securities, debt and debt-related securities, FDI
(including currency related FDI), collective investment schemes (“CIS”), deposits, cash, money market instruments and cash equivalents, each of which is
discussed in more detail below.
In relation to the equity and equity-related securities that the Sub-Fund may invest in, these will be principally, but not limited to common shares, preference shares, securities convertible into or exchangeable for such equities, American Depositary Receipts and Global Depository Receipts listed or traded on Eligible Markets located worldwide.
In relation to the debt and debt-related securities that the Sub-Fund may invest in, these will be principally, but not limited to international, emerging market sovereign, government, supranational agency, corporate, bank and other bonds and other debt and debt-related securities such as debentures, notes (including corporate, sovereign, floating and fixed rate notes with a minimum term of one year or more) and asset and mortgage- backed securities, each of which may be fixed or floating rate.
The Sub-Fund may invest in investment grade or below investment grade, as determined by a Recognised Rating Agency. Investment in sub-investment grade fixed income
securities is not expected to exceed 30% of the Sub- Fund’s Net Asset Value and will generally be substantially lower than 30%.
The Sub-Fund may invest up to 10% of its Net Asset Value in CoCos. Please see “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos.
The Sub-Fund may invest up to 10% of its Net Asset Value in Structured Notes.
The Sub-Fund will not invest more than 10% of its Net Asset Value in aggregate in CIS.
To provide liquidity and cover for exposures generated through the use of FDI, the majority of the Sub-Fund’s assets may, at any one time, be invested in cash, money
market instruments including, but not limited to, commercial paper, government bonds which may be fixed or floating rate and investment grade or below investment grade (as determined by a Recognised Rating Agency), certificates of deposit and CIS.
The Sub-Fund may invest in commodities, property, renewable energy and infrastructure through a combination of CIS (including open-ended exchange traded funds), equity and equity-related securities (such
as listed real estate investment trusts (“REITS”) and other
closed end listed funds) and fixed income securities
(such as exchange traded notes (including exchange traded commodities and exchange traded certificates)). Any investment in closed-ended listed funds shall constitute an investment in a transferable security in accordance with the requirements of the Central Bank.
The Sub-Fund is not subject to any specific geographic or market sector.
The Sub-Fund may invest up to 10% of its Net Asset Value in securities listed or traded on Russian markets. Any such investment will only be made on Eligible Markets included in Appendix II to the Prospectus. Where the Sub-Fund invests in emerging market equity and equity-related securities, these will comprise of
companies having their registered office in, or exercising the predominant part of their economic activity in, emerging market countries.
The Sub-Fund may also invest up to 10% of its Net Asset Value in debt and debt-related securities in the People’s Republic of China (“PRC”) traded in the China interbank bond market (“CIBM”) via Bond Connect (as further described Appendix VI to the Prospectus.)
Methods of gaining exposure to Chinese securities may include purchasing China A-shares via the Stock Connect. The Sub-Fund may invest up to 10% of its Net Asset Value in China A-shares via the Stock Connect. Further details about the Stock Connect are set out in Appendix V to the Prospectus.
The Sub-Fund may invest up to 10% of its Net Asset Value in transferable securities not listed or traded on Eligible Markets.

##### Benchmark
SONIA (30-day compounded) + 4% per annum (the “Cash Benchmark”).
The Sub-Fund uses the Cash Benchmark as a target set for the Sub-Fund’s performance to match or exceed over 5 years before fees.
SONIA (Sterling Overnight Index Average) is an interest rate benchmark. SONIA is based on actual transactions and reflects the average of the interest rates that banks pay to borrow sterling overnight from other financial institutions and other institutional investors.
The Sub-Fund is actively managed, which means the Investment Manager has discretion over the selection of investments, subject to the investment objective and policy.

##### Investment Strategy
The investment philosophy is based upon the conviction of the Investment Manager that no company, market or economy can be considered in isolation; each must be understood in a global context. The Investment Manager believes that events occurring around the world influence all financial markets and therefore successful investment in internationally diversified securities requires a thorough understanding of the world as a whole.
The Investment Manager identifies themes which encompass the major areas of change in the world and use these themes as the basis of their investment ideas. This global, thematic approach allows the Investment Manager to gain long-term perspective on global financial
markets and economies and always to consider the ‘big picture’. Perspective is a defining feature of their investment process; it helps them to anticipate how the
world will change and it directs analysts and portfolio managers towards profitable opportunities.
The Global Real Return strategy is an actively managed multi-asset strategy, investing predominantly in
‘conventional’ assets, with the use of FDI to protect
capital or to generate income. The multi-asset targeted
return portfolios are constructed holistically and follow an unconstrained investment approach, with no regional, sector or indices constraints. The Investment Manager customises the investment characteristics that we seek to the changes we see in the investing environment. The
asset allocation of the Sub-Fund may change according to the Investment Manager’s views of fundamental
economic and market conditions and investment trends across the globe, taking into consideration factors such as liquidity, costs, timing of execution, relative attractiveness of individual securities and issuers available in the market.

##### The Sustainable Finance Disclosure Regulation
The consideration of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying
investments could be materially negatively impacted by an ESG event or condition (“ESG Event”).
The Investment Manager has access to a variety of ESG- related data points provided by third party data which assists with the identification of potential ESG-related issues that an issuer may be facing. This includes but is not limited to exposure to activities that may be deemed harmful to the environment or society. This data, along
with data from the Investment Manager’s own proprietary
responsible investment research resources, forms a central part of the Investment Manager’s consideration and assessment of the level of sustainability risk that an
investment may be subject to.
This assessment is integrated in to the security level research process, which is based upon fundamental analysis of individual investment opportunities across a number of different factors including:
- Fundamental financial or economic characteristics
- Valuation
- Risk/reward profile
- The ESG characteristics of the issuer, including understanding how such considerations can impact economic returnsThe information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer or continue to hold a position.

As explained above, the assessment and management of sustainability risks forms an important part of the
Investment Manager’s due diligence process, however,
there may still be a risk that the value of the Sub-Fund
could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of
the principal adverse impact consideration regime in Article 4 SFDR, (the “PAI regime”). The Manager is supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations
under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Currency Futures Government Bond Futures Equity Index Futures Volatility Index Futures Equity Futures |
| --- | --- |
| Options | Equity Options (single name, index, sector custom basket) Low Exercise Price Options (LEPOs) and Low Exercise Price Warrants (LEPWs) Index Options Bond Options Options on Currency Futures Swaptions Options on Volatility Indices Currency Options (including FX Options) Options on Futures |
| Swaps | Credit Default Swaps (single name, index and custom basket) Interest Rate Swaps Equity Swaps (single name, index, sector and custom basket) Variance Swaps Total Return Swaps (single name, credit, index and custom basket) Contracts for Difference |
| Forwards | Forward Foreign Exchange Contracts |
| Securities with Embedded FDI/Leverage | Convertible Bonds Contingent Convertible Securities (CoCos) Asset-Backed Securities (ABS) Mortgage-Backed Securities (MBS) Warrants Structured Notes |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit iTraxx CDS Index |

| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Equity indices to provide exposure to regional and global equity markets in a more cost effective or efficient manner than buying the physical securities. | Borsa Istanbul 30 Dax 30 Index Euro Stoxx 50 Index FTSE 100 Index FTSE All Share Index FTSE World Index Hang Seng Index KOSPI Index MDAX Index MSCI All Countries World Index MSCI Emerging Markets Index Nasdaq Composite Index Nikkei 225 Index Russell 2000 Index S&P/ASX 200 Index S&P/TSX Composite Index S&P 500 Index Stoxx Europe 600 Index Stoxx Europe Small 200 |
| Volatility indices to provide exposure express the Investment Manager’s view on the volatility of a particular market or currency in a more cost effective or efficient manner than buying the physical securities. | Chicago Board Options Exchange SPX Volatility Index |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. The remaining financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX–Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total net long exposure (after taking account of hedging) through FDI is not expected to exceed 100% of the Net Asset Value of the Sub-Fund and the total net short exposure is not expected to exceed 100% of the Net Asset Value of the Sub-Fund (using the commitment approach).

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Absolute VaR
Absolute VaR Limit: Sub-Fund’s portfolio will not exceed 20% of the Net Asset Value (using a 20 Business Day holding period).
Gross leverage is expected to vary between: 0% to 1000% of the Sub-Fund’s Net Asset Value. The gross leverage may exceed this target level at times.
For more information on the Absolute VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements and
repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 100% and in respect of SFTs shall be 100%
of the Net Asset Value of the Sub-Fund. However, it is not anticipated that the Sub-Fund’s exposure in respect of TRS will exceed 30% and in respect of SFTs will
exceed 15% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1£ depending on the currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset
Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will
normally be paid on or before 11 February. Further details are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Global Emerging Markets Fund

### SUPPLEMENT 24 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Newton Investment Management Limited

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Sterling A (Acc.) | GBP | 5,000 | 5% | 2.00% | 0% |
| Sterling A (Inc.) | GBP | 5,000 | 5% | 2.00% | 0% |
| Euro A | EUR | 5,000 | 5% | 2.00% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 2.00% | 0% |
| USD A | USD | 5,000 | 5% | 2.00% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 2.00% | 0% |
| CHF A (Acc.) | CHF | 5,000 | 5% | 2.00% | 0% |
| CHF A (Inc.) | CHF | 5,000 | 5% | 2.00% | 0% |
| DKK A (Acc.) | DKK | 50,000 | 5% | 2.00% | 0% |
| NOK A (Acc.) | NOK | 50,000 | 5% | 2.00% | 0% |
| SEK A (Acc.) | SEK | 50,000 | 5% | 2.00% | 0% |
| Euro H (hedged) | EUR | 5,000 | 5% | 2.00% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 2.00% | 0% |
| Sterling H (Acc.) (hedged) | GBP | 5,000 | 5% | 2.00% | 0% |
| Sterling H (Inc.) (hedged) | GBP | 5,000 | 5% | 2.00% | 0% |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 2.00% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| CHF H (Inc.) (hedged) | CHF | 5,000 | 5% | 2.00% | 0% |

| “B” Shares and “J (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro B (Acc.) | EUR | 10,000 | 5% | 1.50% | 0% |
| Euro B (Inc.) | EUR | 10,000 | 5% | 1.50% | 0% |
| USD B (Acc.) | USD | 10,000 | 5% | 1.50% | 0% |
| USD B (Inc.) | USD | 10,000 | 5% | 1.50% | 0% |
| CAD B (Acc.) | CAD | 10,000 | 5% | 1.50% | 0% |
| SGD B (Acc.) | SGD | 10,000 | 5% | 1.50% | 0% |
| SGD B (Inc.) | SGD | 10,000 | 5% | 1.50% | 0% |
| AUD B (Acc.) | AUD | 10,000 | 5% | 1.50% | 0% |
| CNH B (Acc.) | CNH | 100,000 | 5% | 1.50% | 0% |
| HKD B (Acc.) | HKD | 100,000 | 5% | 1.50% | 0% |
| Euro J (Acc.) (hedged) | EUR | 10,000 | 5% | 1.50% | 0% |
| CAD J (Acc.) (hedged) | CAD | 10,000 | 5% | 1.50% | 0% |
| SGD J (Acc.) (hedged) | SGD | 10,000 | 5% | 1.50% | 0% |
| SGD J (Inc.) (hedged) | SGD | 10,000 | 5% | 1.50% | 0% |
| AUD J (Acc.) (hedged) | AUD | 10,000 | 5% | 1.50% | 0% |
| CNH J (Acc.) (hedged) | CNH | 100,000 | 5% | 1.50% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| CHF G (Acc.) | CHF | 5,000 | 5% | 1.00% | 0% |
| CHF G (Inc.) | CHF | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Euro C (Acc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| USD C | USD | 5,000,000 | 5% | 1.00% | 0% |
| USD C (Acc.) | USD | 5,000,000 | 5% | 1.00% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 1.00% | 0% |
| CHF C (Acc.) | CHF | 5,000,000 | 5% | 1.00% | 0% |
| CHF C (Inc.) | CHF | 5,000,000 | 5% | 1.00% | 0% |
| Sterling I (Acc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Sterling I (Inc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| CHF I (Acc.) (hedged) | CHF | 5,000,000 | 5% | 1.00% | 0% |
| CHF I (Inc.) (hedged) | CHF | 5,000,000 | 5% | 1.00% | 0% |
| SGD I (Acc.) (hedged) | SGD | 5,000,000 | 5% | 1.00% | 0% |
| SGD I (Inc.) (hedged) | SGD | 5,000,000 | 5% | 1.00% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.75% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Inc.) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| CAD W (Acc.) | CAD | 15,000,000 | 5% | 0.75% | 0% |
| AUD W (Acc.) | AUD | 15,000,000 | 5% | 0.75% | 0% |
| HKD W (Acc.) | HKD | 150,000,000 | 5% | 0.75% | 0% |
| SGD W (Acc.) | SGD | 15,000,000 | 5% | 0.75% | 0% |
| CNH W (Acc.) | CNH | 150,000,000 | 5% | 0.75% | 0% |
| DKK W (Acc.) | DKK | 150,000,000 | 5% | 0.75% | 0% |
| NOK W (Acc.) | NOK | 150,000,000 | 5% | 0.75% | 0% |
| SEK W (Acc.) | SEK | 150,000,000 | 5% | 0.75% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| CAD W (Acc.) (hedged) | CAD | 15,000,000 | 5% | 0.75% | 0% |
| AUD W (Acc.) (hedged) | AUD | 15,000,000 | 5% | 0.75% | 0% |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.75% | 0% |
| SGD W (Inc.) (hedged) | SGD | 15,000,000 | 5% | 0.75% | 0% |
| CNH W (Acc.) (hedged) | CNH | 150,000,000 | 5% | 0.75% | 0% |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro E (Acc.) | EUR | As agreed | 5% | 0.45% | 0% |
| Euro E (Inc.) | EUR | As agreed | 5% | 0.45% | 0% |
| USD E (Acc.) | USD | As agreed | 5% | 0.45% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.45% | 0% |
| Sterling E (Acc.) | GBP | As agreed | 5% | 0.45% | 0% |
| Sterling E (Inc.) | GBP | As agreed | 5% | 0.45% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| CHF E (Acc.) | CHF | As agreed | 5% | 0.45% | 0% |
| CHF E (Inc.) | CHF | As agreed | 5% | 0.45% | 0% |
| Euro E (Acc.) (hedged) | EUR | As agreed | 5% | 0.45% | 0% |
| Euro E (Inc.) (hedged) | EUR | As agreed | 5% | 0.45% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.45% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.45% | 0% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.45% | 0% |
| CHF E (Inc.) (hedged) | CHF | As agreed | 5% | 0.45% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Sterling X (Acc.) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | None | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | None | 0% | 0% | 0% |
| CHF X (Inc.) | CHF | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The objective of the Sub-Fund is to achieve long-term capital growth.

##### Investment Policy
The Sub-Fund invests primarily (meaning at least three- quarters of the Sub-Fund’s Net Asset Value), in equity and equity-related securities of companies listed, traded,
located in or deriving the majority of their revenue or income from emerging market countries (including, but not limited to, Brazil, Chile, China, India, Indonesia, Korea, Mexico, Philippines, Taiwan and South Africa).
The Sub-Fund’s holdings will be listed or traded on Eligible Markets.
The equity securities in which the Sub-Fund will invest will be principally, but not limited to, common shares, preference shares, securities convertible into or exchangeable for such equities (such as convertible preferred stock), American Depositary Receipts and Global Depository Receipts.
The Sub-Fund may also invest in exchange traded funds (“ETFs”) and exchange traded notes (“ETNs”) listed or traded on Eligible Markets located worldwide in order to
provide exposure to equity markets. Any investment in open-ended ETFs will be in accordance with the
investment limits for collective investment schemes (“CIS”) (up to 10% of Sub-Fund’s Net Asset Value) and any investment in closed-ended ETFs will be up to 5% of
Sub-Fund’s Net Asset Value. Investments in ETNs will not exceed 20% of the Sub-Fund’s Net Asset Value.
The Sub-Fund may also invest in aggregate up to 30% of its Net Asset Value in equity securities of Real Estate Investment Trusts (REITS), Real Estate Operating Companies (REOCs) and equity securities of companies whose principal business is the ownership, management and/or development of income producing and for-sale real estate in emerging market economies in order to provide exposure to equity markets. REITS are a type of pooled investment vehicle which invests in real property or real property related loans or interests listed, traded or dealt in on Eligible Markets. They are established
effectively as a “pass through” entity, the effect of which
is to transfer the income and gains of the business
through the company exempt of tax to investors who will then assume the tax liabilities. Tax treatment is not identical in each country. REOCs are companies which engage in the development, management or financing of real estate. They typically provide such services as property management, property development, facilities management, real estate financing and related businesses. REOCs are publicly traded real estate companies that have chosen not to be taxed as REITs.
The three primary reasons for choosing these securities are:
- the availability of tax-loss carry-forwards,
- operation in non-REIT-qualifying lines of business, and;
- the ability to retain earnings.

The Investment Manager intends for the Sub-Fund to have a broad industry exposure. There is also no restriction on market capitalisation in relation to the equity and equity-related securities which the Sub-Fund may invest in. Stock selection focuses on companies
which have strong fundamentals and are attractively valued with the aim of delivering long-term capital growth. The Sub-Fund is predominantly an equities portfolio. Allocations are made at the Investment
Manager’s discretion, based upon the Investment Manager’s proprietary global thematic investment approach. The Investment Manager’s process is
characterised by an active bottom up stock picking
approach, where the dedicated global analysts and fund managers narrow down the stock universe by using global themes based on political, cultural and demographic factors for change, which enables the Sub-Fund to identify forces of change over the longer term. Such
global themes include ‘financial concentration’, which
evaluates the implications of the post-crisis banking sector, ‘state intervention’, which underscores the heightened role of states across the world in the life of economies and financial markets, and ‘networked world’, which observes how networks now allow information to
flow between entities which may have previously been unconnected, and how this presents unprecedented opportunities and risks for both web-based and traditional business models.
The Sub-Fund may utilise participatory notes, (P-Notes) (up to 30% of its Net Asset Value) that are listed or traded on Eligible Markets located worldwide. The issuer, of such P-Notes will be regulated. P-Notes are used for efficient portfolio management purposes and provide the Sub-Fund with the opportunity for economic exposure to specific equities in markets where owning the local shares might be less efficient than investing in the
P-Note. The types of P-Notes which the Sub-Fund may use are low exercise price options (LEPOs) and low exercise price warrants (LEPWs). LEPOs/LEPWs allow investors to profit from movements in the underlying security.
Methods of gaining exposure to Chinese securities may include purchasing China A-shares via the Stock Connect. The Sub-Fund may invest up to 30% of its Net Asset Value in China A-shares via the Stock Connect. Further details about the Stock Connect are set out in Appendix V to the Prospectus.
The Sub-Fund may invest up to 10% of its Net Asset Value in securities listed or traded on the Moscow Exchange, and up to 10% of its Net Asset Value in transferable securities not listed or traded on Eligible Markets.
The Sub-Fund may also invest, on an ancillary basis, in a broad range of liquid, near cash or debt or debt-related securities issued or guaranteed by any sovereign government or their agencies, local authority, supranational or public international bodies, banks, corporates or other commercial issuers. It is intended that issuers and/or guarantors of any such debt or debt- related securities will have a credit rating at the time of purchase of at least an investment grade rating of A1/P1 (or its equivalent) from a Recognised Rating Agency or, if unrated, will be deemed by the Investment Manager to be of equivalent quality. Debt and debt-related securities shall include bank deposits, treasury bills and notes, securities debentures, bonds, asset-backed and mortgage-backed securities which will not be leveraged, certificates of deposit, floating rate notes, and commercial paper. Such debt securities may be fixed or floating rate, rated a minimum investment grade rating of AA (or its equivalent) from a Recognised Rating Agency (or, if unrated, will be deemed by the Investment Manager
to be of equivalent quality) and may have maturities longer than 1 year. For the purposes of this paragraph, in order to determine whether an unrated issuer/guarantor or debt security is of the relevant equivalent quality, the Investment Manager uses an internally established methodology which incorporates non-financial and
financial characteristics of the issuer, and, where available, the issuer’s credit ratings, as well as benchmarking against rated peers.

##### Benchmark
MSCI Emerging Markets NR Index (the “Benchmark”).
The Benchmark is a float-adjusted market capitalisation index that is designed to measure equity market performance of large and mid cap representation across global emerging markets. The Benchmark covers approximately 85% of the free float-adjusted market capitalisation in each country it covers which currently includes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Benchmark subject to the investment objective and policy. While the Sub-Fund’s holdings may include constituents of the Benchmark, the selection of
investments and their 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.

##### Investment Strategy
The investment philosophy is based upon the conviction of the Investment Manager that no company, market or economy can be considered in isolation; each must be understood in a global context. The Investment Manager believes that events occurring around the world influence all financial markets, and therefore successful investment in emerging-market equities requires, a thorough understanding of the world as a whole.
The global investment themes of the Investment Manager seek to identify what they consider to be important trends, encompassing major areas of change in the
world. The Investment Manager uses these themes as the basis of their investment ideas. This global and thematic approach allows the Investment Manager to gain long-
term perspective on global financial markets and economies and to consider the ‘big picture’. Perspective is a defining feature of their investment process as it
helps them to anticipate how the world will change and directs analysts and portfolio managers towards potentially profitable opportunities.
The Investment Manager’s global emerging markets equity portfolios are constructed holistically using a research-driven/’bottom-up’ investment process. Their approach concentrates on seeking to invest in
attractively valued stocks of companies with good prospects and strong fundamentals. The Investment Manager looks in particular for balance sheet strength, durable returns on capital and management teams which emphasise the interests of shareholders.

##### The Sustainable Finance Disclosure Regulation
The consideration of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
The Investment Manager has access to a variety of ESG- related data points provided by third party data which assists with the identification of potential ESG-related issues that an issuer may be facing. This includes but is not limited to exposure to activities that may be deemed
harmful to the environment or society. This data, along with data from the Investment Manager’s own proprietary responsible investment research resources, forms a central part of the Investment Manager’s consideration and assessment of the level of sustainability risk that an
investment may be subject to.
This assessment is integrated in to the security level research process, which is based upon fundamental analysis of individual investment opportunities across a number of different factors including:
- Fundamental financial or economic characteristics
- Valuation
- Risk/reward profile
- The ESG characteristics of the issuer, including understanding how such considerations can impact economic returnsThe information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer or continue to hold a position.

As explained above, the assessment and management of
sustainability risks forms an important part of the Investment Manager’s due diligence process, however, there may still be a risk that the value of the Sub-Fund
could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Registration in Hong Kong
This Sub-Fund is registered for sale in Hong Kong.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 50% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
In utilising FDI for EPM purposes, the Sub-Fund may gain indirect exposure to financial indices.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending
arrangements and repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of SFTs shall be 100% of the Net Asset Value of the Sub-
Fund. However, it is not anticipated that the Sub-Fund’s
exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.be assets which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class
shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£, 1€, 1CHF, 1CAD, 1AUD, 1SGD, 10HKD, 10CNH, 10DKK, 10NOK or
10SEK, depending on the currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will
normally be paid on or before 11 February. Further details are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is also drawn to the section entitled
“Risk Factors” in the Prospectus.

## BNY Mellon Emerging Markets Debt Opportunistic Fund

### SUPPLEMENT 25 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- Management fees and other fees and expenses of the Sub-Fund will be charged to the capital of the Sub-Fund to seek to maximise distributions. See “Fees and Expenses” in the Prospectus for further details.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors– Transferable Securities, FDI and Other Techniques Risks”.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Insight Investment Management (Global) Limited
The Investment Manager may delegate its investment management functions to a Sub-Investment Manager and/or appoint a sub-investment adviser to provide investment advice in accordance with the requirements of the Central Bank. As at the date of this Supplement, the Investment Manager has appointed the Sub- Investment Manager, as described below.

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this
Sub-Fund to Insight North America LLC (the “Sub- Investment Manager”). Details of the Sub-Investment Management Agreement between the Investment
Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro A | EUR | 5,000 | 5% | 1.50% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 1.50% | 0% |
| USD A | USD | 5,000 | 5% | 1.50% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.50% | 0% |
| Sterling A (Acc.) | GBP | 5,000 | 5% | 1.50% | 0% |
| Sterling A (Inc.) | GBP | 5,000 | 5% | 1.50% | 0% |
| CHF A (Acc.) | CHF | 5,000 | 5% | 1.50% | 0% |
| Euro H (Acc.) (hedged) | EUR | 5,000 | 5% | 1.50% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 1.50% | 0% |
| Sterling H (Acc.) (hedged) | GBP | 5,000 | 5% | 1.50% | 0% |
| Sterling H (Inc.) (hedged) | GBP | 5,000 | 5% | 1.50% | 0% |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 1.50% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro C | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| USD C | USD | 5,000,000 | 5% | 1.00% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| CHF C (Acc.) | CHF | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Sterling I (Acc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling I (Inc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| CHF I (Acc.) (hedged) | CHF | 5,000,000 | 5% | 1.00% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.65% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.65% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.65% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.65% | 0% |
| Euro W | EUR | 15,000,000 | 5% | 0.65% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.65% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.65% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.65% | 0% |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.65% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.65% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.65% | 0% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | None | 0% | 0% | 0% |
| USD X | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| JPY X (Acc.) | JPY | None | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The investment objective of the Sub-Fund is to maximise the total return from income and capital growth from a fixed income portfolio of bonds and other debt instruments including derivatives thereon issued by governments, agencies and corporations in emerging market economies.

##### Investment Policy
The Sub-Fund will primarily invest in a portfolio of emerging market bonds and other debt securities, or FDI thereon as set out below (including currency forwards), denominated in U.S. Dollars or in the local currency of issue.
The emerging market securities that the Sub-Fund may invest in include the fixed or floating rate bonds of international sovereign, government, supranational, agency and corporate issuers, as well as credit related instruments (including credit linked notes and credit default swaps) and mortgage-backed and asset-backed securities, or FDI thereon.
Such securities will be listed or traded on Eligible Markets or markets located worldwide. The Investment Manager will not be restricted by credit quality or maturity when making investment decisions. Therefore no minimum credit rating will apply to the investments of the Sub-Fund.
Emerging markets comprise countries whose gross national product (GNP) per capita is below the upper quartile as classified by the World Bank, or countries that are included in emerging market bond or equity indices such as, for example, JPM EMBI Global, JPM GBI-EM Broad, JPM CEMBI Broad, JPM ELMI+, MSCI EM, or the newly industrialized Asian economies as classified by the World Bank/IMF, or Middle Eastern countries, or countries that exhibit an elevated level of sovereign risk (due to financial/economic conditions or political/geopolitical factors). The Investment Manager has broad discretion to determine, within the above parameters, what constitutes an emerging market country. The Sub-Fund is likely to invest in, but is not limited to, countries in Asia, Latin America, the Middle East, Africa, Central and Eastern Europe, and the former Soviet Union.
The Sub-Fund may also invest up to 10% of its Net Asset Value in loans (including loan participations/loan participation notes and loan assignments), which will either be transferable securities or money market instruments.
The Sub-Fund may also invest up to 10% in other open- ended collective investment schemes (“CIS”) including money market funds and may also hold ancillary liquid
assets such as bank deposits. Investment in CIS may be used for cash management purposes or to give exposure to instruments listed in the investment policy above.
The Sub-Fund may invest up to 20% of its Net Asset Value in securities listed or traded on Russian markets.
For the purposes of this Sub-Fund, the Prospectus disclosure at Appendix II of the Prospectus, ‘Eligible Markets” restricting investment in securities traded on the Moscow Exchange to equity securities shall not apply
and investment in Russian securities on the Moscow Exchange shall be deemed to include both debt and equity securities.
The Sub-Fund may also invest up to 10% of its Net Asset Value in debt securities in the People’s Republic of China (“PRC”) traded in the China interbank bond market (“CIBM”) via Bond Connect (as further described Appendix VI to the Prospectus.)

##### Benchmark
50% JP Morgan Government Bond Index – Emerging Markets Global Diversified TR Index, 25% JP Morgan
Emerging Markets Bond Index Global TR Index, 25% JP Morgan Corporate Emerging Markets Bond Index
Diversified TR Index (the “Blended Benchmark”).
The JPM GBI-EM provides a comprehensive measure of local currency denominated, fixed rate, government debt issued in Emerging Markets. The index includes liquid, fixed rate, bullet bonds government securities with at least thirteen months remaining until maturity.
The JPM EMBI is a comprehensive U.S. Dollar Emerging Markets Debt benchmark. Eligible for inclusion in the index are U.S. Dollar denominated Brady bonds, Eurobonds and traded loans issued by Emerging Market sovereign and quasi-sovereign entities. The JPM CEMBI is a liquid global emerging markets corporate benchmark including U.S. Dollar denominated bonds issued by Emerging Markets corporate entities.
The Sub-Fund will measure its performance against the Blended Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest outside the Blended Benchmark subject to the investment objective and policy. While the majority of the
Sub-Fund’s holdings are expected to be constituents of,
and have similar weightings to, the Blended Benchmark,
the investment strategy does not restrict the extent to which the Investment Manager may deviate from the Blended Benchmark.

##### Investment Strategy
The Sub-Fund is an actively managed bond fund designed to maximise the total return from a fixed income portfolio of bonds and other debt instruments issued in hard or local currency by governments, agencies and corporations in emerging market economies, including the limited use of FDI. The Sub-Fund seeks to allocate its assets both strategically and tactically between U.S. Dollar denominated and local currency denominated emerging market bonds.
The Investment Manager employs a rigorous investment process based on in-depth fundamental country and corporate analysis and is supported by the discipline of quantitative models.
The managers use top-down analysis of macroeconomic, financial, and political variables to guide country allocation. Careful consideration is also given to the global risk environment.
At least two thirds of the Sub-Fund's Net Asset Value will be invested in securities issued by issuers located in (and/or conduct the greater part of their economic activity in) emerging market countries around the world.
The Sub-Fund may invest up to 20% of its Net Asset Value in securities listed or traded on Russian markets. (Such securities will be listed or traded on Eligible Markets located worldwide).

##### The Sustainable Finance Disclosure Regulation
The management of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying
investments could be materially negatively impacted by an ESG event or condition (“ESG Event”).
As part of the bottom-up security research process, the Investment Manager assesses the environmental, social and governance factors of each portfolio investment for potential sustainability risks. These factors may include, but are not limited to, an issuers impact on the environment, including emissions, land use and waste
practices, and an issuer’s social policies and practices,
including employee matters, supply chain practices and human rights policies. The Investment Manager’s internal credit research includes resources such as the Investment Manager’s proprietary ESG score as an input and is supplemented with third-party resources including
MSCI ESG data and ratings, Bloomberg ESG data, Sustainability Accounting Standards Board’s (SASB) Engagement Guide, credit rating agency research, sell-
side research and industry events. This research into
sustainability risks is taken into consideration, along with the Investment Manager’s macroeconomic research and credit analysis, in the security selection process.
The Investment Manager also assesses the governance practices of issuers through its fundamental research, supplemented by third-party governance scoring methodologies, in order to satisfy itself that the relevant issuers follow good governance practices, in particular with respect to sound management structures, employee relations, remuneration of staff and tax compliance.
The Investment Manager monitors sustainability factors
and risk exposures on a regular basis by reviewing regular reporting on both the Investment Manager’s proprietary and third-party ESG scores.
As explained above, the management and assessment of sustainability risks forms an important part of the Investment Manager's due diligence, however there may still be a risk that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Government Bond Futures Money Market Futures Currency Futures |
| --- | --- |
| Options | Options on Government Bond Futures Options on Currency Futures Currency Options (including FX Options) Bond Options |
| Swaps | Credit Default Swaps (single name, index and custom basket) Interest Rate Swaps Total Return Swaps (single name, credit, index and custom basket) |
| Forwards (de- liverable and non-deliver- able) | Forward Foreign Exchange Contracts |
| Securities with Embedded FDI/Leverage | Credit Linked Notes Asset-Backed Securities (ABS) and Mortgage- Backed Securities (MBS) |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial
purpose, are described in the Prospectus in the section entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit CDX American Investment Grade High Volatility Index Markit CDX North American Investment Grade Index Markit CDX North American High Yield Index Markit CDX North American High Yield Beta Index Markit CDX Emerging Markets Index Markit CDX Emerging Markets Diversified Index Markit iTraxx Europe Index Markit iTraxx Crossover Index Markit iTraxx Financial Index Markit iTraxx Subordinated Financial Index |
| Interest rate indices to provide exposure to interest rate markets and to express the managers view that the yield curve will move in a particular direction in a more cost effective or efficient manner than buying physical securities. | EURIBOR LIBOR SOFR SONIA |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. The remaining financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Relative VaR
Relative VaR Limit: Sub-Fund’s portfolio will not exceed twice the VaR on a representative benchmark portfolio (using a 20 Business Day holding period)
Relative VaR Benchmark: A blended benchmark of 50% JP Morgan Government Bond Index – Emerging Markets Global Diversified Index, 25% JP Morgan Emerging
Markets Bond Index Global Index, 25% JP Morgan Corporate Emerging Markets Bond Index Diversified Index
Gross leverage is expected to vary between: 50 – 500% of the Net Asset Value. The gross leverage may exceed this target level at times
For more information on the Relative VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements and
repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 10% and in respect of SFTs shall be 100% of the Net Asset Value of the Sub-Fund. However, it is
not anticipated that the Sub-Fund’s exposure in respect
of TRS will exceed 10% and in respect of SFTs will
exceed 15% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£, 1€, 1CHF or 100¥ depending on the currency of the relevant
class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11 November respectively. Further details are set out under
the heading "The Company - Distribution Policy” in the
Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are set out under the sub-heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Japan Small Cap Equity Focus Fund

### SUPPLEMENT 26 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.


#### The Investment Manager
BNY Mellon Investment Management Japan Limited

#### Base Currency
Japanese Yen

#### Business Day
Each day which is a bank business day in Dublin and Japan.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for which each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro A (Acc.) | EUR | 5,000 | 5% | 2.00% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 2.00% | 0% |
| USD A (Acc.) | USD | 5,000 | 5% | 2.00% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 2.00% | 0% |
| Sterling A (Acc.) | GBP | 5,000 | 5% | 2.00% | 0% |
| Sterling A (Inc.) | GBP | 5,000 | 5% | 2.00% | 0% |
| CHF A (Acc.) | CHF | 5,000 | 5% | 2.00% | 0% |
| CHF A (Inc.) | CHF | 5,000 | 5% | 2.00% | 0% |
| JPY A (Acc.) | JPY | 500,000 | 5% | 2.00% | 0% |
| JPY A (Inc.) | JPY | 500,000 | 5% | 2.00% | 0% |
| Euro H (hedged) | EUR | 5,000 | 5% | 2.00% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 2.00% | 0% |
| USD H (hedged) | USD | 5,000 | 5% | 2.00% | 0% |
| USD H (Inc.) (hedged) | USD | 5,000 | 5% | 2.00% | 0% |
| Sterling H (Acc.) (hedged) | GBP | 5,000 | 5% | 2.00% | 0% |
| Sterling H (Inc.) (hedged) | GBP | 5,000 | 5% | 2.00% | 0% |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 2.00% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| CHF H (Inc.) (hedged) | CHF | 5,000 | 5% | 2.00% | 0% |
| SGD H (Acc.) (hedged) | SGD | 5,000 | 5% | 2.00% | 0% |
| SGD H (Inc.) (hedged) | SGD | 5,000 | 5% | 2.00% | 0% |
| DKK H (Acc.) (hedged) | DKK | 50,000 | 5% | 2.00% | 0% |
| NOK H (Acc.) (hedged) | NOK | 50,000 | 5% | 2.00% | 0% |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 2.00% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| JPY G (Acc.) | JPY | 500,000 | 5% | 1.00% | 0% |
| JPY G (Inc.) | JPY | 500,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| USD G (Acc.) (hedged) | USD | 5,000 | 5% | 1.00% | 0% |
| USD G (Inc.) (hedged) | USD | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| SGD G (Acc.) (hedged) | SGD | 5,000 | 5% | 1.00% | 0% |
| SGD G (Inc.) (hedged) | SGD | 5,000 | 5% | 1.00% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro C (Acc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| USD C | USD | 5,000,000 | 5% | 1.00% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| CHF C (Acc.) | CHF | 5,000,000 | 5% | 1.00% | 0% |
| CHF C (Inc.) | CHF | 5,000,000 | 5% | 1.00% | 0% |
| JPY C | JPY | 500,000,000 | 5% | 1.00% | 0% |
| JPY C (Inc.) | JPY | 500,000,000 | 5% | 1.00% | 0% |
| Euro I (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| USD I (hedged) | USD | 5,000,000 | 5% | 1.00% | 0% |
| USD I (Inc.) (hedged) | USD | 5,000,000 | 5% | 1.00% | 0% |
| Sterling I (Acc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling I (Inc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| CHF I (Acc.) (hedged) | CHF | 5,000,000 | 5% | 1.00% | 0% |
| CHF I (Inc.) (hedged) | CHF | 5,000,000 | 5% | 1.00% | 0% |
| SGD I (Acc.) (hedged) | SGD | 5,000,000 | 5% | 1.00% | 0% |
| SGD I (Inc.) (hedged) | SGD | 5,000,000 | 5% | 1.00% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.75% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Inc.) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| JPY W | JPY | 1,500,000,000 | 5% | 0.75% | 0% |
| JPY W (Inc.) | JPY | 1,500,000,000 | 5% | 0.75% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| USD W (Acc.) (hedged) | USD | 15,000,000 | 5% | 0.75% | 0% |
| USD W (Inc.) (hedged) | USD | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.75% | 0% |
| SGD W (Inc.) (hedged) | SGD | 15,000,000 | 5% | 0.75% | 0% |
| DKK W (Acc.) (hedged) | DKK | 150,000,000 | 5% | 0.75% | 0% |
| NOK W (Acc.) (hedged) | NOK | 150,000,000 | 5% | 0.75% | 0% |
| SEK W (Acc.) (hedged) | SEK | 150,000,000 | 5% | 0.75% | 0% |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro E (Acc.) | EUR | As agreed | 5% | 0.55% | 0% |
| Euro E (Inc.) | EUR | As agreed | 5% | 0.55% | 0% |
| USD E (Acc.) | USD | As agreed | 5% | 0.55% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.55% | 0% |
| Sterling E (Acc.) | GBP | As agreed | 5% | 0.55% | 0% |
| Sterling E (Inc.) | GBP | As agreed | 5% | 0.55% | 0% |
| CHF E (Acc.) | CHF | As agreed | 5% | 0.55% | 0% |
| CHF E (Inc.) | CHF | As agreed | 5% | 0.55% | 0% |
| JPY E (Acc.) | JPY | As agreed | 5% | 0.55% | 0% |
| JPY E (Inc.) | JPY | As agreed | 5% | 0.55% | 0% |
| Euro E (Acc.) (hedged) | EUR | As agreed | 5% | 0.55% | 0% |
| Euro E (Inc.) (hedged) | EUR | As agreed | 5% | 0.55% | 0% |
| USD E (Acc.) (hedged) | USD | As agreed | 5% | 0.55% | 0% |
| USD E (Inc.) (hedged) | USD | As agreed | 5% | 0.55% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.55% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.55% | 0% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.55% | 0% |
| CHF E (Inc.) (hedged) | CHF | As agreed | 5% | 0.55% | 0% |
| SGD E (Acc.) (hedged) | SGD | As agreed | 5% | 0.55% | 0% |
| SGD E (Inc.) (hedged) | SGD | As agreed | 5% | 0.55% | 0% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | None | 0% | 0% | 0% |
| CHF X (Inc.) | CHF | None | 0% | 0% | 0% |
| JPY X (Acc.) | JPY | None | 0% | 0% | 0% |
| JPY X (Inc.) | JPY | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The investment objective of the Sub-Fund is long-term capital growth through investment in a portfolio of small cap equities traded on one or more of the official stock exchanges in Japan.

##### Investment Policy
The Sub-Fund aims to achieve its investment objective by investing at least 80% of the Net Asset Value of the Sub- Fund in the equity securities of small capitalisation (stocks which are predominantly below 500 billion Yen) companies listed, or regularly traded on an Eligible Market in Japan.
The Sub-Fund may also invest in real estate investment trust (“REITS”) which are listed or traded on the Tokyo Stock Exchange.
The Sub-Fund may also hold up to 20% in cash or, subject to any restrictions set out in the Prospectus, invest in cash or money market funds for the purposes of cash management. The Sub-Fund may also use equity index futures for cash management purposes. For example when there are small cash inflows or outflows, the Investment Manager may choose to use equity index futures to increase or decrease exposure, respectively, to the Japanese equity securities referred to above. In these circumstances, investing in equity index futures may be more cost efficient than trading in the securities directly.
The Sub-Fund will be normally diversified across many of the sectors within the Tokyo Stock Price Index (TOPIX).
There are 33 sectors in TOPIX, such as transportation equipment, information and communication, electrical appliances, pharmaceuticals, real estate, construction and machinery. The Sub-Fund will have exposure in many of these 33 sectors.The Sub-Fund may use forward FX
contracts for hedging purposes as described in the Prospectus in the section “Efficient Portfolio Management”.
The Sub-Fund will not invest more than 10% of its Net Asset Value in aggregate in collective investment schemes (CIS). Investment in CIS may be used for cash management purposes or to give exposure to the equity securities listed in the investment policy above.
The Sub-Fund may invest up to 10% of its Net Asset Value in recently issued transferable securities (equities) not listed or traded on Eligible Markets within a year.

##### Benchmark
Russell Nomura Small Cap Index (the "Benchmark").
The Benchmark represents approximately the smallest 15% of stocks in terms of float-adjusted market capitalization of the Russell Nomura Total Market Index.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has discretion to invest outside the Benchmark subject to the investment objective and policy.
However, as the Benchmark covers a significant
proportion of the investable universe, the majority of the Sub-Fund’s holdings will be constituents of the Benchmark but the weightings in the portfolio are not
influenced by those of the Benchmark. The investment strategy will restrict the extent to which the portfolio holdings may deviate from the Benchmark and consequently the extent to which the Sub-Fund can outperform the Benchmark.

##### Investment Strategy
The Investment Manager’s strategy is to invest in a concentrated portfolio of small cap equities of companies located in Japan, listed or regularly traded on a
recognized exchange in Japan. The Sub-Fund is a Japan single-country fund and will not seek exposure to any other country. The Investment Manager will choose stocks for the portfolio based on fundamental research on a medium to long-term earnings outlook, generally on a three year view, targeting to generate excess return over the Benchmark mainly through stock selection. The investment process focuses on identifying companies with qualities such as growth potential, the ability to deliver longer term earnings above expectations, as well as attractive valuation. The portfolio will be invested primarily in stocks with a market capitalization of 500 billion yen or less and will normally hold less than 40 stocks.

##### The Sustainable Finance Disclosure Regulation
The management of sustainability risk forms a relevant part of the due diligence process implemented by the Investment Manager. When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially
negatively impacted by an ESG event or condition (“ESG Event”).
Sustainability risk is identified, monitored and managed by the Investment Manager in the following manner:
- Prior to acquiring investments on behalf of a Sub- Fund, the Investment Manager uses ESG metrics disclosed by the issuer and engages with the issuer directly in order to assess the relevant investment against sustainability risk and to identify whether it is vulnerable to such risk. This process incorporates applying an exclusion policy (whereby potential investments are removed from the investment universe on the basis that they pose too great a sustainability risk to the Sub-Fund). The Investment Manager also conducts fundamental analysis on each potential investment in order to allow it to assess the adequacy of ESG programmes and practices of an issuer to manage the sustainability risk it faces. The information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer.
- During the life of the investment, sustainability risk is monitored through a review of ESG data published by the issuer to determine whether the level of sustainability risk has changed since the initial assessment has been conducted. This review is conducted at least on an annual basis. Where the sustainability risk associated with a particular investment has increased beyond the ESG risk appetite for the relevant Sub-Fund, the Investment Manager will consider selling or reducing the Sub-Fund’s exposure to the relevant investment, takinginto account the best interests of the Shareholders ofthe Sub-Fund.

As explained above, the management and assessment of sustainability risk forms a relevant part of the Investment
Manager’s due diligence process, however there may still
be a risk that the value of the Sub-Fund could be
materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
In addition to using FDI for hedging, this Sub-Fund may use equity index futures for cash management purposes, for the reduction of costs and the generation of additional capital or income with an acceptable low level of risk consistent with the risk profile of the Sub-Fund (relative to the expected return) and the risk
diversification requirements in accordance with the Central Bank UCITS Regulations and the Central Bank’s Guidance on “UCITS Eligible Assets” and as set out under the heading “The Company – Investment and Borrowing Restrictions” in the Prospectus.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations. In utilising FDI for EPM purposes, the Sub-Fund may gain indirect exposure to financial indices.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending arrangements and repurchase/reverse repurchase
agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of SFTs shall be 100% of the Net Asset Value of the Sub-
Fund. However, it is not anticipated that the Sub-Fund’s
exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”,
“Appendix III - Management of Collateral”, “Appendix III -
Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£, 1€, 1CHF, 1SGD, 100¥, 10DKK, 10NOK or 10SEK depending on
the currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February. Further details
are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are set out under the sub-heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Asian Income Fund

### SUPPLEMENT 27 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- Management fees and other fees and expenses of the Sub-Fund will be charged to the capital of the Sub-Fund to seek to maximise distributions. See “Fees and Expenses” in the Prospectus for further details.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Newton Investment Management Limited

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this Sub-Fund to Newton Investment Management North
America LLC (the “Sub-Investment Manager”). Details of
the Sub-Investment Management Agreement between the
Investment Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro A (Acc.) | EUR | 5,000 | 5% | 2.00% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 2.00% | 0% |
| USD A (Acc.) | USD | 5,000 | 5% | 2.00% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 2.00% | 0% |
| Sterling A (Acc.) | GBP | 5,000 | 5% | 2.00% | 0% |
| Sterling A (Inc.) | GBP | 5,000 | 5% | 2.00% | 0% |
| CHF A (Acc.) | CHF | 5,000 | 5% | 2.00% | 0% |
| CHF A (Inc.) | CHF | 5,000 | 5% | 2.00% | 0% |
| Euro H (Acc.) (hedged) | EUR | 5,000 | 5% | 2.00% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 2.00% | 0% |
| SGD H (Acc.) (hedged) | SGD | 5,000 | 5% | 2.00% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| SGD H (Inc.) (hedged) | SGD | 5,000 | 5% | 2.00% | 0% |

| “B” Shares and “J (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD B (Acc.) | USD | 10,000 | 5% | 1.50% | 0% |
| Euro J (Inc.) (hedged) | EUR | 10,000 | 5% | 1.50% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Acc.) | GBP | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Inc.) | GBP | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Euro C (Acc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| CHF C (Acc.) | CHF | 5,000,000 | 5% | 1.00% | 0% |
| CHF C (Inc.) | CHF | 5,000,000 | 5% | 1.00% | 0% |
| USD C (Acc.) | USD | 5,000,000 | 5% | 1.00% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| SGD I (Acc.) (hedged) | SGD | 5,000,000 | 5% | 1.00% | 0% |
| SGD I (Inc.) (hedged) | SGD | 5,000,000 | 5% | 1.00% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Inc.) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.75% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.75% | 0% |
| SGD W (Inc.) (hedged) | SGD | 15,000,000 | 5% | 0.75% | 0% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Sterling X (Acc.) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | None | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | None | 0% | 0% | 0% |
| CHF X (Inc.) | CHF | None | 0% | 0% | 0% |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to provide income with the potential for capital growth over the longer term.

##### Investment Policy
The Sub-Fund aims to achieve its investment objective by investing primarily (meaning at least two-thirds of the Sub-Fund's Net Asset Value) in a portfolio of equity and equity-related securities in the Asia Pacific Region including Australia and New Zealand (excluding Japan).
The equity and equity-related securities that the Sub- Fund may invest in directly, or indirectly through FDI, include equities, warrants, preference shares, American
depositary receipts (“ADRs”), global depositary receipts (“GDRs”) (collectively “Depositary Receipts”), hybrids (such as convertible bonds (including mandatory convertible
bonds)), REITS (Real Estate Investment Trusts) and convertible preference shares (hereinafter “Equity and Equity-Related Securities”).
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in collective investment schemes
(“CIS”) including money market funds for cash
management purposes. The CIS in which the Sub-Fund
may invest include ETFs. Any investment in ETFs will be in accordance with the investment limits for CIS. Initially, CIS will be used for cash management purposes only.
However, CIS may also be used to gain regional equity exposure.
The Sub-Fund intends to invest in the Equity and Equity- Related Securities of companies located or deriving a preponderant part of their income from the Asia Pacific region, including Australia and New Zealand (excluding Japan) with no particular industry or sector focus, however, the Sub-Fund may at times be concentrated in particular industry or geographical sectors depending on
where the Investment Manager sees investment opportunity. The Sub-Fund may invest over 20% of its Net Asset Value in emerging market countries, including China and India but will not gain exposure to Russia. The Sub-Fund may gain exposure to China through
purchasing China H-shares listed or traded on the Hong Kong Stock Exchange, China B-shares listed or traded on the Shanghai Stock Exchange or the Shenzhen Stock Exchange or China A-shares via the Stock Connect. The Sub-Fund may invest up to 20% of its Net Asset Value in China A-shares via the Stock Connect. Further details about the Stock Connect are set out in Appendix V to the Prospectus. The Sub-Fund may gain exposure to India directly or through Depositary Receipts. All relevant local licences and sub-custodial arrangements are now in place for gaining exposure directly to the Indian market.
With the exception of permitted investment in unlisted securities and CIS other than ETFs, the Sub-Fund’s investments will be listed or traded on Eligible Markets
listed in Appendix II of the Prospectus.

##### Cash and Collateral Management
The Sub-Fund may also hold high levels of cash and liquid near cash assets in certain circumstances. Such circumstances include where market conditions may require a defensive investment strategy, the holding of cash on deposit pending reinvestment, to meet redemptions, to facilitate payment of dividends and expenses and to provide collateral to support FDI exposure. Liquid near cash assets may include money market instruments (such as short-dated government bonds, certificates of deposit, commercial paper and term deposits) and bank deposits. Such debt securities may be government or corporate, fixed or floating rate and it is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its
equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
FTSE Asia Pacific ex Japan TR Index (the “Benchmark”).
The Benchmark comprises large and mid cap stocks providing coverage of the Developed and Advanced Emerging Markets in Asia Pacific excluding Japan.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest outside the Benchmark subject to the investment
objective and policy. While the Sub-Fund’s holdings may
include constituents of the Benchmark, the selection of
investments and their 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.

##### Investment Strategy
The investment philosophy is based upon the conviction of the Investment Manager that no company, market or economy can be considered in isolation; each must be understood in a global context. The Investment Manager believes that events occurring around the world influence all financial markets and that successful investment in Asian equities require a thorough understanding of the world as a whole.
The Investment Manager identifies themes which encompass the major areas of change in the world and use these themes as the basis of their investment ideas. A global, thematic approach allows the Investment
Manager to gain long-term perspective on global financial markets and economies and always to consider the ‘big picture’. Perspective is a defining feature of their investment process; it helps them to anticipate how the
world will change and it directs analysts and portfolio managers towards profitable opportunities. Themes seek to identify major areas of structural change in the world, providing context to investment analysis and decision making, helping the Investment Manager identify areas of potential investment opportunity and risk. Some of the
Investment Manager’s long-term themes currently include, but are not limited to, ‘Population Dynamics’ (e.g. the impact of ageing populations), ‘Earth Matters’ (e.g. development of clean energy and waste management solutions), ‘State Intervention’ (e.g. the impact on asset prices from changes in central bank policies and politics) and ‘Smart Resolution’ (e.g. the rise of artificial
intelligence and automation).
The Sub-Fund aims to invest in dividend paying
companies with income generating prospects. The income prospects and the company’s yield will be judged with reference to the yield of the Benchmark at the time of
purchase. Stock selection focuses on companies which have strong fundamentals, are attractively valued and
meet the Investment Manager’s yield criteria in light of
the investment objective of the Sub-Fund to aim to
achieve income together with long-term capital growth. This means the Investment Manager reviews a stock relative to its peer group, benchmark as well as historic data and earnings potential whilst trying to identify
opportunities and avoid pitfalls. The Investment Manager also takes into account the dividend history of a company.

##### The Sustainable Finance Disclosure Regulation
The consideration of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying
investments could be materially negatively impacted by an ESG event or condition (“ESG Event”).
The Investment Manager has access to a variety of ESG- related data points provided by third party data which assists with the identification of potential ESG-related issues that an issuer may be facing. This includes but is not limited to exposure to activities that may be deemed
harmful to the environment or society. This data, along with data from the Investment Manager’s own proprietary responsible investment research resources, forms a central part of the Investment Manager’s consideration and assessment of the level of sustainability risk that an
investment may be subject to.
This assessment is integrated in to the security level research process, which is based upon fundamental analysis of individual investment opportunities across a number of different factors including:
- Fundamental financial or economic characteristics
- Valuation
- Risk/reward profile
- The ESG characteristics of the issuer, including understanding how such considerations can impact economic returnsThe information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer or continue to hold a position.

As explained above, the assessment and management of
sustainability risks forms an important part of the Investment Manager’s due diligence process, however, there may still be a risk that the value of the Sub-Fund
could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Options | Equity Options (single name, index, sector, custom basket, including covered call options) Index Options Options on Equity Futures Option on ETFs Options on Equity Futures Currency Options (including FX options) Interest Rate Options Options on Currency Futures |
| --- | --- |
| Futures | Equity Index Futures Money Market Futures Currency Futures |
| Forwards | Forward Foreign Exchange Contracts |
| Securities with Embedded FDI/Leverage | Warrants Convertible Bonds Convertible Preference Shares |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial
purpose, are described in the Prospectus in the section entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Equity indices to provide exposure to regional and global equity markets in a more cost effective or efficient manner than buying the physical securities. | ASX 200 Index Hang Seng Index KOSPI Index |

These financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where
additional information can be found, will be set out in the Company’s semi-annual and annual accounts.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total net long exposure (after taking
account of hedging) through FDI is not expected to exceed 100% of the Net Asset Value of the Sub-Fund and the total net short exposure is not expected to exceed 100% of the Net Asset Value of the Sub-Fund (using the commitment approach).

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be issued during their respective Initial Offer Periods at their
respective initial offer price per Share of 1USD, 1£, 1€,
1CHF or 1SGD depending on the currency of the relevant
class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending arrangements and repurchase/reverse repurchase
agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of SFTs shall be 100% of the Net Asset Value of the Sub-
Fund. However, it is not anticipated that the Sub-Fund’s
exposure in respect of SFTs will exceed 15% of the Net
Asset Value of the Sub-Fund. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Management of Collateral”, “Appendix III -
Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11
November respectively. Further details are set out under the heading "The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are set out under the sub-heading
“Management and Administration of the Company – Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Dynamic Total Return Fund

### SUPPLEMENT 28 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
This Sub-Fund was closed by way of compulsory redemption whereby all of the Shares in issue in the Sub- Fund as of 26 February 2021, were compulsorily redeemed. Shares in the Sub-Fund are no longer available for investment. The Company intends to apply
to the Central Bank to revoke the Sub-Fund’s approval
following the preparation of the audited financial
statements for the year ended 31 December 2021. The Company shall seek approval from the Central Bank to remove the Sub-Fund from this Prospectus following approval of that revocation.
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may invest principally in financial derivative instruments (“FDI”), and will also use such FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund may, from time to time, invest substantially in money market instruments and/or deposits with credit institutions. Although the Sub- Fund may invest in money market instruments and cash deposits, Shares in the Sub-Fund are not deposits and are different in nature to a deposit in that the investment is not guaranteed and the value of the investment is capable of fluctuation. Investment in the Sub-Fund involves certain investment risks, including the possible loss of principal.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 17.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| USD A (Acc.) | USD | up to 5% | USD 5,000 | 2.00% | None |
| USD A (Inc.) | USD | up to 5% | USD 5,000 | 2.00% | None |
| Euro A (Acc.) | EUR | up to 5% | EUR 5,000 | 2.00% | None |
| Euro A (Inc.) | EUR | up to 5% | EUR 5,000 | 2.00% | None |
| Sterling A (Acc.) | GBP | up to 5% | GBP 5,000 | 2.00% | None |
| Sterling A (Inc.) | GBP | up to 5% | GBP 5,000 | 2.00% | None |
| CHF A (Acc.) | CHF | up to 5% | CHF 5,000 | 2.00% | None |
| CHF A (Inc.) | CHF | up to 5% | CHF 5,000 | 2.00% | None |
| Euro H (Acc.) (hedged) | EUR | up to 5% | EUR 5,000 | 2.00% | None |

| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Euro H (Inc.) (hedged) | EUR | up to 5% | EUR 5,000 | 2.00% | None |
| Sterling H (Acc.) (hedged) | GBP | up to 5% | GBP 5,000 | 2.00% | None |
| Sterling H (Inc.) (hedged) | GBP | up to 5% | GBP 5,000 | 2.00% | None |
| CHF H (Acc.) (hedged) | CHF | up to 5% | CHF 5,000 | 2.00% | None |
| CHF H (Inc.) (hedged) | CHF | up to 5% | CHF 5,000 | 2.00% | None |
| SGD H (Acc.) (hedged) | SGD | up to 5% | SGD 5,000 | 2.00% | None |
| SGD H (Inc.) (hedged) | SGD | up to 5% | SGD 5,000 | 2.00% | None |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| Euro C (Acc.) | EUR | up to 5% | EUR 5,000,000 | 1.00% | None |
| Euro C (Inc.) | EUR | up to 5% | EUR 5,000,000 | 1.00% | None |
| USD C (Acc.) | USD | up to 5% | USD 5,000,000 | 1.00% | None |
| USD C (Inc.) | USD | up to 5% | USD 5,000,000 | 1.00% | None |
| Sterling C (Acc.) | GBP | up to 5% | GBP 5,000,000 | 1.00% | None |
| Sterling C (Inc.) | GBP | up to 5% | GBP 5,000,000 | 1.00% | None |
| CHF C (Acc.) | CHF | up to 5% | CHF 5,000,000 | 1.00% | None |
| CHF C (Inc.) | CHF | up to 5% | CHF 5,000,000 | 1.00% | None |
| CAD C (Acc.) | CAD | up to 5% | CAD 5,000,000 | 1.00% | None |
| CAD C (Inc.) | CAD | up to 5% | CAD 5,000,000 | 1.00% | None |
| Euro I (Acc.) (hedged) | EUR | up to 5% | EUR 5,000,000 | 1.00% | None |
| Euro I (Inc.) (hedged) | EUR | up to 5% | EUR 5,000,000 | 1.00% | None |
| Sterling I (Acc.) (hedged) | GBP | up to 5% | GBP 5,000,000 | 1.00% | None |
| Sterling I (Inc.) (hedged) | GBP | up to 5% | GBP 5,000,000 | 1.00% | None |
| CHF I (Acc.) (hedged) | CHF | up to 5% | CHF 5,000,000 | 1.00% | None |
| CHF I (Inc.) (hedged) | CHF | up to 5% | CHF 5,000,000 | 1.00% | None |
| CAD I (Acc.) (hedged) | CAD | up to 5% | CAD 5,000,000 | 1.00% | None |
| CAD I (Inc.) (hedged) | CAD | up to 5% | CAD 5,000,000 | 1.00% | None |
| SGD I (Acc.) (hedged) | SGD | up to 5% | SGD 5,000,000 | 1.00% | None |
| SGD I (Inc.) (hedged) | SGD | up to 5% | SGD 5,000,000 | 1.00% | None |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| USD G (Acc.) | USD | up to 5% | USD 5,000 | 1.00% | None |
| USD G (Inc.) | USD | up to 5% | USD 5,000 | 1.00% | None |
| Euro G (Acc.) | EUR | up to 5% | EUR 5,000 | 1.00% | None |
| Euro G (Inc.) | EUR | up to 5% | EUR 5,000 | 1.00% | None |
| Euro G (Acc.) (hedged) | EUR | up to 5% | EUR 5,000 | 1.00% | None |
| Euro G (Inc.) (hedged) | EUR | up to 5% | EUR 5,000 | 1.00% | None |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| USD W (Acc.) | USD | up to 5% | USD 15,000,000 | 0.75% | None |
| USD W (Inc.) | USD | up to 5% | USD 15,000,000 | 0.75% | None |
| Euro W (Acc.) | EUR | up to 5% | EUR 15,000,000 | 0.75% | None |
| Euro W (Inc.) | EUR | up to 5% | EUR 15,000,000 | 0.75% | None |

| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Sterling W (Acc.) | GBP | up to 5% | GBP 15,000,000 | 0.75% | None |
| Sterling W (Inc.) | GBP | up to 5% | GBP 15,000,000 | 0.75% | None |
| CHF W (Acc.) | CHF | up to 5% | CHF 15,000,000 | 0.75% | None |
| CHF W (Inc.) | CHF | up to 5% | CHF 15,000,000 | 0.75% | None |
| CAD W (Acc.) | CAD | up to 5% | CAD 15,000,000 | 0.75% | None |
| CAD W (Inc.) | CAD | up to 5% | CAD 15,000,000 | 0.75% | None |
| Euro W (Acc.) (hedged) | EUR | up to 5% | EUR 15,000,000 | 0.75% | None |
| Euro W (Inc.) (hedged) | EUR | up to 5% | EUR 15,000,000 | 0.75% | None |
| Sterling W (Acc.) (hedged) | GBP | up to 5% | GBP 15,000,000 | 0.75% | None |
| Sterling W (Inc.) (hedged) | GBP | up to 5% | GBP 15,000,000 | 0.75% | None |
| CHF W (Acc.) (hedged) | CHF | up to 5% | CHF 15,000,000 | 0.75% | None |
| CHF W (Inc.) (hedged) | CHF | up to 5% | CHF 15,000,000 | 0.75% | None |
| CAD W (Acc.) (hedged) | CAD | up to 5% | CAD 15,000,000 | 0.75% | None |
| CAD W (Inc.) (hedged) | CAD | up to 5% | CAD 15,000,000 | 0.75% | None |
| SGD W (Acc.) (hedged) | SGD | up to 5% | SGD 15,000,000 | 0.75% | None |
| SGD W (Inc.) (hedged) | SGD | up to 5% | SGD 15,000,000 | 0.75% | None |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| USD E (Acc.) | USD | up to 5% | As agreed | 0.50% | None |
| USD E (Inc.) | USD | up to 5% | As agreed | 0.50% | None |
| Euro E (Acc.) | EUR | up to 5% | As agreed | 0.50% | None |
| Euro E (Inc.) | EUR | up to 5% | As agreed | 0.50% | None |
| Sterling E (Acc.) | GBP | up to 5% | As agreed | 0.50% | None |
| Sterling E (Inc.) | GBP | up to 5% | As agreed | 0.50% | None |
| CHF E (Acc.) | CHF | up to 5% | As agreed | 0.50% | None |
| CHF E (Inc.) | CHF | up to 5% | As agreed | 0.50% | None |
| CAD E (Acc.) | CAD | up to 5% | As agreed | 0.50% | None |
| CAD E (Inc.) | CAD | up to 5% | As agreed | 0.50% | None |
| Euro E (Acc.) (hedged) | EUR | up to 5% | As agreed | 0.50% | None |
| Euro E (Inc.) (hedged) | EUR | up to 5% | As agreed | 0.50% | None |
| Sterling E (Acc.) (hedged) | GBP | up to 5% | As agreed | 0.50% | None |
| Sterling E (Inc.) (hedged) | GBP | up to 5% | As agreed | 0.50% | None |
| CHF E (Acc.) (hedged) | CHF | up to 5% | As agreed | 0.50% | None |
| CHF E (Inc.) (hedged) | CHF | up to 5% | As agreed | 0.50% | None |
| CAD E (Acc.) (hedged) | CAD | up to 5% | As agreed | 0.50% | None |
| CAD E (Inc.) (hedged) | CAD | up to 5% | As agreed | 0.50% | None |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | None | 0% | 0% | 0% |

| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| CHF X (Inc.) | CHF | None | 0% | 0% | 0% |
| CAD X (Acc.) | CAD | None | 0% | 0% | 0% |
| CAD X (Inc.) | CAD | None | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | None | 0% | 0% | 0% |
| CAD X (Inc.) (hedged) | CAD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to achieve a total return comprised of income and long term capital growth.

##### Investment Policy
The Sub-Fund is a global multi-asset fund that aims to achieve its objective through dynamic asset allocation. The Sub-Fund may invest in equities, debt and debt- related securities (obligations, treasury bills, debentures, bonds, asset-backed and mortgage-backed securities, certificates of deposit, floating rate notes, short and medium term obligations, inflation linked bonds, and commercial paper) which may be fixed or floating rate, are issued or guaranteed by any sovereign government or their agencies, local authority, supranational or public international bodies, banks, corporates or other
commercial issuers, (hereinafter “Debt and Debt-Related Securities”), currencies (FX forwards, currency swaps and FX options), unsecuritised loans through direct
investment, convertible bonds and warrants (as described in further detail below) and FDI (as set out below in “Use of FDI”) and collective investment schemes (“CIS”) (including exchange traded funds (“ETF”) and money market funds). The Sub-Fund may at times invest in
excess of 30% of the its Net Asset Value in sub- investment grade securities and unrated securities as determined by a Recognised Rating Agency.
The Sub-Fund may also invest indirectly in real assets being property and commodities. Exposure to property
will be gained through FDI and CIS, including listed real estate investment trusts (“REITS”). Exposure to commodities will be gained indirectly through ETFs and
FDI (such as a total return swap on a commodity index). The Sub-Fund will only gain exposure to commodity indices that comply with the ESMA Guidelines on ETFs and other UCITS Issues (as may be amended from time to time) as well as the Central Bank UCITS Regulations (as may be amended or replaced from time to time) and the
Central Bank’s Guidance on “UCITS Financial Indices”. No
direct investment will be made in commodities or
property.
In relation to ETFs (as further described under the heading “Collective Investment Schemes” below), these will be listed on Eligible Markets and give exposure to
commodity indices.
The Sub-Fund may invest on a global basis and there is no geographical, industry or sector focus in relation to the equities or other asset classes to which exposure may be taken. The Sub-Fund may invest more than 30% of its Net Asset Value in emerging market countries.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in transferable securities or money market instruments which are not admitted to or dealt in on an Eligible Market, in accordance with the UCITS Regulations, including, but not limited to unlisted equities and Debt and Debt-Related Securities.
Whilst the Sub-Fund’s base currency is USD, it may invest in non-USD denominated assets which may not necessarily be hedged back into USD.
With the exception of permitted investment in unlisted securities and open-ended CIS, the Sub-Fund will typically invest in a diversified and broad range of these asset classes which will be listed or traded on Eligible Markets located worldwide. The Sub-Fund may invest up to 10% of its Net Asset Value in securities listed or traded on Russian markets listed in Appendix II to the Prospectus.
The Sub-Fund may also hold high levels of cash in certain circumstances. Such circumstances include where market conditions may require a defensive investment strategy, the holding of cash on deposit pending reinvestment, the holding of cash in order to meet redemptions and payment of expenses or in order to support FDI exposure.

##### Property
The Sub-Fund may gain exposure to property through property related securities including listed REITS, equity securities of companies whose principal business is the ownership, management and/or development of real estate or FDI (including futures and swaps) based on
REIT indices or other property-related indices described above which meet with the Central Bank’s requirements.

##### Cash and Collateral Management
For cash and collateral management purposes the Sub- Fund may, from time to time, invest in a broad range of liquid or near cash assets which can be held to provide liquidity and cover for exposures generated through the use of FDI.
Liquid or near cash assets may include Debt and Debt- Related Securities, bank deposits and obligations issued or guaranteed by any sovereign government or their agencies and securities, instruments and obligations issued by supranational or public international bodies, banks, corporates or other commercial issuers. It is intended that issuers and/or guarantors of any such securities, instruments or obligations will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.
The Sub-Fund may also invest in money market funds including Irish UCITS.

##### Collective Investment Schemes
The Sub-Fund may also pursue its objectives and policies by taking positions in CIS, subject to a maximum of 10% of its Net Asset Value. Any investment in open-ended
ETFs will be subject to the 10% limit above” and any
investment in closed-ended ETFs shall constitute an
investment in a transferable security in accordance with the requirements of the Central Bank.

##### Benchmark
The Sub-Fund is actively managed and is not managed with reference to a benchmark.

##### Investment Strategy
The Sub-Fund employs a global multi-asset strategy which allocates directly and indirectly to equities, debt, currencies and alternative investments (such as commodity indices, REITS, and FDI as set out under the
heading “Use of FDI” below) primarily through long and
synthetic short positions in FDI. Synthetic short positions
represent approximately 1/3 (one third) and long
positions represent approximately 2/3 (two thirds) of the Sub-Fund’s overall exposure but this split may vary from time to time. The Sub-Fund may take synthetic short
positions in any of the asset classes set out in this Supplement (as further described below).
From this broad opportunity set, the portfolio is constructed using both a top down global macro assessment and bottom-up fundamental asset class valuation. The asset allocation is unconstrained with no focus on any particular asset class. The Investment Manager allocates long positions to asset classes that are relatively inexpensive to their fundamental valuation and synthetic short positions to asset classes that are relatively expensive to their fundamental valuation.
The Sub-Fund aims deliver total returns similar to that of equities with less correlation to, and risk than traditional equities. Additionally the Sub-Fund aims to minimise its negative returns relative to traditional equities over a full business cycle through risk management and dynamic rebalancing of the portfolio.
The Sub-Fund may use synthetic short positions, leverage and options primarily as defensive risk management tools but also in order to generate positive returns when prices fall. In accordance with the multi-asset strategy of the Sub-Fund, the Investment Manager may use synthetic short positions to go short in any asset class described in the Supplement, including, but not limited to, growth assets such as equity indices, hedging assets such as sovereign bonds, or real assets. The Sub-Fund intends to short companies, issuers or markets where the Investment Manager views a relative weakness in companies versus other stronger companies, markets or issuers. Leverage can also be employed for risk management purposes and an example would be employing leverage to go long on hedging assets, such as sovereign bonds, in order to protect the Sub-Fund from a negatively correlated risky asset. Options can be used as a defensive risk management tool by limiting the downside risk. An example of using options in such a way would be the purchase of put options on equity indices or risky assets.
As outlined above, the Sub-Fund may seek to hold long and synthetic short positions. A short position is created when a fund sells an asset. The Sub-Fund may use a future, for example, to implement a short position or it
may want to sell an individual security short which it does not own, with the intention of buying it back in the future. If the price of the asset falls, then the value of the position increases and vice versa. This last type of short is called short selling of physical securities and UCITS Regulations prohibit this. For the avoidance of doubt, the Sub-Fund will not physically short sell securities. However the UCITS Regulations do allow the creation of synthetic short positions (synthetic in this
context meaning essentially achieving the same economic outcome without actually selling short) through the use
of FDI instruments. The Sub-Fund may use any of the instruments listed below under the heading “Use of FDI” when implementing a shorting strategy. Shorting can be
used to hedge and to control the risk of the Sub-Fund or to express a view on the direction of the market.
Therefore the level of shorting applied within the Sub- Fund will depend on the Investment Manager’s views on the direction of the market or the level of risk the
Investment Manager wishes to hedge. The level of shorting will be taken into consideration when monitoring
the Sub-Fund’s risk limits.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and over-the-counter FDI for investment purposes:
| Futures | Currency Futures Equity Index Futures Dividend Futures Interest Rate Futures (including Short Term Interest Rate Futures) Bond Futures Volatility Index Futures Property Index Futures Commodity Index Futures Money Market Futures |
| --- | --- |
| Options | Currency Options (including Barrier Options) Equity Options (single name, index, sector, custom basket) Index Options Dividend Options Options on interest rate futures Bond Options Options on Dividend Futures Options on Credit Default Swaps Swaptions (including interest rate swaptions) Options on Currency Futures Warrants Options on Equity Futures |
| Forwards | Forward Foreign Exchange Contracts |
| Swaps | Variance Swaps Equity Swaps (single name, index and sector) Credit Default Swaps (single name and index) Dividend Swaps Interest Rate Swaps, Inflation Rate Swaps Currency Swaps Asset Swaps Total Return Swaps (including single name credit) Property Index Swaps Infrastructure Index Swaps Commodity Index Swaps Contracts for Difference (single name equity and sector) |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial
purpose, are described in the Prospectus in the section entitled “The Company – Financial Derivative Instruments and Techniques”.

##### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both efficient portfolio management (EPM) and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Commodity Indices to provide exposure to commodity sectors such as energy, industrial metals, agricultural products, livestock products and precious metals as the Sub-fund will not invest in commodities directly. | Bloomberg Commodity Index S&P GSCI Index |
| Equity indices to provide exposure to regional and global equity markets in a more cost effective or efficient manner than buying the physical securities. | AEX Index ASX 200 Index CAC- 40 Index DAX 30 Index Hang Seng Index IBEX 35 Index FTSE 100 Index FTSE MIB Index S&P 500 Index S&P/TSX 60 Index S&P Emerging Markets Index Swiss Markit Index TOPIX |

These financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where
additional information can be found, will be set out in the Company’s semi-annual and annual accounts.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total gross long exposure though FDI is not expected to exceed 1000% of the Net Asset Value of the Sub-Fund and the total gross short exposure is not expected to exceed 1000% of the Net Asset Value of the Sub-Fund.

#### Issue of Shares
The initial offering (the “Initial Offer Period”) for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall
continue until 30 April, 2021 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£, 1€, 1CHF, 1CAD or 1SGD depending on the currency of the
relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Repurchase of Shares
Shares in each class may be repurchased, at the option of the relevant Shareholder, on any Valuation Day at the Valuation Point. The Repurchase Price is the Net Asset Value per Share of that class calculated as at the Valuation Point less the applicable redemption fee.
All requests for the repurchase of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Investment and Borrowing Restrictions
The Sub-Fund’s investment and borrowing restrictions are as set out under the heading “The Company - Investment and Borrowing Restrictions” in the Prospectus.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Absolute VaR
Absolute VaR Limit: 10% of the Net Asset Value of the Sub-Fund (using a 5 Business Day holding period)
Gross leverage is expected to vary between: 100 – 2000% of the Net Asset Value. The gross leverage may exceed this target level at times
For more information on the Absolute VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise stocklending arrangements and repurchase/reverse repurchase agreements for efficient portfolio management (EPM) purposes, subject to the conditions and limits set out in
the Central Bank UCITS Regulations. Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of
techniques and FDI the Sub-Fund may use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in securities financing transactions (“SFTs”), i.e.
stocklending arrangements and repurchase/reverse
repurchase agreements, as described under the heading
“Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 30% and in respect of SFTs shall be 100% of the Net Asset Value of the Sub-Fund. However, it is
not anticipated that the Sub-Fund’s exposure in respect
of TRS will exceed 20% and in respect of SFTs will
exceed 60% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS will be of a type which is consistent with the investment policy of the Sub-Fund. The types of assets that will be subject to stocklending arrangements and repurchase/reverse repurchase agreements respectively will be assets which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Stocklending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Share Class Hedging
This Sub-Fund offers hedged share classes. Such share classes are indicated by the suffix “(hedged)” Please see the section entitled “Share Class Hedging” in the Prospectus for further information on the operation and
impact of hedged share classes.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February. Further details
are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are set out under the sub-heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management fee payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Global Leaders Fund

### SUPPLEMENT 29 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Walter Scott & Partners Limited

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company – Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR A (Acc.) | EUR | 5,000 | 5% | 2.00% | 0% |
| EUR A (Inc.) | EUR | 5,000 | 5% | 2.00% | 0% |
| USD A (Acc.) | USD | 5,000 | 5% | 2.00% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 2.00% | 0% |
| Sterling A (Acc.) | GBP | 5,000 | 5% | 2.00% | 0% |
| Sterling A (Inc.) | GBP | 5,000 | 5% | 2.00% | 0% |
| CHF A (Acc.) | CHF | 5,000 | 5% | 2.00% | 0% |
| CHF A (Inc.) | CHF | 5,000 | 5% | 2.00% | 0% |
| EUR H (Acc.) (hedged) | EUR | 5,000 | 5% | 2.00% | 0% |
| EUR H (Inc.) (hedged) | EUR | 5,000 | 5% | 2.00% | 0% |
| Sterling H (Acc.) (hedged) | GBP | 5,000 | 5% | 2.00% | 0% |
| Sterling H (Inc.) (hedged) | GBP | 5,000 | 5% | 2.00% | 0% |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 2.00% | 0% |
| CHF H (Inc.) (hedged) | CHF | 5,000 | 5% | 2.00% | 0% |
| DKK H (Acc.) (hedged) | DKK | 50,000 | 5% | 2.00% | 0% |
| NOK H (Acc.) (hedged) | NOK | 50,000 | 5% | 2.00% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 2.00% | 0% |

| “B” Shares and “J (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR B (Acc.) | EUR | 10,000 | 5% | 1.50% | 0% |
| EUR B (Inc.) | EUR | 10,000 | 5% | 1.50% | 0% |
| USD B (Acc.) | USD | 10,000 | 5% | 1.50% | 0% |
| USD B (Inc.) | USD | 10,000 | 5% | 1.50% | 0% |
| AUD B (Acc.) | AUD | 10,000 | 5% | 1.50% | 0% |
| CAD B (Acc.) | CAD | 10,000 | 5% | 1.50% | 0% |
| CNH B (Acc.) | CNH | 100,000 | 5% | 1.50% | 0% |
| HKD B (Acc.) | HKD | 100,000 | 5% | 1.50% | 0% |
| SGD B (Acc.) | SGD | 10,000 | 5% | 1.50% | 0% |
| SGD B (Inc.) | SGD | 10,000 | 5% | 1.50% | 0% |
| SGD J (Acc.) (hedged) | SGD | 10,000 | 5% | 1.50% | 0% |
| EUR J (Acc.) (hedged) | EUR | 10,000 | 5% | 1.50% | 0% |
| AUD J (Acc.) (hedged) | AUD | 10,000 | 5% | 1.50% | 0% |
| CAD J (Acc.) (hedged) | CAD | 10,000 | 5% | 1.50% | 0% |
| CNH J (Acc.) (hedged) | CNH | 100,000 | 5% | 1.50% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Acc.) | GBP | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Inc.) | GBP | 5,000 | 5% | 1.00% | 0% |
| EUR G (Acc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| EUR G (Inc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR C (Acc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| EUR C (Inc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| USD C (Acc.) | USD | 5,000,000 | 5% | 1.00% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| CHF C (Acc.) | CHF | 5,000,000 | 5% | 1.00% | 0% |
| CHF C (Inc.) | CHF | 5,000,000 | 5% | 1.00% | 0% |
| EUR I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| EUR I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Sterling I (Acc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling I (Inc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| CHF I (Acc.) (hedged) | CHF | 5,000,000 | 5% | 1.00% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| CHF I (Inc.) (hedged) | CHF | 5,000,000 | 5% | 1.00% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR W (Acc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| EUR W (Inc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.75% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Inc.) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| EUR W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| EUR W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| AUD W (Acc.) (hedged) | AUD | 15,000,000 | 5% | 0.75% | 0% |
| CAD W (Acc.) (hedged) | CAD | 15,000,000 | 5% | 0.75% | 0% |
| HKD W (Acc.) | HKD | 150,000,000 | 5% | 0.75% | 0% |
| CNH W (Acc.) (hedged) | CNH | 150,000,000 | 5% | 0.75% | 0% |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.75% | 0% |
| DKK W (Acc.) (hedged) | DKK | 150,000,000 | 5% | 0.75% | 0% |
| NOK W (Acc.) (hedged) | NOK | 150,000,000 | 5% | 0.75% | 0% |
| SEK W (Acc.) (hedged) | SEK | 150,000,000 | 5% | 0.75% | 0% |

| “U” Shares and “U (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Hurdle Rate |
| USD U (Acc.) | USD | 15,000,000 | 5% | 0.20% | 0% | 20% | MSCI World Index (with net dividends reinvested) in USD terms |
| USD U (Inc.) | USD | 15,000,000 | 5% | 0.20% | 0% | 20% | MSCI World Index (with net dividends reinvested) in USD terms |
| EUR U (Acc.) | EUR | 15,000,000 | 5% | 0.20% | 0% | 20% | MSCI World Index (with net dividends reinvested) in Euro terms |
| EUR U (Inc.) | EUR | 15,000,000 | 5% | 0.20% | 0% | 20% | MSCI World Index (with net dividends reinvested) in Euro terms |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR E (Acc.) | EUR | As agreed | 5% | 0.50% | 0% |
| EUR E (Inc.) | EUR | As agreed | 5% | 0.50% | 0% |
| USD E (Acc.) | USD | As agreed | 5% | 0.50% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.50% | 0% |
| Sterling E (Acc.) | GBP | As agreed | 5% | 0.50% | 0% |
| Sterling E (Inc.) | GBP | As agreed | 5% | 0.50% | 0% |
| CHF E (Acc.) | CHF | As agreed | 5% | 0.50% | 0% |
| CHF E (Inc.) | CHF | As agreed | 5% | 0.50% | 0% |
| EUR E (Acc.) (hedged) | EUR | As agreed | 5% | 0.50% | 0% |
| EUR E (Inc.) (hedged) | EUR | As agreed | 5% | 0.50% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.50% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.50% | 0% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.50% | 0% |
| CHF E (Inc.) (hedged) | CHF | As agreed | 5% | 0.50% | 0% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR X (Acc.) | EUR | None | 0% | 0% | 0% |
| EUR X (Inc.) | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | None | 0% | 0% | 0% |
| CHF X (Inc.) | CHF | None | 0% | 0% | 0% |


#### Performance Fee
In addition to the annual management charge, the Manager will be entitled to an annual performance fee
(the “Performance Fee”) subject to the conditions outlined
below. The rate at which the Performance Fee shall be
applied is set out in the table above. Performance Fees reduce the value of your investment and the investment return you will receive.
The Performance Fee in respect of each relevant Share Class is calculated as the performance fee rate (set out in the table above) of the Share Class Return (as defined below) over the Hurdle Rate Return (as defined below).
The Performance Fee will be calculated in respect of each twelve-month period ending on the 31 December
(the “Calculation Period”). The first Calculation Period will
be the period commencing on the Business Day
immediately following the closing of the Initial Offer Period and ending on 31 December of the same year.
The “Share Class Return” is calculated on each Valuation Day and is the percentage difference between the
Adjusted Net Asset Value on such Valuation Day and the Adjusted Net Asset Value on the previous Valuation Day.
The “Adjusted Net Asset Value” is the Net Asset Value of the relevant share class (which includes an accrual for all fees and expenses including the annual management
charge and the operating and administrative expenses to be borne by the relevant share class, adjusted for any dividend distributions) but without deduction of any Performance Fee accrued since the start of the Calculation Period.
The “Hurdle Rate” is set out in the table above and is consistent with the investment policy of the Sub-Fund. A
hurdle rate is a predetermined level of return a fund must exceed to earn a performance fee. Past performance of the Sub-Fund against MSCI World NR Index is disclosed in the KIID for the relevant Class of Shares.
The “Hurdle Rate Return” is calculated on each Valuation Day and is the percentage difference between the Hurdle Rate on such Valuation Day and the Hurdle Rate on the
previous Valuation Day.
On each Valuation Day, an Adjusted Net Asset Value is calculated in respect of each share class for which the Performance Fee applies. If the Share Class Return exceeds the Hurdle Rate Return, a Performance Fee is accrued.
If the Share Class Return does not exceed the Hurdle Rate Return, the Performance Fee accrual is reduced (not below zero). The Performance Fee is reduced by an amount calculated as the performance fee percentage (as set out in the table above) of the underperformance of the Share Class Return against the Hurdle Rate Return (the negative return) multiplied by the Shares in issue.
Once the Performance Fee accrual has been reduced to zero, no new Performance Fee is accrued until (i) the cumulative Share Class Return exceeds the cumulative Hurdle Rate Return since the beginning of the Calculation Period.
Clawback – Following a Calculation Period in which no Performance Fee has been charged, no Performance Fee
will accrue until the cumulative Share Class Return (since the last Valuation Day of the last accounting year in which a Performance Fee was charged) exceeds the cumulative Hurdle Rate Return (since the last Valuation Day of the last accounting year in which a Performance Fee was charged).
If no Performance Fee has been charged since the launch of a share class, no Performance Fee will accrue until such time as the cumulative Share Class Return (since the launch of that share class) exceeds the cumulative Hurdle Rate Return accrued since the launch of that share class.
The Performance Fee accrued on each Valuation Day is reflected in the Net Asset Value per Share on the basis of which subscriptions, redemptions, switches or transfers may be accepted.
Included in the calculation of the Performance Fee shall be net realised and unrealised capital gains plus net realised and unrealised capital losses as at the end of the relevant period. As a result, Performance Fees may be paid on unrealised gains which may subsequently never be realised.
Positive performance may be generated by market movements as well as active portfolio management; this may lead to circumstances where a portion of the Performance Fee is paid based on market movements.
The calculation of the Performance Fee is not open to the possibility of manipulation and shall be verified by the Depositary.
The Performance Fee is calculated and accrued on each Valuation Day and paid yearly in arrears, in respect of each Calculation Period. Any Performance Fee due will generally be paid within 30 Business Days after the end of each Calculation Period, the date of any redemption, the date of a merger (subject to the requirements of the Central Bank), the date of termination of the Management Agreement or such other date on which the Company or the Sub-Fund may be liquidated or cease trading.

##### Examples of how the performance fee will be calculated
Please note the performance fee model allows for performance fees to be charged where the Sub-Fund has outperformed the Hurdle Rate, but overall has negative performance.
| Valuation Day | Adjusted Net Asset Value at end of Calculation Period | Hurdle Rate Return ex- pressed in pence | Excess Return expressed in pence* | Performance Fee** | Net Asset Value at end of Calculation Period | Description of the example |
| --- | --- | --- | --- | --- | --- | --- |
| 31 December (year one) | 105p | 102p | 3p | 0.6p | 104.4p | Performance of the Adjusted Net Asset Value over the Calculation Period resulted in an Adjusted Net Asset Value of 105p at end of year one, which is higher than the Hurdle Rate Return of 102p and the Excess Return of 3p is positive. Therefore, a Performance Fee of 0.60p was paid. |
| 31 December (year two) | 95p | 106p | 0p | 0p | 95p | Performance of the Adjusted Net Asset Value over the Calculation Period resulted in an Adjusted Net Asset Value of 95p at the end of year two, which is lower than the Hurdle Rate Return of 106p. Therefore, no Performance Fee was paid. |
| 31 December (year three) | 104p | 105p | 0p | 0p | 104p | Performance of the Adjusted Net Asset Value over the Calculation Period resulted in an Adjusted Net Asset Value of 104p at end of year three, which is lower than the Hurdle Rate Return of 105p. Therefore, no Performance Fee was paid. |

| Valuation Day | Adjusted Net Asset Value at end of Calculation Period | Hurdle Rate Return ex- pressed in pence | Excess Return expressed in pence* | Performance Fee** | Net Asset Value at end of Calculation Period | Description of the example |
| --- | --- | --- | --- | --- | --- | --- |
| 31 December (year four) | 110p | 108p | 2p | 0.40p | 109.6p | Performance of the Adjusted Net Asset Value over the Calculation Period resulted in an Adjusted Net Asset Value of 110p at end of year four, which is higher than the Hurdle Rate of 108p and the Excess Return of 2p is positive. Therefore, a Performance Fee of 0.40p was paid. |

*Excess Return is the outperformance of the Share Class Return over the Hurdle Rate Return
**20% of Excess Return

#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to achieve long-term capital growth.

##### Investment Policy
The Sub-Fund invests primarily (meaning at least three- quarters of the Sub-Fund's Net Asset Value) in equity and equity-related securities (common and preferred stock, American depositary receipts and global depository receipts, securities convertible into or exchangeable for such equities) issued by large-capitalisation companies located worldwide. Large-capitalisation companies typically refer to companies with a market capitalisation value of more than US$10 billion at the time of purchase, however the minimum market capitalisation threshold for the Sub-Fund is at the discretion of the Investment Manager.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in open-ended collective investment
schemes (“CIS”). Investment in CIS may be used for cash
management purposes (e.g. via money market funds) or
to give exposure to the equity and equity-related securities listed in the investment policy above. The Sub- Fund may hold ancillary liquid assets such as bank deposits.
The Sub-Fund invests on a global basis and while there is no geographical, industry or sector focus, the Sub-Fund may at times be concentrated in particular industry or sectors including emerging market countries and the U.S. The Sub-Fund may invest more than 20% of its Net Asset Value in emerging market countries, and there is no investment limitation in relation to such investments.
Examples of emerging market countries include, but are not limited to, Brazil, Chile, Columbia, Mexico, Peru, Czech Republic, Egypt, Greece, Hungary, Poland, Qatar, Russia, South Africa, Turkey, United Arab Emirates, China, India, Indonesia, Korea, Malaysia, Pakistan, Philippines, Taiwan and Thailand.
The Sub-Fund may use FDIs, as outlined in the sections headed “Efficient Portfolio Management” in the Prospectus for hedging and efficient portfolio
management purposes only.
In general, the Sub-Fund will be exposed to the currency fluctuations that are incidental to its investment in equity and equity-related securities. While the Investment
Manager will not seek to add value by speculating in currencies, it will generally leave the Sub-Fund’s currency exposure unhedged. Notwithstanding the foregoing, the
Investment Manager will regularly monitor and review currency exposure and will employ currency hedging when the Investment Manager perceives that currency exposure presents significant risk.

##### Benchmark
MSCI World NR Index (the “Benchmark”).
The Benchmark is a broad global equity index that is designed to represent the performance of large and mid capitalisation securities across 23 developed markets countries including: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States of America. The Benchmark covers approximately 85% of the free float- adjusted market capitalisation in each country.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Benchmark subject to the investment objective and policy. While the Sub-Fund’s holdings may include constituents of the Benchmark, the selection of
investments and their 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.

##### Investment Strategy
The Investment Strategy of the Sub-Fund is to achieve long-term capital growth through investing primarily in a concentrated portfolio of equity and equity-related securities focused on large-capitalisation companies located worldwide.
The investment philosophy and process is consistent with the Investment Manager’s existing philosophical framework: a long-term investment approach based on
rigorous bottom-up company analysis with the aim of identifying companies with superior wealth generation
prospects. This reflects a fundamental belief that, over time, a portfolio’s investment return never exceeds the wealth created by the underlying companies. As a result, the focus of the Investment Manager’s research team is to identify those companies with wealth generation capabilities consistent with the portfolio’s investment objective.
Given the concentrated nature of the Investment Strategy, a high degree of confidence is required in relation to large-capitalisation companies comprising the
portfolio. In particular, in considering whether a company is regarded as a “global leader’, two key criteria will influence the portfolio construction process. Firstly, the
Investment Manager expects to focus on those large- capitalisation companies with a strong or market leading position in the markets in which each company operates and with a business model geared towards sustaining that position through competitive advantage. Secondly, the Investment Manager aims to identify industry sectors of the global economy with compelling prospects for expansion and select a company or companies within those industry sectors with a strong or market leading position. Therefore, the portfolio construction process of the Investment Strategy is not only focused on selecting industry leading companies with enduring competitive advantage, but also those operating within industry sectors with compelling prospects for global expansion.
Because of the long-term nature of this Sub-Fund, it is expected that the equity and equity-related securities within the portfolio will be purchased with a view to holding them for a period of 3 to 5 years. The portfolio turnover will remain low throughout the life of the Sub-
Fund as it is integral to the Investment Manager’s
process as described above. As such, whilst investors
may benefit from short-term gains, the Investment Manager will not be targeting them specifically.

##### The Sustainable Finance Disclosure Regulation
The management of sustainability risk is fully integrated into the investment process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
When researching any company, regardless of geography and sector, the Investment Manager applies the same analytical framework. This framework is both quantitative and qualitative and involves analysis of historical financial records alongside consideration of seven key areas of investigation:
- business activities and physical footprint
- integrity, sustainability and governance
- market characteristics
- control of destiny
- financial profile
- management and board
- valuation and tradingThe Investment Manager’s analysis of integrity, sustainability and governance practices includesassessing and monitoring companies on relevant and material factors across four key areas:
- environmental considerations
- climate risk and climate change
- human and social capital
- governanceThis process allows the Investment Manager to examine every factor that could affect the long-term success of a business before investing. As part of the InvestmentManager’s ongoing assessment of a company, it isupdated, reviewed and discussed annually, allowing theInvestment Manager to monitor progress over time.

While all research is the Investment Manager’s own, it is augmented with information and analysis from external sources, including third-party research providers,
academics and subject matter experts. The Investment Manager’s regular engagement with company management also contributes to its overall assessment
of a company.
As explained above, the management and assessment of sustainability risks is fully integrated into the Investment Manager's investment process, however there may still be a risk that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Registration in Hong Kong
This Sub-Fund is registered for sale in Hong Kong.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 50% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
In utilising FDI for EPM purposes, the Sub-Fund may gain indirect exposure to financial indices.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending arrangements and repurchase/reverse repurchase
agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of
SFTs shall be 100% of the Net Asset Value of the Sub- Fund. However, it is not anticipated that the Sub-Fund’s exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be issued during their respective Initial Offer Periods at their
respective initial offer price per Share of 1USD, 1£, 1€,
1CAD, 1AUD, 1CHF, 10HKD, 10CNH, 10DKK, 10NOK or
10SEK depending on the currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February. Further details
are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are set out under the sub-heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is particularly drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Targeted Return Bond Fund

### SUPPLEMENT 30 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Insight North America LLC

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR A (Acc.) | EUR | 5,000 | 5% | 1.50% | 0% |
| EUR A (Inc.) | EUR | 5,000 | 5% | 1.50% | 0% |
| USD A (Acc.) | USD | 5,000 | 5% | 1.50% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.50% | 0% |
| Sterling A (Acc.) | GBP | 5,000 | 5% | 1.50% | 0% |
| Sterling A (Inc.) | GBP | 5,000 | 5% | 1.50% | 0% |
| CHF A (Acc.) | CHF | 5,000 | 5% | 1.50% | 0% |
| CHF A (Inc.) | CHF | 5,000 | 5% | 1.50% | 0% |
| EUR H (Acc.) (hedged) | EUR | 5,000 | 5% | 1.50% | 0% |
| EUR H (Inc.) (hedged) | EUR | 5,000 | 5% | 1.50% | 0% |
| Sterling H (Acc.) (hedged) | GBP | 5,000 | 5% | 1.50% | 0% |
| Sterling H (Inc.) (hedged) | GBP | 5,000 | 5% | 1.50% | 0% |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 1.50% | 0% |
| CHF H (Inc.) (hedged) | CHF | 5,000 | 5% | 1.50% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR C (Acc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| EUR C (Inc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| USD C (Acc.) | USD | 5,000,000 | 5% | 1.00% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| CHF C (Acc.) | CHF | 5,000,000 | 5% | 1.00% | 0% |
| CHF C (Inc.) | CHF | 5,000,000 | 5% | 1.00% | 0% |
| EUR I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| EUR I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Sterling I (Acc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling I (Inc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| CHF I (Acc.) (hedged) | CHF | 5,000,000 | 5% | 1.00% | 0% |
| CHF I (Inc.) (hedged) | CHF | 5,000,000 | 5% | 1.00% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR W (Acc.) | EUR | 15,000,000 | 5% | 0.65% | 0% |
| EUR W (Inc.) | EUR | 15,000,000 | 5% | 0.65% | 0% |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.65% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.65% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.65% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.65% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.65% | 0% |
| CHF W (Inc.) | CHF | 15,000,000 | 5% | 0.65% | 0% |
| EUR W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.65% | 0% |
| EUR W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.65% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.65% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.65% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.65% | 0% |
| CHF W (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.65% | 0% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR X (Acc.) | EUR | None | 0% | 0% | 0% |
| EUR X (Inc.) | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | None | 0% | 0% | 0% |
| CHF X (Inc.) | CHF | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to achieve a total return from income and capital growth.

##### Investment Policy
The Sub-Fund is a globally diversified, multi-sector fund that aims to achieve its investment objective by investing in a portfolio of international, sovereign, government, supranational agency, corporate, bank and other fixed and/or floating rate bonds (including mortgage and corporate bonds) and other debt and debt-related securities (such as debentures, notes (including corporate, sovereign, floating and fixed rate notes, zero coupon, interest only bonds and principal only bonds), secured debt (including asset and mortgage-backed securities, covered bonds, collateralised debt and mortgage obligations), payment-in-kind, toggle bonds, step-up bonds, loan participation and surplus notes, hybrids (including perpetual bonds, cumulative bonds, non-cumulative bonds and trust preferred securities), guaranteed investment certificates and deferred
interests) hereinafter “Debt and Debt-Related Securities”,
and in FDI relating to such instruments as set out under the heading “Use of FDI”) below, money market instruments (commercial paper and bank deposits),
private placements (such as Reg S bonds and 144A bonds) and securities convertible into or exchangeable for equities which will embed FDI and/ or leverage
(convertible bonds and Contingent Convertible Securities (“CoCos”)), the majority of which will be listed or traded on Eligible Markets located worldwide.
The Sub-Fund may invest up to 10% of its Net Asset Value in CoCos. Please see “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos.
The Sub-Fund may invest up to 10% of its Net Asset Value in unsecuritised loan participations provided such instruments constitute money market instruments normally dealt in the money market, are liquid and have a value that may be accurately determined at any time.
The Sub-Fund invests on a global basis and while there is no geographical, industry or sector focus, the Sub-Fund may at times be concentrated in particular industry or sectors including emerging market countries and the U.S. The Sub-Fund may invest up to 40% of its Net Asset Value in emerging market countries.
The Sub-Fund may also invest up to 10% of its Net Asset Value in Debt and Debt-Related Securities in the People’s Republic of China (“PRC”) traded in the China interbank bond market (“CIBM”) via Bond Connect (as further described Appendix VI to the Prospectus.)
The Investment Manager will not be restricted by credit quality or maturity therefore no minimum credit rating will apply to the investments of the Sub-Fund, which may be rated below investment grade (subject to a limit of 75%) as rated by a Recognised Rating Agency. The Sub-
Fund may hold up to 10% of its Net Asset Value in unrated securities provided it’s of equivalent quality as determined by the Investment Manager.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in transferable securities or money market instruments which are not admitted to or dealt in
on an Eligible Market, in accordance with the UCITS Regulations, including, but not limited to unlisted equities and Debt and Debt-Related Securities.
The Sub-Fund aims to deliver a total return from income and capital growth of 6% per annum over a full market cycle (typically three to five years) before fees. However, a positive return is not guaranteed and a capital loss may occur.

##### Collective Investment Schemes
The Sub-Fund may also invest up to 10% of the Net Asset Value of the Sub-Fund in CIS including open-ended exchange traded funds. The schemes in which the Sub- Fund invests may also be managed by a Sub-Investment Manager, the Investment Manager or by entities affiliated to any of them.

##### Benchmark
The Sub-Fund is actively managed and is not managed with reference to a benchmark.

##### Investment Strategy
The Investment Manager employs a dynamic and active approach to portfolio management through investment in a wide array of fixed income, currency and FDI (as
detailed above in the section “Investment Policy and below in the section “Use of FDI””), in order to reduce risk via diversification and enhance potential returns. The
investment process combines top-down macroeconomic research with bottom-up sector and security selection. The Investment Manager utilizes proprietary fundamental research techniques, supplemented by quantitative models, to identify attractive investment opportunities. Portfolio construction is carried out by fund managers within a prescribed risk budget for each investment risk category.

##### The Sustainable Finance Disclosure Regulation
The management of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
As part of the bottom-up security research process, the Investment Manager assesses the environmental, social and governance factors of each portfolio investment for potential sustainability risks. These factors may include, but are not limited to, an issuers impact on the environment, including emissions, land use and waste
practices, and an issuer’s social policies and practices,
including employee matters, supply chain practices and human rights policies. The Investment Manager’s internal credit research includes resources such as the Investment Manager’s proprietary ESG score as an input and is supplemented with third-party resources including
MSCI ESG data and ratings, Bloomberg ESG data, Sustainability Accounting Standards Board’s (SASB) Engagement Guide, credit rating agency research, sell-
side research and industry events. This research into sustainability risks is taken into consideration, along with
the Investment Manager’s macroeconomic research and
credit analysis, in the security selection process.
The Investment Manager also assesses the governance practices of issuers through its fundamental research, supplemented by third-party governance scoring methodologies, in order to satisfy itself that the relevant issuers follow good governance practices, in particular with respect to sound management structures, employee relations, remuneration of staff and tax compliance.
The Investment Manager monitors sustainability factors
and risk exposures on a regular basis by reviewing regular reporting on both the Investment Manager’s proprietary and third-party ESG scores.
As explained above, the management and assessment of sustainability risks forms an important part of the Investment Manager's due diligence, however there may still be a risk that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
| Futures | Bond Futures Interest Rate Futures (including Short Term Interest Rate Futures) |
| --- | --- |
| Options | Currency Options (including Barrier Options) Options on Interest Rate Futures Swaptions (including interest rate swaptions) Bond Options |
| Forwards | Forward Foreign Exchange Contracts |
| Swaps | Credit Default Swaps (single name and index) Interest Rate Swaps Inflation Rate Swaps Currency Swaps Total Return Swaps (single name equity, credit, index, and basket (in the case of the latter, underlying components of which can be grouped by sector, geography or other characteristics)) |
| Securi- ties with Embed- ded FDI/ Leverage | Credit Linked Notes Convertible Securities (Convertible Bonds) Contingent Convertible Securities (CoCos) |

The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial
purpose, are described in the Prospectus in the section entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit CDX American Investment Grade High Volatility Index Markit CDX North American Investment Grade Index Markit CDX North American High Yield Index Markit CDX North American High Yield Beta Index Markit CDX Emerging Markets Index Markit CDX Emerging Markets Diversified Index Markit iTraxx Europe Index Markit iTraxx Crossover Index Markit iTraxx Financial Index Markit iTraxx Subordinated Financial Index |
| Interest rate indices to provide exposure to interest rate markets and to express the managers view that the yield curve will move in a particular direction in a more cost effective or efficient manner than buying physical securities. | EURIBOR LIBOR SOFR SONIA |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. The remaining financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Absolute VaR
Absolute VaR Limit: 20% of the Net Asset Value of the Sub-Fund (using a 20 Business Day holding period)
Gross leverage is expected to vary between: 100 – 2000% of the Net Asset Value. The gross leverage may exceed this target level at times
For more information on the Absolute VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements and
repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 10% and in respect of SFTs shall be 100%
of the Net Asset Value of the Sub-Fund. However, it is not anticipated that the Sub-Fund’s exposure in respect of TRS will exceed 10% and in respect of SFTs will
exceed 15% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£, 1€, or 1CHF depending on the currency of the relevant class
(plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset
Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11 November respectively. Further details are set out under
the heading "The Company - Distribution Policy” in the
Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are set out under the sub-heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Global Credit Fund

### SUPPLEMENT 31 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be suitable for all investors.
- The Sub-Fund may, in exceptional circumstances, invest substantially in deposits with credit institutions. Although the Sub-Fund may invest in money market instruments and cash deposits, Shares in the Sub-Fund are not deposits and are different in nature to a deposit in that the investment is not guaranteed and the value of the investment is capable of fluctuation. Investment in the Sub-Fund involves certain investment risks, including the possible loss of principal.


#### The Investment Manager
Insight Investment Management (Global) Limited
The Investment Manager may delegate its investment management functions to a Sub-Investment Manager and/or appoint a sub-investment adviser to provide investment advice in accordance with the requirements of the Central Bank. As at the date of this Supplement, the Investment Manager has appointed the Sub- Investment Manager, as described below.

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this
Sub-Fund to Insight North America LLC (the “Sub- Investment Manager”). Details of the Sub-Investment Management Agreement between the Investment
Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD A (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD A (Inc.) (Q) | USD | 5,000 | 5% | 1.00% | 0% |
| EUR H (Acc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| EUR H (Inc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| EUR H (Inc.) (hedged) (Q) | EUR | 5,000 | 5% | 1.00% | 0% |
| Sterling H (Acc.) (hedged) | GBP | 5,000 | 5% | 1.00% | 0% |
| Sterling H (Inc.) (hedged) | GBP | 5,000 | 5% | 1.00% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 1.00% | 0% |
| CHF H (Inc.) (hedged) | CHF | 5,000 | 5% | 1.00% | 0% |
| AUD H (Acc.) (hedged) | AUD | 5,000 | 5% | 1.00% | 0% |
| AUD H (Inc.) (hedged) (Q) | AUD | 5,000 | 5% | 1.00% | 0% |
| CAD H (Acc.) (hedged) | CAD | 5,000 | 5% | 1.00% | 0% |
| CAD H (Inc.) (hedged) (Q) | CAD | 5,000 | 5% | 1.00% | 0% |
| CNH H (Acc.) (hedged) | CNH | 50,000 | 5% | 1.00% | 0% |
| CNH H (Inc.) (hedged) (Q) | CNH | 50,000 | 5% | 1.00% | 0% |
| SGD H (Acc.) (hedged) | SGD | 5,000 | 5% | 1.00% | 0% |
| SGD H (Inc.) (hedged) (Q) | SGD | 5,000 | 5% | 1.00% | 0% |

| “B” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD B (Acc.) | USD | 10,000 | 5% | 0.75% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 0.50% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 0.50% | 0% |
| EUR G (Acc.) (hedged) | EUR | 5,000 | 5% | 0.50% | 0% |
| EUR G (Inc.) (hedged) | EUR | 5,000 | 5% | 0.50% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.50% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.50% | 0% |
| EUR I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 0.50% | 0% |
| EUR I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.50% | 0% |
| Sterling I (Acc.) (hedged) | GBP | 5,000,000 | 5% | 0.50% | 0% |
| Sterling I (Inc.) (hedged) | GBP | 5,000,000 | 5% | 0.50% | 0% |
| CHF I (Acc.) (hedged) | CHF | 5,000,000 | 5% | 0.50% | 0% |
| CHF I (Inc.) (hedged) | CHF | 5,000,000 | 5% | 0.50% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.40% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.40% | 0% |
| USD W (Inc.) (Q) | USD | 15,000,000 | 5% | 0.40% | 0% |
| EUR W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.40% | 0% |
| EUR W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.40% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.40% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.40% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| CAD W (Acc.) (hedged) | CAD | 15,000,000 | 5% | 0.40% | 0% |
| CAD W (Inc.) (hedged) | CAD | 15,000,000 | 5% | 0.40% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.40% | 0% |
| CHF W (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.40% | 0% |
| AUD W (Inc.) (hedged) (Q) | AUD | 15,000,000 | 5% | 0.40% | 0% |
| CAD W (Inc.) (hedged) (Q) | CAD | 15,000,000 | 5% | 0.40% | 0% |
| HKD W (Inc.) (hedged) (Q) | HKD | 150,000,000 | 5% | 0.40% | 0% |
| CNH W (Inc.) (hedged) (Q) | CNH | 150,000,000 | 5% | 0.40% | 0% |
| SGD W (Inc.) (hedged) (Q) | SGD | 15,000,000 | 5% | 0.40% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| EUR X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | None | 0% | 0% | 0% |
| CAD X (Inc.) (hedged) | CAD | None | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% |
| CHF X (Inc.) (hedged) | CHF | None | 0% | 0% | 0% |
| JPY X (Acc.) | JPY | None | 0% | 0% | 0% |
| JPY X (Inc.) | JPY | None | 0% | 0% | 0% |
| JPY X (Acc.) (hedged) | JPY | None | 0% | 0% | 0% |
| JPY X (Inc.) (hedged) | JPY | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to achieve a total return from income and capital growth.

##### Investment Policy
The Sub-Fund aims to achieve its investment objective by investing the majority of its Net Asset Value, meaning over 50%, in global credit markets. The remaining assets will be invested in non-credit debt and debt-related securities (debt and debt-related securities issued by governments, supranationals and public international bodies), currencies, cash and near cash assets as outlined below.
The Sub-Fund may invest in debt and debt-related securities (obligations, treasury bills, debentures, bonds, loans, asset-backed and mortgage-backed securities, certificates of deposit, floating rate notes, short and medium term obligations and commercial paper, which may be fixed, floating or variable and may vary inversely with respect to a reference rate and are issued or guaranteed by any sovereign government or their agencies, local authority, supranational or public
international bodies, banks, corporates or other
commercial issuers and contingent convertible securities (“CoCos”) hereinafter “Debt and Debt-Related Securities”.
The Sub-Fund may invest up to 10% of its Net Asset Value in CoCos. The CoCos in which the Sub-Fund may invest will not embed FDI and or leverage. Please see
“Contingent Convertible Securities (CoCos) Risk” in the
Prospectus for details of the risks associated with CoCos.
The Sub-Fund may also invest in currencies in order to
hedge the portfolio back to USD or to generate returns, as outlined in the section entitled “Investment Strategy” below.
The Sub-Fund will gain exposure to currencies using FDI
and may gain exposure to Debt and Debt-Related Securities using FDI as set out under the heading “Use of FDI” below.
FDI are used to take synthetic long or synthetic short positions. They can provide protection or profit from defaults and default expectations of debt issuers as well as being used to express views on the direction and volatility of Debt and Debt Related Securities and currencies.
Based on the analysis outlined in the section entitled “Investment Strategy” below, synthetic short positions may be held to:
- hedge long exposure, i.e. protect the level of loss the Sub-Fund may experience if a security or market to which it’s exposed falls in value;
- express a negative view on the direction of a market, asset class or individual issuer. For example, the Investment Manager may believe the value of a market, asset class or individual issuer may fall and the synthetic short position will mean the Sub-Fund will benefit from this movement. This may be achieved, for example, by selling government bond futures, buying credit default swaps or buying put options;and
- express views on the volatility of a market, asset class or individual issuer. For example, the Investment Manager may believe the level of volatility in a market, asset class or individual issuer may fall and the synthetic short position will mean the Sub- Fund will benefit from this movement. This may be achieved by selling options.

Whilst the extent of synthetic short exposures in the
Sub-Fund will vary over time, the Sub-Fund will generally look to maintain significant positive exposure to global credit markets.
The Sub-Fund may invest on a global basis and there is no geographical, industry or sector focus in relation to the securities (i.e. any of the abovementioned securities) to which exposure may be taken. However, there may be times when its portfolio is concentrated in bonds issued by issuers in a limited number of countries or regions.
This could be because the Sub-Fund’s benchmark has a concentrated position and the Sub-Fund’s performance is measured against the benchmark or because the
Investment Manager believes that a concentrated
position will be beneficial to the Sub-Fund. Though the Sub-Fund does not track the “Benchmark (as defined below)”, it limits how far it deviates from it.
The Sub-Fund may invest more than 20% in emerging markets debt securities, including Brady bonds, sovereign Eurobonds, corporate bonds, loans and sovereign loans, local treasury bills, notes and bonds, certificates of deposit, commercial paper, structured notes and money market securities. Exposure to emerging market debt may also be to debt securities of investment grade quality.
The minimum credit rating of the Debt and Debt-Related Securities in which the Sub-Fund may invest at time of purchase is B- (or its equivalent) or, in the case of asset- backed and mortgage-backed securities and structured notes rated at least BBB-, as rated by a Recognised Rating Agency. In case of three ratings, the lower rating of the two best ratings shall be decisive. In case of two such ratings, the lower rating shall be decisive. In case of only one such rating, this rating shall be decisive. If an instrument is unrated, it must be of equivalent quality as determined by the Investment Manager. Any securities which fall below the minimum required rating following acquisition will be sold within six months from the downgrading, unless the rating is upgraded within that period.
The Sub-Fund may invest up to 25% of its Net Asset Value in aggregate in sub-investment grade Debt and Debt-Related Securities (rated BB+ or lower (but B- or higher) (or equivalent)) as rated by a Recognised Rating Agency.
The Sub-Fund will not invest more than 10% of its Net Asset Value in securities issued and/or guaranteed by a single sovereign issuer with a credit rating below investment grade. For the avoidance of doubt, a single sovereign issuer shall include its government, a public or local authority.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in transferable securities or money market instruments which are not admitted to or dealt in on an Eligible Market, in accordance with the UCITS Regulations, including, but not limited to unlisted equities and Debt and Debt-Related Securities.
The Sub-Fund may also invest in liquid, cash or near cash assets and up to 10% in collective investment
schemes (“CIS”) (including exchange traded funds (“ETFs”)
and money market funds) for liquidity (as outlined below)
or investment purposes where such CIS provide an exposure which is consistent with the investment policy of the Sub-Fund.
Whilst the Sub-Fund's base currency is U.S. Dollars, it may invest in non-U.S. Dollar denominated assets which may not necessarily be hedged back into U.S. Dollars.
The Sub-Fund may also invest up to 10% of its Net Asset Value in Debt and Debt-Related Securities in the People’s Republic of China (“PRC”) traded in the China interbank bond market (“CIBM”) via Bond Connect (as further described Appendix VI to the Prospectus.)

##### Loan Investments
The Sub-Fund may invest up to 10% of its Net Asset Value in unsecuritised loan participations and/or loan assignments provided such instruments constitute money market instruments normally dealt in the money market, are liquid and have a value that may be accurately determined at any time.

##### Cash and Collateral Management
For cash and collateral management purposes the Sub- Fund may, from time to time, invest in a broad range of liquid or near cash assets which can be held to provide liquidity and cover for exposures generated through FDI. Under exceptional circumstances (e.g. market crash or major crisis), the Sub-Fund may be invested temporarily up to 100% in liquid and near cash assets for cash flow management.
Liquid or near cash assets may include Debt and Debt- Related Securities, bank deposits and obligations issued or guaranteed by any sovereign government or their agencies and securities, instruments and obligations issued by supranational or public international bodies, banks, corporates or other commercial issuers. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.
The Sub-Fund may also invest in money market funds including Irish UCITS managed by Insight Investment Funds Management Limited and advised by the Investment Manager.

##### Collective Investment Schemes
The Sub-Fund may also pursue its investment objective and policy by taking positions in CIS, subject to a maximum of 10% of the Net Asset Value of the Sub- Fund.
Any investment in open-ended ETFs will be subject to the 10% limit above and any investment in closed-ended ETFs shall constitute an investment in a transferable security in accordance with the requirements of the Central Bank.
The minimum credit rating of the Debt and Debt-Related Securities that such collective investment schemes may invest at time of purchase is B- (or its equivalent), or, in the case of asset-backed securities, mortgage backed securities and other investments linked to credit risk, is BBB- (or its equivalent) as rated by a Recognised Rating Agency. In the case of a split rating, the lower of the two highest ratings will be considered.

##### Benchmark
Bloomberg Barclays Global Aggregate Credit TR Index (hedged to U.S. Dollars) (the “Benchmark”).
The Benchmark can be described as the credit component of the Barclays Global Aggregate Index which provides a broad-based measure of the global investment grade fixed income markets. The credit component excludes government bonds and securitised debt.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has discretion to invest outside the Benchmark subject to the investment objective and policy.
However, as the Benchmark covers a significant proportion of the investable universe, the majority of the
Sub-Fund’s holdings will be constituents of the
Benchmark but the weightings in the portfolio may be
similar to those of the Benchmark. The investment strategy will restrict the extent to which the portfolio holdings may deviate from the Benchmark and consequently the extent to which the Sub-Fund can outperform the Benchmark.

##### Investment Strategy
The investment strategy of the Sub-Fund is a combination of:
- understanding the current and future macroeconomic environment, for employment levels, inflation, interest rates, and what impact these factors may have on Debt and Debt Related Securities and currencies. This understanding is developed using a number of sources including economic data releases, central bank policy statements and a review of historical data;and
- analysing the different asset classes that make up the investments in the Sub-Fund, i.e. credit, emerging market debt, government bonds and currency to assess their return generating potential.

Once this analysis is complete the Investment Manager can decide the asset allocation of the Sub-Fund, i.e. what percentage of the assets to invest in the asset classes.
The Investment Manager may consider factors such as expense and ease of implantation when deciding how to implement the investment strategy and gain exposure to the asset classes, e.g. using FDI or CIS rather than buying assets directly.
Selecting the individual securities within each asset class is made with input from the credit teams who specialise in specific sectors or industries, e.g. telecoms, automobiles, technology, manufacturing and government bonds.

##### The Sustainable Finance Disclosure Regulation
When assessing the sustainability risk associated with underlying investments of the Sub-Fund, the Investment Manager is assessing the risk that the value of such
underlying investments could be materially negatively impacted by an ESG event or condition (“ESG Event”). Sustainability risks are managed by ensuring senior
decision makers are informed and included in the Investment Manager’s responsible investment programme, and set effective accountability,
transparency and implementation procedures. Where sustainability risk issues are considered material to investment outcomes, they are incorporated into due diligence processes. This may include evaluating individual securities and/or interaction with issuers or market participants. Internal controls ensure sustainability criteria are applied to The Sub-Fund continuously. ESG restrictions, which includes proprietary ESG ratings and third-party data, are set to prevent or permit investment in securities that meet sustainability- related characteristics. These controls are coded against the Sub-Fund and updated as new information is absorbed.
Corporate governance is a key sustainability risk factor forming part of proprietary ESG risk ratings for all issuers. The Investment Manager's corporate governance assessment includes evaluating board practices and behaviour, remuneration, control and accountability, and ethics or controversies. The Investment Manager applies the insights from ESG ratings alongside their own
knowledge of issuers’ governance structures to set
engagement priorities with issuers. The Investment
Manager considers these risks together to decide whether an investment reasonably compensates a fund for sustainability risks over the long and short-term. In terms of social and environmental factors, the
Investment Manager’s proprietary ESG ratings
methodology provides sector specific and issuer specific
information on key issues. This model helps the Investment Manager to identify key risks that a specific sector or issuer may be facing.
The Sub-Fund may underperform or perform differently relative to other comparable funds that do not integrate sustainability risks into their investment decisions and there is a risk that that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit CDX Emerging Markets Index Markit CDX North American High Yield Index Markit CDX North American Investment Grade Index Markit iTraxx Asia Index Markit iTraxx Europe Index Markit iTraxx Senior Financials Index Markit iTraxx Subordinated Financials Index Markit iTraxx Crossover Index |
| Interest rate indices to provide exposure to interest rate markets and to express the Investment Managers’ view that the yield curve will move in a particular direction in a more cost effective or efficient manner than buying physical securities. | EURIBOR LIBOR SOFR SONIA |
| Total Return Swap (TRS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying physical securities. | Markit iBoxx EUR Corporates Index Markit iBoxx EUR Liquid High Yield Index Markit iBoxx GBP Corporates Index Markit iBoxx USD Liquid IG Index Markit iBoxx USD Liquid HY Index Markit iBoxx USD Domestic Corporates Index Markit iBoxx USD Liquid Leveraged Loans Index |

The Manager has carefully evaluated the requirements of
the principal adverse impact consideration regime in Article 4 SFDR, (the “PAI regime”). The Manager is supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
| Futures | Bond Futures Interest Rate Futures Currency Futures |
| --- | --- |
| Options | Currency Options Options on Interest Rate Futures Bond Options Credit Default Swaptions |
| Forwards | Forward Foreign Exchange Contracts |
| Swaps | Credit Default Swaps (“CDS”) (single name and index) Interest Rate Swaps Inflation Swaps Cross Currency Swaps Asset Swaps Total Return Swaps (single name, credit, index, and basket (in the case of the latter, underlying components of which can be grouped by sector, geography or other characteristics)) |
| Securities with Embedded FDI/Leverage | Bonds with warrants attached Convertible Bonds |

The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. The remaining financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total net long exposure (after taking account of hedging) through FDI is not expected to exceed 200% of the Net Asset Value of the Sub-Fund and the total net short exposure is not expected to exceed 100% of the Net Asset Value of the Sub-Fund.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Relative VaR
Relative VaR Limit: Sub-Fund’s portfolio will not exceed twice the VaR on a representative benchmark portfolio (using a 20 Business Day holding period)
Relative VaR Benchmark: Bloomberg Barclays Global Aggregate Credit Index (hedged to U.S. Dollars)
Gross leverage is expected to vary between: 50 – 800% of the Net Asset Value. The gross leverage may exceed this target level at times
For more information on the Relative VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements and
repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 30% and in respect of SFTs shall be 100% of the Net Asset Value of the Sub-Fund. However, it is
not anticipated that the Sub-Fund’s exposure in respect
of TRS will exceed 20% and in respect of SFTs will
exceed 30% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be issued during their respective Initial Offer Periods at their
respective initial offer price per Share of 1USD, 1£, 1€,
1CAD, 1AUD, 1CHF, 1SGD, 10HKD, 10CNH or 100¥
depending on the currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) share classes with the suffix “(Q)” dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30
September and paid on or before 11 February, 11 May, 11 August and 11 November respectively. In the case of all other income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of these income generating Shares, the declared dividends will normally be paid on or before 11 February. Further details are set
out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are set out under the sub-heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Asia Rising Stars Fund

### SUPPLEMENT 32 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
This Sub-Fund was closed by way of compulsory redemption whereby all of the Shares in issue in the Sub- Fund as of 2 September, 2020, were compulsorily redeemed. Shares in the Sub-Fund are no longer available for investment. The Company intends to apply
to the Central Bank to revoke the Sub-Fund’s approval
following the preparation of the audited financial
statements for the year ended 31 December, 2020. The Company shall seek approval from the Central Bank to remove the Sub-Fund from this Prospectus following approval of that revocation.
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise financial derivative instruments (“FDI”) for hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
BNY Mellon Asset Management Japan Limited
The Investment Manager may delegate its investment management functions to a Sub-Investment Manager and/or appoint a sub-investment adviser to provide investment advice. As at the date of this Supplement, the Investment Manager intends to appoint the Sub- Investment Manager, as described below.

#### Sub-Investment Manager
The Investment Manager has delegated investment management functions in respect of the Asia ex Japan equities portion of the Sub-Fund to Maybank Asset
Management Singapore Pte Limited (the “Sub-Investment Manager”) or any successor appointed by the Investment Manager in accordance with the requirements of the
Central Bank.
The Sub-Investment Manager is part of Maybank Asset Management Group (“MAMG”), the asset management arm of Maybank. With over 30 years of experience, MAMG is a
pioneer in the Malaysian asset management industry. MAMG manages Asian focused portfolios ranging from equity, fixed income to money market instruments for corporations, institutions, pension funds, insurance and Takaful companies and individual clients through direct mandates, unit trusts and wholesale funds.
Details of the Sub-Investment Management Agreement between the Investment Manager and the Sub- Investment Manager are set out in Appendix A to this Supplement.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin, Japan and Singapore.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| Euro A (Acc.) | EUR | up to 5% | EUR 5,000 | 1.60% | None |
| Euro A (Inc.) | EUR | up to 5% | EUR 5,000 | 1.60% | None |

| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| USD A (Acc.) | USD | up to 5% | USD 5,000 | 1.60% | None |
| USD A (Inc.) | USD | up to 5% | USD 5,000 | 1.60% | None |
| Sterling A (Acc.) | GBP | up to 5% | GBP 5,000 | 1.60% | None |
| Sterling A (Inc.) | GBP | up to 5% | GBP 5,000 | 1.60% | None |
| CHF A (Acc.) | CHF | up to 5% | CHF 5,000 | 1.60% | None |
| CHF A (Inc.) | CHF | up to 5% | CHF 5,000 | 1.60% | None |
| SGD A (Acc.) | SGD | up to 5% | SGD 5,000 | 1.60% | None |
| SGD A (Inc.) | SGD | up to 5% | SGD 5,000 | 1.60% | None |
| JPY A (Acc.) | JPY | up to 5% | JPY 500,000 | 1.60% | None |
| JPY A (Inc.) | JPY | up to 5% | JPY 500,000 | 1.60% | None |
| EUR H (Acc.) (hedged) | EUR | up to 5% | EUR 5,000 | 1.60% | None |
| EUR H (Inc.) (hedged) | EUR | up to 5% | EUR 5,000 | 1.60% | None |
| Sterling H (Acc.) (hedged) | GBP | up to 5% | GBP 5,000 | 1.60% | None |
| Sterling H (Inc.) (hedged) | GBP | up to 5% | GBP 5,000 | 1.60% | None |
| CHF H (Acc.) (hedged) | CHF | up to 5% | CHF 5,000 | 1.60% | None |
| CHF H (Inc.) (hedged) | CHF | up to 5% | CHF 5,000 | 1.60% | None |
| SGD H (Acc.) (hedged) | SGD | up to 5% | SGD 5,000 | 1.60% | None |
| SGD H (Inc.) (hedged) | SGD | up to 5% | SGD 5,000 | 1.60% | None |
| JPY H (Acc.) (hedged) | JPY | up to 5% | JPY 500,000 | 1.60% | None |
| JPY H (Inc.) (hedged) | JPY | up to 5% | JPY 500,000 | 1.60% | None |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| Euro W (Acc.) | EUR | up to 5% | EUR 15,000,000 | 0.80% | None |
| Euro W (Inc.) | EUR | up to 5% | EUR 15,000,000 | 0.80% | None |
| USD W (Acc.) | USD | up to 5% | USD 15,000,000 | 0.80% | None |
| USD W (Inc.) | USD | up to 5% | USD 15,000,000 | 0.80% | None |
| Sterling W (Acc.) | GBP | up to 5% | GBP 15,000,000 | 0.80% | None |
| Sterling W (Inc.) | GBP | up to 5% | GBP 15,000,000 | 0.80% | None |
| CHF W (Acc.) | CHF | up to 5% | CHF 15,000,000 | 0.80% | None |
| CHF W (Inc.) | CHF | up to 5% | CHF 15,000,000 | 0.80% | None |
| SGD W (Acc.) | SGD | up to 5% | SGD 15,000,000 | 0.80% | None |
| SGD W (Inc.) | SGD | up to 5% | SGD 15,000,000 | 0.80% | None |
| JPY W (Acc.) | JPY | up to 5% | JPY 1,500,000,000 | 0.80% | None |
| JPY W (Inc.) | JPY | up to 5% | JPY 1,500,000,000 | 0.80% | None |
| EUR W (Acc.) (hedged) | EUR | up to 5% | EUR 15,000,000 | 0.80% | None |
| EUR W (Inc.) (hedged) | EUR | up to 5% | EUR 15,000,000 | 0.80% | None |
| Sterling W (Acc.) (hedged) | GBP | up to 5% | GBP 15,000,000 | 0.80% | None |
| Sterling W (Inc.) (hedged) | GBP | up to 5% | GBP 15,000,000 | 0.80% | None |
| CHF W (Acc.) (hedged) | CHF | up to 5% | CHF 15,000,000 | 0.80% | None |
| CHF W (Inc.) (hedged) | CHF | up to 5% | CHF 15,000,000 | 0.80% | None |
| SGD W (Acc.) (hedged) | SGD | up to 5% | SGD 15,000,000 | 0.80% | None |
| SGD W (Inc.) (hedged) | SGD | up to 5% | SGD 15,000,000 | 0.80% | None |
| JPY W (Acc.) (hedged) | JPY | up to 5% | JPY 1,500,000,000 | 0.80% | None |
| JPY W (Inc.) (hedged) | JPY | up to 5% | JPY 1,500,000,000 | 0.80% | None |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| EUR X (Acc.) (hedged) | EUR | None | None | None | None |
| EUR X (Inc.) (hedged) | EUR | None | None | None | None |
| USD X (Acc.) | USD | None | None | None | None |
| USD X (Inc.) | USD | None | None | None | None |
| Sterling X (Acc.) (hedged) | GBP | None | None | None | None |
| Sterling X (Inc.) (hedged) | GBP | None | None | None | None |
| CHF X (Acc.) (hedged) | CHF | None | None | None | None |
| CHF X (Inc.) (hedged) | CHF | None | None | None | None |
| SGD X (Acc.) (hedged) | SGD | None | None | None | None |
| SGD X (Inc.) (hedged) | SGD | None | None | None | None |
| JPY X (Acc.) (hedged) | JPY | None | None | None | None |
| JPY X (Inc.) (hedged) | JPY | None | None | None | None |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to provide long-term capital growth through investment primarily in a portfolio of equity and equity-related securities (as described under the heading
“Investment Policy” below) of Asian small cap companies
which are listed on an Eligible Market.

##### Investment Policy
The Sub-Fund aims to achieve its investment objective by investing at least 70% of the Net Asset Value of the Sub- Fund directly or indirectly in equity and equity-related
securities (i.e. American depository receipts (“ADRs”) and Participatory Notes (“P-Notes”) (which include low exercise price options (“LEPO”) and low exercise price warrants (“LEPW”)), as described below) of Asian small
capitalisation companies (i.e. stocks which are below US
$ 5 billion at purchase in countries including but not limited to Hong Kong, China, India, Korea, Malaysia, Singapore, Indonesia, Thailand, Philippines, Taiwan, Vietnam, Sri Lanka and Bangladesh with a particular
focus on Japan as more particularly described under the heading “Investment Strategy” below) listed on Eligible Markets. The Sub-Fund may also invest in ADRs which
are listed or traded on an Eligible Market in the U.S. for the efficient access to stocks in the aforementioned Asian markets.
The Sub-Fund may also invest in and have direct access to China A-shares listed on the Shanghai Stock Exchange
via the Shanghai-Hong Kong Stock Connect scheme (as further described in “Stock Connect” Appendix V to the Prospectus). Exposure to China A-shares through the
Shanghai-Hong Kong Stock Connect scheme will not be more than 10% of the Sub-Fund’s Net Asset Value.
The Sub-Fund may invest more than 20% its Net Asset Value in emerging market countries.
The Sub-Fund will use FDI for efficient portfolio
management and share class hedging purposes, as more particularly described under the headings “Efficient Portfolio Management” and “Share Class Hedging” below. Such FDI are limited to P-Notes, forward foreign
exchange contracts and non-deliverable forward contracts. The Sub-Fund will not invest more than 10% of
its Net Asset Value in aggregate in open-ended collective investment schemes (“CIS”) including money market funds. Investment in open-ended CIS may be used for
cash management purposes or to give exposure to the equity securities listed in the investment policy above.
The Sub-Fund may invest up to 10% of its Net Asset Value in recently issued transferable securities (i.e. equities) not listed or traded on Eligible Markets within a year.
The Sub-Fund does not intend to take short positions.

##### Benchmark
MSCI AC Asia Small Cap NR Index (the “Benchmark”).
The Benchmark captures small cap representation across developed markets countries and emerging markets countries in Asia. With 2,391 constituents, the Benchmark covers approximately 14% of the free float- adjusted market capitalization in each country.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Benchmark subject to the investment objective and policy. While the Sub-Fund’s holdings may include constituents of the Benchmark, the selection of
investments and their 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.

##### Investment Strategy
The investment strategy of the Sub-Fund is to invest in Asian small cap companies listed on Eligible Markets in Asian Countries using an active stock selection process.
The Investment Manager will manage 50% of the portfolio of the Sub-Fund, and will primarily focus on Japan small cap equities, as described in further detail below. The Investment Manager shall allocate the management of the remaining 50% of the Sub-Fund (i.e. the Asia ex Japan equities portion of the portfolio) to the Sub- Investment Manager.
The Investment Manager will focus on equity and equity- related securities (as described under the heading
“Investment Policy” above) of Japan small capitalisation
companies which are below 500 billion yen at purchase. The Investment Manager’s strategy is to invest in a portfolio of Japanese small cap equities based on
fundamental research on medium to long-term earnings outlook, with an emphasis on individual company analysis. This investment process focuses on identifying companies appropriate to the investment policy of the Sub-Fund (as described below) and aims to generate
alpha (i.e. excess returns), primarily through this stock selection process. The Investment Manager’s strategy is to invest in companies with strong growth prospects at a
reasonable price which the Investment Manager believes have the ability to deliver longer term earnings above
market expectation (as described below). The Investment Manager evaluates the relevant company’s earnings generally over 3 years to evaluate its growth prospects,
valuation and the ability to deliver longer term earnings above market expectation. The majority of the holdings in
the portion of the Sub-Fund’s portfolio managed by the
Investment Manager will have a market capitalization of 500 billion yen or less. This portion of the Sub-Fund’s portfolio will normally hold less than 40 stocks. The
Investment Manager does not intend to make active country or regional allocations, and will regularly rebalance the combined portfolio back to a neutral position (i.e. the 50% Japan equity investment and 50% ex-Japan equity investment) on a regular basis.
The Sub-Investment Manager identifies stocks based on their relevance to the investment policy, as set out above and selects such stocks on a bottom up basis. Stock selection using a bottom up basis involves considering the fundamentals of a company from numerous perspectives including its financial statements and quality of management (i.e. the stability of the management team of the relevant company and their ability to deliver the earnings growth expected by the market), using detailed fundamental research. Depending on the relevant company, such detailed fundamental research typically includes interviewing the relevant management teams of such companies and/or market research and/or studying the business model of the relevant company in order to determine key stock price drivers (which includes valuation and estimated earnings of the relevant company).
The two portfolios together will form the combined portfolio of the Sub-Fund (i.e. the combined portions of the portfolio managed by the Investment Manager and the Sub-Investment Manager respectively). The Investment Manager monitors compliance of the relevant investment restrictions applicable to the Sub-Fund.

#### Issue of Shares
The initial offering (the “Initial Offer Period”) for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall
continue until 28 February, 2020 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in each available unlaunched share classes will be issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£,
1€, 1CHF, 1SGD or 100¥ depending on the currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Repurchase of Shares
Shares in each class may be repurchased, at the option of the relevant Shareholder, on any Valuation Day at the Valuation Point. The Repurchase Price is the Net Asset Value per Share of that class calculated as at the Valuation Point less the applicable redemption fee.
All requests for the repurchase of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Investment and Borrowing Restrictions
The Sub-Fund’s investment and borrowing restrictions are set out under the heading “The Company – Investment and Borrowing Restrictions” in the Prospectus.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise stocklending arrangements and repurchase/reverse repurchase agreements for efficient portfolio management (EPM) purposes, subject to the conditions and limits set out in
the Central Bank UCITS Regulations. Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of
techniques and FDI the Sub-Fund may use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in securities financing transactions (“SFTs”), i.e. stocklending arrangements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of
SFTs shall be 100% of the Net Asset Value of the Sub- Fund. However, it is not anticipated that the Sub-Fund’s
exposure to the SFTs will exceed 15% of the Net Asset Value. The types of assets that will be subject to the stocklending arrangements will be assets which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Stocklending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Share Class Hedging
This Sub-Fund offers hedged share classes. Such share classes are indicated by the suffix “(hedged)” Please see the section entitled “Share Class Hedging” in the Prospectus for further information on the operation and
impact of hedged share classes.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February. Further details
are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are set out under the sub-heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management fee payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.
Investors should also be aware that investment in the People’s Republic of China and, the Shanghai-Hong Kong Stock Connect Scheme, the Shanghai-Hong Kong Stock
Connect Scheme and small capitalisation companies carries a significant degree of risk. Such risks are detailed in the Prospectus.

#### APPENDIX A
- Sub-Investment Management Agreement – Maybank Asset Management Singapore.
	- Pursuant to a Sub-Investment Management Agreement between the Investment Manager and the Sub-Investment Manager dated 5 September, 2016, as amended, the Sub-Investment Manager will manage the assets of the Sub-Fund allocated to it by the Investment Manager from time to time on a discretionary basis subject to the overall control and supervision of the Investment Manager.
	- The Sub-Investment Management Agreement provides for the payment by the Investment Manager, of the fees and expenses of the Sub- Investment Manager.



## BNY Mellon U.S. Equity Income Fund

### SUPPLEMENT 33 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. The use of FDI for investment purposes will not be extensive. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- It is proposed to charge management fees and other fees and expenses of the Sub-Fund to the capital of the Sub-Fund to seek to maximise distributions. See “Fees and Expenses” in the Prospectus for further details.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.


#### The Investment Manager
Newton Investment Management North America LLC

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR A (Acc.) | EUR | 5,000 | 5% | 2.00% | 0% |
| EUR A (Inc.) | EUR | 5,000 | 5% | 2.00% | 0% |
| USD A (Acc.) | USD | 5,000 | 5% | 2.00% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 2.00% | 0% |
| Sterling A (Acc.) | GBP | 5,000 | 5% | 2.00% | 0% |
| Sterling A (Inc.) | GBP | 5,000 | 5% | 2.00% | 0% |
| CHF A (Acc.) | CHF | 5,000 | 5% | 2.00% | 0% |
| CHF A (Inc.) | CHF | 5,000 | 5% | 2.00% | 0% |
| EUR H (Acc.) (hedged) | EUR | 5,000 | 5% | 2.00% | 0% |
| EUR H (Inc.) (hedged) | EUR | 5,000 | 5% | 2.00% | 0% |
| Sterling H (Acc.) (hedged) | GBP | 5,000 | 5% | 2.00% | 0% |
| Sterling H (Inc.) (hedged) | GBP | 5,000 | 5% | 2.00% | 0% |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 2.00% | 0% |
| CHF H (Inc.) (hedged) | CHF | 5,000 | 5% | 2.00% | 0% |

| “B” Shares and “J (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD B (Acc.) | USD | 10,000 | 5% | 1.50% | 0% |
| USD B (Inc.) | USD | 10,000 | 5% | 1.50% | 0% |
| EUR B (Acc.) | EUR | 10,000 | 5% | 1.50% | 0% |
| EUR B (Inc.) | EUR | 10,000 | 5% | 1.50% | 0% |
| SGD B (Acc.) | SGD | 10,000 | 5% | 1.50% | 0% |
| SGD B (Inc.) | SGD | 10,000 | 5% | 1.50% | 0% |
| AUD B (Acc.) | AUD | 10,000 | 5% | 1.50% | 0% |
| AUD B (Inc.) | AUD | 10,000 | 5% | 1.50% | 0% |
| CAD B (Acc.) | CAD | 10,000 | 5% | 1.50% | 0% |
| CAD B (Inc.) | CAD | 10,000 | 5% | 1.50% | 0% |
| HKD B (Acc.) | HKD | 100,000 | 5% | 1.50% | 0% |
| HKD B (Inc.) | HKD | 100,000 | 5% | 1.50% | 0% |
| CNH B (Acc.) | CNH | 100,000 | 5% | 1.50% | 0% |
| CNH B (Inc.) | CNH | 100,000 | 5% | 1.50% | 0% |
| EUR J (Acc.) (hedged) | EUR | 10,000 | 5% | 1.50% | 0% |
| SGD J (Acc.) (hedged) | SGD | 10,000 | 5% | 1.50% | 0% |
| SGD J (Inc.) (hedged) | SGD | 10,000 | 5% | 1.50% | 0% |
| AUD J (Acc.) (hedged) | AUD | 10,000 | 5% | 1.50% | 0% |
| AUD J (Inc.) (hedged) | AUD | 10,000 | 5% | 1.50% | 0% |
| CAD J (Acc.) (hedged) | CAD | 10,000 | 5% | 1.50% | 0% |
| CAD J (Inc.) (hedged) | CAD | 10,000 | 5% | 1.50% | 0% |
| CNH J (Acc.) (hedged) | CNH | 100,000 | 5% | 1.50% | 0% |
| CNH J (Inc.) (hedged) | CNH | 100,000 | 5% | 1.50% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| EUR G (Acc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| EUR G (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Acc.) | GBP | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Inc.) | GBP | 5,000 | 5% | 1.00% | 0% |
| EUR G (Acc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| EUR G (Inc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Acc.) (hedged) | GBP | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Inc.) (hedged) | GBP | 5,000 | 5% | 1.00% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR C (Acc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| EUR C (Inc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| USD C (Acc.) | USD | 5,000,000 | 5% | 1.00% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| CHF C (Acc.) | CHF | 5,000,000 | 5% | 1.00% | 0% |
| CHF C (Inc.) | CHF | 5,000,000 | 5% | 1.00% | 0% |
| EUR I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| EUR I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Sterling I (Acc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling I (Inc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| CHF I (Acc.) (hedged) | CHF | 5,000,000 | 5% | 1.00% | 0% |
| CHF I (Inc.) (hedged) | CHF | 5,000,000 | 5% | 1.00% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR W (Acc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| EUR W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| EUR W (Inc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| EUR W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.75% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Inc.) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| AUD W (Inc.) (hedged) | AUD | 15,000,000 | 5% | 0.75% | 0% |
| CAD W (Inc.) (hedged) | CAD | 15,000,000 | 5% | 0.75% | 0% |
| HKD W (Inc.) | HKD | 150,000,000 | 5% | 0.75% | 0% |
| CNH W (Inc.) (hedged) | CNH | 150,000,000 | 5% | 0.75% | 0% |
| SGD W (Inc.) (hedged) | SGD | 15,000,000 | 5% | 0.75% | 0% |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR E (Acc.) | EUR | As agreed | 5% | 0.45% | 0% |
| EUR E (Acc.) (hedged) | EUR | As agreed | 5% | 0.45% | 0% |
| EUR E (Inc.) | EUR | As agreed | 5% | 0.45% | 0% |
| EUR E (Inc.) (hedged) | EUR | As agreed | 5% | 0.45% | 0% |
| USD E (Acc.) | USD | As agreed | 5% | 0.45% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.45% | 0% |
| Sterling E (Acc.) | GBP | As agreed | 5% | 0.45% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.45% | 0% |
| Sterling E (Inc.) | GBP | As agreed | 5% | 0.45% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.45% | 0% |
| CHF E (Acc.) | CHF | As agreed | 5% | 0.45% | 0% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.45% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| CHF E (Inc.) | CHF | As agreed | 5% | 0.45% | 0% |
| CHF E (Inc.) (hedged) | CHF | As agreed | 5% | 0.45% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR X (Acc.) | EUR | None | 0% | 0% | 0% |
| EUR X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| EUR X (Inc.) | EUR | None | 0% | 0% | 0% |
| EUR X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | None | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% |
| CHF X (Inc.) | CHF | None | 0% | 0% | 0% |
| CHF X (Inc.) (hedged) | CHF | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to maximise total returns from income and capital growth.

##### Investment Policy
The Sub-Fund invests primarily (meaning at least two- thirds of the Sub-Fund's Net Asset Value) in equity and equity-related securities (common and preferred stock, American depositary receipts and global depository
receipts (collectively “Depositary Receipts”), listed real estate investment trusts (“REITs”) and master limited partnerships (“MLPs”)), issued by “large-capitalisation companies” located in the U.S. The term “large- capitalisation companies” shall be taken to include
securities of companies which, at the time of purchase,
have a market capitalisation of US$2 billion or above.
Investments in REITs will not exceed 5% of the Sub- Fund’s Net Asset Value. Investments in MLPs will not exceed 5% of the Sub-Fund’s Net Asset Value.
The Sub-Fund may invest up to one-third of its Net Asset Value in equity or equity-related securities of companies (which will be listed or traded on Eligible Markets) located in the U.S. of any size or in equity or equity- related securities of companies which neither have their registered office in the U.S. nor carry out a preponderant part of their economic activities in the U.S.
The Sub-Fund will not invest in emerging market regions.
The Investment Manager of the Sub-Fund monitors the investments of the Sub-Fund including the market capitalisation of securities in the Sub-Fund as part of its
investment management of the Sub-Fund. The Investment Manager does not automatically sell a security if the market capitalisation of such security falls below US$2 billion after purchase but considers additional factors, such as the investment strategy and investment policy of the Sub-Fund, when making such decisions.
The Sub-Fund may also invest up to 10% of its Net Asset
Value in aggregate in open-ended collective investment schemes (“CIS”), including open-ended in exchange traded funds (“ETFs”), in order to provide exposure to equity markets. Investment in CIS may also be used for
cash management purposes (e.g. via money market funds) or to give exposure to the equity and equity- related securities listed above. The Sub-Fund may hold ancillary liquid assets such as bank deposits.
The Sub-Fund does not invest in closed-ended ETFs.
The Sub-Fund may also gain exposure to equity and equity-related securities using FDI, subject to a 5% limit of Net Asset Value of the Sub-Fund in the case of
warrants as set out below under the heading “Use of FDI”.
The Sub-Fund does not intend to take short positions.
The Sub-Fund’s investments shall be listed or traded on Eligible Markets. A list of the Eligible Markets is set out in Appendix II of the Prospectus.

##### Benchmark
S&P 500 NR Index (the “Benchmark”).
The Benchmark is widely regarded as the best single gauge of large cap U.S. equities. There is over USD 9.9 trillion indexed or benchmarked to the index, with indexed assets comprising approximately USD 3.4 trillion
of this total. The index includes 500 leading companies and covers approximately 80% of available market capitalization.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest outside the Benchmark subject to the investment objective and policy. However, as the Benchmark covers a significant proportion of the investable universe, the
majority of the Sub-Fund’s holdings will be constituents
of the Benchmark but the weightings in the portfolio are
not influenced by those of the Benchmark. The investment strategy does not restrict the extent to which the Investment Manager may deviate from the Benchmark.

##### Investment Strategy
The Investment Manager believes successful investing is achieved through a philosophy that is value-oriented, research-driven and risk-controlled, as explained below.
Value-Oriented
- Focus on equity securities with attractive valuations (identifying stocks that the Investment Manager believes to be worth more than what the security is currently priced in the market) relative to the market, sector and stock history.
- Avoid buying securities which continue to decline in price by combining traditional valuation measures (such as price to equity ratio, price to book ratio, and price to cash flow ratio) with focus on companies that exhibit business improvement and strong fundamentals.

Research-Driven
- Believe fundamental analysis is the best way to ascertain management of the relevant company’s ability and willingness to sustain and ideally growdividends.

Risk-Controlled
- Employ risk controls at all levels of the portfolio- construction process of the Sub-Fund to minimise unintended risks.
- Set up/down price targets (i.e. best case/worst case price levels by which to compare the current and future price movements) ahead of establishing new positions.

In order to achieve the investment policy of the Sub- Fund, the Investment Manager focuses on a three step process.

##### Step 1: Universe Screening
The goal of this step is to review all potential U.S. equity securities with consideration given to dividend sustainability and growth potential, valuation (identifying stocks that the Investment Manager believes to be worth more than what the security is currently priced in the market) and fundamentals (basic qualities and reported information needed to analyse the health and stability of a business) of the relevant security. The Investment Manager also uses quantitative screens (measurements of valuation, earnings momentum, and other quantitative factors of a stock compared to others) during this step.
Either method, fundamental or quantitative, can identify a security for potential consideration. Ultimately, this step focuses their deeper fundamental research effort in Step 2.

##### Step 2: Fundamental Research
Once a working list of securities has been identified, the relevant portfolio manager of the Investment Manager conducts fundamental research together with a dedicated research team of the Investment Manager but there is no one-size-fits-all approach to the work.
Fundamental research includes conversations with management of a company, building financial models (to help accurately forecast the price or future earnings performance of a company) and reviewing regulatory filings (documents filed by the company with the relevant regulator per statutory requirements). The assigned analyst then makes a buy/pass recommendation supported by up/down price targets (expectation on the future price of a security), investment thesis factors of the aforementioned process (i.e. valuation, fundamentals, business improvement, dividend outlook) and potential risks.

##### Step 3: Portfolio Construction
The Investment Manager makes the final determination as to whether a security is added to the Sub-Fund’s portfolio and what the specific security weightings need
to be. Importantly during this final step, decisions are
made in the context of the overall risk profile of the Sub- Fund’s portfolio.

##### The Sustainable Finance Disclosure Regulation
The management of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
The Investment Manager applies fundamental analysis supported by quantitative data resources to assess the environmental, social and governance factors of each portfolio investment for potential sustainability risks.
These factors may include but are not limited to, an issuer’s impact on the environment, including emissions, land use and waste practices, and an issuer’s social policies and practices, including employee matters,
supply chain practices and human rights policies. The Investment Manager identifies and incorporates into its
investment decision making process those considerations that will influence an issuer’s behaviour or impact the economic, regulatory, political, social or physical
environments in which it operates. The Investment Manager leverages the fundamental analysis along with quantitative data to derive a proprietary ESG score to
further enhance the management of sustainability factors within the Sub-Fund. The Investment Manager’s proprietary research is supplemented with third-party
resources including MSCI ESG data and ratings, Bloomberg ESG data, Sustainability Accounting
Standards Board’s (SASB) Engagement Guide, sell-side
research and industry events. The result is an investment
decision making process that seeks to minimise the Sub- Fund’s exposure to laggards on environment, social and
governance criteria, while also taking into account any remaining sustainability risks associated with the investments of the Sub-Fund.
The Investment Manager also assesses the governance practices of issuers through its fundamental research, supplemented by proprietary and third-party governance scoring methodologies, in order to satisfy itself that the relevant issuers follow good governance practices, in particular with respect to sound management structures, employee relations, remuneration of staff and tax compliance.
The Investment Manager monitors sustainability factors and risk exposures on a regular basis by reviewing
regular reporting on both the Investment Manager’s
proprietary and third-party ESG scores.
As explained above, the management and assessment of sustainability risks forms an important part of the Investment Manager's due diligence, however there may still be a risk that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Options | Call Options |
| --- | --- |
| Securities with Embedded FDI/Leverage | Warrants Stock Purchase Rights |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following
financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Equity indices to provide exposure to regional and global equity markets in a more cost effective or efficient manner than buying the physical securities. | S&P 500 NR Index |

These financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where
additional information can be found, will be set out in the Company’s semi-annual and annual accounts.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Registration in Hong Kong
This Sub-Fund is registered for sale in Hong Kong.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 50% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending arrangements and repurchase/reverse repurchase
agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of
SFTs shall be 100% of the Net Asset Value of the Sub- Fund. However, it is not anticipated that the Sub-Fund’s exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be issued during their respective Initial Offer Periods at their
respective initial offer price per Share of 1USD, 1£, 1€,
1CAD, 1AUD, 1CHF, 1SGD, 10HKD or 10CNH depending on
the currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11 November respectively. Further details are set out under
the heading "The Company - Distribution Policy” in the
Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Global Short-Dated High Yield Bond Fund

### SUPPLEMENT 34 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. The use of FDI for investment purposes will not be extensive. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be suitable for all investors.
- The Sub-Fund may, in exceptional circumstances, invest substantially in deposits with credit institutions. Although the Sub-Fund may invest in money market instruments and cash deposits, Shares in the Sub-Fund are not deposits and are different in nature to a deposit in that the investment is not guaranteed and the value of the investment is capable of fluctuation. Investment in the Sub-Fund involves certain investment risks, including the possible loss of principal.


#### The Investment Manager
Insight Investment Management (Global) Limited
The Investment Manager may delegate its investment management functions to a Sub-Investment Manager and/or appoint a sub-investment adviser to provide investment advice in accordance with the requirements of the Central Bank. As at the date of this Supplement, the Investment Manager has appointed the Sub- Investment Manager, as described below.

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its
investment management functions with respect to this Sub-Fund to Insight North America LLC (the “Sub- Investment Manager”). Details of the Sub-Investment
Management Agreement between the Investment
Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for
whom each class of Shares is intended is set out under the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD A (Acc.) | USD | 5,000 | 5% | 1.25% | 0% | SOFR (90-day compounded) |
| USD A (Inc.) | USD | 5,000 | 5% | 1.25% | 0% | SOFR (90-day compounded) |
| EUR H (Acc.) (hedged) | EUR | 5,000 | 5% | 1.25% | 0% | 3 Month EURIBOR |
| EUR H (Inc.) (hedged) | EUR | 5,000 | 5% | 1.25% | 0% | 3 Month EURIBOR |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| --- | --- | --- | --- | --- | --- | --- |
| Sterling H (Acc.) (hedged) | GBP | 5,000 | 5% | 1.25% | 0% | SONIA (90-day compounded) |
| Sterling H (Inc.) (hedged) | GBP | 5,000 | 5% | 1.25% | 0% | SONIA (90-day compounded) |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 1.25% | 0% | SARON (90-day compounded) |
| CHF H (Inc.) (hedged) | CHF | 5,000 | 5% | 1.25% | 0% | SARON (90-day compounded) |
| JPY H (Acc.) (hedged) | JPY | 500,000 | 5% | 1.25% | 0% | TONAR (90-day compounded) |
| JPY H (Inc.) (hedged) | JPY | 500,000 | 5% | 1.25% | 0% | TONAR (90-day compounded) |
| AUD H (Acc.) (hedged) | AUD | 5,000 | 5% | 1.25% | 0% | BofA Merrill Lynch AUD LIBOR 3 M Cons Maturity TR |
| AUD H (Inc.) (hedged) (M) | AUD | 5,000 | 5% | 1.25% | 0% | BofA Merrill Lynch AUD LIBOR 3 M Cons Maturity TR |
| CAD H (Acc.) (hedged) | CAD | 5,000 | 5% | 1.25% | 0% | BofA Merrill Lynch CAD LIBOR 3 M Cons Maturity TR |
| CAD H (Inc.) (hedged) (M) | CAD | 5,000 | 5% | 1.25% | 0% | BofA Merrill Lynch CAD LIBOR 3 M Cons Maturity TR |
| CNH H (Acc.) (hedged) | CNH | 50,000 | 5% | 1.25% | 0% | 3 Month CNH HIBOR |
| CNH H (Inc.) (hedged) (M) | CNH | 50,000 | 5% | 1.25% | 0% | 3 Month CNH HIBOR |
| SGD H (Acc.) (hedged) | SGD | 5,000 | 5% | 1.25% | 0% | 3 Month SGD SIBOR |
| SGD H (Inc.) (hedged) (M) | SGD | 5,000 | 5% | 1.25% | 0% | 3 Month SGD SIBOR |
| DKK H (Acc.) (hedged) | DKK | 50,000 | 5% | 1.25% | 0% | 3 Month DKK LIBOR |
| NOK H (Acc.) (hedged) | NOK | 50,000 | 5% | 1.25% | 0% | 3 Month NOK LIBOR |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 1.25% | 0% | 3 Month SEK LIBOR |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD G (Acc.) | USD | 5,000 | 5% | 0.75% | 0% | SOFR (90-day compounded) |
| USD G (Inc.) | USD | 5,000 | 5% | 0.75% | 0% | SOFR (90-day compounded) |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 0.75% | 0% | 3 Month EURIBOR |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 0.75% | 0% | 3 Month EURIBOR |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.75% | 0% | SOFR (90-day compounded) |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.75% | 0% | SOFR (90-day compounded) |
| EUR I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 0.75% | 0% | 3 Month EURIBOR |
| EUR I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.75% | 0% | 3 Month EURIBOR |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| --- | --- | --- | --- | --- | --- | --- |
| Sterling I (Acc.) (hedged) | GBP | 5,000,000 | 5% | 0.75% | 0% | SONIA (90-day compounded) |
| Sterling I (Inc.) (hedged) | GBP | 5,000,000 | 5% | 0.75% | 0% | SONIA (90-day compounded) |
| CHF I (Acc.) (hedged) | CHF | 5,000,000 | 5% | 0.75% | 0% | SARON (90-day compounded) |
| CHF I (Inc.) (hedged) | CHF | 5,000,000 | 5% | 0.75% | 0% | SARON (90-day compounded) |
| JPY I (Acc.) (hedged) | JPY | 500,000,000 | 5% | 0.75% | 0% | TONAR (90-day compounded) |
| JPY I (Inc.) (hedged) | JPY | 500,000,000 | 5% | 0.75% | 0% | TONAR (90-day compounded) |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.50% | 0% | SOFR (90-day compounded) |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.50% | 0% | SOFR (90-day compounded) |
| EUR W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.50% | 0% | 3 Month EURIBOR |
| EUR W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.50% | 0% | 3 Month EURIBOR |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.50% | 0% | SONIA (90-day compounded) |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.50% | 0% | SONIA (90-day compounded) |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.50% | 0% | SARON (90-day compounded) |
| CHF W (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.50% | 0% | SARON (90-day compounded) |
| JPY W (Acc.) (hedged) | JPY | 1,500,000,000 | 5% | 0.50% | 0% | TONAR (90-day compounded) |
| JPY W (Inc.) (hedged) | JPY | 1,500,000,000 | 5% | 0.50% | 0% | TONAR (90-day compounded) |
| AUD W (Inc.) (hedged) (M) | AUD | 15,000,000 | 5% | 0.50% | 0% | BofA Merrill Lynch AUD LIBOR 3 M Cons Maturity TR |
| CAD W (Inc.) (hedged) (M) | CAD | 15,000,000 | 5% | 0.50% | 0% | BofA Merrill Lynch CAD LIBOR 3 M Cons Maturity TR |
| HKD W (Inc.) (hedged) (M) | HKD | 150,000,000 | 5% | 0.50% | 0% | 3 Month HKD HIBOR |
| CNH W (Inc.) (hedged) (M) | CNH | 150,000,000 | 5% | 0.50% | 0% | 3 Month CNH HIBOR |
| SGD W (Inc.) (hedged) (M) | SGD | 15,000,000 | 5% | 0.50% | 0% | 3 Month SGD SIBOR |
| DKK W (Acc.) (hedged) | DKK | 150,000,000 | 5% | 0.50% | 0% | 3 Month DKK LIBOR |
| NOK W (Acc.) (hedged) | NOK | 150,000,000 | 5% | 0.50% | 0% | 3 Month NOK LIBOR |
| SEK W (Acc.) (hedged) | SEK | 150,000,000 | 5% | 0.50% | 0% | 3 Month SEK LIBOR |

| “Z” Shares and “Z (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Sterling Z (Acc.) (hedged) | GBP | 200,000,000 | 5% | 0.40% | 0% | SONIA (90-day compounded) |
| Sterling Z (Inc.) (hedged) | GBP | 200,000,000 | 5% | 0.40% | 0% | SONIA (90-day compounded) |
| USD Z (Acc.) | USD | 200,000,000 | 5% | 0.40% | 0% | SOFR (90-day compounded) |
| USD Z (Inc.) | USD | 200,000,000 | 5% | 0.40% | 0% | SOFR (90-day compounded) |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| EUR X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% | 3 Month EURIBOR |
| EUR X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% | 3 Month EURIBOR |
| JPY X (Acc.) | JPY | None | 0% | 0% | 0% | TONAR (90-day compounded) |
| JPY X (Inc.) (M) | JPY | None | 0% | 0% | 0% | TONAR (90-day compounded) |
| JPY X (Acc.) (hedged) | JPY | None | 0% | 0% | 0% | TONAR (90-day compounded) |
| JPY X (Inc.) (hedged) | JPY | None | 0% | 0% | 0% | TONAR (90-day compounded) |
| JPY X (Inc.) (hedged) (M) | JPY | None | 0% | 0% | 0% | TONAR (90-day compounded) |
| USD X (Acc.) | USD | None | 0% | 0% | 0% | SOFR (90-day compounded) |
| USD X (Inc.) | USD | None | 0% | 0% | 0% | SOFR (90-day compounded) |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% | SONIA (90-day compounded) |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% | SONIA (90-day compounded) |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% | SARON (90-day compounded) |
| CHF X (Inc.) (hedged) | CHF | None | 0% | 0% | 0% | SARON (90-day compounded) |
| CAD X (Acc.) (hedged) | CAD | None | 0% | 0% | 0% | BofA Merrill Lynch CAD LIBOR 3 M Cons Maturity TR |
| CAD X (Inc.) (hedged) | CAD | None | 0% | 0% | 0% | BofA Merrill Lynch CAD LIBOR 3 M Cons Maturity TR |

| “Y” Shares and “Y (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD Y (Acc.) * | USD | None | 5% | 0% | 0% | SOFR (90-day compounded) |
| Sterling Y (Acc.) (hedged) * | GBP | None | 5% | 0% | 0% | SONIA (90-day compounded) |

*	share class is closed to new investors.

#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to deliver positive returns greater than the Cash Benchmark on a 3 year rolling basis.

##### Investment Policy
The Sub-Fund aims to achieve its investment objective by investing the majority of its Net Asset Value, meaning over 50%, in a portfolio of high yielding bonds (i.e. bonds that are considered by the Investment Manager to be under-valued) that generally mature or are expected to mature within 3 years.
The remaining assets may be invested in a broad range of cash, liquid or near cash assets (as described under the
heading “Cash and Collateral Management” below). In
periods of market uncertainty however, the Sub-Fund
may reduce its allocation in high yielding bonds and invest a majority of its assets in cash, liquid or near cash assets in order to protect the value of the Sub-Fund.
The Sub-Fund may invest in debt and debt-related securities (obligations, treasury bills, debentures, bonds, loans, asset-backed and mortgage-backed securities, certificates of deposit, floating rate notes, short and medium term obligations and commercial paper, which may be fixed, floating, variable and may vary inversely with respect to a reference rate, callable or convertible bonds, i.e. have equity like or equity conversion features and are issued or guaranteed by any sovereign government or their agencies, local authority,
supranational or public international bodies, banks, corporates or other commercial issuers (hereinafter “Debt and Debt-Related Securities”)).
Debt securities issued by corporates may be acquired with warrants attached. As a result of a corporate action including a conversion event or restructuring of an underlying issuer, the Sub-Fund may receive equities. The Investment Manager may decide to hold or dispose of such investments where it considers that it is in the Sub-
Fund’s best interests to do so taking into account the
prevailing market conditions.
The Sub-Fund will invest directly in Debt and Debt- Related Securities and may also gain exposure to Debt
and Debt-Related Securities using FDI as set out under the headings “Use of FDI” below. Please see section entitled “Use of FDI” below for a list of securities/ instruments which may embed FDI and/or leverage.
FDI are used to take synthetic long or synthetic short positions. They can provide protection or profit from defaults and default expectations of debt issuers as well as being used to express views on the direction and volatility of Debt and Debt Related Securities.
Based on the analysis outlined in the section entitled “Investment Strategy” below, synthetic short positions may be held to:
- hedge long exposure, i.e. protect the level of loss the Sub-Fund may experience if a security or market to which it’s exposed falls in value;and
- express a negative view on the direction of a market, asset class (e.g. high yield, government bonds, as specified above in the investment policy), interestrates or individual issuer. For example, the Investment Manager may believe the value of a market, asset class (as described above) or individual issuer may fall and the synthetic short position will mean the Sub-Fund will benefit from this movement. This may be achieved, for example, by selling government bond futures, buying credit default swaps or buying put options.

Whilst the extent of synthetic short exposures in the
Sub-Fund will vary over time, the Sub-Fund will generally look to maintain significant positive exposure to Debt and Debt Related Securities.
The Sub-Fund may invest on a global basis and there is no geographical, industry or sector focus in relation to the securities (i.e. any of the abovementioned securities) to which exposure may be taken. However, there may be times when its portfolio is concentrated in bonds issued by issuers in a limited number of countries or regions.
This could be because the Investment Manager believes that a concentrated position will be beneficial to the Sub-Fund. The Sub-Fund may invest more than 20% in
emerging markets debt securities, including Brady bonds, sovereign Eurobonds, corporate bonds, loans and sovereign loans, local treasury bills, notes and bonds, certificates of deposit, commercial paper and money market securities. Exposure to emerging market debt may also be to debt securities of investment grade quality.
The Sub-Fund may invest up to 10% of its Net Asset Value in Debt and Debt Related Securities listed or traded on Russian markets. The Sub-Fund may also invest up to 10% of its Net Asset Value in Debt and Debt-
Related Securities in the People’s Republic of China (“PRC”) traded in the China interbank bond market (“CIBM”) via Bond Connect (as further described Appendix VI to the Prospectus). Any such investment will only be
made on Eligible Markets included in Appendix II to the Prospectus.
Investments in the Sub-Fund may be investment grade quality, sub investment grade quality or unrated. The Investment Manager considers sub investment grade securities to be those which have a credit rating of lower than BBB- at the date of purchase as rated a Recognised Rating Agency. The Sub-Fund may be 100% invested in sub investment grade securities or unrated securities (which may be considered equivalent to sub-investment grade securities). The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in transferable securities or money market instruments which are not admitted to or dealt in on an Eligible Market, in accordance with the UCITS Regulations, including, but not limited to unlisted equities and Debt and Debt-Related Securities.
Otherwise, the securities in which the Sub-Fund will invest are listed or traded on Eligible Markets listed in Appendix II of the Prospectus.
The Sub-Fund may also invest in liquid, cash or near cash assets and up to 10% of the Sub-Fund’s Net Asset Value in collective investment schemes (“CIS”) (including exchange traded funds (“ETFs”) and money market funds) for liquidity (as outlined below) or investment purposes
where such CIS provide an exposure which is consistent with the investment policy of the Sub-Fund.
The Sub-Fund will not invest more than 10% of its Net Asset Value in securities issued and/or guaranteed by a single sovereign issuer with a credit rating below investment grade. For the avoidance of doubt, a single sovereign issuer shall include its government, a public or local authority.
Whilst the Sub-Fund's base currency is U.S. Dollars, it may invest in non-U.S. Dollar denominated assets which may not necessarily be hedged back into U.S. Dollars.

##### Loan Investments
The Sub-Fund may invest up to 10% of its Net Asset Value in unsecuritised loan participations and/or loan assignments provided such instruments constitute money market instruments normally dealt in the money market, are liquid and have a value that may be accurately determined at any time.

##### Cash and Collateral Management
For cash and collateral management purposes the Sub- Fund may, from time to time, invest in a broad range of liquid or near cash assets which can be held to provide liquidity and cover for exposures generated through the use of FDI. Under exceptional circumstances (e.g. market crash or major crisis), the Sub-Fund may be invested temporarily up to 100% in liquid and near cash assets for cash flow management.
Liquid or near cash assets may include Debt and Debt- Related Securities, bank deposits and obligations issued or guaranteed by any sovereign government or their agencies and securities and instruments issued by supranational or public international bodies, banks, corporates or other commercial issuers. It is intended that issuers and/or guarantors of any such securities, instruments or obligations will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.
The Sub-Fund may also invest in money market funds including Irish UCITS managed by Insight Investment Funds Management Limited and advised by the Investment Manager.

##### Collective Investment Schemes
The Sub-Fund may also pursue its investment objective and policy by taking positions in CIS, subject to a maximum of 10% of the Net Asset Value of the Sub- Fund. Any investment in open-ended ETFs will be subject to the 10% limit above and any investment in closed- ended ETFs shall constitute an investment in a transferable security in accordance with the requirements of the Central Bank.
The schemes in which the Sub-Fund invests may also be managed by Insight Investment Funds Management Limited, the Investment Manager or by entities affiliated to any of them.

##### Benchmark
SOFR (90-day compounded) (the “Cash Benchmark”).
SOFR (the Secured Overnight Financing Rate) is a broad measure of the cost of borrowing cash overnight collateralised by U.S. Treasuries and is administered by the New York Federal Reserve.
The Sub-Fund uses the Cash Benchmark as a target against which to measure its performance on a rolling annualised 3-year basis before fees.
The Sub-Fund is actively managed, which means the Investment Manager has discretion over the selection of investments, subject to the investment objective and policy.

##### Investment Strategy
The Sub-Fund’s investment strategy is driven by the Investment Manager’s views on specific companies, rather than on the industries in which those companies
operate or on the economy as a whole. The Investment Manager is looking for companies whose debt it considers to be under-valued (as outlined below) and high yielding versus similar debt. In particular the Investment Manager is looking for companies that:
- generate a positive level of cash such that they are looking to reduce their borrowing, but where this is not reflected in the price of their debt;
- have outstanding subordinated debt (i.e. debt that has a lower rating and therefore offers a higher rate of interest) that matures ahead of their senior debt;
- may have longer term issues, but are liquid in the short term and can meet their short term debt payments.

Cash, liquid or near cash assets can be used to protect the Sub-Fund’s value with the % level held within the Sub-Fund being determined by the Investment Manager’s view on the health of the economy using key economic
indicators such as Gross Domestic Product (GDP), inflation and interest rate forecasts and employment data. For example, if the Investment Manager is concerned that the economy will suffer a downturn the Sub-Fund may increase its cash position.

##### The Sustainable Finance Disclosure Regulation
When assessing the sustainability risk associated with underlying investments of the Sub-Fund, the Investment Manager is assessing the risk that the value of such
underlying investments could be materially negatively impacted by an ESG event or condition (“ESG Event”). Sustainability risks are managed by ensuring senior
decision makers are informed and included in the Investment Manager’s responsible investment programme, and set effective accountability,
transparency and implementation procedures. Where sustainability risk issues are considered material to investment outcomes, they are incorporated into due diligence processes. This may include evaluating individual securities and/or interaction with issuers or market participants. Internal controls ensure sustainability criteria are applied to The Sub-Fund continuously. ESG restrictions, which includes proprietary ESG ratings and third-party data, are set to prevent or permit investment in securities that meet sustainability- related characteristics. These controls are coded against the Sub-Fund and updated as new information is absorbed.
Corporate governance is a key sustainability risk factor forming part of proprietary ESG risk ratings for all issuers. The Investment Manager's corporate governance assessment includes evaluating board practices and behaviour, remuneration, control and accountability, and ethics or controversies. The Investment Manager applies the insights from ESG ratings alongside their own
knowledge of issuers’ governance structures to set
engagement priorities with issuers. The Investment
Manager considers these risks together to decide whether an investment reasonably compensates a fund for sustainability risks over the long and short-term.
In terms of social and environmental factors, the Investment Manager’s proprietary ESG ratings methodology provides sector specific and issuer specific
information on key issues. This model helps the Investment Manager to identify key risks that a specific sector or issuer may be facing.
The Sub-Fund may underperform or perform differently relative to other comparable funds that do not integrate sustainability risks into their investment decisions and there is a risk that that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Interest Rate Futures |
| --- | --- |
| Options | Interest Rate Options |
| Forwards | Forward Foreign Exchange Contracts |
| Swaps | Credit Default Swaps (“CDS”) (single name and index) Interest Rate Swaps Cross Currency Swaps Total Return Swaps (single name, index, and basket (in the case of the latter, underlying components of which can be grouped by sector, geography or other characteristics)) |
| Securities with Em- bedded FDI/ Leverage | Bonds with warrants attached Callable Bonds Asset-Backed Securities (ABS) and Mortgage- Backed Securities (MBS) Convertible Bonds |
| Other | Repurchase agreements/reverse repurchase agreements |

A list of the Eligible Markets on which the FDI may be quoted or traded is set out in Appendix II of the Prospectus.
Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit CDX Emerging Markets Index Markit CDX North American High Yield Index Markit iTraxx Asia Index Markit iTraxxEurope Index Markit iTraxxSenior Financials Index Markit iTraxxSubordinated Financials Index Markit iTraxx Crossover Index |
| Interest rate indices to provide exposure to interest rate markets and to express the Investment Managers’ view that the yield curve will move in a particular direction in a more cost effective or efficient manner than buying physical securities. | EURIBOR LIBOR SOFR SONIA |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. The remaining financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.”

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total net long exposure (after taking account of hedging) through FDI is not expected to exceed 100% of the Net Asset Value of the Sub-Fund and the total net short exposure is not expected to exceed 100% of the Net Asset Value of the Sub-Fund (using the commitment approach).

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”) as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements and
repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 30% and in respect of SFTs shall be 100%
of the Net Asset Value of the Sub-Fund. However, it is not anticipated that the Sub-Fund’s exposure in respect of TRS will exceed 20% and in respect of SFTs will
exceed 30% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail in respect of TRS, SFTs and acceptable
collateral and counterparty procedure is given under the headings “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£, 1€, 1CAD, 1AUD, 1CHF, 1SGD, 10HKD, 10CNH, 100¥, 10DKK,
10NOK or 10SEK depending on the currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) share classes with the suffix (“M”), dividends will normally be declared monthly on the last Business Day of the month. For
holders of income generating monthly distributing Shares, the declared dividends will normally be paid on or before the 20
th 
calendar day of the following month. In the case of all other income generating (Inc.) share classes and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. Holders of income generating Shares will normally be paid the dividends declared on or before 11 February, 11 May, 11 August and 11 November respectively. Further details are set out
under the heading "The Company - Distribution Policy” in
the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus and specifically to the risks set out under the headings “Emerging Markets Risk”, “High Yield/Sub-Investment Grade Securities Risk” and “Investment in Russia”.

## BNY Mellon U.S. Municipal Infrastructure Debt Fund

### SUPPLEMENT 35 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- It is proposed to charge management fees and other fees and expenses of the Sub-Fund to the capital of the Sub-Fund to seek to maximise distributions. See “Fees and Expenses” in the Prospectus for further details.


#### The Investment Manager
Insight North America LLC

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors to which each class of Shares may be offered is set out
under the heading “The Company - Structure” in the
Prospectus.
| “P” Shares and “P (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro P (Acc.) (hedged) | EUR | 5,000 | 5% | 1.10% | 0% |
| Euro P (Inc.) (hedged) | EUR | 5,000 | 5% | 1.10% | 0% |
| USD P (Acc.) | USD | 5,000 | 5% | 1.10% | 0% |
| USD P (Inc.) | USD | 5,000 | 5% | 1.10% | 0% |
| AUD P (Acc.) (hedged) | AUD | 5,000 | 5% | 1.10% | 0% |
| AUD P (Inc.) (hedged) | AUD | 5,000 | 5% | 1.10% | 0% |

| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro A (Acc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| USD A (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD A (Inc.) (M) | USD | 5,000 | 5% | 1.00% | 0% |
| Sterling A (Acc.) | GBP | 5,000 | 5% | 1.00% | 0% |
| Sterling A (Inc.) | GBP | 5,000 | 5% | 1.00% | 0% |
| CHF A (Acc.) | CHF | 5,000 | 5% | 1.00% | 0% |
| CHF A (Inc.) | CHF | 5,000 | 5% | 1.00% | 0% |
| Euro H (Acc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| Sterling H (Acc.) (hedged) | GBP | 5,000 | 5% | 1.00% | 0% |
| Sterling H (Inc.) (hedged) | GBP | 5,000 | 5% | 1.00% | 0% |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 1.00% | 0% |
| CHF H (Inc.) (hedged) | CHF | 5,000 | 5% | 1.00% | 0% |
| AUD H (Acc.) (hedged) | AUD | 5,000 | 5% | 1.00% | 0% |
| AUD H (Inc.) (hedged) | AUD | 5,000 | 5% | 1.00% | 0% |
| SGD H (Inc.) (M) (hedged) | SGD | 5,000 | 5% | 1.00% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 0.50% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 0.50% | 0% |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 0.50% | 0% |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 0.50% | 0% |
| Sterling G (Acc.) (hedged) | GBP | 5,000 | 5% | 0.50% | 0% |
| Sterling G (Inc.) (hedged) | GBP | 5,000 | 5% | 0.50% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro C (Acc.) | EUR | 5,000,000 | 5% | 0.50% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 0.50% | 0% |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.50% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.50% | 0% |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 0.50% | 0% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 0.50% | 0% |
| CHF C (Acc.) | CHF | 5,000,000 | 5% | 0.50% | 0% |
| CHF C (Inc.) | CHF | 5,000,000 | 5% | 0.50% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 0.50% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.50% | 0% |
| Sterling I (Acc.) (hedged) | GBP | 5,000,000 | 5% | 0.50% | 0% |
| Sterling I (Inc.) (hedged) | GBP | 5,000,000 | 5% | 0.50% | 0% |
| CHF I (Acc.) (hedged) | CHF | 5,000,000 | 5% | 0.50% | 0% |
| CHF I (Inc.) (hedged) | CHF | 5,000,000 | 5% | 0.50% | 0% |
| AUD I (Acc.) (hedged) | AUD | 5,000,000 | 5% | 0.50% | 0% |
| AUD I (Inc.) (hedged) | AUD | 5,000,000 | 5% | 0.50% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.40% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.40% | 0% |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.40% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.40% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.40% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.40% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.40% | 0% |
| CHF W (Inc.) | CHF | 15,000,000 | 5% | 0.40% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.40% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.40% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.40% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.40% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.40% | 0% |
| CHF W (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.40% | 0% |

| “Z” Shares and “Z (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD Z (Acc.) | USD | 200,000,000 | 5% | 0.35% | 0% |
| USD Z (Inc.) | USD | 200,000,000 | 5% | 0.35% | 0% |
| Euro Z (Acc.) (hedged) | EUR | 200,000,000 | 5% | 0.35% | 0% |
| Euro Z (Inc.) (hedged) | EUR | 200,000,000 | 5% | 0.35% | 0% |
| CHF Z (Acc.) (hedged) | CHF | 200,000,000 | 5% | 0.35% | 0% |
| CHF Z (Inc.) (hedged) | CHF | 200,000,000 | 5% | 0.35% | 0% |
| Sterling Z (Acc.) (hedged) | GBP | 200,000,000 | 5% | 0.35% | 0% |
| Sterling Z (Inc.) (hedged) | GBP | 200,000,000 | 5% | 0.35% | 0% |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro E (Acc.) | EUR | As agreed | 5% | 0.30% | 0% |
| Euro E (Inc.) | EUR | As agreed | 5% | 0.30% | 0% |
| USD E (Acc.) | USD | As agreed | 5% | 0.30% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.30% | 0% |
| Sterling E (Acc.) | GBP | As agreed | 5% | 0.30% | 0% |
| Sterling E (Inc.) | GBP | As agreed | 5% | 0.30% | 0% |
| CHF E (Acc.) | CHF | As agreed | 5% | 0.30% | 0% |
| CHF E (Inc.) | CHF | As agreed | 5% | 0.30% | 0% |
| Euro E (Acc.) (hedged) | EUR | As agreed | 5% | 0.30% | 0% |
| Euro E (Inc.) (hedged) | EUR | As agreed | 5% | 0.30% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.30% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.30% | 0% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.30% | 0% |
| CHF E (Inc.) (hedged) | CHF | As agreed | 5% | 0.30% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | None | 0% | 0% | 0% |
| CHF X (Inc.) | CHF | None | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% |
| CHF X (Inc.) (hedged) | CHF | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund seeks to provide as high a level of income as is consistent with the preservation of capital.

##### Investment Policy
In order to achieve its investment objective of providing a high level of income with the aim of preserving capital at the same time, the Sub-Fund invests predominantly (meaning at least 75% of the Net Asset Value of the Sub- Fund) in a portfolio of municipal bonds which are listed or traded on Eligible Markets. Municipal bonds are bonds issued by a state, municipality, not-for-profit corporate issuers or special purpose district such as transit authorities (i.e. independent, special-purpose governmental units that exist separately from local governments) in the United States of America to finance infrastructure sectors and projects conducted within the United States of America, its territories and possessions. Certain non-governmental issuers, primarily hospitals, colleges and universities, will issue taxable municipal bonds as not-for-profit corporate issuers. This can lower the cost of issuance by allowing such issuers to sell the municipal bonds directly. Additionally, municipal bonds issued by not for profit corporate issuers can be included within the principal global or U.S. aggregate bond indices thereby broadening the potential investor base for these municipal bonds.
Other than municipal bonds, the Sub-Fund may also invest up to 20% of its Net Asset Value in other government and/or corporate debt and debt-related securities which are issued by the U.S. federal government or its agencies, public international bodies, corporates or other commercial issuers.
Government and/or corporate debt and debt-related securities in which the Sub-Fund may invest may be fixed or floating rate securities (i.e. municipal bonds, Variable Rate Demand Notes (VRDNs), tender option bonds, Floating Rate Notes (FRNs), treasury bills, agency bonds, zero coupon bonds, asset-backed securities, mortgage-
backed securities, credit linked notes, structured notes, money market instruments (i.e. commercial paper and
bank deposits), private placements (i.e. 144A bonds)), hereinafter “Debt and Debt-Related Securities”.
The Investment Manager may look to invest in FRNs if there was an expectation that interest rates were to increase. The Sub-Fund may invest in residual interest certificates issued by Tender Option Bond Trusts where this provides a more cost effective means of gaining exposure to municipal bonds than investing in the underlying municipal bonds directly.
The Sub-Fund will invest directly in Debt and Debt- Related Securities and may also gain exposure to Debt and Debt-Related Securities using FDI as set out under
the heading “Use of FDI”. FDIs can be used to express
views on the direction and volatility of Debt and Debt-
Related Securities.
The Sub-Fund will invest in investment grade or sub- investment grade (i.e. below BBB- or its equivalent) Debt and Debt-Related Securities as rated by a Recognised Rating Agency. For the avoidance of doubt, the Sub-Fund may not invest in unrated securities. At least 80% of the Debt and Debt-Related Securities in which the Sub-Fund may invest will be investment grade and no more than 20% of the Debt and Debt-Related Securities in which the Sub-Fund may invest will be sub-investment grade
securities. Within the Sub-Fund’s investment in sub-
investment grade securities, no more than 10% of the
Net Asset Value of the Sub-Fund may be invested in sub- investment grade securities rated below BB- as rated by a Recognised Rating Agency at the time of investment, and the minimum credit rating of the Debt and Debt- related securities in which the Sub-Fund may invest at time of investment is B- (or its equivalent) as rated by a Recognised Rating Agency.
In the case of asset-backed securities, mortgage-backed securities and other investments linked to credit risk, the Sub-Fund will not invest in Debt and Debt-Related Securities rated as of the date of purchase below BBB- (or its equivalent), as rated by a Recognised Rating Agency.
In the case of a split rating (i.e. different ratings are given by two or more rating agencies), the lower of the two highest rating will be considered.
In the event that any Debt and Debt-Related Securities held by the Sub-Fund are subsequently downgraded below the limits referred to above, the Investment Manager may maintain a maximum exposure of 3% of the Net Asset Value of the Sub-Fund to such downgraded securities. To the extent that the aggregate value of such securities exceeds 3% of the Net Asset Value of the Sub- Fund, any which have not been upgraded within a six- month period, will be sold. Exposures arising from the underlying holdings of collective investment schemes
(“CIS”) will be taken into account in the application of the
restrictions set out in this paragraph.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in transferable securities (i.e. Debt and Debt-Related Securities) which are not admitted to or dealt in on an Eligible Market in accordance with the UCITS Regulations. With the exception of permitted
investment in unlisted transferable securities and approved money market instruments, the Sub-Fund’s investments shall be listed or traded on Eligible Markets.
A list of the Eligible Markets is set out in Appendix II of the Prospectus.
The Sub-Fund may also invest in liquid, cash or near
cash assets and up to 10% of its Net Asset Value in collective investment schemes (“CIS”).
The Sub-Fund does not intend to take short positions.

##### Cash and Collateral Management
The Sub-Fund will hold cash and liquid near cash assets in certain circumstances, such as meeting redemptions, facilitating payment of expenses, holding cash on deposit pending reinvestment and to provide liquidity and collateral to support FDI exposure.
Liquid near cash assets may include money market instruments such as U.S. treasury bills, treasury bonds and bank deposits. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.

##### Collective Investment Schemes
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in open-ended CIS including exchange
traded funds (“ETFs”) and money market funds. The
minimum credit rating of the Debt and Debt-Related
Securities that such collective investment schemes may invest at time of purchase is B- (or its equivalent), or, in the case of asset-backed securities, mortgage backed securities and other investments linked to risk, is BBB- (or its equivalent) as rated by a Recognised Rating Agency. In the case of a split rating, the lower of the two highest ratings will be considered. CIS may include another Sub-Fund or Sub-Funds of the Company or other funds advised by the Investment Manager. Any investment in closed-ended funds (including ETFs) constituting transferable securities will be in accordance
with the criteria and investment limits for transferable securities, as set out under the heading “The Company - Investment and Borrowing Restrictions” in the Prospectus.

##### Benchmark
50% Bloomberg Barclays U.S. Municipal Bond TR Index, 50% Bloomberg Barclays Taxable U.S. Municipal Bond TR
Index (the “Blended Benchmark”).
The Bloomberg Barclays U.S. Municipal Bond Index is a broad-based benchmark that measures the investment grade, U.S. Dollar denominated, fixed tax exempt bond market. The index includes state and local general obligation, revenue, insured, and pre-refunded bonds.
The Bloomberg Barclays Taxable U.S. Municipal Bond Index is a broad based benchmark that measures the investment grade, U.S. Dollar denominated, fixed interest taxable municipal bond market.
The Sub-Fund will measure its performance against the Blended Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest outside the Blended Benchmark subject to the investment objective and policy. While the majority of the
Sub-Fund’s holdings are expected to be constituents of,
and have similar weightings to, the Blended Benchmark,
the investment strategy does not restrict the extent to which the Investment Manager may deviate from the Blended Benchmark.

##### Investment Strategy
The Sub-Fund’s investment strategy is driven by the Investment Manager’s team-based philosophy that seeks to diversify risk exposures and emphasises sector and
security selection of both U.S. tax exempt and taxable coupon municipal infrastructure bonds. Municipal debt issuers may issue and the Sub-Fund may purchase both
U.S. taxable and U.S. tax exempt municipal infrastructure bonds. The tax treatment of the coupons received from such taxable or tax exempt bonds is, however, undifferentiated for non-U.S. taxpayers and the Sub-Fund does not seek to and will not necessarily benefit from the tax exempt status of any municipal infrastructure bonds it purchases. Such investments will be selected based on their other characteristics as detailed here. The Investment Manager selects the proposed investments of the Sub-Fund, as described under the heading
“Investment Policy” above by identifying undervalued
sectors and securities through intensive fundamental and quantitative analysis. The Investment Manager’s investment process emphasises the identification of
undervalued sectors and securities in the municipal and taxable bond markets. The focus is on capitalising on yield anomalies among municipal and taxable sectors, identifying undervalued securities, and thereby pinpointing relative value between particular bonds.
Through the Investment Manager’s research expertise and
trading acumen, the team seeks to invest in securities
whose price is higher relative to its peers rather than
relying on interest rate forecasting to deliver excess return. The Investment Manager’s deep and experienced team of municipal analysts tries to identify “stable-to- improving” debt securities through independently researching hundreds of issuers on a regular basis. Credit
analysts cover both new and secondary market issues and make sector and security recommendations based on credit fundamentals, market conditions and the external ratings agencies' views. Based on the aforementioned analysis by the Investment Manager, sell decisions in
respect of securities are driven by the anticipated decline in an issuer’s fundamental credit outlook and identification of unjustifiably-high valued securities.

##### The Sustainable Finance Disclosure Regulation
The management of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying
investments could be materially negatively impacted by an ESG event or condition (“ESG Event”).
As part of the bottom-up security research process, the Investment Manager assesses the ESG factors of each
portfolio investment for potential sustainability risks. The Investment Manager’s internal credit research includes resources such as the Investment Manager’s proprietary ESG score as an input and is supplemented with credit
rating agency research, sell-side research and industry events. This research into sustainability risks is taken into consideration, along with additional fundamental analysis, in the security selection process.
The Investment Manager also assesses the governance practices of issuers through its fundamental research in order to satisfy itself that the relevant issuers follow good governance practices, in particular with respect to sound management structures, financial disclosure practices, pension funding management, capital improvement programs and cybersecurity policies.
The Investment Manager monitors sustainability risk factors on a regular basis through portfolio reviews.
As explained above, the management and assessment of sustainability risks forms an important part of the Investment Manager's due diligence, however there may still be a risk that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Interest Rate Futures (including bond futures) |
| --- | --- |
| Options | Interest Rate Options Swaptions Bond options (including tender option bonds) |
| Forwards | Forward Foreign Exchange Contracts |
| Swaps | Interest Rate Swaps Credit Default Swaps |
| Securities with Em- bedded FDI/ Leverage | Asset-Backed Securities (ABS) Mortgage-Backed Securities (MBS) Credit Linked Notes (CLN) Structured Notes |

A list of the Eligible Markets on which the FDI may be quoted or traded is set out in Appendix II of the Prospectus.
Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial
purpose, are described in the Prospectus in the section entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Interest rate indices to provide exposure to interest rate markets and to express the Investment Managers’ view that the yield curve will move in a particular direction in a more cost effective or efficient manner than buying physical securities. | SOFR SONIA |

These financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where
additional information can be found, will be set out in the Company’s semi-annual and annual accounts.

#### Registration in Hong Kong
This Sub-Fund is registered for sale in Hong Kong.

#### Registration in Taiwan
This Sub-Fund is registered for sale in Taiwan.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Absolute VaR
Absolute VaR Limit: 20% of the Net Asset Value of the Sub-Fund (using a 20 Business Day holding period)
Gross leverage is expected to vary between: 0 – 200% of the Net Asset Value. The gross leverage may exceed this target level at times
For more information on the Absolute VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.
The Central Bank UCITS Regulations provide that where VaR is used as a risk management approach it can also be supplemented with a leverage calculation using the commitment approach.
Maximum leverage: 40% of the Net Asset Value (Using the commitment approach)
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions
and limits set out in the Central Bank UCITS Regulations. Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements and
repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 100% and in respect of SFTs shall be 100%
of the Net Asset Value of the Sub-Fund. However, it is not anticipated that the Sub-Fund’s exposure in respect of TRS will exceed 10% and to the SFTs will exceed 15%
of the Net Asset Value. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on TRS and SFTs, including acceptable collateral is given under the headings “Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at
which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£, 1€, 1CHF, 1SGD or 1AUD depending on the currency of the
relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) share classes with the suffix (“M”), dividends will normally be declared monthly on the last Business Day of the month. For
holders of income generating monthly distributing Shares, the declared dividends will normally be paid on or before the 20th calendar day of the following month. For all other income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared semi-annually on 31 December and 30 June. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February and 11 August.
Further details are set out under the heading "The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Dynamic U.S. Equity Fund

### SUPPLEMENT 36 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may invest principally in FDI, and will use FDI for investment, hedging and efficient portfolio management purposes. The use of FDI for investment purposes may be extensive. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.


#### The Investment Manager
Newton Investment Management North America LLC

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this Sub-Fund to Newton Investment Management Limited
(the “Sub-Investment Manager”). Details of the Sub-
Investment Management Agreement between the
Investment Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 17.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD A (Acc.) | USD | 5,000 | 5% | 0.80% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 0.80% | 0% |
| Euro A (Acc.) | EUR | 5,000 | 5% | 0.80% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 0.80% | 0% |
| Sterling A (Acc.) | GBP | 5,000 | 5% | 0.80% | 0% |
| Sterling A (Inc.) | GBP | 5,000 | 5% | 0.80% | 0% |
| CHF H (Acc.) | CHF | 5,000 | 5% | 0.80% | 0% |
| CHF H (Inc.) | CHF | 5,000 | 5% | 0.80% | 0% |
| Euro H (Acc.) (hedged) | EUR | 5,000 | 5% | 0.80% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 0.80% | 0% |
| Sterling H (Acc.) (hedged) | GBP | 5,000 | 5% | 0.80% | 0% |
| Sterling H (Inc.) (hedged) | GBP | 5,000 | 5% | 0.80% | 0% |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 0.80% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| CHF H (Inc.) (hedged) | CHF | 5,000 | 5% | 0.80% | 0% |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 0.80% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 0.60% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 0.60% | 0% |
| Euro G (Acc.) | EUR | 5,000 | 5% | 0.60% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 0.60% | 0% |
| Sterling G (Acc.) | GBP | 5,000 | 5% | 0.60% | 0% |
| Sterling G (Inc.) | GBP | 5,000 | 5% | 0.60% | 0% |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 0.60% | 0% |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 0.60% | 0% |
| Sterling G (Acc.) (hedged) | GBP | 5,000 | 5% | 0.60% | 0% |
| Sterling G (Inc.) (hedged) | GBP | 5,000 | 5% | 0.60% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.60% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.60% | 0% |
| Euro C (Acc.) | EUR | 5,000,000 | 5% | 0.60% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 0.60% | 0% |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 0.60% | 0% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 0.60% | 0% |
| CHF C (Acc.) | CHF | 5,000,000 | 5% | 0.60% | 0% |
| CHF C (Inc.) | CHF | 5,000,000 | 5% | 0.60% | 0% |
| CAD C (Acc.) | CAD | 5,000,000 | 5% | 0.60% | 0% |
| CAD C (Inc.) | CAD | 5,000,000 | 5% | 0.60% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 0.60% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.60% | 0% |
| Sterling I (Acc.) (hedged) | GBP | 5,000,000 | 5% | 0.60% | 0% |
| Sterling I (Inc.) (hedged) | GBP | 5,000,000 | 5% | 0.60% | 0% |
| CHF I (Acc.) (hedged) | CHF | 5,000,000 | 5% | 0.60% | 0% |
| CHF I (Inc.) (hedged) | CHF | 5,000,000 | 5% | 0.60% | 0% |
| CAD I (Acc.) (hedged) | CAD | 5,000,000 | 5% | 0.60% | 0% |
| CAD I (Inc.) (hedged) | CAD | 5,000,000 | 5% | 0.60% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.40% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.40% | 0% |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.40% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.40% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.40% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.40% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.40% | 0% |
| CHF W (Inc.) | CHF | 15,000,000 | 5% | 0.40% | 0% |
| CAD W (Acc.) | CAD | 15,000,000 | 5% | 0.40% | 0% |
| CAD W (Inc.) | CAD | 15,000,000 | 5% | 0.40% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.40% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.40% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.40% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.40% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.40% | 0% |
| CHF W (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.40% | 0% |
| CAD W (Acc.) (hedged) | CAD | 15,000,000 | 5% | 0.40% | 0% |
| CAD W (Inc.) (hedged) | CAD | 15,000,000 | 5% | 0.40% | 0% |
| SEK W (Acc.) (hedged) | SEK | 150,000,000 | 5% | 0.40% | 0% |

| “R” Shares and “R (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Hurdle Rate |
| USD R (Acc.) | USD | 5,000 | 5% | 0.60% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| USD R (Inc.) | USD | 5,000 | 5% | 0.60% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| Euro R (Acc.) (hedged) | EUR | 5,000 | 5% | 0.60% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| Euro R (Inc.) (hedged) | EUR | 5,000 | 5% | 0.60% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| Sterling R (Acc.) (hedged) | GBP | 5,000 | 5% | 0.60% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| Sterling R (Inc.) (hedged) | GBP | 5,000 | 5% | 0.60% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| CHF R (Acc.) (hedged) | CHF | 5,000 | 5% | 0.60% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| CHF R (Inc.) (hedged) | CHF | 5,000 | 5% | 0.60% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |

| “D” Shares and “D (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Hurdle Rate |
| USD D (Acc.) | USD | 5,000 | 5% | 0.40% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| USD D (Inc.) | USD | 5,000 | 5% | 0.40% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| Euro D (Acc.) (hedged) | EUR | 5,000 | 5% | 0.40% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Hurdle Rate |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Euro D (Inc.) (hedged) | EUR | 5,000 | 5% | 0.40% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| Sterling D (Acc.) (hedged) | GBP | 5,000 | 5% | 0.40% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| Sterling D (Inc.) (hedged) | GBP | 5,000 | 5% | 0.40% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| CHF D (Acc.) (hedged) | CHF | 5,000 | 5% | 0.40% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| CHF D (Inc.) (hedged) | CHF | 5,000 | 5% | 0.40% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| CAD D (Acc.) (hedged) | CAD | 5,000 | 5% | 0.40% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| CAD D (Inc.) (hedged) | CAD | 5,000 | 5% | 0.40% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |

| “S” Shares and “T (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Hurdle Rate |
| USD S (Acc.) | USD | 5,000,000 | 5% | 0.40% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| USD S (Inc.) | USD | 5,000,000 | 5% | 0.40% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| Euro T (Acc.) (hedged) | EUR | 5,000,000 | 5% | 0.40% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| Euro T (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.40% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| Sterling T (Acc.) (hedged) | GBP | 5,000,000 | 5% | 0.40% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| Sterling T (Inc.) (hedged) | GBP | 5,000,000 | 5% | 0.40% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| CHF T (Acc.) (hedged) | CHF | 5,000,000 | 5% | 0.40% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| CHF T (Inc.) (hedged) | CHF | 5,000,000 | 5% | 0.40% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| CAD T (Acc.) (hedged) | CAD | 5,000,000 | 5% | 0.40% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| CAD T (Inc.) (hedged) | CAD | 5,000,000 | 5% | 0.40% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |

| “U” Shares “U (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Hurdle Rate |
| USD U (Acc.) | USD | 15,000,000 | 5% | 0.20% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| USD U (Inc.) | USD | 15,000,000 | 5% | 0.20% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| Euro U (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.20% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| Euro U (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.20% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| Sterling U (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.20% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| Sterling U (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.20% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| CHF U (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.20% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| CHF U (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.20% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| CAD U (Acc.) (hedged) | CAD | 15,000,000 | 5% | 0.20% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| CAD U (Inc.) (hedged) | CAD | 15,000,000 | 5% | 0.20% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |

| “F” Shares and “F (hedged)” Shares* |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Hurdle Rate |
| USD F (Acc.) | USD | As agreed | 5% | 0.10% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| USD F (Inc.) | USD | As agreed | 5% | 0.10% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| Euro F (Acc.) (hedged) | EUR | As agreed | 5% | 0.10% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| Euro F (Inc.) (hedged) | EUR | As agreed | 5% | 0.10% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| Sterling F (Acc.) (hedged) | GBP | As agreed | 5% | 0.10% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| Sterling F (Inc.) (hedged) | GBP | As agreed | 5% | 0.10% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| CHF F (Acc.) (hedged) | CHF | As agreed | 5% | 0.10% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| CHF F (Inc.) (hedged) | CHF | As agreed | 5% | 0.10% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Hurdle Rate |
| --- | --- | --- | --- | --- | --- | --- | --- |
| CAD F (Acc.) (hedged) | CAD | As agreed | 5% | 0.10% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |
| CAD F (Inc.) (hedged) | CAD | As agreed | 5% | 0.10% | 0% | 10% | S&P 500 Net Total Return Index in USD terms |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD E (Acc.) | USD | As agreed | 5% | 0.25% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.25% | 0% |
| Euro E (Acc.) | EUR | As agreed | 5% | 0.25% | 0% |
| Euro E (Inc.) | EUR | As agreed | 5% | 0.25% | 0% |
| Sterling E (Acc.) | GBP | As agreed | 5% | 0.25% | 0% |
| Sterling E (Inc.) | GBP | As agreed | 5% | 0.25% | 0% |
| CHF E (Acc.) | CHF | As agreed | 5% | 0.25% | 0% |
| CHF E (Inc.) | CHF | As agreed | 5% | 0.25% | 0% |
| CAD E (Acc.) | CAD | As agreed | 5% | 0.25% | 0% |
| CAD E (Inc.) | CAD | As agreed | 5% | 0.25% | 0% |
| Euro E (Acc.) (hedged) | EUR | As agreed | 5% | 0.25% | 0% |
| Euro E (Inc.) (hedged) | EUR | As agreed | 5% | 0.25% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.25% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.25% | 0% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.25% | 0% |
| CHF E (Inc.) (hedged) | CHF | As agreed | 5% | 0.25% | 0% |
| CAD E (Acc.) (hedged) | CAD | As agreed | 5% | 0.25% | 0% |
| CAD E (Inc.) (hedged) | CAD | As agreed | 5% | 0.25% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | None | 0% | 0% | 0% |
| CHF X (Inc.) | CHF | None | 0% | 0% | 0% |
| CAD X (Acc.) | CAD | None | 0% | 0% | 0% |
| CAD X (Inc.) | CAD | None | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% |
| CHF X (Inc.) (hedged) | CHF | None | 0% | 0% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| CAD X (Acc.) (hedged) | CAD | None | 0% | 0% | 0% |
| CAD X (Inc.) (hedged) | CAD | None | 0% | 0% | 0% |


#### Performance Fee
In addition to the annual management charge, the Manager will be entitled to an annual performance fee
(the “Performance Fee”) subject to the conditions outlined
below. The rate at which the Performance Fee shall be
applied is set out in the table above. Performance Fees reduce the value of your investment and the investment return you will receive.
The Performance Fee in respect of each relevant Share Class is calculated as the performance fee rate (set out in the table above) of the Share Class Return (as defined below) over the Hurdle Rate Return (as defined below).
The Performance Fee will be calculated in respect of each twelve-month period ending on the 31 December
(the “Calculation Period”). The first Calculation Period will
be the period commencing on the Business Day
immediately following the closing of the Initial Offer Period and ending on 31 December of the same year.
The “Share Class Return” is calculated on each Valuation Day and is the percentage difference between the Adjusted Net Asset Value on such Valuation Day and the
Adjusted Net Asset Value on the previous Valuation Day.
The “Adjusted Net Asset Value” is the Net Asset Value of the relevant share class (which includes an accrual for all fees and expenses including the annual management
charge and the operating and administrative expenses to be borne by the relevant share class, adjusted for any dividend distributions) but without deduction of any Performance Fee accrued since the start of the Calculation Period.
The “Hurdle Rate” is set out in the table above and is consistent with the investment policy of the Sub-Fund. A hurdle rate is a predetermined level of return a fund
must exceed to earn a performance fee. Past performance of the Sub-Fund against S&P 500
® 
Net Total Return Index is disclosed in the KIID for the relevant Class of Shares.
The “Hurdle Rate Return” is calculated on each Valuation Day and is the percentage difference between the Hurdle Rate on such Valuation Day and the Hurdle Rate on the
previous Valuation Day.
On each Valuation Day, an Adjusted Net Asset Value is calculated in respect of each share class for which the Performance Fee applies. If the Share Class Return exceeds the Hurdle Rate Return, a Performance Fee is accrued.
If the Share Class Return does not exceed the Hurdle Rate Return, the Performance Fee accrual is reduced (not below zero). The Performance Fee is reduced by an
amount calculated as the performance fee percentage (as set out in the table above) of the underperformance of the Share Class Return against the Hurdle Rate Return (the negative return) multiplied by the Shares in issue.
Once the Performance Fee accrual has been reduced to zero, no new Performance Fee is accrued until (i) the cumulative Share Class Return exceeds the cumulative Hurdle Rate Return since the beginning of the Calculation Period.
Clawback – Following a Calculation Period in which no Performance Fee has been charged, no Performance Fee will accrue until the cumulative Share Class Return (since
the last Valuation Day of the last accounting year in which a Performance Fee was charged) exceeds the cumulative Hurdle Rate Return (since the last Valuation Day of the last accounting year in which a Performance Fee was charged).
If no Performance Fee has been charged since the launch of a share class, no Performance Fee will accrue until such time as the cumulative Share Class Return (since the launch of that share class) exceeds the cumulative Hurdle Rate Return accrued since the launch of that share class.
The Performance Fee accrued on each Valuation Day is reflected in the Net Asset Value per Share on the basis of which subscriptions, redemptions, switches or transfers may be accepted.
Included in the calculation of the Performance Fee shall be net realised and unrealised capital gains plus net realised and unrealised capital losses as at the end of the relevant period. As a result, Performance Fees may be paid on unrealised gains which may subsequently never be realised.
Positive performance may be generated by market movements as well as active portfolio management; this may lead to circumstances where a portion of the Performance Fee is paid based on market movements.
The calculation of the Performance Fee is not open to the possibility of manipulation and shall be verified by the Depositary.
The Performance Fee is calculated and accrued on each Valuation Day and paid yearly in arrears, in respect of each Calculation Period. Any Performance Fee due will generally be paid within 30 Business Days after the end of each Calculation Period, the date of any redemption, the date of a merger (subject to the requirements of the Central Bank), the date of termination of the Management Agreement or such other date on which the Company or the Sub-Fund may be liquidated or cease trading.

##### Examples of how the performance fee will be calculated
Please note the performance fee model allows for performance fees to be charged where the Sub-Fund has outperformed the Hurdle Rate, but overall has negative performance.
| Valuation Day | Adjusted Net Asset Value at end of Calculation Period | Hurdle Rate Return ex- pressed in pence | Excess Return expressed in pence* | Performance Fee** | Net Asset Value at end of Calculation Period | Description of the example |
| --- | --- | --- | --- | --- | --- | --- |
| 31 December (year one) | 105p | 102p | 3p | 0.3p | 104.7p | Performance of the Adjusted Net Asset Value over the Calculation Period resulted in an Adjusted Net Asset Value of 105p at end of year one, which is higher than the Hurdle Rate Return of 102p and the Excess Return of 3p is positive. Therefore, a Performance Fee of 0.30p was paid. |
| 31 December (year two) | 95p | 106p | 0p | 0p | 95p | Performance of the Adjusted Net Asset Value over the Calculation Period resulted in an Adjusted Net Asset Value of 95p at the end of year two, which is lower than the Hurdle Rate Return of 106p. Therefore, no Performance Fee was paid. |
| 31 December (year three) | 104p | 105p | 0p | 0p | 104p | Performance of the Adjusted Net Asset Value over the Calculation Period resulted in an Adjusted Net Asset Value of 104p at end of year three, which is lower than the Hurdle Rate Return of 105p. Therefore, no Performance Fee was paid. |
| 31 December (year four) | 110p | 108p | 2p | 0.20p | 109.8p | Performance of the Adjusted Net Asset Value over the Calculation Period resulted in an Adjusted Net Asset Value of 110p at end of year four, which is higher than the Hurdle Rate of 108p and the Excess Return of 2p is positive. Therefore, a Performance Fee of 0.20p was paid. |

* Excess Return is the outperformance of the Share Class Return over the Hurdle Rate Return
**10% of Excess Return

#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to outperform the S&P 500
® 
Net Total Return Index (the “Index”) with a similar level of volatility to the Index over three to five years before fees
and expenses.

##### Investment Policy
The Sub-Fund aims to achieve its investment objective by investing the majority of its Net Asset Value in U.S. equities comprising the Index. The Sub-Fund will invest more than 50% of its Net Asset Value directly in the constituents of the Index and may also invest in the constituents of the Index indirectly through FDI. The Sub- Fund may also gain exposure to U.S. debt securities as further detailed below and will hold cash and liquid near
cash assets as further detailed in the section on “Cash and Collateral Management” below.
The Sub-Fund will gain exposure to the Index by investing directly in the underlying equities comprising the Index and indirectly through FDI (as set out below). The Index represents the U.S equity market and consists of a large cross-section of the components of the U.S. economy.
The Index is being used as part of the investment strategy of the Sub-Fund because it represents the U.S. equity market. The Index is rebalanced quarterly.
However, because the Sub-Fund does not aim to replicate or track the Index, the Sub-Fund will not necessarily be impacted by any rebalancing, associated costs or stock weighting in the Index which would exceed the permitted investment restrictions. Additional information on the Index can be found at www.standardandpoors.com.
The Sub-Fund will invest directly in debt and debt- related securities (treasury bills and bonds) which may be fixed or floating rate and are issued or guaranteed by the
U.S. government or their agencies, corporates or other commercial issuers (hereinafter “Debt and Debt-Related Securities”). The Debt and Debt-Related Securities invested in by the Sub-Fund shall be investment grade
securities as rated by a Recognised Rating Agency or unrated but deemed to be investment grade by the
Investment Manager at the time of purchase. The Sub-
Fund may also gain exposure to Debt and Debt-Related Securities using FDI as set out under the heading “Use of FDI” below.
The Sub-Fund will not invest more than 10% of its Net Asset Value in securities issued by or guaranteed by any single country with a credit rating below investment
grade. For the avoidance of doubt a “single country” shall
include a country, its government, a public or local
authority or nationalised industry of that country.
The Sub-Fund may use synthetic short positions, leverage and options as defensive risk management tools but also in order to generate positive returns when prices decline. In accordance with the strategy of the Sub-Fund, the Investment Manager may use synthetic short positions to short U.S. Treasuries. Therefore the level of shorting applied within the Sub-Fund will depend on the
Investment Manager’s investment outlook or the level of
risk of the Sub-Fund. The level of shorting will reflect the Sub-Fund’s risk and volatility objectives. Please see section “Long and Short Positions” for more information.
The Sub-Fund may invest up to 10% of its Net Asset Value in collective investment schemes (“CIS” as further detailed below.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in transferable securities or money market instruments which are not admitted to or dealt in on an Eligible Market, in accordance with the UCITS Regulations, including, but not limited to, unlisted equities and Debt and Debt-Related Securities.
With the exception of permitted investment in unlisted securities and open-ended collective investment schemes, the Sub-Fund will invest in assets (including FDI) listed or traded on the Eligible Markets listed in Appendix II of the Prospectus.

##### Collective Investment Schemes
The Sub-Fund may also pursue its objectives and policies by taking positions in CIS, subject to a maximum of 10% of the Net Asset Value of the Sub-Fund. Any investment in open-ended ETFs will be subject to the 10% limit outlined above and any investment in closed-ended ETFs shall constitute an investment in a transferable security in accordance with the requirements of the Central Bank. The CIS in which the Sub-Fund invests may also be managed by the Investment Manager or by entities affiliated to it.

##### Cash and Collateral Management
The Sub-Fund may also hold high levels of cash and liquid near cash assets in certain circumstances. Such circumstances include where market conditions may require a defensive investment strategy, the holding of cash on deposit pending reinvestment, to meet redemptions, to facilitate payment of expenses and to provide collateral to support FDI exposure.
Liquid near cash assets may include Debt and Debt- Related Securities and bank deposits. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
S&P 500
® 
Net Total Return Index (the “Index”)
The Index is widely regarded as the best single gauge of large cap U.S. equities. There is over USD 9.9 trillion indexed or benchmarked to the index, with indexed assets comprising approximately USD 3.4 trillion of this total. The Index includes 500 leading companies and covers approximately 80% of available market capitalization.
The Sub-Fund is actively managed, which means the Investment Manager has discretion over the selection of
investments, subject to the investment objective and policy. The Sub-Fund’s equity holdings will be constituents of the Index. The investment strategy allows
flexibility for the Investment Manager to deviate from the Index’s positions whilst it maintains similar volatility to the benchmark over 5 years.

##### Investment Strategy
The Investment Manager’s dynamic U.S. equity strategy is based on its pioneering work in the areas of indexing and
fundamental valuation. The Investment Manager uses the following process to compare the relative attractiveness of equities, bonds and cash in order to select its investments:
Step 1: To forecast the future return of equities, bonds and cash within the investment universe of the Sub-Fund based on the long-term expectations of equity earnings, bond yield and bank account interest rates.
Step 2: To forecast how equities, bonds and cash will perform in relation to each other in various market conditions.
Step 3: To combine the return forecasts in Step 1 and Step 2 to achieve a portfolio of positions with best possible risk and return characteristics.
Step 4: The Investment Manager will look for the most efficient securities to implement the portfolio arrived at
in Step 3. These securities may include physical securities and FDI. For further details see “Use of FDI” below.
Step 5: In order to manage the volatility of the portfolio at the required levels, the Investment Manager monitors shorter term market movement and updates it to its investment outlook. During periods of heightened market volatility or probable recession, the Investment Manager will select investments intended to reduce the risk of the Sub-Fund.
Step 6: To monitor the portfolio on a daily basis. The Investment Manager repeats this process every Business Day to capture any changes in the returns or the risks.
In using this process, the Investment Manager seeks to identify periods when equities look cheap or expensive relative to the other exposures (i.e. bonds and cash) in order to select its assets. If equities look cheap relative to the other exposures, then the Investment Manager will over-weight equities using a modest amount of leverage. If equities look expensive, then the Investment Manager
will under-weight equities, while continuing to invest over 50% the Sub-Fund’s net asset value in physical equities or equity linked FDI. Leverage can also be used for risk
management purposes. An example of using leverage for risk management purposes would be to purchase U.S. treasury bonds on margin. The exposure to U.S. treasury bonds is expected to mitigate the impact of U.S. equity
price declines on the portfolio. In summary, the Investment Manager actively allocates assets to U.S. equities, U.S. Treasuries and U.S. cash market based on its forecasts of return, risk and correlation.

##### The Sustainable Finance Disclosure Regulation
Due to the Sub-Fund’s investment objective, policy and strategy, the Investment Manager does not integrate
sustainability risks (which is defined as an ESG event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the
relevant investment (an “ESG Event”) into its investment decisions. The Sub-Fund’s allocation to U.S. equities is required to maintain similar volatility to the Index over 5
years and, consequently, the Investment Manager has limited flexibility to deviate from the positioning of the Index. The Index does not take ESG factors or sustainability risks into account. However, due to the diversified nature of the Sub-Fund, the Investment Manager has determined that the sustainability risk faced by the Sub-Fund is minimal.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Equity Index Futures Bond Futures |
| --- | --- |
| Options | Equity Options (single name, index, sector, custom basket) Bond Options Options on Equity Futures Options on Bond Futures |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following
financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Equity indices to provide exposure to regional and global equity markets in a more cost effective or efficient manner than buying the physical securities. | S&P 500 NR Index |

These financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where
additional information can be found, will be set out in the Company’s semi-annual and annual accounts.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total gross long exposure through FDI is not expected to exceed 200% of the Net Asset Value of the Sub-Fund and the total gross short exposure through FDI is not expected to exceed 150% of the Net Asset Value of the Sub-Fund.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Relative VaR
Relative VaR Limit: Sub-Fund’s portfolio will not exceed twice the VaR on a representative benchmark portfolio (using a 5 Business Day holding period)
Relative VaR Benchmark: S&P 500 NR Index
Gross leverage is expected to vary between: 100 – 500% of the Net Asset Value. The gross leverage may exceed this target level at times
For more information on the Absolute VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions
and limits set out in the Central Bank UCITS Regulations. Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending arrangements and repurchase/reverse repurchase
agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of
SFTs shall be 100% of the Net Asset Value of the Sub- Fund. However, it is not anticipated that the Sub-Fund’s exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be issued during their respective Initial Offer Periods at their
respective initial offer price per Share of 1USD, 1£, 1€,
1CAD, 1CHF or 10SEK depending on the currency of the
relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February. Further details
are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are set out under the sub-heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Global Unconstrained Fund

### SUPPLEMENT 37 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Newton Investment Management Limited

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this Sub-Fund to Newton Investment Management North
America LLC (the “Sub-Investment Manager”). Details of
the Sub-Investment Management Agreement between the
Investment Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD A (Inc.) | USD | 5,000 | 5% | 1.50% | 0% |
| USD A (Acc.) | USD | 5,000 | 5% | 1.50% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 1.50% | 0% |
| Euro A (Acc.) | EUR | 5,000 | 5% | 1.50% | 0% |
| Sterling A (Inc.) | GBP | 5,000 | 5% | 1.50% | 0% |
| Sterling A (Acc.) | GBP | 5,000 | 5% | 1.50% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 1.50% | 0% |
| Euro H (Acc.) (hedged) | EUR | 5,000 | 5% | 1.50% | 0% |
| Sterling H (Inc.) (hedged) | GBP | 5,000 | 5% | 1.50% | 0% |
| Sterling H (Acc.) (hedged) | GBP | 5,000 | 5% | 1.50% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Inc.) | GBP | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Acc.) | GBP | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Inc.) (hedged) | GBP | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Acc.) (hedged) | GBP | 5,000 | 5% | 1.00% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD C (Acc.) | USD | 5,000,000 | 5% | 1.00% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 1.00% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro C (Acc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Sterling I (Inc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% |
| Sterling I (Acc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.75% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Inc.) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| CAD W (Acc.) (hedged) | CAD | 15,000,000 | 5% | 0.75% | 0% |
| CAD W (Inc.) (hedged) | CAD | 15,000,000 | 5% | 0.75% | 0% |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD E (Acc.) | USD | As agreed | 5% | 0.55% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.55% | 0% |
| Euro E (Acc.) | EUR | As agreed | 5% | 0.55% | 0% |
| Euro E (Inc.) | EUR | As agreed | 5% | 0.55% | 0% |
| Sterling E (Acc.) | GBP | As agreed | 5% | 0.55% | 0% |
| Sterling E (Inc.) | GBP | As agreed | 5% | 0.55% | 0% |
| CHF E (Acc.) | CHF | As agreed | 5% | 0.55% | 0% |
| CHF E (Inc.) | CHF | As agreed | 5% | 0.55% | 0% |
| Euro E (Acc.) (hedged) | EUR | As agreed | 5% | 0.55% | 0% |
| Euro E (Inc.) (hedged) | EUR | As agreed | 5% | 0.55% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.55% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.55% | 0% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.55% | 0% |
| CHF E (Inc.) (hedged) | CHF | As agreed | 5% | 0.55% | 0% |
| CAD E (Acc.) (hedged) | CAD | As agreed | 5% | 0.55% | 0% |
| CAD E (Inc.) (hedged) | CAD | As agreed | 5% | 0.55% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | None | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | None | 0% | 0% | 0% |
| CAD X (Inc.) (hedged) | CAD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to achieve a total return comprised of long-term capital growth and income through an unconstrained, dynamic multi-asset approach to asset allocation and security selection.

##### Investment Policy
The Sub-Fund is a global multi-asset fund that aims to achieve its objective through unconstrained and dynamic asset allocation.
The Sub-Fund may invest in equity and equity-related securities (common and preferred stock, American depositary receipts and global depository receipts, securities convertible into or exchangeable for such
equities, warrants and stock purchase rights) and equity- related FDIs as listed in the section entitled “Use of FDI” below.
The Sub-Fund may also invest in debt and debt-related securities (debentures, deposits, notes including corporate, sovereign, floating and fixed rate notes with a minimum term of one year or more, asset-backed securities (ABS), mortgage-backed securities (MBS), and bonds which may be fixed or floating rate and are issued or guaranteed by any sovereign government or their agencies, local authority, supranational or public
international bodies, banks, corporates or other commercial issuers, (hereinafter “Debt and Debt-Related Securities”) and in debt FDIs as listed in the section entitled “Use of FDI” below.
The Sub-Fund may invest up to 10% of its Net Asset Value in CoCos. Please see “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos.
Debt and Debt Related Securities held by the Sub-Fund may be investment grade quality, sub investment grade quality or unrated. The Investment Manager considers sub investment grade securities to be those which have a credit rating of lower than BBB- at the date of purchase as rated by a Recognised Rating Agency. The Sub-Fund may invest more than 30% of its Net Asset Value in below investment grade Debt and Debt-Related Securities.
The Sub-Fund may invest more than 10% and up to 35% of the Sub-Fund’s Net Asset Value in Debt and Debt- Related Securities issued and/or guaranteed by a single
sovereign issuer (including its government, public or local authority) which is below investment grade (i.e. BB+ or below) as rated by a Recognised Rating Agency. Examples of such sovereign issuers are Brazil, Indonesia and Hungary. Such investments are based on the professional judgement of the Investment Manager, whose reasons for investment may include a favourable/positive outlook on the sovereign issuer, potential for ratings upgrade and the expected changes in the value of such investments due to the ratings changes. Please note the ratings of sovereign issuers may change from time to time and the abovementioned sovereigns are named only for reference and are subject to change as their ratings change.
The Sub-Fund may also invest in commodities, property
and infrastructure through collective investment schemes (“CIS”), securities listed or traded on Eligible Markets such as listed real estate investment trusts (“REITS”) and exchange traded funds (“ETFs). The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in CIS
including money market funds.
The Sub-Fund may invest on a global basis and while there is no geographical, industry or sector focus, the Sub-Fund may at times be concentrated in particular industry or sectors including emerging market countries and the U.S. The Sub-Fund may invest more than 40% of its Net Asset Value in emerging market countries including Russia. However, no more than 20% of the Sub-
Fund’s Net Asset Value will be invested in securities
listed or traded in Russia and the Ukraine. The Sub-Fund
may only invest in Russian securities which are traded on the Moscow Exchange. In considering investments in emerging markets, the Investment Manager will explicitly exclude companies which are included on international and other sanctions lists. The Sub-Fund may also hold high levels of cash, money market instruments such as commercial paper and fixed or floating rate government bonds and cash equivalents such as certificates of deposit and short-dated debt instruments in certain circumstances. Such circumstances include where the Investment Manager believes markets are overvalued, where market conditions may require a defensive investment strategy, the holding of cash on deposit pending reinvestment or to meet redemptions and payment of expenses or in order to provide collateral to support FDI exposure.
With the exception of permitted investment in unlisted securities and open-ended CIS, the Sub-Fund’s investments in securities and FDIs will be listed or traded
on Eligible Markets listed in Appendix II of the Prospectus.
The Sub-Fund may also invest up to 10% of its Net Asset Value in Debt and Debt-Related Securities in the People’s Republic of China (“PRC”) traded in the China interbank bond market (“CIBM”) via Bond Connect (as further described Appendix VI to the Prospectus.)
Methods of gaining exposure to Chinese securities may include purchasing China A-shares via the Stock Connect. The Sub-Fund may invest up to 10% of its Net Asset Value in China A-shares via the Stock Connect. Further details about the Stock Connect are set out in Appendix V to the Prospectus.
The Sub-Fund may invest up to 10% of its Net Asset Value in Structured Notes.

##### Benchmark
60% MSCI AC World NR Index, 40% JP Morgan Global GBI Unhedged TR Index (the “Blended Benchmark”).
MSCI All Countries World Index covers most of the global investable equity opportunity set and is a comprehensive indicator of the performance of the global equity-market.
The JP Morgan Global Bond Index (GBI) USD is an index for fixed rate government debt. The index measures the total return from investing in a number of developed government bond markets.
The Sub-Fund will measure its performance against the Blended Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Blended Benchmark subject to the investment objective and policy. While the Sub-Fund’s holdings may include constituents of the Blended
Benchmark, the selection of investments and their weightings in the portfolio are not influenced by the Blended Benchmark. The investment strategy does not restrict the extent to which the Investment Manager may deviate from the Blended Benchmark.

##### Investment Strategy
The Sub-Fund is an unconstrained global multi-asset portfolio. Allocations will be made at the Investment
Manager’s discretion across the asset classes described
above. There is no geographical, industry or sector focus
in relation to the asset classes to which exposure may be taken. The Sub-Fund therefore has the ability to invest 100% in equity and equity-related instruments, 100% in Debt and Debt-Related Securities or any mixture of all of the asset classes described above under the heading
“Investment Policy”.
The Investment Manager believes that no company, market or economy can be considered in isolation; each must be understood in a global context. The Investment Manager believes that events occurring around the world influence all financial markets and therefore successful investment in internationally diversified securities requires a thorough understanding of the world as a whole.
The Investment Manager’s investment process uses a combination of investment themes, fundamental analysis
and security valuation. Themes seek to identify the major areas of structural change in the world, providing context to investment analysis and decision making, helping the Investment Manager identify areas of potential opportunity and risk both at the asset class and security level. Fundamental analysis and consideration of security
valuations by the Investment Manager then helps to determine a list of potential investments for the Sub- Fund. When investing in securities, the portfolio manager will consider the impact of these investments on the
Sub-Fund’s overall construction, such as asset class
exposures, the size of each security position and the
investment risk characteristics of the securities themselves.

##### The Sustainable Finance Disclosure Regulation
The consideration of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
The Investment Manager has access to a variety of ESG- related data points provided by third party data which assists with the identification of potential ESG-related issues that an issuer may be facing. This includes but is not limited to exposure to activities that may be deemed harmful to the environment or society. This data, along
with data from the Investment Manager’s own proprietary
responsible investment research resources, forms a central part of the Investment Manager’s consideration and assessment of the level of sustainability risk that an
investment may be subject to.
This assessment is integrated in to the security level research process, which is based upon fundamental analysis of individual investment opportunities across a number of different factors including:
- Fundamental financial or economic characteristics
- Valuation
- Risk/reward profile
- The ESG characteristics of the issuer, including understanding how such considerations can impact economic returnsThe information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer or continue to hold a position.

As explained above, the assessment and management of sustainability risks forms an important part of the
Investment Manager’s due diligence process, however,
there may still be a risk that the value of the Sub-Fund
could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical
reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Options | Currency Options (including FX Options) Options on Government Bond Futures Bond Options Equity Options (single name, index, sector, custom basket) Options on Equity Futures Options on Volatility indices Swaptions |
| --- | --- |
| Futures | Futures on Currencies and Options on Currency Futures Equity Futures or Futures on Equity Indices Futures on Government Bonds Futures on Volatility Indices |
| Swaps | Total Return Swaps (single name, credit, index and custom basket) Equity/Equity Index/Sector Swaps Credit Default Swaps (single name, index and custom basket) Interest Rate Swaps |
| Forwards | Forward Foreign Exchange Contracts |
| Securities with Em- bedded FDI/ Leverage | Warrants Convertible Bonds Contingent Convertible Securities (CoCos) Asset-Backed Securities (ABS) Mortgage-Backed Securities (MBS) Structured Notes |
| Other instru- ments | Low exercise price options (LEPOs) and Low exercise price warrants (LEPWs) Contracts for difference (CFD) |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit iTraxx CDS Index |

| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Equity indices to provide exposure to regional and global equity markets in a more cost effective or efficient manner than buying the physical securities. | Borsa Istanbul 30 Dax 30 Index Euro Stoxx 50 Index FTSE 100 Index FTSE All Share Index FTSE World Index Hang Seng Index KOSPI Index |
|  | MDAX Index MSCI All Countries World Index MSCI Emerging Markets Index Nasdaq Composite Index Nikkei 225 Index Russell 2000 Index S&P/ASX 200 Index S&P/TSX Composite Index S&P 500 Index Stoxx Europe 600 Index |
|  | Stoxx Europe Small 200 |
| Volatility indices to provide exposure express the Investment Manager’s view on the volatility of a particular market or currency in a more cost effective or efficient manner than buying the physical securities. | Chicago Board Options Exchange SPX Volatility Index |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. The remaining financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX–Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total net long exposure (after taking account of hedging) through FDI is not expected to exceed 100% of the Net Asset Value of the Sub-Fund and the total net short exposure is not expected to exceed 100% of the Net Asset Value of the Sub-Fund (using the commitment approach).

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements and
repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 100% and in respect of SFTs shall be 100% of the Net Asset Value of the Sub-Fund. However, the Investment Manager does not anticipate that the Sub-
Fund’s exposure in respect of TRS will exceed 30% and in
respect of SFTs will exceed 15% of the Net Asset Value
of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on TRS and SFTs, including acceptable
collateral and counterparty procedure is given under the headings “Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be issued during their respective Initial Offer Periods at their
respective initial offer price per Share of 1USD, 1£, 1€,
1CAD or 1CHF depending on the currency of the relevant
class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will
normally be paid on or before 11 February. Further details are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Global Multi-Asset Income Fund

### SUPPLEMENT 38 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
This Sub-Fund was closed by way of compulsory redemption whereby all of the Shares in issue in the Sub- Fund as of 18 March 2021, were compulsorily redeemed. Shares in the Sub-Fund are no longer available for investment. The Company intends to apply to the Central
Bank to revoke the Sub-Fund’s approval following the
preparation of the audited financial statements for the
year ended 31 December 2021. The Company shall seek approval from the Central Bank to remove the Sub-Fund from this Prospectus following approval of that revocation.
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise financial derivative instruments (“FDI”) for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- It is proposed to charge management fees and other fees and expenses of the Sub-Fund to the capital of the Sub-Fund to seek to maximise distributions. See “Fees and Expenses” in the Prospectus for further details.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
- The Sub-Fund may, in exceptional circumstances, invest substantially in deposits with credit institutions. Although the Sub-Fund may invest in money market instruments and cash deposits, Shares in the Sub-Fund are not deposits and are different in nature to a deposit in that the investment is not guaranteed and the value of the investment is capable of fluctuation. Investment in the Sub-Fund involves certain investment risks, including the possible loss of principal.


#### The Investment Manager
Newton Investment Management Limited

#### Base Currency
Euro

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| Euro A (Inc.) | EUR | up to 5% | EUR 5,000 | 1.50% | None |
| Euro A (Acc.) | EUR | up to 5% | EUR 5,000 | 1.50% | None |
| USD A (Inc.) | USD | up to 5% | USD 5,000 | 1.50% | None |
| USD A (Acc.) | USD | up to 5% | USD 5,000 | 1.50% | None |
| Sterling A (Inc.) | GBP | up to 5% | GBP 5,000 | 1.50% | None |
| Sterling A (Acc.) | GBP | up to 5% | GBP 5,000 | 1.50% | None |

| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| CAD A (Acc.) | CAD | up to 5% | CAD 5,000 | 1.50% | None |
| CAD A (Inc.) | CAD | up to 5% | CAD 5,000 | 1.50% | None |
| AUD A (Acc.) | AUD | up to 5% | AUD 5,000 | 1.50% | None |
| AUD A (Inc.) | AUD | up to 5% | AUD 5,000 | 1.50% | None |
| HKD A (Acc.) | HKD | up to 5% | HKD 50,000 | 1.50% | None |
| HKD A (Inc.) | HKD | up to 5% | HKD 50,000 | 1.50% | None |
| SGD A (Acc.) | SGD | up to 5% | SGD 5,000 | 1.50% | None |
| SGD A (Inc.) | SGD | up to 5% | SGD 5,000 | 1.50% | None |
| CNH A (Acc.) | CNH | up to 5% | CNH 50,000 | 1.50% | None |
| CNH A (Inc.) | CNH | up to 5% | CNH 50,000 | 1.50% | None |
| USD H (Inc.) (hedged) | USD | up to 5% | USD 5,000 | 1.50% | None |
| USD H (Acc.) (hedged) | USD | up to 5% | USD 5,000 | 1.50% | None |
| Sterling H (Inc.) (hedged) | GBP | up to 5% | GBP 5,000 | 1.50% | None |
| Sterling H (Acc.) (hedged) | GBP | up to 5% | GBP 5,000 | 1.50% | None |
| CAD H (Acc.) (hedged) | CAD | up to 5% | CAD 5,000 | 1.50% | None |
| CAD H (Inc.) (hedged) | CAD | up to 5% | CAD 5,000 | 1.50% | None |
| AUD H (Acc.) (hedged) | AUD | up to 5% | AUD 5,000 | 1.50% | None |
| AUD H (Inc.) (hedged) | AUD | up to 5% | AUD 5,000 | 1.50% | None |
| HKD H (Acc.) (hedged) | HKD | up to 5% | HKD 50,000 | 1.50% | None |
| HKD H (Inc.) (hedged) | HKD | up to 5% | HKD 50,000 | 1.50% | None |
| SGD H (Acc.) (hedged) | SGD | up to 5% | SGD 5,000 | 1.50% | None |
| SGD H (Inc.) (hedged) | SGD | up to 5% | SGD 5,000 | 1.50% | None |
| CNH H (Acc.) (hedged) | CNH | up to 5% | CNH 50,000 | 1.50% | None |
| CNH H (Inc.) (hedged) | CNH | up to 5% | CNH 50,000 | 1.50% | None |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| Euro C (Inc.) | EUR | up to 5% | EUR 5,000,000 | 1.00% | None |
| Euro C (Acc.) | EUR | up to 5% | EUR 5,000,000 | 1.00% | None |
| USD C (Inc.) | USD | up to 5% | USD 5,000,000 | 1.00% | None |
| USD C (Acc.) | USD | up to 5% | USD 5,000,000 | 1.00% | None |
| Sterling C (Inc.) | GBP | up to 5% | GBP 5,000,000 | 1.00% | None |
| Sterling C (Acc.) | GBP | up to 5% | GBP 5,000,000 | 1.00% | None |
| CHF C (Inc.) | CHF | up to 5% | CHF 5,000,000 | 1.00% | None |
| CHF C (Acc.) | CHF | up to 5% | CHF 5,000,000 | 1.00% | None |
| USD I (Acc.) (hedged) | USD | up to 5% | USD 5,000,000 | 1.00% | None |
| USD I (Inc.) (hedged) | USD | up to 5% | USD 5,000,000 | 1.00% | None |
| Sterling I (Inc.) (hedged) | GBP | up to 5% | GBP 5,000,000 | 1.00% | None |
| Sterling I (Acc.) (hedged) | GBP | up to 5% | GBP 5,000,000 | 1.00% | None |
| CHF I (Inc.) (hedged) | CHF | up to 5% | CHF 5,000,000 | 1.00% | None |
| CHF I (Acc.) (hedged) | CHF | up to 5% | CHF 5,000,000 | 1.00% | None |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| USD G (Acc.) | USD | up to 5% | USD 5,000 | 1.00% | None |
| USD G (Inc.) | USD | up to 5% | USD 5,000 | 1.00% | None |
| Euro G (Acc.) | EUR | up to 5% | EUR 5,000 | 1.00% | None |

| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Euro G (Inc.) | EUR | up to 5% | EUR 5,000 | 1.00% | None |
| Sterling G (Acc.) | GBP | up to 5% | GBP 5,000 | 1.00% | None |
| Sterling G (Inc.) | GBP | up to 5% | GBP 5,000 | 1.00% | None |
| USD G (Acc.) (hedged) | USD | up to 5% | USD 5,000 | 1.00% | None |
| USD G (Inc.) (hedged) | USD | up to 5% | USD 5,000 | 1.00% | None |
| Sterling G (Acc.) (hedged) | GBP | up to 5% | GBP 5,000 | 1.00% | None |
| Sterling G (Inc.) (hedged) | GBP | up to 5% | GBP 5,000 | 1.00% | None |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| Euro W (Acc.) | EUR | up to 5% | EUR 15,000,000 | 0.75% | None |
| Euro W (Inc.) | EUR | up to 5% | EUR 15,000,000 | 0.75% | None |
| USD W (Acc.) | USD | up to 5% | USD 15,000,000 | 0.75% | None |
| USD W (Inc.) | USD | up to 5% | USD 15,000,000 | 0.75% | None |
| Sterling W (Acc.) | GBP | up to 5% | GBP 15,000,000 | 0.75% | None |
| Sterling W (Inc.) | GBP | up to 5% | GBP 15,000,000 | 0.75% | None |
| CHF W (Acc.) | CHF | up to 5% | CHF 15,000,000 | 0.75% | None |
| CHF W (Inc.) | CHF | up to 5% | CHF 15,000,000 | 0.75% | None |
| CAD W (Acc.) | CAD | up to 5% | CAD 15,000,000 | 0.75% | None |
| CAD W (Inc.) | CAD | up to 5% | CAD 15,000,000 | 0.75% | None |
| AUD W (Acc.) | AUD | up to 5% | AUD 15,000,000 | 0.75% | None |
| AUD W (Inc.) | AUD | up to 5% | AUD 15,000,000 | 0.75% | None |
| HKD W (Acc.) | HKD | up to 5% | HKD 150,000,000 | 0.75% | None |
| HKD W (Inc.) | HKD | up to 5% | HKD 150,000,000 | 0.75% | None |
| SGD W (Acc.) | SGD | up to 5% | SGD 15,000,000 | 0.75% | None |
| SGD W (Inc.) | SGD | up to 5% | SGD 15,000,000 | 0.75% | None |
| CNH W (Acc.) | CNH | up to 5% | CNH 150,000,000 | 0.75% | None |
| CNH W (Inc.) | CNH | up to 5% | CNH 150,000,000 | 0.75% | None |
| USD W (Acc.) (hedged) | USD | up to 5% | USD 15,000,000 | 0.75% | None |
| USD W (Inc.) (hedged) | USD | up to 5% | USD 15,000,000 | 0.75% | None |
| Sterling W (Acc.) (hedged) | GBP | up to 5% | GBP 15,000,000 | 0.75% | None |
| Sterling W (Inc.) (hedged) | GBP | up to 5% | GBP 15,000,000 | 0.75% | None |
| CHF W (Acc.) (hedged) | CHF | up to 5% | CHF 15,000,000 | 0.75% | None |
| CHF W (Inc.) (hedged) | CHF | up to 5% | CHF 15,000,000 | 0.75% | None |
| CAD W (Acc.) (hedged) | CAD | up to 5% | CAD 15,000,000 | 0.75% | None |
| CAD W (Inc.) (hedged) | CAD | up to 5% | CAD 15,000,000 | 0.75% | None |
| AUD W (Acc.) (hedged) | AUD | up to 5% | AUD 15,000,000 | 0.75% | None |
| AUD W (Inc.) (hedged) | AUD | up to 5% | AUD 15,000,000 | 0.75% | None |
| HKD W (Acc.) (hedged) | HKD | up to 5% | HKD 150,000,000 | 0.75% | None |
| HKD W (Inc.) (hedged) | HKD | up to 5% | HKD 150,000,000 | 0.75% | None |
| SGD W (Acc.) (hedged) | SGD | up to 5% | SGD 15,000,000 | 0.75% | None |
| SGD W (Inc.) (hedged) | SGD | up to 5% | SGD 15,000,000 | 0.75% | None |
| CNH W (Acc.) (hedged) | CNH | up to 5% | CNH 150,000,000 | 0.75% | None |
| CNH W (Inc.) (hedged) | CNH | up to 5% | CNH 150,000,000 | 0.75% | None |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| Euro E (Acc.) | EUR | up to 5% | As Agreed | 0.25% | None |
| Euro E (Inc.) | EUR | up to 5% | As Agreed | 0.25% | None |
| USD E (Acc.) | USD | up to 5% | As Agreed | 0.25% | None |
| USD E (Inc.) | USD | up to 5% | As Agreed | 0.25% | None |
| Sterling E (Acc.) | GBP | up to 5% | As Agreed | 0.25% | None |
| Sterling E (Inc.) | GBP | up to 5% | As Agreed | 0.25% | None |
| CHF E (Acc.) | CHF | up to 5% | As Agreed | 0.25% | None |
| CHF E (Inc.) | CHF | up to 5% | As Agreed | 0.25% | None |
| USD E (Acc.) (hedged) | USD | up to 5% | As Agreed | 0.25% | None |
| USD E (Inc.) (hedged) | USD | up to 5% | As Agreed | 0.25% | None |
| Sterling E (Acc.) (hedged) | GBP | up to 5% | As Agreed | 0.25% | None |
| Sterling E (Inc.) (hedged) | GBP | up to 5% | As Agreed | 0.25% | None |
| CHF E (Acc.) (hedged) | CHF | up to 5% | As Agreed | 0.25% | None |
| CHF E (Inc.) (hedged) | CHF | up to 5% | As Agreed | 0.25% | None |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| Euro X (Acc.) | EUR | None | None | None | None |
| Euro X (Inc.) | EUR | None | None | None | None |
| USD X (Acc.) | USD | None | None | None | None |
| USD X (Inc.) | USD | None | None | None | None |
| Sterling X (Acc.) | GBP | None | None | None | None |
| Sterling X (Inc.) | GBP | None | None | None | None |
| USD X (Acc.) (hedged) | USD | None | None | None | None |
| USD X (Inc.) (hedged) | USD | None | None | None | None |
| Sterling X (Acc.) (hedged) | GBP | None | None | None | None |
| Sterling X (Inc.) (hedged) | GBP | None | None | None | None |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to provide income with the potential for capital growth over the longer term.

##### Investment Policy
The Sub-Fund is an income focused global multi-asset fund that aims to achieve its objective through an active and flexible asset allocation.
The Sub-Fund may invest in equity and equity-related securities (common and preferred stock, American depositary receipts and global depository receipts, securities convertible into or exchangeable for such
equities, warrants and stock purchase rights) and equity- related FDIs as listed in the section entitled “Use of FDI” below.
The Sub-Fund may also invest in debt and debt-related securities (debentures, deposits, notes including corporate, sovereign, floating and fixed rate notes with a minimum term of one year or more, asset-backed securities (ABS), mortgage-backed securities (MBS), and bonds which may be fixed or floating rate and are issued
or guaranteed by any sovereign government or their agencies, local authority, supranational or public international bodies, banks, corporates or other
commercial issuers, (hereinafter “Debt and Debt-Related Securities”) and in debt FDIs as listed in the section entitled “Use of FDI” below.
The Sub-Fund may invest up to 10% of its Net Asset Value in CoCos. Please see “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos.
Debt and Debt-Related Securities held by the Sub-Fund may be investment grade quality, sub investment grade quality or unrated. The Investment Manager considers sub investment grade securities to be those which have a credit rating of lower than BBB- at the date of purchase as rated by a Recognised Rating Agency. The Sub-Fund may invest more than 30% of its Net Asset Value in below investment grade Debt and Debt-Related Securities.
The Sub-Fund may invest more than 10% and up to 35% of the Sub-Fund’s Net Asset Value in Debt and Debt- Related Securities issued and/or guaranteed by a single
sovereign issuer (including its government, public or local authority) which is below investment grade (i.e. BB+ or
below) as rated by a Recognised Rating Agency. Examples of such sovereign issuers are Brazil, Indonesia and Hungary. Such investments are based on the professional judgement of the Investment Manager, whose reasons for investment may include a favourable/positive outlook on the sovereign issuer, potential for ratings upgrade and the expected changes in the value of such investments due to the ratings changes. Please note the ratings of sovereign issuers may change from time to time and the abovementioned sovereigns are named only for reference and are subject to change as their ratings change.
The Sub-Fund may also invest in commodities, property and infrastructure through collective investment schemes
(“CIS”), securities listed or traded on Eligible Markets such as listed real estate investment trusts (“REITS”) and ETFs. The Sub-Fund may invest up to 10% of its Net
Asset Value in aggregate in CIS including money market funds.
The Sub-Fund may invest on a global basis. The Sub- Fund may invest more than 40% its Net Asset Value in
emerging market countries including Russia. However, no more than 20% of the Sub-Fund’s Net Asset Value will be invested in securities listed or traded in Russia. The Sub-
Fund may only invest in Russian securities which are traded on the Moscow Exchange.
The Sub-Fund may also temporarily hold high levels (i.e. up to 100% of its Net Asset Value) of cash, money market instruments such as commercial paper and fixed or floating rate government bonds and cash equivalents such as certificates of deposit and short-dated debt instruments in certain circumstances for cash flow management. Such circumstances include where the Investment Manager believes markets are overvalued, where market conditions may require a defensive investment strategy (e.g. market crash or major crisis), the holding of cash on deposit pending reinvestment or to meet redemptions and payment of expenses or in order to provide collateral to support FDI exposure.
With the exception of permitted investment in unlisted securities and open-ended CIS, the Sub-Fund’s investments in securities and FDIs will be listed or traded
on Eligible Markets listed in Appendix II of the Prospectus.
The Sub-Fund may also invest up to 10% of its Net Asset Value in Debt and Debt-Related Securities in the People’s Republic of China (“PRC”) traded in the China interbank bond market (“CIBM”) via Bond Connect (as further described Appendix VI to the Prospectus.)
The Sub-Fund may invest up to 10% of its Net Asset Value in Structured Notes.

##### Benchmark
60% MSCI AC World NR Index, 40% ICE Bank of America Merrill Lynch Global Broad Market TR Index (hedged to
Euro) (the “Blended Benchmark”).
The MSCI AC World index captures large and mid cap representation across 23 Developed Markets and 24 Emerging Markets countries. With over 2,000 constituents, the index covers approximately 85% of the global investable equity opportunity set. The index implements a comprehensive and consistent approach to index construction that allows for meaningful global views and cross regional comparisons across all market capitalization size, sector and style segments and combinations. This methodology aims to provide
exhaustive coverage of the relevant investment opportunity set with a strong emphasis on index liquidity,
investability and replicability. The Index is reviewed quarterly in February, May, August and November—with the objective of reflecting change in the underlying equity
markets in a timely manner, while limiting undue index turnover.
The ICE Bank of America Merrill Lynch Global Broad Market Index tracks the performance of investment grade debt publicly issued in the major domestic and Eurobond markets, including sovereign, quasi-government, corporate, securitized and collateralized securities.
The Sub-Fund will measure its income generation against the Blended Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Blended Benchmark subject to the investment objective and policy. While the Sub-Fund’s holdings may include constituents of the Blended
Benchmark, the selection of investments and their weightings in the portfolio are not influenced by the Blended Benchmark. The investment strategy does not restrict the extent to which the Investment Manager may deviate from the Blended Benchmark.

##### Investment Strategy
The Sub-Fund is an income focused global multi-asset
portfolio. As such, a significant proportion of the Sub- Fund’s assets will be invested in income generating securities. Allocations will be made at the Investment Manager’s discretion across the asset classes described
above. Whilst the Sub-Fund’s focus is on income
generation, there is no geographical, industry or sector
focus in relation to the asset classes to which exposure may be taken. The Sub-Fund therefore has the ability to invest 100% in equity and equity-related instruments, 100% in Debt and Debt-Related Securities or any mixture of all of the asset classes described above under the
heading “Investment Policy”. The asset allocation of the
Sub-Fund may change according to the Investment Manager’s views of fundamental economic and market conditions and investment trends across the globe,
taking into consideration factors such as liquidity, costs, timing of execution, relative attractiveness of individual securities and issuers available in the market.
The Investment Manager believes that no company, market or economy can be considered in isolation; each must be understood in a global context. The Investment Manager believes that events occurring around the world influence all financial markets and therefore successful investment in internationally diversified securities requires a thorough understanding of the world as a whole.
The Investment Manager’s investment process uses a combination of investment themes, fundamental analysis
and security valuation. Themes seek to identify the major areas of structural change in the world, providing context to investment analysis and decision making, helping the Investment Manager identify areas of potential opportunity and risk both at the asset class and security level. Fundamental analysis and consideration of security valuations by the Investment Manager then helps to determine a list of potential investments for the Sub- Fund. When investing in securities, the portfolio manager will consider the impact of these investments on the
Sub-Fund’s overall construction, such as asset class
exposures, the size of each security position and the investment risk and income characteristics of the securities themselves.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and over-the-counter FDI for investment purposes:
| Options | Currency Options (including FX Options) Options on Government Bond Futures Bond Options Equity Options (single name, index, sector, custom basket) Options on Equity Futures Options on Volatility indices Swaptions |
| --- | --- |
| Futures | Futures on Currencies and Options on Currency Futures Equity Futures or Futures on Equity Indices Futures on Government Bonds Futures on Volatility Indices |
| Swaps | Total Return Swaps Equity/Equity Index/Sector Swaps Credit Default Swaps Interest Rate Swaps |
| Forwards | Forward Foreign Exchange Contracts |
| Securities with Em- bedded FDI/ Leverage | Warrants Convertible Bonds Contingent Convertible Securities (CoCos) Asset-Backed Securities (ABS) Mortgage-Backed Securities (MBS) Structured Notes |
| Other instru- ments | Participatory Notes (including LEPOs and LEPWs) Contracts for difference (CFD) |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

##### Financial Indices
| Type of Indices | Name of Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit iTraxx CDS Index |
| Equity indices to provide | Dax 30 Index |
| exposure to regional and global | Euro Stoxx 50 Index |
| equity markets in a more cost | FTSE 100 Index |
| effective or efficient manner | FTSE All Share Index |
| than buying the physical | FTSE World Index |
| securities. | Hang Seng Index |
|  | KOSPI Index |
|  | MSCI All Countries World Index |
|  | MSCI Emerging Markets Index |
|  | Nasdaq Composite Index |
|  | Nikkei 225 Index |
|  | Russell 2000 Index |
|  | S&P/ASX 200 Index |
|  | S&P/TSX Composite Index |
|  | S&P 500 Index |
|  | Stoxx Europe 600 Index |

The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both efficient portfolio management (EPM) and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Volatility indices to provide exposure express the Investment Manager’s view on the volatility of a particular market or currency in a more cost effective or efficient manner than buying the physical securities. | Chicago Board Options Exchange SPX Volatility Index |
| --- | --- |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. The remaining financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX–Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total net long exposure (after taking account of hedging) through FDI is not expected to exceed 100% of the Net Asset Value of the Sub-Fund and the total net short exposure is not expected to exceed 100% of the Net Asset Value of the Sub-Fund (using the commitment approach).

#### Issue of Shares
The initial offering (the “Initial Offer Period”) for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall
continue until 30 April, 2021 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in each available unlaunched share classes will be issued during their respective Initial Offer Periods at
their respective initial offer price per Share of 1USD, 1£, 1€, 1CHF, 1CAD, 1AUD, 1SGD, 10HKD or 10CNH depending
on the currency of the relevant class (plus the sales
charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Repurchase of Shares
Shares in each class may be repurchased, at the option of the relevant Shareholder, on any Valuation Day at the Valuation Point. The Repurchase Price is the Net Asset Value per Share of that class calculated as at the Valuation Point less the applicable redemption fee.
All requests for the repurchase of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Investment and Borrowing Restrictions
The Sub-Fund’s investment and borrowing restrictions are set out under the heading “The Company - Investment and Borrowing Restrictions” in the Prospectus.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Absolute VaR
Absolute VaR Limit: Sub-Fund’s portfolio will not exceed 20% of the Net Asset Value (using a 20 Business Day holding period).
Gross leverage is expected to vary between: 0% to 750% of the Sub-Fund’s Net Asset Value. The gross leverage may exceed this target level at times.
For more information on the Absolute VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.”

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise stocklending arrangements and repurchase/reverse repurchase agreements for efficient portfolio management (EPM) purposes, subject to the conditions and limits set out in
the Central Bank UCITS Regulations. Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of
techniques and FDI the Sub-Fund may use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in securities financing transactions (“SFTs”), i.e.
stocklending arrangements and repurchase/reverse
repurchase agreements, as described under the heading
“Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 100% and in respect of SFTs shall be 100% of the Net Asset Value of the Sub-Fund. However, the Investment Manager does not anticipate that the Sub-
Fund’s exposure in respect of TRS will exceed 30% and in
respect of SFTs will exceed 15% of the Net Asset Value
of the Sub-Fund. The types of assets that will be subject to TRS or SFTs will be of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on TRS and SFTs, including acceptable collateral and counterparty procedure is given under the
headings “Appendix III - Securities Financing
Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Stocklending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Share Class Hedging
This Sub-Fund offers hedged share classes. Such share classes are indicated by the suffix “(hedged)” Please see the section entitled “Share Class Hedging” in the Prospectus for further information on the operation and
impact of hedged share classes.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11 November respectively. Further details are set out under
the heading “The Company - Distribution Policy” in the
Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management fee payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and organisation of the Sub-Fund including the fees of the
Sub-Fund’s professional advisers will be borne by the
Sub-Fund. Such fees and expenses are estimated not to exceed €60,000 and will be borne by the Sub-Fund and will be amortised over a period of up to 5 years from the
date of the launch of the Sub-Fund.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Efficient U.S. High Yield Beta Fund

### SUPPLEMENT 39 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- It is proposed to charge management fees and other fees and expenses of the Sub-Fund to the capital of the Sub-Fund to seek to maximise distributions. See “Fees and Expenses” in the Prospectus for further details.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Insight North America LLC

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD A (Acc.) | USD | 5,000 | 5% | 0.40% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 0.40% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 0.40% | 0% |
| Euro H (Acc.) (hedged) | EUR | 5,000 | 5% | 0.40% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 0.40% | 0% |
| Sterling H (Acc.) (hedged) | GBP | 5,000 | 5% | 0.40% | 0% |
| Sterling H (Inc.) (hedged) | GBP | 5,000 | 5% | 0.40% | 0% |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 0.40% | 0% |
| CHF H (Inc.) (hedged) | CHF | 5,000 | 5% | 0.40% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 0.30% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 0.30% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 0.30% | 0% |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 0.30% | 0% |
| Sterling G (Acc.) (hedged) | GBP | 5,000 | 5% | 0.30% | 0% |
| Sterling G (Inc.) (hedged) | GBP | 5,000 | 5% | 0.30% | 0% |
| CHF G (Acc.) (hedged) | CHF | 5,000 | 5% | 0.30% | 0% |
| CHF G (Inc.) (hedged) | CHF | 5,000 | 5% | 0.30% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.30% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.30% | 0% |
| Euro C (Acc.) | EUR | 5,000,000 | 5% | 0.30% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 0.30% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.30% | 0% |
| Sterling I (Acc.) (hedged) | GBP | 5,000,000 | 5% | 0.30% | 0% |
| Sterling I (Inc.) (hedged) | GBP | 5,000,000 | 5% | 0.30% | 0% |
| CHF I (Acc.) (hedged) | CHF | 5,000,000 | 5% | 0.30% | 0% |
| CHF I (Inc.) (hedged) | CHF | 5,000,000 | 5% | 0.30% | 0% |
| CAD I (Acc.) (hedged) | CAD | 5,000,000 | 5% | 0.30% | 0% |
| CAD I (Inc.) (hedged) | CAD | 5,000,000 | 5% | 0.30% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.20% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.20% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.20% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.20% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.20% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.20% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.20% | 0% |
| CHF W (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.20% | 0% |
| CAD W (Acc.) (hedged) | CAD | 15,000,000 | 5% | 0.20% | 0% |
| CAD W (Inc.) (hedged) | CAD | 15,000,000 | 5% | 0.20% | 0% |

| “K” Shares and “K (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD K (Acc.) | USD | As agreed | 5% | 0.30% | 0% |
| Euro K (Acc.) (hedged) | EUR | As agreed | 5% | 0.30% | 0% |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD E (Acc.) | USD | As agreed | 5% | 0.10% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| USD E (Inc.) | USD | As agreed | 5% | 0.10% | 0% |
| Euro E (Acc.) (hedged) | EUR | As agreed | 5% | 0.10% | 0% |
| Euro E (Inc.) (hedged) | EUR | As agreed | 5% | 0.10% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.10% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.10% | 0% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.10% | 0% |
| CHF E (Inc.) (hedged) | CHF | As agreed | 5% | 0.10% | 0% |
| CAD E (Acc.) (hedged) | CAD | As agreed | 5% | 0.10% | 0% |
| CAD E (Inc.) (hedged) | CAD | As agreed | 5% | 0.10% | 0% |

| “L” Shares and “L (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD L (Acc.) | USD | As agreed | 5% | 0.16% | 0% |
| USD L (Inc.) | USD | As Agreed | 5% | 0.16% | 0% |
| Euro L (Acc.) (hedged) | EUR | As agreed | 5% | 0.16% | 0% |
| Euro L (Inc.) (hedged) | EUR | As agreed | 5% | 0.16% | 0% |
| Sterling L (Inc.) (hedged) | GBP | As agreed | 5% | 0.16% | 0% |
| Sterling L (Acc.) (hedged) | GBP | As agreed | 5% | 0.16% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% |
| CHF X (Inc.) (hedged) | CHF | None | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | None | 0% | 0% | 0% |
| CAD X (Inc.) (hedged) | CAD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to provide similar performance and levels of volatility as the benchmark detailed below over the medium to long-term before fees and expenses.

##### Investment Policy
The Sub-Fund aims to achieve its investment objective by gaining diversified exposure to securities with similar credit and maturity characteristics as that of the
Bloomberg Barclays U.S. Corporate High Yield Bond TR Index (the “Benchmark”) by investing in bonds, treasury bills, debentures, certificates of deposit, commercial
paper, term deposits and private placements (i.e. Reg S bonds and 144A bonds) (hereinafter “Debt and Debt-
Related Securities”) and in FDI. The remaining assets may be invested in cash and liquid near cash assets as further detailed in “Cash and Collateral Management” below.
The Sub-Fund will invest in Debt and Debt-Related Securities which may be fixed or floating rate and issued or guaranteed by any corporate or other commercial issuer included in the Benchmark. The Investment Manager expects to mainly invest in Debt and Debt- Related Securities issued by issuers having their registered officer in the U.S. or exercising the preponderant part of their economic activity in the U.S.
(‘U.S. Issuers’) however the Sub-Fund may also invest in
Debt and Debt-Related Securities issued by non-U.S.
Issuers where such issuers are included in the Benchmark. The Debt and Debt-Related Securities
invested in by the Sub-Fund shall be primarily below investment grade securities as rated by a Recognised Rating Agency at time of purchase.
The Sub-Fund may have exposure of up to 10% of its Net Asset Value to contingent convertible securities (“CoCos”). Please see “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos.
The Sub-Fund will primarily invest directly in the underlying Debt and Debt-Related Securities included in Benchmark but will also, on an ancillary basis, gain
exposure indirectly to the constituents of the Benchmark via Credit Default Swaps (“CDS”) indices as described in the Financial Indices section below and collective investment schemes (“CIS”).
The Sub-Fund may invest up to 10% of its Net Asset
Value in CIS including open-ended exchange traded funds (“ETFs”) and money market funds.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in transferable securities including but not limited to money market instruments and Debt and Debt-Related Securities which are not admitted to or dealt in on an Eligible Market, in accordance with the UCITS Regulations. With the exception of permitted investment in unlisted securities and open-ended CIS, the Sub-Fund will invest in assets including FDI listed or traded on the Eligible Markets listed in Appendix II of the Prospectus.

##### Cash and Collateral Management
The Sub-Fund may also hold cash and liquid near cash assets in certain circumstances. Such circumstances include where market conditions may require a defensive investment strategy, the holding of cash on deposit pending reinvestment, to meet redemptions, to facilitate payment of expenses and to provide collateral to support FDI exposure.
Liquid near cash assets may include Debt and Debt- Related Securities and instruments, obligations, treasury bills, certificates of deposit, floating rate notes and commercial paper, which may be fixed or floating rate and are issued or guaranteed by any sovereign government or their agencies, local authority, supranational or public international bodies, banks, corporates or other commercial issuers and may have maturities longer than 1 year. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
Bloomberg Barclays U.S. Corporate High Yield TR Index (the "Benchmark")
The Benchmark represents the broad U.S. Dollar denominated, high yield, fixed-rate corporate bond market. The Sub-Fund will mainly provide exposure to
U.S. Issuers within the Benchmark and will invest directly in the constituents of the Benchmark and indirectly though FDI.
The Sub-Fund will measure its performance against the Benchmark.
The Investment Manager will use the Benchmark to construct the investment universe. The Sub-Fund is actively managed and does not seek to replicate the full constituents of the Benchmark. The Investment Manager has limited discretion to invest outside the Benchmark subject to the investment objective and policy.
The majority of the Sub-Fund’s holdings will be constituents of the Benchmark and as a result the Sub-
Fund will be similar in its currency and sector exposures as well as the maturity and credit quality profile.
The investment strategy restricts the extent to which the portfolio holdings may deviate from the Benchmark and consequently the extent to which it can outperform the Benchmark. The investment strategy provides similar volatility to the benchmark over the medium to long- term.

##### Investment Strategy
A top-down approach is used to construct a portfolio based on the Benchmark which provides “efficient beta”. ‘Beta’ refers to gaining market exposure while ‘efficient’ refers to achieving the ‘beta’ though the Investment Manager’s considered and cost-effective investment
decisions and strategies.
In the portfolio construction process, a selection of Debt and Debt-Related Securities will be chosen by identifying the yield/spread, risk, sector and quality characteristics of the constituents of the Benchmark and selecting Debt and Debt-Related Securities such that the aggregate metrics yield/spread, risk, sector and quality of the Sub-
Fund’s holdings and its beta are closely matched with
that of the Benchmark.
The application of the Investment Manager’s proprietary credit model refines the security selection process. This
credit model scores and ranks the investable universe by gathering information from financial markets and corporate balance sheets to help identify the appropriate value that a Debt or Debt-related Security is expected to trade at and incorporates fundamental indicators such as earnings quality (gross margin and profitability) and earnings revisions. The Investment Manager incorporates the information from the credit model in the asset selection process and in its ongoing monitoring of the investable universe. In this way the model helps the Investment Manager to identify Debt and Debt-Related Securities with a higher probability of downgrade, default
or underperformance relative to the Benchmark. The Investment Manager will then ensure that the Sub-Fund’s exposure to such Debt and Debt-Related Securities will
be the same or less than such Debt and Debt-Related Securities’ weight in the Benchmark.
The Investment Manager will look to employ efficient turnover strategies to manage the portfolio in a cost effective manner, for example, the Investment Manager may hold bonds that no longer are included in the Benchmark, but where selling these would incur unnecessary trading costs. While the Investment Manager seeks to provide a return which reflects the Benchmark over the medium to long-term, it does not seek to track the Benchmark on a day-to-day basis. This means the Investment Manager does not focus on the tracking error of the Sub-Fund against the Benchmark and does not take any actions intended to minimise the tracking error. Rather, by combining strategies which address
inefficiencies of the Benchmark the Investment Manager seeks to deliver an efficient beta investment solution for investors.

##### The Sustainable Finance Disclosure Regulation
Due to the investment objective of this Sub-Fund, the Investment Manager has limited discretion to deviate from the characteristics and exposures of the Benchmark. This discretion allows the Investment Manager, for instance, to invest in securities not included in the Benchmark where such securities meet the requirements of, and are expected to be included in the Benchmark in the future and to continue to hold securities which were included in the Benchmark at the time of purchase, even if they are subsequently removed from the Benchmark. The Benchmark does not take ESG factors or sustainability risks into account. Consequently, the Investment Manager does not integrate sustainability risks (which is defined as an ESG event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the relevant investment
(an “ESG Event”) into its investment decisions. However,
due to the diversified nature of the Sub-Fund, the
Investment Manager has determined that the sustainability risk faced by the Sub-Fund is minimal.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Bond Futures |
| --- | --- |
| Swaps | Credit Default Swaps (CDS) |
| Securities with Embedded FDI/Leverage | Contingent Convertible Securities (CoCos) |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial
purpose, are described in the Prospectus in the section entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following financial indices for investment purposes, where it is more efficient to do so or in circumstances in which the Sub-Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to U.S. fixed income markets in a more cost effective or efficient manner than buying the physical securities. | IHS Markit CDX North American High Yield |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically will not be rebalanced regularly. However, as the Sub- Fund does not aim to replicate or track these indices it will not be directly impacted by the indices rebalancing, associated costs or any stock weighting which would exceed the permitted investment restrictions.
Details on where to find additional information on the indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market they represent and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending
arrangements and repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of
SFTs shall be 100% of the Net Asset Value of the Sub- Fund. However, it is not anticipated that the Sub-Fund’s exposure to the SFTs will exceed 15% of the Net Asset
Value of the Sub-Fund. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£, 1€, 1CHF or 1CAD depending on the currency of the relevant
class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11 November respectively. Further details are set out under
the heading “The Company - Distribution Policy” in the
Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Emerging Markets Debt Total Return Fund

### SUPPLEMENT 40 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- Management fees and other fees and expenses of the Sub-Fund will be charged to the capital of the Sub-Fund to seek to maximise distributions. See “Fees and Expenses” in the Prospectus for further details.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. The use of FDI for investment purposes will not be extensive. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- Investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
- The Sub-Fund may, in exceptional circumstances, invest substantially in deposits with credit institutions. Although the Sub-Fund may invest in money market instruments and cash deposits, Shares in the Sub-Fund are not deposits and are different in nature to a deposit in that the investment is not guaranteed and the value of the investment is capable of fluctuation. Investment in the Sub-Fund involves certain investment risks, including the possible loss of principal.


#### The Investment Manager
Insight Investment Management (Global) Limited
The Investment Manager may delegate its investment management functions to a Sub-Investment Manager and/or appoint a sub-investment adviser to provide investment advice in accordance with the requirements of the Central Bank. As at the date of this Supplement, the Investment Manager has appointed the Sub- Investment Manager, as described below.

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this
Sub-Fund to Insight North America LLC (the “Sub-
Investment Manager”). Details of the Sub-Investment Management Agreement between the Investment Manager and the Sub-Investment Manager are set out
under the heading “Sub-Investment Managers” in the
Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD A (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Euro H (Acc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 1.00% | 0% |
| CAD H (Acc.) (hedged) | CAD | 5,000 | 5% | 1.00% | 0% |
| CAD H (Inc.) (hedged) | CAD | 5,000 | 5% | 1.00% | 0% |
| AUD H (Acc.) (hedged) | AUD | 5,000 | 5% | 1.00% | 0% |
| AUD H (Inc.) (hedged) | AUD | 5,000 | 5% | 1.00% | 0% |
| SGD H (Acc.) (hedged) | SGD | 5,000 | 5% | 1.00% | 0% |
| SGD H (Inc.) (hedged) | SGD | 5,000 | 5% | 1.00% | 0% |
| CNH H (Acc.) (hedged) | CNH | 50,000 | 5% | 1.00% | 0% |
| CNH H (Inc.) (hedged) | CNH | 50,000 | 5% | 1.00% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 0.80% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 0.80% | 0% |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 0.80% | 0% |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 0.80% | 0% |
| Sterling G (Acc.) (hedged) | GBP | 5,000 | 5% | 0.80% | 0% |
| Sterling G (Inc.) (hedged) | GBP | 5,000 | 5% | 0.80% | 0% |
| CHF G (Acc.) (hedged) | CHF | 5,000 | 5% | 0.80% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.80% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.80% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 0.80% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.80% | 0% |
| CHF I (Acc.) (hedged) | CHF | 5,000,000 | 5% | 0.80% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.55% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.55% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.55% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.55% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.55% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.55% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.55% | 0% |
| CAD W (Acc.) (hedged) | CAD | 15,000,000 | 5% | 0.55% | 0% |
| CAD W (Inc.) (hedged) | CAD | 15,000,000 | 5% | 0.55% | 0% |
| AUD W (Acc.) (hedged) | AUD | 15,000,000 | 5% | 0.55% | 0% |
| AUD W (Inc.) (hedged) | AUD | 15,000,000 | 5% | 0.55% | 0% |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.55% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| SGD W (Inc.) (hedged) | SGD | 15,000,000 | 5% | 0.55% | 0% |
| CNH W (Acc.) (hedged) | CNH | 150,000,000 | 5% | 0.55% | 0% |
| CNH W (Inc.) (hedged) | CNH | 150,000,000 | 5% | 0.55% | 0% |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD E (Acc.) | USD | As agreed | 5% | 0.45% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.45% | 0% |
| Euro E (Acc.) (hedged) | EUR | As agreed | 5% | 0.45% | 0% |
| Euro E (Inc.) (hedged) | EUR | As agreed | 5% | 0.45% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.45% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.45% | 0% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.45% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | None | 0% | 0% | 0% |
| CAD X (Inc.) (hedged) | CAD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to generate a total return in excess of the benchmark as detailed below.

##### Investment Policy
The Sub-Fund aims to achieve its investment objective by investing primarily (meaning at least three-quarters of
the Sub-Fund’s Net Asset Value) in fixed and floating rate
debt and debt-related securities issued by sovereigns,
governments, supranationals, agencies, public international bodies, financial institutions, local authorities and corporates which are economically tied or linked to emerging market countries.
The debt and debt-related securities that the Sub-Fund may invest in include debentures, obligations, bonds (such as zero coupon bonds, agency bonds, municipal bonds, covered bonds, puttable bonds, callable bonds, tender option bonds, toggle bonds, step-up bonds, payment in kind bonds, Eurobonds, bullet bonds and treasury bonds), GDP linked bonds, money market instruments (such as local treasury bills, certificates of
deposit, commercial paper and term deposits), notes (such as floating rate notes, variable rate demand notes and loan participation notes), private placements (such as Reg S bonds and 144A bonds), hybrids (such as perpetual bonds, deferrable bonds i.e. cumulative and non-cumulative bonds and trust preferred securities),
deferred interests, convertible bonds and contingent convertible securities (“CoCos”) hereinafter “Debt and Debt-Related Securities”). These Debt and Debt-Related Securities may be denominated in hard or local
currencies.
The Sub-Fund may invest up to 10% of its Net Asset Value in CoCos. Please see “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos.
The Sub-Fund may invest in residual interest certificates issued by Tender Option Bond Trusts where this provides a more cost effective means of gaining exposure to municipal bonds than investing in the underlying municipal bonds directly.
The Sub-Fund will invest directly in Debt and Debt-
Related Securities or indirectly through FDI (as set out in the section entitled “Use of FDI” below).
The Sub-Fund may invest up to 10% of its Net Asset
Value in aggregate in collective investment schemes (“CIS”) including money market funds such as Irish UCITS managed by Insight Investment Funds Management
Limited and advised by the Investment Manager.
The Investment Manager may invest in both investment grade (i.e. BBB- or above) and below investment grade securities (i.e. BB+ or below) as rated by a Recognised Rating Agency and will not be restricted by credit quality or maturity when making investment decisions. Therefore no minimum credit rating will apply to the investments of the Sub-Fund, which may be rated below investment grade.
The Sub-Fund may invest more than 10% and up to 35% of its Net Asset Value in debt securities issued and/or guaranteed by a single sovereign issuer (including its government, public or local authority) which is below investment grade as defined above. Examples of such sovereign issuers are Brazil, Indonesia and Turkey. Such investments are based on (i) the reference to a particular
benchmark (see section “Benchmark” below) and/or (ii)
the professional judgment of the Investment Manager
whose reasons for investment may include a favourable / positive outlook on the sovereign issuer, potential for ratings upgrade and the expected changes in the value of such investments due to the ratings changes. Please note that ratings of sovereign issuers may change from time to time and the abovementioned sovereigns are named only for reference and are subject to change as their ratings change.
With the exception of permitted investment in unlisted securities and open-ended CIS, the Sub-Fund’s investments in Debt and Debt-Related Securities and FDI
will be listed or traded on Eligible Markets listed in Appendix II of the Prospectus.
The Sub-Fund may invest up to 15% of its Net Asset Value in securities listed or traded on the Moscow Exchange.
The Sub-Fund may also invest up to 10% of its Net Asset Value in Debt and Debt-Related Securities in the People’s Republic of China (“PRC”) traded in the China interbank bond market (“CIBM”) via Bond Connect (as further described Appendix VI to the Prospectus.)

##### Cash and Collateral Management
The Sub-Fund may also temporarily hold high levels of cash and liquid near cash assets (i.e. up to 100% of its Net Asset Value) in certain circumstances for cash flow management. Such circumstances include where market conditions may require a defensive investment strategy ( e.g. market crash or major crisis), the holding of cash on deposit pending reinvestment, to meet redemptions, to facilitate payment of expenses and to provide collateral to support FDI exposure.
Liquid near cash assets may include fixed and floating rate Debt and Debt-Related Securities issued by sovereigns, governments, supranationals, agencies, public international bodies, financial institutions, local authorities and corporates which are economically tied or linked to emerging market countries and may have maturities longer than 1 year. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
1/3 JP Morgan Government Bond Index – Emerging Markets Global Diversified TR Index, 1/3 JP Morgan Emerging Markets Bond Index Global Diversified TR Index,
1/3 JP Morgan Corporate Emerging Markets Bond Index Broad Diversified TR Index (the “Blended Benchmark”).
The JPM GBI-EM Global Diversified provides a comprehensive measure of local currency denominated, fixed rate, government debt issued in emerging markets. The index includes liquid, fixed rate, bullet bonds government securities with at least thirteen months remaining until maturity.
The JPM EMBI Global Diversified is a comprehensive U.S. Dollar emerging markets debt benchmark. Eligible for inclusion in the index are U.S. Dollar-denominated Brady bonds and Eurobonds issued by Emerging Market sovereign and quasi-sovereign entities.
The JPM CEMBI Broad Diversified is a liquid global emerging markets corporate benchmark including U.S. Dollar denominated bonds issued by emerging markets corporate entities.
The Sub-Fund will measure its performance against the Blended Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest outside the Blended Benchmark subject to the
investment objective and policy. While the Sub-Fund’s
holdings may include constituents of the Blended
Benchmark, the selection of investments and their weightings in the portfolio are not influenced by the Blended Benchmark. The investment strategy does not restrict the extent to which the Investment Manager may deviate from the Blended Benchmark.

##### Investment Strategy
The investment strategy of the Sub-Fund is based on identifying and investing in the long-term growth profile and credit improvement offered by emerging market countries that engage successfully in structural reform and economic improvement. The difference in the effectiveness of such policies can offer a broad range of investment opportunities that the Investment Manager will seek to evaluate and express investment views on
through investment in Debt and Debt-Related Securities, CIS and the FDI listed in the “Use of FDI” section below.
The Investment Manager engages in fundamental country macro research for each country within the emerging market universe, using a combination of quantitative and qualitative mechanisms, in order to form a judgement on the credit improvement or deterioration that is taking place. The Investment Manager then quantitatively identifies risk premium (i.e. returns in excess of the risk- free rate of return) (or interest rate premium) across bond, interest rate and currency markets from each of these countries, and makes a judgement whether, in their opinion, such premium compensates investors sufficiently for the risks they have identified. Once this analysis is complete, the Investment Manager can decide
what percentage of the Sub-Fund’s assets to invest in
Debt and Debt-Related Securities, CIS and FDI.
The investment strategy seeks in particular to generate alpha, which is a measurement of performance (i.e. any excess returns of the Sub-Fund relative to the return of the blended benchmark) through:
- Country allocation: distinguishing between countries that are on a positive or negative credit trajectory);
- Security selection: selecting the security with the best risk/reward conditions given the market environment) as determined by the process outlined above;
- Credit and legal analysis of corporate bonds within emerging market countries;
- Liquidity management: measuring the liquidity of a security for investment in the portfolio, and determining its appropriateness given the liquidity needs of the Sub-Fund;
- Asset allocation: measuring the best return opportunities between Debt and Debt-Related Securities, CIS and FDI within emerging market countries. Through different stages of the investment cycle, Debt and Debt-Related Securities, CIS and FDI can offer different levels of value and return prospects. Using the quantitative and qualitative mechanisms outlined above, the Investment Manager will increase allocation to those asset classes that in their opinion offers the most attractive opportunity given current and expected market conditions.

Our investment philosophy believes that such opportunities for alpha exist due to the characteristics displayed by the asset class over time:
- There is a substantial range in size and complexity of emerging market countries, and the degree to which they are successful (or otherwise) in improving their credit trajectory;
- Geographic and structural fundamental differences between emerging market countries, such as levels of economic activity and overall debt burden, provide diversification opportunities;
- There is increasing deepening of capital markets as new markets evolve and new countries issue debt and/or exit the asset class as they transition to developed market economies;Bond, interest rate and currency markets exhibit cyclical characteristics, which lends itself to active asset allocation opportunities.


##### The Sustainable Finance Disclosure Regulation
When assessing the sustainability risk associated with underlying investments of the Sub-Fund, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively
impacted by an ESG event or condition (“ESG Event”).
Sustainability risks are managed by ensuring senior
decision makers are informed and included in the Investment Manager’s responsible investment programme, and set effective accountability,
transparency and implementation procedures. Where sustainability risk issues are considered material to investment outcomes, they are incorporated into due diligence processes. This may include evaluating individual securities and/or interaction with issuers or market participants. Internal controls ensure sustainability criteria are applied to The Sub-Fund
continuously. ESG restrictions, which includes proprietary ESG ratings and third-party data, are set to prevent or permit investment in securities that meet sustainability- related characteristics. These controls are coded against the Sub-Fund and updated as new information is absorbed.
Corporate governance is a key sustainability risk factor forming part of proprietary ESG risk ratings for all issuers. The Investment Manager's corporate governance assessment includes evaluating board practices and behaviour, remuneration, control and accountability, and ethics or controversies. The Investment Manager applies the insights from ESG ratings alongside their own
knowledge of issuers’ governance structures to set
engagement priorities with issuers. The Investment
Manager considers these risks together to decide whether an investment reasonably compensates a fund for sustainability risks over the long and short-term.
In terms of social and environmental factors, the Investment Manager’s proprietary ESG ratings methodology provides sector specific and issuer specific
information on key issues. This model helps the Investment Manager to identify key risks that a specific sector or issuer may be facing.
The Sub-Fund may underperform or perform differently relative to other comparable funds that do not integrate sustainability risks into their investment decisions and there is a risk that that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of
the principal adverse impact consideration regime in Article 4 SFDR, (the “PAI regime”). The Manager is supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
| Futures | Currency Futures Interest Rate Futures (including Short Term Interest Rate Futures) Government Bond Futures |
| --- | --- |
| Options | Equity Options (index, sector, ETFs, custom basket) Currency Options Options on Interest Rate Futures Bond Options |

The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Forwards | Forward Foreign Exchange Contracts |
| --- | --- |
| Swaps | Credit Default Swaps (“CDS”) (single name and index) Interest Rate Swaps Currency Swaps Total Return Swaps (single name, index, and basket (in the case of the latter, underlying components of which can be grouped by sector, geography or other characteristics)) |
| Securities with Em- bedded FDI/ Leverage | Convertible Bonds Contingent Convertible Securities (CoCos) Callable and Puttable Bonds |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit CDX Emerging Markets Index |
| Total Return Swap (TRS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying physical securities. | Markit iBoxx GEMX Index |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. The remaining financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements and
repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 15% and in respect of SFTs shall be 100%
of the Net Asset Value of the Sub-Fund. However, it is not anticipated that the Sub-Fund’s exposure in respect of TRS will exceed 15% and in respect of SFTs will
exceed 25% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£, 1€, 1CHF, 1CAD, 1AUD, 1SGD or 10CNH depending on the
currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11 November respectively. Further details are set out under
the heading "The Company - Distribution Policy” in the
Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are set out under the sub-heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Multi-Asset High Income Fund

### SUPPLEMENT 41 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
This Supplement contains specific information in relation to the BNY Mellon Multi-Asset High Income Fund (the
“Sub-Fund”), a sub-fund of BNY Mellon Global Funds, plc (the “Company”) an open-ended umbrella type investment company established as a UCITS pursuant to the UCITS
Regulations. There exists segregated liability between the Sub-Funds of the Company.
This Sub-Fund was closed by way of compulsory redemption whereby all of the Shares in issue in the Sub-Fund as of 28 August, 2018, were compulsorily redeemed. Shares in the Sub-Fund are no longer
available for investment. The Company intends to apply to the Central Bank to revoke the Sub-Fund’s approval following the preparation of the audited financial
statements for the year ended 31 December, 2018. The Company shall seek approval from the Central Bank to remove the Sub-Fund from this Prospectus following approval of that revocation.
This Supplement forms part of and should be read in conjunction with the general description of:
- its Share Classes
- its Investment and Borrowing Restrictions
- its Distribution Policy
- its Method of Calculating the Net Asset Value
- the Company, its Management and Administration
- the Company's Fees and Expenses
- its Risk Factors
- the Taxation of the Company and of its Shareholders
- which are contained in the Prospectus dated 3 May, 2022 for the Company and which has been delivered along with this Supplement. If you have not received the Prospectus please contact the Administrator.
- The Directors whose names appear in the Prospectus under the heading “Management and Administration of the Company” accept responsibility for the information contained in this Supplement and in theProspectus. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) such information is in accordance with the facts and does not omit anything likely to affect the import of such information. The Directors accept responsibility accordingly.
- The Sub-Fund may utilise financial derivative instruments (“FDI”) for investment, hedging and efficient portfolio management purposes. The use ofFDI for investment purposes will not be extensive. In relation to the leverage effect of using FDI, see“Investment and Borrowing Restrictions – Global Exposure and Leverage” below. See also “Derivatives Risk” in the Prospectus under the heading “Risk Factors”.
- Management fees and other fees and expenses of the Sub-Fund will be charged to the capital of the Sub-Fund to seek to maximise distributions. See “Fees and Expenses” in the Prospectus for further details.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
The Manager has appointed BNY Mellon Asset Management North America Corporation (the “Investment Manager”) to manage the investment and re-investment of the assets of the Sub-Fund.
A description of the Investment Manager can be found under the heading “Management and Administration of the Company” in the Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 17.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the Share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| USD A (Acc.) | USD | up to 5% | USD 5,000 | 1.50% | None |
| USD A (Inc.) | USD | up to 5% | USD 5,000 | 1.50% | None |
| Euro A (Acc.) | EUR | up to 5% | EUR 5,000 | 1.50% | None |
| Euro A (Inc.) | EUR | up to 5% | EUR 5,000 | 1.50% | None |
| Sterling A (Inc.) | GBP | up to 5% | GBP 5,000 | 1.50% | None |
| HKD A (Acc.) | HKD | up to 5% | HKD 50,000 | 1.50% | None |
| HKD A (Inc.) | HKD | up to 5% | HKD 50,000 | 1.50% | None |
| AUD A (Acc.) | AUD | up to 5% | AUD 5,000 | 1.50% | None |
| AUD A (Inc.) | AUD | up to 5% | AUD 5,000 | 1.50% | None |
| CAD A (Acc.) | CAD | up to 5% | CAD 5,000 | 1.50% | None |
| CAD A (Inc.) | CAD | up to 5% | CAD 5,000 | 1.50% | None |
| CNH A (Acc.) | CNH | up to 5% | CNH 50,000 | 1.50% | None |
| CNH A (Inc.) | CNH | up to 5% | CNH 50,000 | 1.50% | None |
| SGD A (Acc.) | SGD | up to 5% | SGD 5,000 | 1.50% | None |
| SGD A (Inc.) | SGD | up to 5% | SGD 5,000 | 1.50% | None |
| Euro H (Acc.) (hedged) | EUR | up to 5% | EUR 5,000 | 1.50% | None |
| Euro H (Inc.) (hedged) | EUR | up to 5% | EUR 5,000 | 1.50% | None |
| Sterling H (Inc.) (hedged) | GBP | up to 5% | GBP 5,000 | 1.50% | None |
| AUD H (Acc.) (hedged) | AUD | up to 5% | AUD 5,000 | 1.50% | None |
| AUD H (Inc.) (hedged) | AUD | up to 5% | AUD 5,000 | 1.50% | None |
| CAD H (Acc.) (hedged) | CAD | up to 5% | CAD 5,000 | 1.50% | None |
| CAD H (Inc.) (hedged) | CAD | up to 5% | CAD 5,000 | 1.50% | None |
| CNH H (Acc.) (hedged) | CNH | up to 5% | CNH 50,000 | 1.50% | None |
| CNH H (Inc.) (hedged) | CNH | up to 5% | CNH 50,000 | 1.50% | None |
| SGD H (Acc.) (hedged) | SGD | up to 5% | SGD 5,000 | 1.50% | None |
| SGD H (Inc.) (hedged) | SGD | up to 5% | SGD 5,000 | 1.50% | None |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| USD C (Acc.) | USD | up to 5% | USD 5,000,000 | 1.00% | None |
| USD C (Inc.) | USD | up to 5% | USD 5,000,000 | 1.00% | None |
| Euro C (Acc.) | EUR | up to 5% | EUR 5,000,000 | 1.00% | None |
| Euro C (Inc.) | EUR | up to 5% | EUR 5,000,000 | 1.00% | None |
| Euro I (Acc.) (hedged) | EUR | up to 5% | EUR 5,000,000 | 1.00% | None |
| Euro I (Inc.) (hedged) | EUR | up to 5% | EUR 5,000,000 | 1.00% | None |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| USD W (Acc.) | USD | up to 5% | USD 15,000,000 | 0.75% | None |
| USD W (Inc.) | USD | up to 5% | USD 15,000,000 | 0.75% | None |
| Euro W (Inc.) | EUR | up to 5% | EUR 15,000,000 | 0.75% | None |
| Sterling W (Inc.) | GBP | up to 5% | GBP 15,000,000 | 0.75% | None |
| HKD W (Inc.) | HKD | up to 5% | HKD 150,000,000 | 0.75% | None |
| AUD W (Inc.) | AUD | up to 5% | AUD 15,000,000 | 0.75% | None |
| CAD W (Inc.) | CAD | up to 5% | CAD 15,000,000 | 0.75% | None |
| CNH W (Inc.) | CNH | up to 5% | CNH 150,000,000 | 0.75% | None |

| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| SGD W (Inc.) | SGD | up to 5% | SGD 15,000,000 | 0.75% | None |
| Euro W (Inc.) (hedged) | EUR | up to 5% | EUR 15,000,000 | 0.75% | None |
| Sterling W (Inc.) (hedged) | GBP | up to 5% | GBP 15,000,000 | 0.75% | None |
| AUD W (Inc.) (hedged) | AUD | up to 5% | AUD 15,000,000 | 0.75% | None |
| CAD W (Inc.) (hedged) | CAD | up to 5% | CAD 15,000,000 | 0.75% | None |
| CNH W (Inc.) (hedged) | CNH | up to 5% | CNH 150,000,000 | 0.75% | None |
| SGD W (Inc.) (hedged) | SGD | up to 5% | SGD 15,000,000 | 0.75% | None |

| “E” Shares and “E (hedged)" Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| USD E (Acc.) | USD | up to 5% | As agreed | 0.50% | None |
| USD E (Inc.) | USD | up to 5% | As agreed | 0.50 % | None |
| Euro E (Inc.) | EUR | up to 5% | As agreed | 0.50 % | None |
| HKD E (Inc.) | HKD | up to 5% | As agreed | 0.50 % | None |
| CNH E (Inc.) | CNH | up to 5% | As agreed | 0.50 % | None |
| SGD E (Inc.) | SGD | up to 5% | As agreed | 0.50 % | None |
| Euro E (Inc.) (hedged) | EUR | up to 5% | As agreed | 0.50 % | None |
| CNH E (Inc.) (hedged) | CNH | up to 5% | As agreed | 0.50% | None |
| SGD E (Inc.) (hedged) | SGD | up to 5% | As agreed | 0.50 % | None |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Initial Sales Charge | Minimum Initial Investment | Annual Management Fee | Redemption Fee |
| USD X (Acc.) | USD | None | None | None | None |
| USD X (Inc.) | USD | None | None | None | None |
| Euro X (Acc.) (hedged) | EUR | None | None | None | None |
| Euro X (Inc.) (hedged) | EUR | None | None | None | None |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to provide income and capital growth over the longer term.

##### Investment Policy
The Sub-Fund is a global multi-asset fund that aims to achieve its objective through asset allocation and security selection. The Sub-Fund may invest in equities and equity-related securities and debt and debt-related securities, as defined below. Equity and equity-related
securities are: common and preferred stock, exchange listed master limited partnerships (“MLPs”), American depositary receipts and global depositary receipts,
securities convertible into or exchangeable for such equities such as equity options, as well as stock purchase rights. Debt and debt-related securities are: treasury bills, debentures, bonds, including convertible bonds and contingent convertible bonds, asset-backed securities (ABS) and mortgage backed securities (MBS), floating rate notes where the underlying characteristics are standardised nature, inflation linked bonds, and money market instruments (including bankers acceptances, commercial paper, term deposits and
certificates of deposit), which may be fixed or floating rate, are issued or guaranteed by any sovereign government or their agencies, local authority,
supranational or public international bodies, banks, corporates or other commercial issuers, herein “Debt and Debt-Related Securities”.
MLPs are partnerships organised in the US which are publicly listed and traded on regulated markets. The asset of an MLP is the ownership of a limited liability company or limited partnership known as the operating entity which in turn owns subsidiaries and operating assets. The Sub-Fund will invest in the MLPs on an equity basis, i.e. through becoming a limited partner of the MLP. The partnership agreements of MLPs determine how cash distributions will be made to general partners and limited partners. Any distributions made by the MLPs will be rolled up into the NAV of the Sub-Fund. MLPs are treated as partnerships for US federal income tax purposes and do not pay taxes on corporate level.
The Sub-Fund may also invest in FDI (as set out below in “Use of Financial Derivative Instruments”) and up to 10% of its net assets in aggregate collective investment schemes (including exchange traded funds (“ETFs”) and money market funds). In addition to property,
commodities and money markets, collective investment schemes will be used to provide exposure to markets and
instruments which are consistent with the objectives and
policies of the sub-fund and which meet the criteria set out in the Central Bank’s guidance.
The Sub-Fund may at times invest in excess of 30% of the net assets of the Sub-Fund in sub-investment grade
securities, which are rated (BBB-) or its equivalent from a recognised rating agency such as Standard & Poor’s, Moody’s Investor Services, Fitch Ratings or equivalent recognised rating agency and unrated securities.
The Sub-Fund will not invest more than 10% of its Net Asset Value in securities issued and/or guaranteed by a single sovereign issuer with a credit rating below investment grade. For the avoidance of doubt, a single sovereign issuer shall include its government, a public or local authority.
The Sub-Fund may also invest indirectly in property,
commodities and infrastructure. However, such exposure is not expected to exceed 20% of the Sub-Fund’s net assets in relation to property; 20% of the Sub-Fund’s net assets in relation to commodities; 20% of the Sub-Fund’s net assets in relation to infrastructure; and in
combination is not expected to exceed more than 50% of the Sub-Fund’s net assets. Exposure to property will be gained through exposure to equity securities of
companies whose principal business is the ownership, management and/or development of real estate, investment in collective investment schemes, including
listed real estate investment trusts (“REITS”) and futures,
swaps and options on REIT or other property- related
financial indices which have been cleared in advance by the Central Bank. The REITS in which the Sub-Fund may invest may be open-ended or closed-ended. Any investment in closed-ended REITS will be confined to REITS which are considered by the Investment Manager to be relatively liquid in nature whether by virtue of a listing on an eligible market or the existence of a secondary market in units for such REITS and such an investment shall constitute an investment in a transferable security in accordance with the requirements of the Central Bank. Exposure to commodities and infrastructure will be gained through total return swaps on financial indices linked to commodities or infrastructure, ETFs and other collective investment schemes in accordance with the requirements of the UCITS Regulations and the Central Bank.
The Sub-Fund may invest on a global basis and there is no geographical, industry or sector focus in relation to the equities or other asset classes to which exposure may be taken and may invest more than 30% of its net assets in emerging market countries including Russia,
China and India. However, no more than 20% of the Sub- Fund’s net assets will be invested in securities listed or traded in Russia. The Sub-Fund may only invest in
Russian securities which are traded on the Moscow Exchange. Prior to gaining direct exposure to India, the Investment Manager will update the Supplement to provide information on the relevant local licences and sub-custodial arrangements and will ensure these are in place. With the exception of permitted investment in unlisted securities and open-ended collective investment schemes, the Sub-Fund investments in securities (including FDI) will be listed or traded on Eligible Markets listed in Appendix II of the Prospectus. The Sub-Fund may also invest in over-the-counter (OTC) FDI.
The Sub-Fund may invest up to 10% of its net assets in aggregate in transferable securities or money market instruments which are not admitted to or dealt in on an
eligible market, in accordance with the UCITS Regulations, including, but not limited to unlisted equities and Debt and Debt-Related Securities.
Whilst the Sub-Fund’s base currency is USD, it may invest in non-USD denominated assets which may not
necessarily be hedged back into USD. No more than 30% of the Sub-Fund’s net assets will be invested in Korea Won denominated assets.
The Sub-Fund may also hold high levels of cash and liquid near cash assets in certain circumstances. Please
see ‘Cash and Collateral Management’ below for further
details.

##### Investment Strategy
The Sub-Fund seeks to provide income and capital growth utilising a dynamic asset allocation and security selection approach. This means the Investment Manager will allocate between the asset classes and securities detailed in the Investment Policy section above and will adjust those allocations in line with the investment process described below.
- 
##### Allocation between Overall Equity and Debt Exposure

The Investment Manager first determines the allocation between equities and equity-related securities and Debt and Debt-Related Securities using forecasts of fundamental macroeconomic factors such as economic growth and inflation. This means the Investment Manager allocates between equity and debt depending on the return and risk estimates for each relevant market (e.g., UK equities and UK government bonds).
For the equity component, expected equity returns are estimated by forecasting cash flows for each equity security. The Investment Manager then considers these estimates in conjunction with its own forecasts of likely surprises against the consensus view of macroeconomic factors to determine the equity component allocation. These forecasts are used to estimate the likelihood of a recession in each country. If these forecasts suggest a recession is likely, the Investment Manager will lower its allocation to equities.
For the debt component, expected bond returns are estimated by forecasting the expected cash returns using estimates for growth, inflation and real interest rates over a long-term horizon. The expected bond return is the difference between the expected cash returns and the
Investment Manager’s proprietary assessment of current
bond yields.
- 
##### Selection of Equity and Debt Securities

Once the step above is complete, the Investment Manager focuses on selection of securities within the equity and debt components of the Sub-Fund. The Investment Manager will select securities taking into
account a security’s potential to provide income and how
much risk it adds to the Sub-Fund. This will be assessed
based on fundamentals such as firm value, profitability, quality of growth, and leverage.
The equity component includes other risky assets such as indirect property (“REITS”), commodities (ETFs) and infrastructure (“ETFs”) as described above in the investment policy.
- 
##### Selection of FDI

The Investment Manager uses the FDI described in the section ‘Use of Financial Derivative Instruments’ for three purposes within the investment strategy. The Investment
Manager selects the particular FDI depending on the intended purpose as outlined below, the costs involved and the benefit a particular FDI offers.
- To Enhance IncomeTo enhance the income of the Sub-Fund, the Investment Manager may receive options premia or income by selling Covered Call Options. Selling Covered Call Options may limit the upside return potential of a security in the case of a rising market, if the buyer of the Covered Call Option chooses to exercise it. Selling Covered Call Options may reduce the daily volatility of the underlying equity holding as well as the downside of the underlying equity holding in a falling market.
- To Adjust the Allocation between Overall Debt and Equity ExposureThe Investment Manager will use FDI as a cost efficient way to adjust the allocation between debt and equity to reflect updates to the InvestmentManager’s analysis. For instance, the InvestmentManager may purchase or sell futures as detailed in the section ‘Use of Financial Derivative Instruments’ to increase or reduce the allocation to a security orsector in a quick and cost efficient manner.
- HedgingThe Investment Manager will use FDI such as equity futures, interest rate swaps and CDS to hedge the equity, interest rate and credit risk embedded in individual securities in which the Sub-Fund invests in order to preserve assets during periods of significant market declines. The Investment Manager will use FDI such as Forward Foreign Exchange Contracts to hedge the currency exposure of the Sub-Fund.


##### Long and Short Positions
The Sub-Fund may employ long and synthetic short positions to achieve its investment objective. The Investment Manager may seek to hold long positions in any asset class described in the Supplement for the purposes of generating income and may seek to hold synthetic short positions in equities, bonds, and Credit
Default Swaps (“CDS”) (single name and index) to
generate additional income, hedge equity, bond or credit
exposure and/or reduce market exposure during periods of significant market price decline.
The total gross direct and indirect long position of investments held in accordance with the investment objective is anticipated to be between 50% and 200% of the Net Asset Value of the Sub-Fund and the total gross short position of investments held in accordance with the investment objective is anticipated to be between 0% to 150% of the Net Asset Value of the Sub-Fund. The long positions may need to increase in size to fulfil the investment objective of the Sub-Fund if, for example, the market volatility is unusually low. Short positions, other than Covered Call Options are intended to offset or hedge the long positions. They are not meant to be outright short positions but rather are intended to control and reduce the risk coming from the long positions e.g., short
positions in equities, bonds or CDS will be used to hedge equity, bond or credit exposure. Covered Call Options will be sold to enhance the income of the Sub-Fund.
Long and short positions used for currency hedged share classes have not been included in the information on long and short positions provided here.

##### Cash and Collateral Management
The Sub-Fund may also hold high levels of cash and liquid near cash assets in certain circumstances. Such circumstances include where market conditions may require a defensive investment strategy, the holding of cash on deposit pending reinvestment, to meet redemptions, to facilitate payment of expenses and to provide collateral to support FDI exposure.
Liquid or near cash assets may include any of the Debt and Debt-Related Securities as described above other than CoCos, MBS and ABS where they have characteristics consistent with being a liquid or near cash asset and bank deposits. It is intended that issuers and/or guarantors of any such Debt and Debt-Related Securities and bank deposits will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a recognised rating agency such as Standard &
Poor’s, or will be deemed by the Investment Manager to
be of equivalent quality.

##### Derivative Exposures
For investment, hedging and EPM purposes, the Sub- Fund may invest in the following exchange-traded and over-the-counter FDI, as further described below in the
section entitled “Use of Financial Derivative Instruments”:
| Futures | Equity Index Futures Interest Rate Futures (including Short Term Interest Rate Futures) Bond Futures Volatility Index Futures Money Market Futures |
| --- | --- |
| Options | Equity Options (single name, index, sector, custom basket, including covered call options) Index Options Options on interest rate futures Bond Options Options on Bond Futures Option on ETFs Options on Equity Futures |
| Forward For- eign Exchange Contracts | Non-deliverable Forwards Deliverable Forwards |
| Swaps | Credit Default Swaps (single name and index) Interest Rate Swaps Total Return Swaps (including single name credit and index) |
| Securities with Embedded FDI | Convertible Bonds (including Contingent Convertible bonds) Asset Back Securities (ABS) and Mortgage Backed Securities (MBS) |
| Securities which may embed lever- age | Convertible Bonds (including Contingent Convertible bonds) Stock Purchase Rights |


##### Financial Indices
The Sub-Fund may gain exposure to a variety of financial indices through the use of FDI for both efficient portfolio management (EPM) and investment purposes.
It is not possible to comprehensively list the actual financial indices to which exposure may be taken as they are extensive and will change over time and may include commodities indices such as the S&P GSCI Index and the Bloomberg Commodity Index which enable the Sub-Fund to gain exposure to a number of commodity sectors such as energy, industrial metals, agricultural products, livestock products and precious metals.
Details of any financial indices used by the Sub-Fund (including the markets which they are representing) will be provided to Shareholders by the Investment Manager of the Sub-Fund on request and will be set out in the
Company’s semi-annual and annual accounts. Any such
indices will be cleared by the Central Bank or will meet
its requirements. The financial indices to which the Sub- Fund may gain exposure will typically be rebalanced regularly. However, because the Sub-Fund does not aim to replicate or track any financial index, the Sub-Fund will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.

#### Use of Financial Derivative Instruments
Under the Sub-Fund’s investment policy and investment strategy as detailed above, the Sub-Fund may engage in transactions in FDI as described below for investment
purposes, for the EPM purposes or for hedging. The Investment Manager generally expects to use FDI for investment purposes where it considers that the use of FDI provides a more cost-effective means of gaining exposure to a particular asset than by investing in the underlying asset directly. Further details regarding the use of FDI for EPM purposes are detailed in the section
“Efficient Portfolio Management” below.
The expected level of leverage for the Sub-Fund arising from the use of FDI is set out in the section “Global Exposure and Leverage” under “Investment and Borrowing Restrictions” below.

##### Futures
Futures are contracts to buy or sell a standard quantity of a specific asset (or, in some cases, receive or pay cash based on the performance of an underlying asset, instrument or index) at a pre-determined future date and at a price agreed through a transaction undertaken on an exchange. Futures contracts allow investors to hedge against market risk or gain exposure to the underlying market. Since these contracts are marked-to-market daily, investors can, by closing out their position, exit from their obligation to buy or sell the underlying assets
prior to the contract’s delivery date. Frequently using
futures to achieve a particular strategy rather than the
underlying or related security or index, or index sector or basket of debt securities often results in lower transaction costs.
The Sub-Fund may invest in the following types of futures:
- Equity Index Futures: The Investment Manager may enter into equity index futures to reflect its views on the direction of particular equity markets.
- Interest Rate Futures (including Short Term InterestRate Futures): Interest rate futures (including shortterm interest rate futures) may be used to express the Investment Manager’s view that the yield curvewill move in a particular way. The Investment Manager may use these instruments to mitigate the interest rate exposure of fixed rate bonds.
- Bond Futures: Bond futures allow the Investment Manager to take positive or negative views on the direction of bond prices and seek to reduce the interest rate exposure of fixed rate bonds.
- Volatility Index Futures: The Sub-Fund may go long or short volatility index futures to express views about the expected volatility of markets.
- Money Market Futures: Money market futures allow the Sub-Fund to provide a cost effective and efficient alternative to a deposit with a specific credit institution. However, as the value of the futures contract will change with the level of the market, such investments will expose the Sub-Fund to the risk of negative performance if interest rates rise following the purchase of the contract.


##### Options
There are two forms of options, put and call options. Put options are contracts sold for a premium that gives one party (the buyer) the right, but not the obligation, to sell to the other party (the seller) to the contract, a specific quantity of a particular product or financial instrument at a specified price. Call options are similar contracts sold for a premium that gives the buyer the right, but not the obligation, to buy from the seller of the option at a specified price. Options may also be cash settled. The Sub-Fund may be a seller or buyer of put and call options. The Sub-Fund may purchase or sell these instruments either individually or in combinations. For example, purchasing a call option would allow the Sub- Fund to benefit from any upside in the performance, while limiting its overall exposure to the original premium paid by the Sub-Fund.
The Sub-Fund may invest in the following types of options:
- Equity Options (single name, index, sector, custombasket): Equity Options may be used to express views as to the direction of single name equities, an equity index or a custom basket of equities.
- Covered Call Options: By writing covered call options, the Investment Manager writes (sells) a call option contract while owning an equivalent number of shares in the underlying stock in order to either generate additional income and/or provide a limited amount of protection against a decline in underlying stock value.
- Index Options: The Sub-Fund may enter into options to seek exposure to certain indices, such as buying a call option on the Goldman Sachs Commodity Index. This would allow the Sub-Fund to benefit from any upside in the performance of the index while limiting its overall exposure to the premium paid by the Sub- Fund.
- Options on interest rate futures: Options on interest rate futures and may be used to express similar views as described for interest rate futures.
- Bond Options: Bond options may be used to express similar positional views as would be the case asbuying or selling the underlying bond or alternatively to express the Investment Manager’s view on the bond’s volatility.
- Options on Bond Futures: Options on bond futures may be used to express similar views as described for bond futures or alternatively to express theInvestment Manager’s view on the bond futures’volatility.
- Options on ETFs: Options on ETFs allow the Sub- Fund to benefit from the performance of the ETF while limiting the overall downside exposure to the amount paid in premium for the option by the Sub- Fund. If the Sub-Fund were to take a positive view on an ETF via the use of a call option, the downside exposure would be limited to the premium of that option, and vice versa for a negative view via the use of a put option.
- Options on Equity Futures: Options on equity futures allow the Sub-Fund to gain or reduce exposure to a market, asset class or sector without having to purchase or sell securities directly.


##### Forward Foreign Exchange Contracts (including non- deliverable forwards)
The Sub-Fund may also enter into forward foreign exchange contracts. A forward contract locks-in the price at which an index or asset may be purchased or sold on a future date. In currency contracts the contract holders are obliged to buy or sell the currency at a specified price at a specified quantity and on a specified future date.
Currency forward settlement can be on a cash (non- deliverable) or a delivery basis provided it has been specified beforehand.
Forward foreign exchange contracts may be used to hedge, at the discretion of the Investment Manager, any currency exposure back to the base currency.

##### Swaps
A swap is an agreement negotiated between two parties to exchange the return on a reference interest rate such as a fixed or floating money market rate, for the return on a single stock, baskets of stocks, index or an index sector. They can be used to express both positive and negative views on stocks (by creating a synthetic short position).
The Sub-Fund may invest in the following types of swaps:
- Credit default swaps: A credit default swap (CDS) is a financial swap agreement that transfers a credit exposure on a specific (“reference”) entity or aportfolio of reference entities (“index” or “basket”CDS) across market participants. A buyer of a CDS,such as the Sub-Fund, makes periodic payments in exchange for a positive payoff when a credit event is deemed to have occurred.
- Interest rate swaps: An interest rate swap is an agreement negotiated between two parties to exchange LIBOR and/or other similarly recognised interest rate cash flows, calculated on a notional amount, at specified dates during the life of the swap. The use of interest rate swaps allows the interest rate sensitivity of the Sub-Fund to be changed faster and more cheaply than through the use of physical cash markets and more precisely than through exchange traded FDI markets. They may also be used to express views on the direction of interest rate movements.
- Total Return Swaps (including single name credit): A total return swap (TRS) is a type of over-the-counter FDI contract which allows the Sub-Fund to achieve exposure to an asset or asset class on a synthetic basis. The Sub-Fund receives the total return of a reference asset or asset class for example a fixed income security, fixed income index, a credit index or equity index for a specific period of time in return for a cost of financing. If the investment return is greater than the cost of financing the TRS, the Sub-Fund should receive an enhanced return which is greater than that which the underlying asset alone could generate.
- The Sub-Fund will only enter into total return swaps on behalf of the Sub-Fund with the credit institutionsdescribed under the heading “Investment and Borrowing Restrictions” in the Prospectus and which have a credit rating of at least A-2 (as rated by arecognised rating agency such as Standard and Poor’s) or lower where the credit institution posts initial margin. Subject to compliance with thoseconditions, the Investment Manager has full discretion as to the appointment of counterpartieswhen entering into total return swap in furtherance of the Sub-Fund’s investment objective and policies. It is not possible to comprehensively list in thisSupplement all the counterparties as they have not, as of the date of issue of this Supplement, been selected and they may change from time to time.

Risks associated with the use of TRS, are detailed in the Prospectus under the heading “Risk Factors”.
The Sub-Fund may invest in the following types of securities which may embed FDI and/or leverage:
- Convertible Bonds: The Sub-Fund may purchase convertible bonds instead of ordinary shares of a company for the purpose of the generation of additional income. In a situation where the yield of ordinary shares of a company is not high enough, but the yield and liquidity of convertible bonds of that company is high enough, the Sub-Fund may choose to use this instrument. Convertible bonds give the owner the option to convert it into common shares under specific terms.
- Contingent Convertible Bonds (CoCos): These types of securities offer a higher yield than conventionalbonds. CoCos convert from debt to equity only if the issuer’s capital drops below a pre-defined level. This forced conversion would typically be on economicallyunfavourable terms and result in a material loss to investors. Please see “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos.
- Stock Purchase Rights: Stock purchase rights give the holder the option but not the obligation to purchase a predetermined number of shares at a predetermined price.
- Asset Back Securities (ABS) and Mortgage BackedSecurities (MBS)
- The Sub-Fund may also purchase ABS and MBS which embed derivatives. ABS and MBS may be used to provide the Sub-Fund with the opportunity for economic exposure to asset pools underlying the ABS or MBS and may provide the Sub-Fund with income.


#### Issue of Shares
Shares in each available unlaunched Share class will be offered during an initial offer period opening at 9.00 a.m. on 10 January, 2018 and closing at 5.00 p.m. on 9 July,
2018 (the “Initial Offer Period”) at an initial offer price per Share of 1€, 1USD, 1GBP, 10HKD, 1AUD, 1CAD, 10CNH or
1SGD depending on the currency of the relevant class
(plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Repurchase of Shares
Shares in each class may be repurchased, at the option of the relevant Shareholder, on any Valuation Day at the Valuation Point. The Repurchase Price is the Net Asset Value per Share of that class calculated as at the Valuation Point less the applicable redemption fee.
All requests for the repurchase of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Investment and Borrowing Restrictions
The Sub-Fund’s investment and borrowing restrictions are as set out under the heading “The Company - Investment and Borrowing Restrictions” in the Prospectus.

#### Global Exposure and Leverage
The Sub-Fund may leverage its positions to generate a notional exposure in excess of the Net Asset Value of the
Sub-Fund when calculated using Value at Risk (“VaR”) methodology in accordance with the Central Bank’s requirements.
VaR is the advanced risk measurement methodology used to assess the Sub-Fund’s leverage and market risk volatility. VaR attempts to predict, using historical data,
the likely scale of losses that might be expected to occur over a given period of time. Each day the VaR of the Sub- Fund is calculated using a one-tailed 99% confidence level, a 5 day holding period and a historical observation period of at least 1 year. For example, on a certain day, if the VaR of the Sub-Fund was calculated as 2% of the NAV of the Sub-Fund based on a 99% confidence interval over a 5 day holding period, this would mean that statistically the Sub-Fund would not expect to suffer a loss of more than 2% of the NAV of the Sub-Fund over a 5 day period, 99% of the time. It is important to note that the VaR of the Sub-Fund will vary day to day and as such the Sub-Fund intends to apply a VaR limit which it shall not exceed.
This holding period and historical observation period may change and as such there will be a corresponding change to the absolute limit provided always that it is in accordance with the requirements of the Central Bank and the Risk Management Process is updated and approved in advance. It should be noted the above is in accordance with the current VaR limits required by the Central Bank.
In accordance with the requirements of the Central Bank, the Sub-Fund applies a VaR limit of 10% of the NAV of the Sub-Fund (an absolute VaR limit).
VaR methods rely on a number of assumptions about the forecasting of investment markets and the ability to draw inferences about the future behaviour of market prices from historical movements. If those assumptions are incorrect by any significant degree, the size and frequency of losses actually incurred in the investment portfolio may considerably exceed those predicted by a VaR model (and even a small degree of inaccuracy in the forecasting models used can produce large deviations in the forecast produced). VaR does enable a comparison of risks across asset classes and serves as an indicator to a portfolio manager of the investment risk in a portfolio. If used in this way, and with an eye to the limitations of VaR methods and the particular model chosen, it can act as a signal to the Investment Manager of an increase in the general level of risk in a portfolio and as a trigger for corrective action by the Investment Manager. The measurement and monitoring of all exposures relating to the use of FDI will be performed on at least a daily basis.
The European Securities and Markets Authority (ESMA) has issued a series of guidelines on Risk Measurement and the Calculation of Global Exposure and Counterparty Risk for UCITS. These guidelines set out compulsory methodologies in the area of risk measurement and the calculation of global exposure and counterparty risk which must be adopted by all UCITS Funds. In particular, having regard to the calculation of the global exposure, ESMA sets out detailed methodologies to be followed by and disclosures to be provided by, a UCITS when they use the VaR approach. Among the ESMA requirements is the requirement that leverage should be calculated as the sum of the notionals of the FDI used.
In line with the ESMA and Central Bank’s requirements, leverage is calculated by adding the notional value of all the Sub-Fund’s long FDI positions and the positive notional value of all the Sub-Fund’s synthetic short FDI
positions. The calculation of leverage will therefore
include any positions held for the purposes of risk reduction or hedging, for instance forward FX contracts used to hedge currency risk within the Sub-Fund, as well as those which are used for investment purposes. In addition where existing positions are adjusted to take account of market movements or subscriptions and redemptions within the Sub-Fund, this may be achieved by putting in place additional positions overlaying existing FDI, which has the effect of increasing the aggregate notional value of outstanding FDI even where such adjustments are made to offset existing positions.
The level of the sum-of-the-notional leverage for the Sub-Fund arising from the use of FDI is expected to vary between 0% and 600% of the Net Asset Value, although it may exceed this target level at times. The level of the sum-of-the-notional leverage is calculated as the
aggregate notional value of the Sub-Fund’s long FDI positions and the absolute value of the Sub-Fund’s synthetic short FDI positions, as is required by the UCITS
Regulations. The reason for the broad leverage range is to take account of the fact that the Sub-Fund offers currency hedged share classes for which the currency exposure is hedged (through FDI and therefore may result in a higher level of leverage (based on sum-of-the- notional calculation). This measure of leverage is high as it does not take into account any netting or hedging arrangements that the Sub-Fund has in place even though these netting and hedging arrangements are used for risk reduction. In particular, it is anticipated that a significant element of the 0% to 600% range, will be made up of the notional value of FDI used by the Sub- Fund in connection with currency hedged share classes.

#### Efficient Portfolio Management
The Sub-Fund may utilise certain techniques and FDI for EPM purposes. The techniques and FDI that may be used,
are detailed in the section “Use of Financial Derivative Instruments” above and/or are set out under the heading “The Company – Efficient Portfolio Management” in the Prospectus. In addition, the Sub-Fund may utilise
repurchase agreements and reverse repurchase agreements for EPM purposes subject to the conditions and limits laid out in the Central Bank UCITS Regulations 2015. Repurchase agreements are transactions in which one party sells a security to the other party with a simultaneous agreement to repurchase the security at a fixed future date at a stipulated price reflecting a market rate of interest unrelated to the coupon rate of the securities. A reverse repurchase agreement is a transaction whereby the Sub-Fund purchases securities from a counterparty and simultaneously commits to resell the securities to the counterparty at an agreed upon date and price. For example, the Investment Manager may enter into repurchase agreements to enhance income earned in the Sub-Fund, or to manage interest exposure of fixed rate bonds more precisely than via the use of interest rate futures.
Subject to the conditions and limits set out in the Central Bank UCITS Regulations 2015, the Sub-Fund may use stocklending agreements to generate additional income for the Sub-Fund. A stocklending agreement is an
agreement under which title to the “loaned” securities is transferred by a “lender” to a “borrower” with the borrower contracting to deliver “equivalent securities” to the lender at a later date.
EPM transactions relating to the assets of the Sub-Fund may be entered into with one of the following aims:
- a reduction of risk;
- a reduction of cost; or
- the generation of additional capital or income for the Sub-Fund with a level of risk (relative to the expected return) consistent with the risk profile of the Sub- Fund and the risk diversification requirements inaccordance with the Central Bank UCITS Regulations 2015 and the Central Bank’s Guidance on “UCITS Eligible Assets” and as set out under the heading “The Company - Investment and Borrowing Restrictions” in the Prospectus.

In relation to EPM operations the Investment Manager will look to ensure that the transaction is economically appropriate and realised in a cost-effective manner.
Transaction costs may be incurred in respect of EPM techniques in respect of the Sub-Fund. All revenues from EPM techniques, net of direct and indirect operational costs, will be returned to the Sub-Fund. Any direct and indirect operational costs/fees arising from EPM techniques do not include hidden revenue and will be paid to such entities as outlined in the annual report of the Company, which shall indicate if the entities are related to the Manager or the Depositary.
Investors should consult the sections of the Prospectus entitled “Risk Factors - Counterparty Risk”, “Risk Factors
- Derivatives and Techniques and Instruments Risk” and
“Conflicts of Interest” for more information on the risks
associated with EPM.
Information on the collateral management policy for the Sub-Fund is set out under the heading “Collateral Management Policy” in the Prospectus.

##### Risk Management Process
The Company will employ a Risk Management Process which will enable it to accurately measure, monitor and manage the risks attached to FDI and details of this process have been provided to the Central Bank. The Company will not utilise FDI which have not been included in the Risk Management Process until such time as such instruments are disclosed in a revised Risk Management Process that has been submitted to and cleared in advance by the Central Bank.
The Company will provide on request to Shareholders supplementary information relating to the risk management methods employed by the Company including the quantitative limits that are applied and any recent developments in the risk and yield characteristics of the main categories of investments.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of Financial Derivative Instruments” and may engage in securities financing transactions (“SFTs”), i.e. stocklending
arrangements and repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management”.
The maximum exposure of the Sub-Fund in respect of TRS shall be 100% and in respect of SFTs shall be 100% of the Net Asset Value of the Sub-Fund. However, it is
not anticipated that the Sub-Fund’s exposure in respect
of TRS will exceed 20% and in respect of SFTs will
exceed 15% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS or SFTs will be of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Stocklending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Share Class Hedging
This Sub-Fund offers hedged share classes. Such share classes are indicated by the suffix “(hedged)” Please see the section entitled “Share Class Hedging” in the Prospectus for further information on the operation and
impact of hedged share classes.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will be declared normally quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and
11 November respectively. Further details are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are set out under the sub-heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management fee payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and
organisation of the Sub-Fund including the fees of the Sub-Fund’s professional advisers will be borne by the Sub-Fund. Such fees and expenses are estimated not to exceed €65,000 and will be borne by the Sub-Fund and will be amortised over a period of up to 3 years from the
date of the launch of the Sub-Fund.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Global Infrastructure Income Fund

### SUPPLEMENT 42 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for hedging and efficient portfolio management purposes. The Sub- Fund will not use FDI for investment purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- It is proposed to charge management fees and other fees and expenses of the Sub-Fund to the capital of the Sub-Fund to seek to maximise distributions. See “Fees and Expenses” in the Prospectus for further details.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.
- Investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be suitable for all investors.


#### The Investment Manager
Newton Investment Management North America LLC

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR A (Acc.) | EUR | 5,000 | 5% | 1.85% | 0% |
| EUR A (Inc.) | EUR | 5,000 | 5% | 1.85% | 0% |
| USD A (Acc.) | USD | 5,000 | 5% | 1.85% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.85% | 0% |
| CHF A (Acc.) | CHF | 5,000 | 5% | 1.85% | 0% |
| CHF A (Inc.) | CHF | 5,000 | 5% | 1.85% | 0% |
| EUR H (Acc.) (hedged) | EUR | 5,000 | 5% | 1.85% | 0% |
| EUR H (Inc.) (hedged) | EUR | 5,000 | 5% | 1.85% | 0% |

| “B” Shares and “J (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR B (Acc.) | EUR | 10,000 | 5% | 1.40% | 0% |
| EUR B (Inc.) | EUR | 10,000 | 5% | 1.40% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| USD B (Acc.) | USD | 10,000 | 5% | 1.40% | 0% |
| USD B (Inc.) | USD | 10,000 | 5% | 1.40% | 0% |
| USD B (Inc.) (M) | USD | 10,000 | 5% | 1.40% | 0% |
| SGD B (Acc.) | SGD | 10,000 | 5% | 1.40% | 0% |
| SGD B (Inc.) | SGD | 10,000 | 5% | 1.40% | 0% |
| SGD B (Inc.) (M) | SGD | 10,000 | 5% | 1.40% | 0% |
| EUR J (Acc.) (hedged) | EUR | 10,000 | 5% | 1.40% | 0% |
| EUR J (Inc.) (hedged) | EUR | 10,000 | 5% | 1.40% | 0% |
| SGD J (Acc.) (hedged) | SGD | 10,000 | 5% | 1.40% | 0% |
| SGD J (Inc.) (hedged) | SGD | 10,000 | 5% | 1.40% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 0.90% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 0.90% | 0% |
| EUR G (Acc.) | EUR | 5,000 | 5% | 0.90% | 0% |
| EUR G (Inc.) | EUR | 5,000 | 5% | 0.90% | 0% |
| CHF G (Acc.) | CHF | 5,000 | 5% | 0.90% | 0% |
| CHF G (Inc.) | CHF | 5,000 | 5% | 0.90% | 0% |
| EUR G (Inc.) (hedged) | EUR | 5,000 | 5% | 0.90% | 0% |
| EUR G (Acc.) (hedged) | EUR | 5,000 | 5% | 0.90% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR C (Acc.) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| EUR C (Inc.) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.90% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.90% | 0% |
| SGD C (Acc.) | SGD | 5,000,000 | 5% | 0.90% | 0% |
| SGD C (Inc.) | SGD | 5,000,000 | 5% | 0.90% | 0% |
| EUR I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| EUR I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| SGD I (Inc.) (hedged) | SGD | 5,000,000 | 5% | 0.90% | 0% |
| SGD I (Acc.) (hedged) | SGD | 5,000,000 | 5% | 0.90% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.68% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.68% | 0% |
| EUR W (Acc.) | EUR | 15,000,000 | 5% | 0.68% | 0% |
| EUR W (Inc.) | EUR | 15,000,000 | 5% | 0.68% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.68% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.68% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.68% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| CHF W (Inc.) | CHF | 15,000,000 | 5% | 0.68% | 0% |
| SGD W (Acc.) | SGD | 15,000,000 | 5% | 0.68% | 0% |
| SGD W (Inc.) | SGD | 15,000,000 | 5% | 0.68% | 0% |
| EUR W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.68% | 0% |
| EUR W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.68% | 0% |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.68% | 0% |
| SGD W (Inc.) (hedged) | SGD | 15,000,000 | 5% | 0.68% | 0% |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD E (Acc.) | USD | As agreed | 5% | 0.40% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.40% | 0% |
| EUR E (Acc.) | EUR | As agreed | 5% | 0.40% | 0% |
| EUR E (Inc.) | EUR | As agreed | 5% | 0.40% | 0% |
| CHF E (Acc.) | CHF | As agreed | 5% | 0.40% | 0% |
| CHF E (Inc.) | CHF | As agreed | 5% | 0.40% | 0% |
| SGD E (Acc.) | SGD | As agreed | 5% | 0.40% | 0% |
| SGD E (Inc.) | SGD | As agreed | 5% | 0.40% | 0% |
| EUR E (Acc.) (hedged) | EUR | As agreed | 5% | 0.40% | 0% |
| EUR E (Inc.) (hedged) | EUR | As agreed | 5% | 0.40% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.40% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.40% | 0% |
| SGD E (Acc.) (hedged) | SGD | As agreed | 5% | 0.40% | 0% |
| SGD E (Inc.) (hedged) | SGD | As agreed | 5% | 0.40% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| EUR X (Acc.) | EUR | None | 0% | 0% | 0% |
| EUR X (Inc.) | EUR | None | 0% | 0% | 0% |
| EUR X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| EUR X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to maximise total returns from income and capital growth by gaining exposure to companies located worldwide that are engaged in infrastructure and related operations.

##### Investment Policy
The Sub-Fund invests primarily (meaning at least 80% of the Sub-Fund's Net Asset Value) in a concentrated portfolio of equity and equity-related securities (common and preferred stock, American depositary receipts and
global depository receipts (collectively “Depositary Receipts”) and listed real estate investment trusts (“REIT”s), of companies located worldwide that are
engaged in infrastructure and related operations (“Infrastructure Companies”).
Investments in REITs will not exceed 20% of the Sub- Fund’s Net Asset Value
The Sub-Fund will not invest more than 25% of its Net Asset Value in emerging market countries. These emerging market countries are likely to include, but are not limited to, China (exposure to China will be achieved through Hong Kong listed Chinese stocks and Depository Receipts), India (exposure to India will be achieved through Depository Receipts) and Mexico. The Sub-Fund will not invest in Russia. The Sub-Fund may also invest
up to 10% of its Net Asset Value in aggregate in open- ended collective investment schemes (“CIS”) including money market funds and open-ended exchange traded funds (“ETFs”). The Sub-Fund may also hold ancillary liquid assets such as bank deposits.
The Sub-Fund may use FDI, as outlined below in the section headed “Efficient Portfolio Management”. The Sub-Fund will not use FDI for investment purposes.
However, the Sub-Fund may on occasion hold warrants or stock purchase rights where these have been acquired by the Sub-Fund as a result of corporate actions.
The Sub-Fund does not intend to take short positions.
With the exception of permitted investment in unlisted securities and open-ended CIS, the Sub-Fund’s investments shall be listed or traded on Eligible Markets.
A list of the Eligible Markets is set out in Appendix II of the Prospectus.

##### Benchmark
S&P Global Infrastructure NR Index (the “Benchmark”).
The Benchmark is designed to track companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. To create diversified exposure, the Benchmark includes three distinct infrastructure clusters: energy, transportation, and utilities.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest outside the Benchmark subject to the investment objective and policy. However, as the Benchmark covers a significant proportion of the investable universe, the
majority of the Sub-Fund’s holdings will be constituents
of the Benchmark but the weightings in the portfolio are
not influenced by those of the Benchmark. The investment strategy does not restrict the extent to which the Investment Manager may deviate from the Benchmark.

##### Investment Strategy
The investment strategy aims to maximise total returns from income and capital growth by investing in a concentrated portfolio of Infrastructure Companies, as
further described in the section “Investment Policy”
above.
The majority of the Sub-Fund’s assets will be allocated to investment in higher yielding Infrastructure Companies in
order to provide income in the form of dividends to the Sub-Fund. In addition, a portion of the Sub-Fund’s assets will be allocated to investments in lower yielding (e.g.,
stocks with lower dividend payments) Infrastructure Companies with strong growth prospects.
Within these allocations, the Investment Manager may seek exposure to traditional infrastructure sectors such as energy, industrials, transportation and utilities as well
as non-traditional infrastructure sectors such as telecoms, senior housing, health care, and real estate industries. At any given time the Sub-Fund may have exposure to a portion, or all of these sectors depending
on the Investment Manager’s view of each sector at the
time. This view will be influenced by economic, political
or regulatory occurrences affecting each sector. The Sub- Fund will invest in both developed market and emerging market Infrastructure Companies.
The Investment Manager aims to invest in Infrastructure Companies which it believes benefit from consistent regulatory environments, a feature more common in developed markets, as well as stable cash flows driven by sustainable business models and consistent dividend payment profiles. The Investment Manager utilises quantitative and fundamental research to select investments by focusing on Infrastructure Companies that possess the most favourable combination of cash flow stability, dividend payment potential as well as
valuation metrics (such as price to earnings ratio, price to book ratio, and price to cash flow ratio). The Investment
Manager’s fundamental research includes evaluating key
areas such as balance sheet strength, competitive
landscape, stock-price valuations, liquidity and analysis of regulatory environment.
Risk management is a key component of the investment strategy. Where economic, political or regulatory risk is
present in a country or infrastructure sector, it is the Investment Manager’s intention to limit the impact of such risks on the Sub-Fund through its stock selection
process (as described below).

##### Stock Selection Buy Discipline
When selecting Infrastructure Companies to invest in the Investment Manager focuses on whether the projected cash flows of the Infrastructure Company are sustainable. The Investment Manager examines the
viability of the Infrastructure Company’s growth strategy,
its competitive position and general industry conditions
in order to establish this. In addition, the Investment Manger identifies the company level economic, regulatory and political risk impacting each Infrastructure Company it considers by examining and evaluating key areas such as the competitive landscape and the political and regulatory environment and then selects Infrastructure Companies which it believes are best placed to withstand or have more limited exposure to such risks due to the
particular Infrastructure Company’s competitive
advantages such as the age, quality, and replacement
cost of its infrastructure assets (and therefore the sustainability of its cash flows).
Sell Discipline
Where the Investment Manager’s ongoing review of an Infrastructure Company identifies flaws in its business
model, increased exposure to economic, regulatory or political risk, or lower than expected dividend payments, it may sell the holding. Investments will also be sold when the Investment Manager identifies a more promising investment opportunity.

##### The Sustainable Finance Disclosure Regulation
The management of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
The Investment Manager applies fundamental analysis supported by quantitative data resources to assess the environmental, social and governance factors of each portfolio investment for potential sustainability risks. These factors may include but are not limited to, an
issuer’s impact on the environment, including emissions, land use and waste practices, and an issuer’s social policies and practices, including employee matters,
supply chain practices and human rights policies. The Investment Manager identifies and incorporates into its investment decision making process those considerations
that will influence an issuer’s behaviour or impact the
economic, regulatory, political, social or physical
environments in which it operates. The Investment Manager leverages the fundamental analysis along with quantitative data to derive a proprietary ESG score to
further enhance the management of sustainability factors within the Sub-Fund. The Investment Manager’s proprietary research is supplemented with third-party
resources including MSCI ESG data and ratings, Bloomberg ESG data, Sustainability Accounting
Standards Board’s (SASB) Engagement Guide, sell-side
research and industry events. The result is an investment
decision making process that seeks to minimise the Sub- Fund’s exposure to laggards on environment, social and governance criteria, while also taking into account any
remaining sustainability risks associated with the investments of the Sub-Fund.
The Investment Manager also assesses the governance practices of issuers through its fundamental research, supplemented by proprietary and third-party governance scoring methodologies, in order to satisfy itself that the relevant issuers follow good governance practices, in particular with respect to sound management structures, employee relations, remuneration of staff and tax compliance.
The Investment Manager monitors sustainability factors and risk exposures on a regular basis by reviewing
regular reporting on both the Investment Manager’s
proprietary and third-party ESG scores.
As explained above, the management and assessment of sustainability risks forms an important part of the Investment Manager's due diligence, however there may still be a risk that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations
under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Registration in Hong Kong
This Sub-Fund is registered for sale in Hong Kong.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 50% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
In utilising FDI for EPM purposes, the Sub-Fund may gain indirect exposure to financial indices.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending
arrangements and repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of SFTs shall be 100% of the Net Asset Value of the Sub-
Fund. However, it is not anticipated that the Sub-Fund’s
exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1€, 1USD, 1GBP, 1CHF, or 1SGD depending on the currency of the relevant
class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) share classes with the suffix (“M”), dividends will normally be declared monthly on the last Business Day of the month. For
holders of income generating monthly distributing Shares, the declared dividends will normally be paid on or before the 20th calendar day of the following month. For all other income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11 November
respectively. Further details are set out under the heading "The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and
organisation of the Sub-Fund including the fees of the Sub-Fund’s professional advisers will be borne by the Sub-Fund. Such fees and expenses are estimated not to exceed €50,000 and will be borne by the Sub-Fund and will be amortised over a period of up to 3 years from the
date of the launch of the Sub-Fund.

#### Risk Factors
In addition, investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus, in particular, to “Infrastructure Companies Risk”.

## BNY Mellon Mobility Innovation Fund

### SUPPLEMENT 43 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
This Supplement contains specific information in relation to the BNY Mellon Mobility Innovation Fund (the “Sub- Fund”), a sub-fund of BNY Mellon Global Funds, plc (the “Company”) an open-ended umbrella type investment company established as a UCITS pursuant to the UCITS
Regulations. There exists segregated liability between the Sub-Funds of the Company.
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for hedging and efficient portfolio management purposes. The Sub- Fund will not use FDI for investment purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- Investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be suitable for all investors.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.


#### The Investment Manager
Newton Investment Management North America LLC

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR A (Acc.) | EUR | 5,000 | 5% | 1.85% | 0% |
| EUR A (Inc.) | EUR | 5,000 | 5% | 1.85% | 0% |
| USD A (Acc.) | USD | 5,000 | 5% | 1.85% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.85% | 0% |
| CHF A (Acc.) | CHF | 5,000 | 5% | 1.85% | 0% |
| CHF A (Inc.) | CHF | 5,000 | 5% | 1.85% | 0% |
| EUR H (Acc.) (hedged) | EUR | 5,000 | 5% | 1.85% | 0% |
| EUR H (Inc.) (hedged) | EUR | 5,000 | 5% | 1.85% | 0% |
| Sterling H (Acc.) (hedged) | GBP | 5,000 | 5% | 1.85% | 0% |
| Sterling H (Inc.) (hedged) | GBP | 5,000 | 5% | 1.85% | 0% |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 1.85% | 0% |
| CHF H (Inc.) (hedged) | CHF | 5,000 | 5% | 1.85% | 0% |

| “B” Shares and “J (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR B (Acc.) | EUR | 10,000 | 5% | 1.40% | 0% |
| EUR B (Inc.) | EUR | 10,000 | 5% | 1.40% | 0% |
| USD B (Acc.) | USD | 10,000 | 5% | 1.40% | 0% |
| USD B (Inc.) | USD | 10,000 | 5% | 1.40% | 0% |
| SGD B (Acc.) | SGD | 10,000 | 5% | 1.40% | 0% |
| SGD B (Inc.) | SGD | 10,000 | 5% | 1.40% | 0% |
| HKD B (Acc.) | HKD | 100,000 | 5% | 1.40% | 0% |
| HKD B (Inc.) | HKD | 100,000 | 5% | 1.40% | 0% |
| EUR J (Acc.) (hedged) | EUR | 10,000 | 5% | 1.40% | 0% |
| EUR J (Inc.) (hedged) | EUR | 10,000 | 5% | 1.40% | 0% |
| SGD J (Acc.) (hedged) | SGD | 10,000 | 5% | 1.40% | 0% |
| SGD J (Inc.) (hedged) | SGD | 10,000 | 5% | 1.40% | 0% |
| AUD J (Acc.) (hedged) | AUD | 10,000 | 5% | 1.40% | 0% |
| AUD J (Inc.) (hedged) | AUD | 10,000 | 5% | 1.40% | 0% |
| CAD J (Acc.) (hedged) | CAD | 10,000 | 5% | 1.40% | 0% |
| CAD J (Inc.) (hedged) | CAD | 10,000 | 5% | 1.40% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 0.90% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 0.90% | 0% |
| EUR G (Acc.) | EUR | 5,000 | 5% | 0.90% | 0% |
| EUR G (Inc.) | EUR | 5,000 | 5% | 0.90% | 0% |
| CHF G (Acc.) | CHF | 5,000 | 5% | 0.90% | 0% |
| CHF G (Inc.) | CHF | 5,000 | 5% | 0.90% | 0% |
| EUR G (Inc.) (hedged) | EUR | 5,000 | 5% | 0.90% | 0% |
| EUR G (Acc.) (hedged) | EUR | 5,000 | 5% | 0.90% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| EUR C (Acc.) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| EUR C (Inc.) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.90% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.90% | 0% |
| SGD C (Acc.) | SGD | 5,000,000 | 5% | 0.90% | 0% |
| SGD C (Inc.) | SGD | 5,000,000 | 5% | 0.90% | 0% |
| EUR I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| EUR I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| SGD I (Inc.) (hedged) | SGD | 5,000,000 | 5% | 0.90% | 0% |
| SGD I (Acc.) (hedged) | SGD | 5,000,000 | 5% | 0.90% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.70% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.70% | 0% |
| EUR W (Acc.) | EUR | 15,000,000 | 5% | 0.70% | 0% |
| EUR W (Inc.) | EUR | 15,000,000 | 5% | 0.70% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.70% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.70% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.70% | 0% |
| CHF W (Inc.) | CHF | 15,000,000 | 5% | 0.70% | 0% |
| SGD W (Acc.) | SGD | 15,000,000 | 5% | 0.70% | 0% |
| SGD W (Inc.) | SGD | 15,000,000 | 5% | 0.70% | 0% |
| EUR W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.70% | 0% |
| EUR W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.70% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.70% | 0% |
| CHF W (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.70% | 0% |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.70% | 0% |
| SGD W (Inc.) (hedged) | SGD | 15,000,000 | 5% | 0.70% | 0% |

| “K” Shares and “K (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD K (Acc.) | USD | As agreed | 5% | 1.40% | 0% |
| USD K (Inc.) | USD | As agreed | 5% | 1.40% | 0% |
| EUR K (Acc.) (hedged) | EUR | As agreed | 5% | 1.40% | 0% |
| EUR K (Inc.) (hedged) | EUR | As agreed | 5% | 1.40% | 0% |
| CHF K (Acc.) (hedged) | CHF | As agreed | 5% | 1.40% | 0% |
| CHF K (Inc.) (hedged) | CHF | As agreed | 5% | 1.40% | 0% |
| Sterling K (Acc.) (hedged) | GBP | As agreed | 5% | 1.40% | 0% |
| Sterling K (Inc.) (hedged) | GBP | As agreed | 5% | 1.40% | 0% |
| SGD K (Acc.) (hedged) | SGD | As agreed | 5% | 1.40% | 0% |
| SGD K (Inc.) (hedged) | SGD | As agreed | 5% | 1.40% | 0% |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD E (Acc.) | USD | As agreed | 5% | 0.40% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.40% | 0% |
| EUR E (Acc.) | EUR | As agreed | 5% | 0.40% | 0% |
| EUR E (Inc.) | EUR | As agreed | 5% | 0.40% | 0% |
| CHF E (Acc.) | CHF | As agreed | 5% | 0.40% | 0% |
| CHF E (Inc.) | CHF | As agreed | 5% | 0.40% | 0% |
| SGD E (Acc.) | SGD | As agreed | 5% | 0.40% | 0% |
| SGD E (Inc.) | SGD | As agreed | 5% | 0.40% | 0% |
| EUR E (Acc.) (hedged) | EUR | As agreed | 5% | 0.40% | 0% |
| EUR E (Inc.) (hedged) | EUR | As agreed | 5% | 0.40% | 0% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.40% | 0% |
| CHF E (Inc.) (hedged) | CHF | As agreed | 5% | 0.40% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.40% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.40% | 0% |
| SGD E (Acc.) (hedged) | SGD | As agreed | 5% | 0.40% | 0% |
| SGD E (Inc.) (hedged) | SGD | As agreed | 5% | 0.40% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| EUR X (Acc.) | EUR | None | 0% | 0% | 0% |
| EUR X (Inc.) | EUR | None | 0% | 0% | 0% |
| EUR X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| EUR X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to achieve long-term capital growth by primarily gaining exposure to companies located worldwide that are focused on innovation in transportation and related technologies.

##### Investment Policy
The Sub-Fund invests primarily (meaning at least 80% of the Sub-Fund's Net Asset Value in equity and equity- related securities (including but not limited to common and preferred stock, American depositary receipts and
global depository receipts (collectively “Depositary Receipts”)), of companies located worldwide that are focused on innovation in transportation and related
technologies.
Such companies include automobile manufacturers, component suppliers and automobile technology providers that focus on innovation in transportation relating to use, control and power such as enhanced infrastructure and data processing capabilities, clean energy production, the safety implications of advanced driver-assistance systems and the companies which
make use of or enable such mobility innovations (“Mobility Innovation Companies”). The Sub-Fund will invest across several industries located worldwide
reflecting the wide range of links between transportation, auto component investment, software and internet service investments.
There is no limit in the Sub-Fund’s investment in equity and equity-related securities of small and mid cap companies and the Sub-Fund may invest significantly in
such companies.
In particular, a significant portion of the Sub-Fund’s investment universe may be selected from the constituents of certain market sectors of the Benchmark.
The Benchmark represents the mid cap market across
both developed and emerging markets. The Benchmark
includes several market sectors which are relevant to the Sub-Fund’s investment strategy as further detailed below. The Sub-Fund will invest directly in selected
constituents of the Benchmark. Additional information on the Benchmark may be obtained from www.msci.com.
The Benchmark is rebalanced in May and November. However, while the Sub-Fund uses the Benchmark for investment purposes, because it does not aim to replicate or track the Benchmark, the Sub-Fund will not necessarily be impacted by any rebalancing, associated costs or stock weighting in the Benchmark which would exceed the permitted investment restrictions.
The Sub-Fund can invest in both developed and emerging markets. While the Sub-Fund expects to have significant exposure to developed markets, depending on how the mobility innovation market sector develops, it may invest more than 40% of its Net Asset Value in emerging market countries over time and there is no investment limitation in relation to such investments. These emerging market countries are likely to include, but are not limited to, Brazil, Russia, China, India and Mexico. The Sub-Fund may gain exposure to China through purchasing China H- shares listed or traded on the Hong Kong Stock Exchange, China B-shares listed or traded on the Shanghai Stock Exchange or the Shenzhen Stock Exchange, China A-shares via the Stock Connect and through Depositary Receipts. The Sub-Fund may invest up to 20% of its Net Asset Value in China A-shares via the Stock Connect. Further details about the Stock Connect are set out in Appendix V to the Prospectus. The Sub-Fund may gain exposure to India directly or through Depositary Receipts. The Sub-Fund may invest up to 20% of its Net Asset Value in securities listed or traded on the Moscow Exchange.
The Sub-Fund may also invest up to 10% of its Net Asset Value in aggregate in open-ended collective investment
schemes (“CIS”) including money market funds and open- ended exchange traded funds (“ETFs”). The Sub-Fund may also hold ancillary liquid assets such as bank deposits.
The Sub-Fund’s performance may be strongly influenced by movements in FX rates because assets of the Sub-
Fund denominated in a currency other than the Base Currency will usually not be hedged back to the Base Currency.
However, the Sub-Fund may use FDI, as outlined below in the sections headed “Use of FDI” and “Efficient Portfolio Management” to enter into cross currency transactions in order to hedge all or part of the currency exposures back to the Sub-Fund’s Base Currency from time to time.
The Sub-Fund does not intend to take short positions.
With the exception of permitted investment in unlisted securities and open-ended CIS, the Sub-Fund’s investments shall be listed or traded on Eligible Markets.
A list of the Eligible Markets is set out in Appendix II of the Prospectus.

##### Benchmark
MSCI AC World Mid Cap NR Index (the “Benchmark”).
The Benchmark captures mid cap representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries. With 1,307 constituents, the Benchmark covers approximately 15% of the free float-adjusted market capitalization in each country.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Benchmark subject to the investment objective and policy. While the Sub-Fund’s holdings may include constituents of the Benchmark, the selection of
investments and their 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.
Please see the ‘Investment Policy’ and ‘Investment Strategy’ sections for more information on how the Benchmark is used.’

##### Investment Strategy
The Sub-Fund aims to achieve its investment objective by
gaining exposure to Mobility Innovation Companies, as further described in the section “Investment Policy” above.
Identifying the Investment Universe
As referenced in the Investment Policy section above, the Investment Manager may select, a significant portion (up to 80%) of the securities in the Sub-Fund from relevant market sectors within the Benchmark. Such sectors include but are not limited to, Consumer Discretionary (Auto Components, Automobiles, Household Durables), Industrials (Building Products, Construction & Engineering, Electrical Equipment, Industrial Conglomerates, Machinery), Information Technology (Communications Equipment, Electronic Equipment Instruments & Components, Internet Software & Services, Semiconductors & Semiconductor Equipment, Software, Technology, Hardware Storage & Peripherals) and Telecommunication Services (Diversified
Telecommunication Services, Wireless Telecommunication Services). The Sub-Fund will invest directly in selected constituents of the sectors.
The list of relevant market sectors within the Benchmark and their constituents will be reviewed regularly. Any relevant changes to the Benchmark will be reviewed and analysed by the Investment Manager who will make the decision whether to reflect the change in the Investment Universe.
The Investment Manager also gains exposure to companies that are not part of the Benchmark which it identifies through its industry research.
Investment Selection
The Investment Manager selects investments from the
Investment Universe by using fundamental analysis to ascertain the management of the relevant companies’ ability and willingness to sustain and ideally grow value.
This fundamental analysis includes evaluating balance sheet strength, competitive landscape, stock-price valuations, liquidity and the regulatory environment.
Sell Discipline
The Investment Manager undertakes regular performance
reviews of each security. Performance reviews include an assessment of a security’s performance relative to its peer group as well as the Benchmark. The Investment
Manager considers selling securities which are found to have limited or no further growth potential, are expected to fall in value, or when there are more promising investment opportunities available.

##### The Sustainable Finance Disclosure Regulation
The management of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying
investments could be materially negatively impacted by an ESG event or condition (“ESG Event”).
The Investment Manager applies fundamental analysis supported by quantitative data resources to assess the environmental, social and governance factors of each portfolio investment for potential sustainability risks.
These factors may include but are not limited to, an issuer’s impact on the environment, including emissions, land use and waste practices, and an issuer’s social policies and practices, including employee matters,
supply chain practices and human rights policies. The Investment Manager identifies and incorporates into its
investment decision making process those considerations that will influence an issuer’s behaviour or impact the economic, regulatory, political, social or physical
environments in which it operates. The Investment Manager leverages the fundamental analysis along with quantitative data to derive a proprietary ESG score to
further enhance the management of sustainability factors within the Sub-Fund. The Investment Manager’s proprietary research is supplemented with third-party
resources including MSCI ESG data and ratings, Bloomberg ESG data, Sustainability Accounting
Standards Board’s (SASB) Engagement Guide, sell-side
research and industry events. The result is an investment
decision making process that seeks to minimise the Sub- Fund’s exposure to laggards on environment, social and governance criteria, while also taking into account any
remaining sustainability risks associated with the investments of the Sub-Fund.
The Investment Manager also assesses the governance practices of issuers through its fundamental research, supplemented by proprietary and third-party governance scoring methodologies, in order to satisfy itself that the relevant issuers follow good governance practices, in particular with respect to sound management structures, employee relations, remuneration of staff and tax compliance.
The Investment Manager monitors sustainability factors and risk exposures on a regular basis by reviewing
regular reporting on both the Investment Manager’s
proprietary and third-party ESG scores.
As explained above, the management and assessment of sustainability risks forms an important part of the Investment Manager's due diligence, however there may still be a risk that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund will not use FDI for investment purposes.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Registration in Hong Kong
This Sub-Fund is registered for sale in Hong Kong.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 50% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
In utilising FDI for EPM purposes, the Sub-Fund may gain indirect exposure to financial indices.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending arrangements and repurchase/reverse repurchase
agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of
SFTs shall be 100% of the Net Asset Value of the Sub- Fund. However, it is not anticipated that the Sub-Fund’s exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be issued during their respective Initial Offer Periods at their
respective initial offer price per Share of 1€, 1USD, 1GBP,
1CHF, 1SGD, 1CAD, 1AUD or 10HKD depending on the
currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will
normally be paid on or before 11 February. Further details are set out under the heading “The Company Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and organisation of the Sub-Fund including the fees of the
Sub-Fund’s professional advisers will be borne by the
Sub-Fund. Such fees and expenses are estimated not to exceed €50,000 and will be amortised over a period of up to 3 years from the date of the launch of the Sub-Fund.

#### Risk Factors
In addition, Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus, in particular, to “Market Capitalisation Risk”.

## BNY Mellon U.S. Credit Select Income Fund

### SUPPLEMENT 44 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- Management fees and other fees and expenses of the Sub-Fund will be charged to the capital of the Sub-Fund to seek to maximise distributions. See “Fees and Expenses” in the Prospectus for further details.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- Investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
- The Sub-Fund may, in exceptional circumstances, invest substantially in deposits with credit institutions. Although the Sub-Fund may invest in money market instruments and cash deposits, Shares in the Sub-Fund are not deposits and are different in nature to a deposit in that the investment is not guaranteed and the value of the investment is capable of fluctuation. Investment in the Sub-Fund involves certain investment risks, including the possible loss of principal.


#### The Investment Manager
Insight Investment Management (Global) Limited.
The Investment Manager may delegate its investment management functions to a Sub-Investment Manager and/or appoint a sub-investment adviser to provide investment advice in accordance with the requirements of the Central Bank. As at the date of this Supplement, the Investment Manager has appointed the Sub- Investment Manager, as described below.

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this
Sub-Fund to Insight North America LLC (the “Sub-
Investment Manager”). Details of the Sub-Investment Management Agreement between the Investment
Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for
whom each class of Shares is intended is set out under the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD A (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| Euro H (Acc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 1.00% | 0% |
| CAD H (Acc.) (hedged) | CAD | 5,000 | 5% | 1.00% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| CAD H (Inc.) (hedged) | CAD | 5,000 | 5% | 1.00% | 0% |
| HKD H (Acc.) (hedged) | HKD | 50,000 | 5% | 1.00% | 0% |
| HKD H (Inc.) (hedged) | HKD | 50,000 | 5% | 1.00% | 0% |
| CNH H (Acc.) (hedged) | CNH | 50,000 | 5% | 1.00% | 0% |
| CNH H (Inc.) (hedged) | CNH | 50,000 | 5% | 1.00% | 0% |
| SGD H (Acc.) (hedged) | SGD | 5,000 | 5% | 1.00% | 0% |
| SGD H (Inc.) (hedged) | SGD | 5,000 | 5% | 1.00% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 0.50% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 0.50% | 0% |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 0.50% | 0% |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 0.50% | 0% |
| Sterling G (Acc.) (hedged) | GBP | 5,000 | 5% | 0.50% | 0% |
| Sterling G (Inc.) (hedged) | GBP | 5,000 | 5% | 0.50% | 0% |
| CHF G (Acc.) (hedged) | CHF | 5,000 | 5% | 0.50% | 0% |
| CAD G (Acc.) (hedged) | CAD | 5,000 | 5% | 0.50% | 0% |
| CAD G (Inc.) (hedged) | CAD | 5,000 | 5% | 0.50% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.50% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.50% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 0.50% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.50% | 0% |
| CHF I (Acc.) (hedged) | CHF | 5,000,000 | 5% | 0.50% | 0% |
| CAD I (Acc.) (hedged) | CAD | 5,000,000 | 5% | 0.50% | 0% |
| CAD I (Inc.) (hedged) | CAD | 5,000,000 | 5% | 0.50% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.40% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.40% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.40% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.40% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.40% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.40% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.40% | 0% |
| CAD W (Acc.) (hedged) | CAD | 15,000,000 | 5% | 0.40% | 0% |
| CAD W (Inc.) (hedged) | CAD | 15,000,000 | 5% | 0.40% | 0% |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD E (Acc.) | USD | As agreed | 5% | 0.30% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.30% | 0% |
| Euro E (Acc.) (hedged) | EUR | As agreed | 5% | 0.30% | 0% |
| Euro E (Inc.) (hedged) | EUR | As agreed | 5% | 0.30% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.30% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.30% | 0% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.30% | 0% |
| CAD E (Acc.) (hedged) | CAD | As agreed | 5% | 0.30% | 0% |
| CAD E (Inc.) (hedged) | CAD | As agreed | 5% | 0.30% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% |
| CAD X (Inc.) (hedged) | CAD | None | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to provide income with the potential for capital growth over the longer term.

##### Investment Policy
The Sub-Fund invests the majority of its assets (meaning at least 51% of the Sub-Fund’s Net Asset Value) in a portfolio of fixed and floating rate debt and debt-related
securities issued by U.S. corporates, financial institutions, agencies, and the U.S. government.
The Sub-Fund may invest the remainder of its assets in debt and debt-related instruments issued by non-U.S. issuers including non-U.S. corporate and sovereign debt and debt-related securities. The Sub-Fund may invest over 20% of its Net Asset Value in debt and debt-related securities from emerging market countries, including up to 10% of its Net Asset Value in Russia, in which case investment will only be made in securities listed or traded on the Moscow Exchange.
The Sub-Fund may invest in both investment grade (i.e. BBB- or above) and up to 35% of its Net Asset Value in below investment grade securities (i.e. BB+ or below) as rated by a Recognised Rating Agency, at time of purchase, or unrated securities. The Sub-Fund will not be restricted by credit quality or maturity when making investment decisions. Therefore no minimum credit rating will apply to the investments of the Sub-Fund.
The debt and debt-related securities that the Sub-Fund may invest in directly, or indirectly through FDI, include debentures, bonds (such as zero coupon bonds, agency bonds, municipal bonds, covered bonds, puttable bonds, callable bonds, tender option bonds, step-up bonds, payment in kind bonds, Eurobonds, bullet bonds and treasury bonds), GDP linked bonds, money market instruments (such as U.S. treasury bills, certificates of deposit, commercial paper and term deposits), notes (such as floating rate notes, variable rate demand notes, and surplus notes), loans (including loan participations and loan assignments), private placements (such as certain Reg. S bonds and certain 144A bonds), hybrids (such as perpetual bonds, deferrable interests i.e. cumulative and non-cumulative bonds and trust preferred securities), guaranteed investment certificates, asset- backed and mortgage-backed securities, collateralised
loan obligations, convertible bonds and contingent convertible securities (“CoCos”) hereinafter “Debt and Debt-Related Securities”).
The Sub-Fund may invest up to 10% of its Net Asset Value in Loans.
The Sub-Fund may invest up to 10% of its Net Asset Value in CoCos. Please see “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos.
The Sub-Fund may invest in residual interest certificates issued by Tender Option Bond Trusts where this provides a more cost effective means of gaining exposure to municipal bonds than investing in the underlying municipal bonds directly.
The Sub-Fund may invest up to 5% of its Net Asset Value in aggregate in private placements (such as certain Reg. S bonds and certain 144A bonds).
The Sub-Fund may seek to hold synthetic short positions in credit default swaps (“CDS”), bond futures, total return swaps and forward foreign exchange contracts to
generate additional income, hedge bond or credit exposure (i.e. the risk of default, inflation risk or interest rate risk) and/or reduce market exposure (i.e. the risk a market, asset class, or individual issuer falls in value) during periods of significant market price decline.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in collective investment schemes
(“CIS”) including, money market funds and other Irish
UCITS advised by the Investment Manager.
With the exception of permitted investment in unlisted securities and open-ended CIS, the Sub-Fund’s investments will be listed or traded on Eligible Markets
listed in Appendix II of the Prospectus.
Whilst the Sub-Fund's Base Currency is U.S. Dollars, the Sub-Fund may invest in non-U.S. Dollar denominated assets which will generally be hedged back to U.S. Dollars using currency-related FDI. The currency-related FDI which may be used by the Sub-Fund for hedging
purposes are further described in the Prospectus in the section “Financial Derivative Instruments and Techniques”.

##### Loan Investments
The Sub-Fund may invest up to 10% of the Sub-Fund’s Net Asset Value in unsecuritised loan participations and/
or loan assignments, amortised loans and/or syndicated loans provided such instruments constitute money market instruments normally dealt in the money market, are liquid and have a value that may be accurately determined at any time.
The Sub-Fund may also invest in amortising loans.
A loan is often administered by an agent bank acting as agent for all holders. The Sub-Fund may have to rely on the agent bank or other financial intermediary to apply appropriate credit remedies against a corporate borrower.

##### Cash and Collateral Management
The Sub-Fund will hold cash and liquid near cash assets in certain circumstances, such as meeting redemptions, facilitating payment of expenses, holding cash on deposit pending reinvestment and to provide collateral to support FDI exposure. In exceptional circumstances, the Sub- Fund may temporarily hold high levels of cash and liquid
near cash assets (i.e. up to 100% of the Sub-Fund’s Net
Asset Value) where market conditions may require a
defensive investment strategy (e.g. market crash or major crisis).
Liquid near cash assets may include any of the fixed and floating rate Debt and Debt-Related Securities as described above, other than CoCos, MBS and ABS, where they have characteristics consistent with being a liquid or near cash asset and bank deposits. It is intended that issuers and/or guarantors of any such Debt and Debt- Related Securities and bank deposits will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
Bloomberg Barclays US Credit Index TR (the
“Benchmark”).
The Benchmark measures the investment grade, U.S. Dollar denominated, fixed-rate, taxable corporate and government related bond markets. It is composed of the Bloomberg Barclays US Corporate Index and a non- corporate component that includes foreign agencies, sovereigns, supranationals and local authorities.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest outside the Benchmark subject to the investment
objective and policy. While the Sub-Fund’s holdings may
include constituents of the Benchmark, the selection of
investments and their 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.

##### Investment Strategy
The Sub-Fund’s investment strategy is to apply both income and total return approaches with a combination of:
- predominantly core income holdings held on a longer term, buy and maintain basis;and
- to a lesser extent, active total return holdings, which are holdings that the Investment Manager will have flexibility to frequently adjust to suit market conditions and as a consequence will be held for shorter periods.

Both the core income and active total return holdings will consist of Debt and Debt-Related Securities issued by
U.S. and non-U.S. issuers.
In order to determine the Sub-Fund’s asset allocation to core income holdings and active total return holdings, the
Investment Manager reviews the credit market by considering:
- Value assessment: identifying whether each credit market segment is trading at fundamentally cheap or expensive levels;
- Strategic indicators: assessing corporate fundamentals (i.e. revenue, assets, liabilities), ABS fundamentals (i.e. risk of default, credit ratings), technical environment and economic activity. This assessment is derived by analysing the direction of yield spreads over a 12 month period. A yield spread is the difference between yields on differing debt instruments of varying maturities, credit ratings and risk. The direction of the spread may increase or widen, meaning the yield difference between two bonds is increasing, and one sector is performing better than another. When spreads narrow, the yield difference is decreasing, and one sector is performing more poorly than another.
- Tactical outlook: assessing factors such as investor positioning, sentiment (i.e. market attitudes towards a particular security indicated through price movements and trading activity), issuance and near-term event risk (including political events). This assessment is derived subjectively from the judgements of the Investment Manager.

Once the value assessment, strategic indicators and tactical outlook for each credit market segment has been considered, the Investment Manager will decide how much of the portfolio to allocate to core income holdings and how much to allocate to active total return holdings. Security selection of particular income holdings and active total return holdings will then be based on analysis of the individual security and consideration of the duration and yield curve of the portfolio as a whole. Duration is the price sensitivity of Debt and Debt-Related Securities to changes in interest rates, expressed as a number of years. Security selection also brings together
the bottom-up individual security selection inputs from the Investment Manager’s credit analysts, who specialise in specific sectors and industries, e.g.
telecommunications, automobiles, technology, manufacturing and government bonds.
The Investment Manager may consider factors such as expense and ease of implementation when deciding how to implement the investment strategy and gain exposure to Debt and Debt-Related Securities, i.e. using FDI or CIS rather than buying the Debt and Debt-Related Securities directly.

##### The Sustainable Finance Disclosure Regulation
When assessing the sustainability risk associated with underlying investments of the Sub-Fund, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively
impacted by an ESG event or condition (“ESG Event”).
Sustainability risks are managed by ensuring senior
decision makers are informed and included in the Investment Manager’s responsible investment programme, and set effective accountability,
transparency and implementation procedures. Where sustainability risk issues are considered material to investment outcomes, they are incorporated into due diligence processes. This may include evaluating individual securities and/or interaction with issuers or market participants. Internal controls ensure sustainability criteria are applied to The Sub-Fund continuously. ESG restrictions, which includes proprietary ESG ratings and third-party data, are set to prevent or permit investment in securities that meet sustainability- related characteristics. These controls are coded against the Sub-Fund and updated as new information is absorbed.
Corporate governance is a key sustainability risk factor forming part of proprietary ESG risk ratings for all issuers. The Investment Manager's corporate governance assessment includes evaluating board practices and behaviour, remuneration, control and accountability, and ethics or controversies. The Investment Manager applies the insights from ESG ratings alongside their own
knowledge of issuers’ governance structures to set
engagement priorities with issuers. The Investment
Manager considers these risks together to decide whether an investment reasonably compensates a fund for sustainability risks over the long and short-term.
In terms of social and environmental factors, the Investment Manager’s proprietary ESG ratings methodology provides sector specific and issuer specific
information on key issues. This model helps the Investment Manager to identify key risks that a specific sector or issuer may be facing.
The Sub-Fund may underperform or perform differently relative to other comparable funds that do not integrate sustainability risks into their investment decisions and there is a risk that that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Currency Futures Interest Rate Futures (including Short Term Interest Rate Futures) Government Bond Futures Bond Futures |
| --- | --- |
| Options | Currency Options (including Barrier Options) Options on Interest Rate Futures Bond Options Options on Bond Futures Interest Rate Options Options on Credit Default Swaps Options on Volatility Indices |
| Forwards | Forward Foreign Exchange Contracts |
| Swaps | Credit Default Swaps (“CDS”) (single name and index) Interest Rate Swaps Total Return Swaps (single name, index, and basket (in the case of the latter, underlying components of which can be grouped by sector, geography or other characteristics)) |
| Securities with Em- bedded FDI/ Leverage | Convertible Bonds Contingent Convertible Securities (CoCos) Callable and Puttable Bonds Asset-Backed Securities (ABS) and Mortgage- Backed Securities (MBS) |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit CDX North American High Yield Index Markit CDX North American Investment Grade Index |
| Total Return Swap (TRS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying physical securities. | Markit iBoxx USD Liquid High Yield Index |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. The remaining financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total net long exposure (after taking account of hedging) through FDI is not expected to exceed 100% of the Net Asset Value of the Sub-Fund and the total net short exposure is not expected to exceed 100% of the Net Asset Value of the Sub-Fund (using the commitment approach).

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements and
repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 15% and in respect of SFTs shall be 100%
of the Net Asset Value of the Sub-Fund. However, it is not anticipated that the Sub-Fund’s exposure in respect of TRS will exceed 15% and in respect of SFTs will
exceed 25% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
Shares in available unlaunched share class will be offered during an Initial Offer Period opening at 9.00 a.m. on 4 May , 2022 and closing at 5.00 p.m. on 3 November,
2022 at an initial offer price per Share of 1USD, 1£, 1€,
1CHF, 10HKD, 10CNH or 1SGD depending on the currency
of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11 November respectively. Further details are set out under
the heading "The Company - Distribution Policy” in the
Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are set out under the sub-heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and organisation of the Sub-Fund including the fees of the
Sub-Fund’s professional advisers will be borne by the
Sub-Fund. Such fees and expenses are estimated not to exceed €35,000 and will be borne by the Sub-Fund and will be amortised over a period of up to 3 years from the
date of the launch of the Sub-Fund.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Sustainable Global Dynamic Bond Fund

### SUPPLEMENT 45 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
- The Sub-Fund may invest substantially in deposits with credit institutions. Although the Sub-Fund may invest in money market instruments and cash deposits, Shares in the Sub-Fund are not deposits and are different in nature to a deposit in that the investment is not guaranteed and the value of the investment is capable of fluctuation. Investment in the Sub-Fund involves certain investment risks, including the possible loss of principal.


#### The Investment Manager
Newton Investment Management Limited

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this Sub-Fund to Newton Investment Management North
America LLC (the “Sub-Investment Manager”). Details of
the Sub-Investment Management Agreement between the
Investment Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
Euro

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD A (Acc.) | USD | 5,000 | 5% | 1.25% | 0% | SOFR (30-day compounded) + 2% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.25% | 0% | SOFR (30-day compounded) + 2% |
| Euro A (Acc.) | EUR | 5,000 | 5% | 1.25% | 0% | 1 Month EURIBOR + 2% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 1.25% | 0% | 1 Month EURIBOR + 2% |
| Sterling A (Acc.) | GBP | 5,000 | 5% | 1.25% | 0% | SONIA (30-day compounded) + 2% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| --- | --- | --- | --- | --- | --- | --- |
| Sterling A (Inc.) | GBP | 5,000 | 5% | 1.25% | 0% | SONIA (30-day compounded) + 2% |
| CAD A (Acc.) | CAD | 5,000 | 5% | 1.25% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 2% |
| CAD A (Inc.) | CAD | 5,000 | 5% | 1.25% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 2% |
| AUD A (Acc.) | AUD | 5,000 | 5% | 1.25% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 2% |
| AUD A (Inc.) | AUD | 5,000 | 5% | 1.25% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 2% |
| HKD A (Acc.) | HKD | 50,000 | 5% | 1.25% | 0% | 1 Month HKD HIBOR + 2% |
| HKD A (Inc.) | HKD | 50,000 | 5% | 1.25% | 0% | 1 Month HKD HIBOR + 2% |
| CNH A (Acc.) | CNH | 50,000 | 5% | 1.25% | 0% | 1 Month CNH HIBOR + 2% |
| CNH A (Inc.) | CNH | 50,000 | 5% | 1.25% | 0% | 1 Month CNH HIBOR + 2% |
| SGD A (Acc.) | SGD | 5,000 | 5% | 1.25% | 0% | 1 Month SGD SIBOR + 2% |
| SGD A (Inc.) | SGD | 5,000 | 5% | 1.25% | 0% | 1 Month SGD SIBOR + 2% |
| USD H (Acc.) (hedged) | USD | 5,000 | 5% | 1.25% | 0% | SOFR (30-day compounded) + 2% |
| USD H (Inc.) (hedged) | USD | 5,000 | 5% | 1.25% | 0% | SOFR (30-day compounded) + 2% |
| GBP H (Acc.) (hedged) | GBP | 5,000 | 5% | 1.25% | 0% | SONIA (30-day compounded) + 2% |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 1.25% | 0% | SARON (30-day compounded) + 2% |
| CAD H (Acc.) (hedged) | CAD | 5,000 | 5% | 1.25% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 2% |
| CAD H (Inc.) (hedged) | CAD | 5,000 | 5% | 1.25% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 2% |
| SGD H (Acc.) (hedged) | SGD | 5,000 | 5% | 1.25% | 0% | 1 Month SGD SIBOR + 2% |
| SGD H (Inc.) (hedged) | SGD | 5,000 | 5% | 1.25% | 0% | 1 Month SGD SIBOR + 2% |
| AUD H (Acc.) (hedged) | AUD | 5,000 | 5% | 1.25% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 2% |
| AUD H (Inc.) (hedged) | AUD | 5,000 | 5% | 1.25% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 2% |
| CNH H (Acc.) (hedged) | CNH | 50,000 | 5% | 1.25% | 0% | 1 Month CNH HIBOR + 2% |
| CNH H (Inc.) (hedged) | CNH | 50,000 | 5% | 1.25% | 0% | 1 Month CNH HIBOR + 2% |
| DKK H (Acc.) (hedged) | DKK | 50,000 | 5% | 1.25% | 0% | 1 Month DKK LIBOR + 2% |
| NOK H (Acc.) (hedged) | NOK | 50,000 | 5% | 1.25% | 0% | 1 Month NOK LIBOR + 2% |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 1.25% | 0% | 1 Month SEK LIBOR + 2% |

| “V” Shares and “V (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Euro V (Acc.) | EUR | As agreed | 5% | 0.18% | 0% | 1 Month EURIBOR + 2% |
| Euro V (Inc.) | EUR | As agreed | 5% | 0.18% | 0% | 1 Month EURIBOR + 2% |

| “G” Shares and “G” (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD G (Acc.) | USD | 5,000 | 5% | 0.75% | 0% | SOFR (30-day compounded) + 2% |
| USD G (Inc.) | USD | 5,000 | 5% | 0.75% | 0% | SOFR (30-day compounded) + 2% |
| Euro G (Acc.) | EUR | 5,000 | 5% | 0.75% | 0% | 1 Month EURIBOR + 2% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 0.75% | 0% | 1 Month EURIBOR + 2% |
| USD G (Acc.) (hedged) | USD | 5,000 | 5% | 0.75% | 0% | SOFR (30-day compounded) + 2% |
| USD G (Inc.) (hedged) | USD | 5,000 | 5% | 0.75% | 0% | SOFR (30-day compounded) + 2% |
| GBP G (Acc.) (hedged) | GBP | 5,000 | 5% | 0.75% | 0% | SONIA (30-day compounded) + 2% |
| CHF G (Acc.) (hedged) | CHF | 5,000 | 5% | 0.75% | 0% | SARON (30-day compounded) + 2% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.75% | 0% | SOFR (30-day compounded) + 2% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.75% | 0% | SOFR (30-day compounded) + 2% |
| Euro C (Acc.) | EUR | 5,000,000 | 5% | 0.75% | 0% | 1 Month EURIBOR + 2% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 0.75% | 0% | 1 Month EURIBOR + 2% |
| Sterling C (Inc.) | GBP | 5,000,000 | 5% | 0.75% | 0% | SONIA (30-day compounded) + 2% |
| Sterling C (Acc.) | GBP | 5,000,000 | 5% | 0.75% | 0% | SONIA (30-day compounded) + 2% |
| CHF I (Acc.) (hedged) | CHF | 5,000,000 | 5% | 0.75% | 0% | SARON (30-day compounded) + 2% |
| USD I (Acc.) (hedged) | USD | 5,000,000 | 5% | 0.75% | 0% | SOFR (30-day compounded) + 2% |
| USD I (Inc.) (hedged) | USD | 5,000,000 | 5% | 0.75% | 0% | SOFR (30-day compounded) + 2% |
| SGD I (Acc.) (hedged) | SGD | 5,000,000 | 5% | 0.75% | 0% | 1 Month SGD SIBOR + 2% |
| SGD I (Inc.) (hedged) | SGD | 5,000,000 | 5% | 0.75% | 0% | 1 Month SGD SIBOR + 2% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.50% | 0% | SOFR (30-day compounded) + 2% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.50% | 0% | SOFR (30-day compounded) + 2% |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.50% | 0% | 1 Month EURIBOR + 2% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.50% | 0% | 1 Month EURIBOR + 2% |
| HKD W (Inc.) | HKD | 150,000,000 | 5% | 0.50% | 0% | 1 Month HKD HIBOR + 2% |
| USD W (Acc.) (hedged) | USD | 15,000,000 | 5% | 0.50% | 0% | SOFR (30-day compounded) + 2% |
| USD W (Inc.) (hedged) | USD | 15,000,000 | 5% | 0.50% | 0% | SOFR (30-day compounded) + 2% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.50% | 0% | SONIA (30-day compounded) + 2% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.50% | 0% | SONIA (30-day compounded) + 2% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.50% | 0% | SARON (30-day compounded) + 2% |
| CAD W (Inc.) (hedged) | CAD | 15,000,000 | 5% | 0.50% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 2% |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.50% | 0% | 1 Month SGD SIBOR + 2% |
| SGD W (Inc.) (hedged) | SGD | 15,000,000 | 5% | 0.50% | 0% | 1 Month SGD SIBOR + 2% |
| AUD W (Inc.) (hedged) | AUD | 15,000,000 | 5% | 0.50% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 2% |
| CNH W (Inc.) (hedged) | CNH | 150,000,000 | 5% | 0.50% | 0% | 1 Month CNH HIBOR + 2% |
| DKK W (Acc.) (hedged) | DKK | 150,000,000 | 5% | 0.50% | 0% | 1 Month DKK LIBOR + 2% |
| NOK W (Acc.) (hedged) | NOK | 150,000,000 | 5% | 0.50% | 0% | 1 Month NOK LIBOR + 2% |
| SEK W (Acc.) (hedged) | SEK | 150,000,000 | 5% | 0.50% | 0% | 1 Month SEK LIBOR + 2% |

| “Z” Shares and “Z (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD Z (Acc.) (hedged) | USD | 200,000,000 | 5% | 0.35% | 0% | SOFR (30-day compounded) + 2% |
| USD Z (Inc.) (hedged) | USD | 200,000,000 | 5% | 0.35% | 0% | SOFR (30-day compounded) + 2% |
| Euro Z (Acc.) | EUR | 200,000,000 | 5% | 0.35% | 0% | 1 Month EURIBOR + 2% |
| Euro Z (Inc.) | EUR | 200,000,000 | 5% | 0.35% | 0% | 1 Month EURIBOR + 2% |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD E (Acc.) | USD | As agreed | 5% | 0.30% | 0% | SOFR (30-day compounded) + 2% |
| USD E (Inc.) | USD | As agreed | 5% | 0.30% | 0% | SOFR (30-day compounded) + 2% |
| Euro E (Inc.) | EUR | As agreed | 5% | 0.30% | 0% | 1 Month EURIBOR + 2% |
| Euro E (Acc.) | EUR | As agreed | 5% | 0.30% | 0% | 1 Month EURIBOR + 2% |
| USD E (Inc.) (hedged) | USD | As agreed | 5% | 0.30% | 0% | SOFR (30-day compounded) + 2% |
| USD E (Acc.) (hedged) | USD | As agreed | 5% | 0.30% | 0% | SOFR (30-day compounded) + 2% |
| CHF E (Inc.) (hedged) | CHF | As agreed | 5% | 0.30% | 0% | SARON (30-day compounded) + 2% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.30% | 0% | SARON (30-day compounded) + 2% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| USD X (Acc.) | USD | None | 0% | 0% | 0% | SOFR (30-day compounded) + 2% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% | SOFR (30-day compounded) + 2% |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% | 1 Month EURIBOR + 2% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% | 1 Month EURIBOR + 2% |
| Sterling X (Acc.) | GBP | None | 0% | 0% | 0% | SONIA (30-day compounded) + 2% |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% | SARON (30-day compounded) + 2% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The objective of the Sub-Fund is to maximize the total return from income and capital growth by investment
primarily (meaning at least three-quarters of the Sub- Fund’s Net Asset Value) in a globally diversified portfolio of debt and debt-related securities issued by companies
and governments that demonstrate attractive investment attributes and are deemed to be sustainable.

##### Investment Policy
The Sub-Fund will primarily invest at least three-quarters of the Sub-Fund’s Net Asset Value, in a portfolio of either fixed or floating rate, international, emerging market,
sovereign, government, supranational agency, corporate and bank bonds (including mortgage and corporate bonds) and other debt and debt-related securities (such as debentures, notes (including corporate, sovereign, structured, floating and fixed rate notes) asset and mortgage-backed securities, certificates of deposit and commercial paper listed or traded on Eligible Markets
located worldwide as listed in the section entitled “Use of FDI” below, (hereinafter “Debt and Debt-Related Securities”).
The Sub-Fund may invest up to 10% of its Net Asset Value in CoCos. Please see “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos.
The Sub-Fund may invest in predominantly sub- investment grade corporate and government Debt and Debt Related Securities. The Sub-Fund will not invest in Debt and Debt-Related Securities rated as of the date of purchase below B- (or its equivalent), or, in the case of asset-backed securities, mortgage-backed securities and other investments linked to credit risk, is BBB- (or its equivalent) as rated by a Recognised Rating Agency. The Sub-Fund may invest in unrated Debt and Debt-Related Securities provided the Investment Manager deems them to be of an equivalent quality as set out above. In the case of a split rating (i.e. different ratings are given by two or more rating agencies), the lower of the two highest ratings will be considered. In the event that any Debt and Debt-Related Securities held by the Sub-Fund
are subsequently downgraded below the limits referred to
above, the Investment Manager may maintain a maximum exposure of 3% of the Net Asset Value of the Sub-Fund to such downgraded securities. To the extent that the aggregate value of such securities exceeds 3% of the Net Asset Value of the Sub-Fund, any which have not been upgraded within a six-month period, will be sold.
Exposures arising from the underlying holdings of collective investment schemes (“CIS”) will be taken into account in the application of the restrictions set out in
this paragraph.
The Sub-Fund may invest more than 10% and up to 35% of its Net Asset Value in debt securities issued and/or guaranteed by a single sovereign issuer (including its government, public or local authority) which is below investment grade (i.e. below BBB- but B- or above (or equivalent)) as rated by a Recognised Rating Agency.
Examples of such sovereign issuers are Brazil, Indonesia and Hungary. Such investments are based on the professional judgement of the Investment Manager, whose reasons for investment may include a favourable/ positive outlook on the sovereign issuer, potential for ratings upgrade and the expected changes in the value of such investments due to the ratings changes. Please note the ratings of sovereign issuers may change from time to time and the abovementioned sovereigns are named only for reference and are subject to change as their ratings change.
There are no limits with regard to the maximum maturity of the Debt and Debt-Related Securities. There is no formal limit on the duration of the Sub-Fund.
The Sub-Fund will not gain exposure to the Debt and Debt-Related Securities of companies that derive more than 10% of their turnover from the production and sale of tobacco and will not engage in securities lending activities.
The Sub-Fund may also invest in FDI as set out under the heading “Use of FDI” below.
The Sub-Fund may invest up to 10% of its Net Asset Value in collective investment schemes (“CIS”), including open-ended exchange traded funds (“ETFs”). Investment in CIS may be used for cash management purposes by
investment in money market funds or to give exposure to Debt and Debt-Related Securities.
The minimum credit rating of the Debt and Debt-Related Securities that such CIS may invest at time of purchase is B- (or its equivalent), or, in the case of asset-backed securities, mortgage-backed securities and other investments linked to credit risk, is BBB- (or its equivalent) as rated by a Recognised Rating Agency. In the case of a split rating, the lower of the two highest ratings will be considered. The Sub-Fund may invest in ETFs which will be listed on Eligible Markets and give exposure to bond markets.
The Sub-Fund may take long and short positions to hedge and to control the risk of the Sub-Fund or to express a view on the direction of the market. Short positions will mainly be used for hedging purposes.
The Sub-Fund may invest up to 10% of its Net Asset Value in securities listed or traded on the Moscow Exchange.
The Sub-Fund may also invest up to 10% of its Net Asset Value in Debt and Debt-Related Securities in the People’s Republic of China (“PRC”) traded in the China interbank bond market (“CIBM”) via Bond Connect (as further described Appendix VI to the Prospectus.)
The Sub-Fund may hold high levels of cash and liquid near cash assets in certain circumstances. Please see
‘Cash and Collateral Management’ below for further
details.
Whilst the Sub-Fund’s base currency is Euro, it may invest in non-Euro denominated assets. Such assets will be hedged back into Euro using currency related FDI.

##### Cash and Collateral Management
The Sub-Fund may also hold high levels of cash and liquid near cash assets to provide collateral to support FDI exposure and in certain circumstances. Such circumstances include where market conditions may require a defensive investment strategy, the holding of cash on deposit pending reinvestment, to meet redemptions and to facilitate payment of expenses.
Liquid near cash assets may include money market instruments (such as short-dated government bonds, certificates of deposit, commercial paper and term deposits) and bank deposits. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
1 Month EURIBOR + 2% per annum (the “Cash Benchmark”).
The Sub-Fund uses the Cash Benchmark as a target set for the Sub-Fund’s performance to match or exceed over 5 years before fees.
EURIBOR is the Euro Interbank Offer Rate and is a reference rate that is constructed from the average interest rate at which Eurozone banks offer unsecured short-term lending on the inter-bank market.
The Sub-Fund is actively managed, which means the Investment Manager has discretion over the selection of investments, subject to the investment objective and policy.
The Benchmark is a cash-based market benchmark that does not take ESG factors into account and is not used to measure the extent to which the environmental or social characteristics promoted by the Sub-Fund are met.

##### Investment Strategy
The Sub-Fund is an actively managed dynamic global fixed income portfolio which aims to generate positive returns by investing in a portfolio of Debt and Debt-
Related Securities that demonstrate an ability to generate returns consistent with the Sub-Fund’s objective and meet the Investment Manager’s Environmental, Social and Governance (“ESG”) and sustainability criteria. When determining whether an
issuer engages in sustainable business practices and meets the Investment Manager’s ESG and sustainability criteria, the Investment Manager considers whether the
issuer (i) engages in such practices in an economic sense (e.g. the durability of the issuer's strategy, operations and finances), and (ii) takes appropriate account of the economic, political, governance and regulatory environment in which the issuer operates, which includes assessment of an issuer's environmental, social and/or governance practices.
The Investment Manager’s criteria incorporate elements of negative and positive screening alongside general and
security level ESG-related analysis and ultimately, in keeping with the investment objective and strategy of the Sub-Fund, seek to:
- Identify and avoid issuers that participate in specific areas of activity that the Investment Manager deems to be harmful from an ESG perspective or which do not follow good governance practices. As an example, the Investment Manager could deem issuers that have large carbon dioxide footprints or governments with poor human rights policies ineligible for investment. It will also exclude those issuers in breach of the Principles of the UN Global Compact which includes principles relating to human rights, labour, environment and anti corruption.
- Identify and invest in issuers that are proactively seeking to manage social and environmental factors well to generate sustainable returns. This may also include those issuers that are contributing to the development of solutions that will contribute towards addressing environmental and/ or social issues, examples of which could include more efficient or reduced use of natural resources or accessibility to healthcare.

The Investment Manager also may invest in corporate issuers where it believes it can promote sustainable business practices through ongoing issuer engagement. No investment will be made in a security that is deemed to have material ESG issues intrinsic to their business or economic activities, such as a tobacco company due to the health implications of smoking.
When determining whether an issuer meets the Investment Manager’s ESG and sustainability criteria the Investment Manager uses a combination of external and
internal data, research and ratings which are both quantitative and qualitative, in nature.
The Investment Manager is dependent upon information and data sourced from third parties (which may include providers of research, reports, screenings, ratings and/or analysis such as index providers and consultants). Such information or data may be incomplete, inaccurate or inconsistent.
The Investment Manager believes that no company, market or economy can be considered in isolation; each must be understood in a global context. The Investment Manager believes that events occurring around the world influence all financial markets and that successful investment in global Debt and Debt-Related Securities
therefore requires a thorough understanding of the world as a whole. The Investment Manager’s investment process entails the cross-comparison of fixed income
asset classes and Debt and Debt-Related Securities within a global framework using a combination of investment themes, fundamental analysis of the issuer and issue, security valuation and the analysis of ESG issues. The Investment Manager will determine how much to invest in each fixed income asset class, including investment grade corporate debt, sub-investment grade corporate debt, investment grade sovereign debt, emerging market sovereign debt, by looking at factors such as the duration, credit quality, country and currency of Debt and Debt-Related Securities. In a fixed income context, ESG factors have an influence on the quality,
and therefore value, of Debt and Debt-Related Securities issued by corporate and sovereign issuers.
Themes seek to identify major areas of structural change in the world, providing context to investment analysis and decision making, helping the Investment Manager identify areas of potential investment opportunity and risk. Some
of the Investment Manager’s long-term themes currently include, but are not limited to, ‘Population Dynamics’ (e.g. the impact of ageing populations), ‘Earth Matters’ (e.g.
development of clean energy and waste management solutions), ‘State Intervention’ (e.g. the impact on asset prices from changes in central bank policies and politics) and ‘Smart Revolution’ (e.g. the rise of artificial intelligence and automation). Allocations will be made at the Investment Manager’s discretion and are unconstrained by region or fixed income type, although all investments must meet the Investment Manager’s sustainability criteria.
In the event that issuers are identified as participating in specific areas of activity that the Investment Manager deems to be harmful from an ESG perspective, these issuers are subject to further review by the Investment Manager prior to them being purchased or held on a continuing basis.
There may be situations where the Investment Manager may invest in a security that has been identified as having involvement in potentially harmful activities. This may arise for certain companies whose activities or operations, typically due to a legacy business mix, may have historically created poor environmental or social outcomes but that are now investing and positively adapting to future needs (for example, this may include energy companies that are preparing for a transition to a lower carbon world). Similarly, in some instances, prevailing ESG ratings may not fully capture positive
ESG-related initiatives that an issuer may be working on.
The Sub-Fund’s investments must continue to meet the Investment Manager’s criteria on an ongoing basis after initial purchase and the level of sustainability risk that a
security may be subject to will be assessed in the same way as it would be assessed before initial purchase.

##### The Sustainable Finance Disclosure Regulation
The Sub-Fund integrates sustainability risk into investment decisions and promotes environmental or social characteristics and invests in companies with good governance for the purposes of Article 8 of the SFDR.
The consideration of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
The Investment Manager has access to a variety of ESG- related data points provided by third party data providers which assists with the identification of potential ESG- related issues that an issuer may be facing. This includes but is not limited to exposure to activities that may be
deemed harmful to the environment or society. This data, along with data from the Investment Manager’s own proprietary responsible investment research resources, forms a central part of the Investment Manager’s consideration and assessment of the level of
sustainability risk that an investment may be subject to.
This assessment is integrated in to the security level research process which is based upon fundamental analysis of individual investment opportunities across a number of different factors including:
- Fundamental financial or economic characteristics
- Valuation
- Risk/reward profile
- The ESG characteristics of the issuer, including understanding how such considerations can impact economic returnsThe information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer or continue to hold a position.

In the event that the sustainability risk associated with a particular investment increases beyond a level that the Investment Manager is comfortable with, taking in to consideration the investment objective and strategy of the Sub-Fund, the Investment Manager will consider
selling or reducing the Fund’s exposure to the relevant
investment, taking into account the best interests of the
Shareholders of the Fund.
As explained above, the assessment and management of sustainability risks forms an important part of the Investment Manager's due diligence process, however there may still be a risk that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The EU Taxonomy Regulation Technical Screening Criteria (“TSC”) will require the availability of multiple, specific data points regarding each investment. At the date
hereof, there is insufficient reliable, timely and verifiable data available for the Manager to be able to assess the investments of the Sub-Fund using the TSC.
In addition, the regulatory technical standards for the SFDR which define the methodology for the calculation of the share of EU Taxonomy-alignment for financial products such as the Sub-Fund and the templates for the required disclosures are not yet final. As at the date hereof, the Manager is not able to provide standardised and comparable disclosures on the alignment of the Sub-
Fund’s investments with the EU Taxonomy Regulation.
While there are investments in the Sub-Fund that are in economic activities that contribute to an environmental objective and may be eligible to be assessed against the TSC, the Manager is not currently in a position to describe:
- The extent to which the investments of the Sub-Fund are in Environmentally Sustainable Economic Activities;
- The proportion, as a percentage of the Sub-Fund’s portfolio, of investments in Environmentally Sustainable Economic Activities; or
- The proportion, as a percentage of the Sub-Fund’s portfolio of EU Taxonomy Regulation Enabling Activities and “EU Taxonomy Regulation Transitional Activities.

The Manager is keeping this situation under active review
and where sufficient reliable, timely and verifiable data on the Sub-Fund’s investments become available, the Manager will provide the descriptions referred to above,
in which case, this Prospectus or the relevant Supplement will be updated.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Options | Currency Options (including FX Options) Options on Government Bond Futures Bond Options Swaptions |
| --- | --- |
| Futures | Futures on Currencies and Options on Currency Futures Futures on Government Bonds Money Market Futures |
| Swaps | Total Return Swaps (single name, credit, index and custom basket) Credit Default Swaps (single name, index and custom basket) Interest Rate Swaps |
| Forwards | Forward Foreign Exchange Contracts |
| Securities with Em- bedded FDI/ Leverage | Warrants Convertible Bonds Contingent Convertible Securities (CoCos) Asset-Backed Securities (ABS) and Mortgage- Backed Securities (MBS) |
| Other instru- ments | Contracts for difference (CFD) |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial
purpose, are described in the Prospectus in the section entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit iTraxx CDS Index |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. However, as the Sub- Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions. Details of where to find additional
information on the financial indices named above are provided in ‘Appendix IX–Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus. Should the Sub-Fund gain exposure to a
financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be
set out in the Company’s semi-annual and annual
accounts.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total net long exposure (after taking account of hedging) through FDI is not expected to exceed 100% of the Net Asset Value of the Sub-Fund and the total net short exposure is not expected to exceed 100% of the Net Asset Value of the Sub-Fund (using the commitment approach).

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Absolute VaR
Absolute VaR Limit: Sub-Fund’s portfolio will not exceed 20% of the Net Asset Value (using a 20 Business Day holding period).
Gross leverage is expected to vary between: 0% to 1000% of the Sub-Fund’s Net Asset Value. The gross leverage may exceed this target level at times.
For more information on the Absolute VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise repurchase/ reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central
Bank UCITS Regulations. Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI
the Sub-Fund may use for EPM purposes.

#### Securities Lending Arrangements
This Sub-Fund will not utilise securities lending arrangements and, therefore, may forego any additional returns that may be produced through such activities.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 100% and in respect of SFTs shall be 100% of the Net Asset Value of the Sub-Fund. However, the
Investment Manager does not anticipate that the Sub- Fund’s exposure in respect of TRS will exceed 30% and in respect of SFTs will exceed 15% of the Net Asset Value
of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on TRS and SFTs, including acceptable collateral and counterparty procedure is given under the
headings “Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be issued during their respective Initial Offer Periods at their
respective initial offer price per Share of 1USD, 1£, 1€,
1CAD, 1AUD, 1SGD, 1CHF, 10HKD, 10CNH, 10DKK, 10NOK or
10SEK depending on the currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11
November respectively. Further details are set out under the heading "The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Blockchain Innovation Fund

### SUPPLEMENT 46 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.


#### The Investment Manager
Newton Investment Management North America LLC

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this
Sub-Fund to Newton Investment Management Limited (the “Sub-Investment Manager”). Details of the Sub- Investment Management Agreement between the
Investment Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD A (Acc.) | USD | 5,000 | 5% | 1.85% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.85% | 0% |
| Euro A (Acc.) | EUR | 5,000 | 5% | 1.85% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 1.85% | 0% |
| Sterling A (Acc.) | GBP | 5,000 | 5% | 1.85% | 0% |
| Sterling A (Inc.) | GBP | 5,000 | 5% | 1.85% | 0% |
| Euro H (Acc.) (hedged) | EUR | 5,000 | 5% | 1.85% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 1.85% | 0% |
| Sterling H (Acc.) (hedged) | GBP | 5,000 | 5% | 1.85% | 0% |
| Sterling H (Inc.) (hedged) | GBP | 5,000 | 5% | 1.85% | 0% |

| “B” Shares and “J (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro B (Acc.) | EUR | 10,000 | 5% | 1.40% | 0% |
| Euro B (Inc.) | EUR | 10,000 | 5% | 1.40% | 0% |
| USD B (Acc.) | USD | 10,000 | 5% | 1.40% | 0% |
| USD B (Inc.) | USD | 10,000 | 5% | 1.40% | 0% |
| SGD B (Acc.) | SGD | 10,000 | 5% | 1.40% | 0% |
| SGD B (Inc.) | SGD | 10,000 | 5% | 1.40% | 0% |
| HKD B (Acc.) | HKD | 100,000 | 5% | 1.40% | 0% |
| HKD B (Inc.) | HKD | 100,000 | 5% | 1.40% | 0% |
| Euro J (Acc.) (hedged) | EUR | 10,000 | 5% | 1.40% | 0% |
| Euro J (Inc.) (hedged) | EUR | 10,000 | 5% | 1.40% | 0% |
| SGD J (Acc.) (hedged) | SGD | 10,000 | 5% | 1.40% | 0% |
| SGD J (Inc.) (hedged) | SGD | 10,000 | 5% | 1.40% | 0% |
| AUD J (Acc.) (hedged) | AUD | 10,000 | 5% | 1.40% | 0% |
| AUD J (Inc.) (hedged) | AUD | 10,000 | 5% | 1.40% | 0% |
| CAD J (Acc.) (hedged) | CAD | 10,000 | 5% | 1.40% | 0% |
| CAD J (Inc.) (hedged) | CAD | 10,000 | 5% | 1.40% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 0.90% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 0.90% | 0% |
| Euro G (Acc.) | EUR | 5,000 | 5% | 0.90% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 0.90% | 0% |
| CHF G (Acc.) | CHF | 5,000 | 5% | 0.90% | 0% |
| CHF G (Inc.) | CHF | 5,000 | 5% | 0.90% | 0% |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 0.90% | 0% |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 0.90% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro C (Acc.) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.90% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.90% | 0% |
| SGD C (Acc.) | SGD | 5,000,000 | 5% | 0.90% | 0% |
| SGD C (Inc.) | SGD | 5,000,000 | 5% | 0.90% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| SGD I (Inc.) (hedged) | SGD | 5,000,000 | 5% | 0.90% | 0% |
| SGD I (Acc.) (hedged) | SGD | 5,000,000 | 5% | 0.90% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.70% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.70% | 0% |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.70% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.70% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.70% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.70% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.70% | 0% |
| CHF W (Inc.) | CHF | 15,000,000 | 5% | 0.70% | 0% |
| SGD W (Acc.) | SGD | 15,000,000 | 5% | 0.70% | 0% |
| SGD W (Inc.) | SGD | 15,000,000 | 5% | 0.70% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.70% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.70% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.70% | 0% |
| CHF W (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.70% | 0% |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.70% | 0% |
| SGD W (Inc.) (hedged) | SGD | 15,000,000 | 5% | 0.70% | 0% |

| “K” Shares and “K (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD K (Acc.) | USD | As agreed | 5% | 1.40% | 0% |
| USD K (Inc.) | USD | As agreed | 5% | 1.40% | 0% |
| Euro K (Acc.) | EUR | As agreed | 5% | 1.40% | 0% |
| Euro K (Inc.) | EUR | As agreed | 5% | 1.40% | 0% |
| CHF K (Acc.) | CHF | As agreed | 5% | 1.40% | 0% |
| CHF K (Inc.) | CHF | As agreed | 5% | 1.40% | 0% |
| Euro K (Acc.) (hedged) | EUR | As agreed | 5% | 1.40% | 0% |
| Euro K (Inc.) (hedged) | EUR | As agreed | 5% | 1.40% | 0% |
| CHF K (Acc.) (hedged) | CHF | As agreed | 5% | 1.40% | 0% |
| CHF K (Inc.) (hedged) | CHF | As agreed | 5% | 1.40% | 0% |
| Sterling K (Acc.) (hedged) | GBP | As agreed | 5% | 1.40% | 0% |
| Sterling K (Inc.) (hedged) | GBP | As agreed | 5% | 1.40% | 0% |
| SGD K (Acc.) (hedged) | SGD | As agreed | 5% | 1.40% | 0% |
| SGD K (Inc.) (hedged) | SGD | As agreed | 5% | 1.40% | 0% |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD E (Acc.) | USD | As agreed | 5% | 0.50% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.50% | 0% |
| Euro E (Acc.) | EUR | As agreed | 5% | 0.50% | 0% |
| Euro E (Inc.) | EUR | As agreed | 5% | 0.50% | 0% |
| CHF E (Acc.) | CHF | As agreed | 5% | 0.50% | 0% |
| CHF E (Inc.) | CHF | As agreed | 5% | 0.50% | 0% |
| SGD E (Acc.) | SGD | As agreed | 5% | 0.50% | 0% |
| SGD E (Inc.) | SGD | As agreed | 5% | 0.50% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Euro E (Acc.) (hedged) | EUR | As agreed | 5% | 0.50% | 0% |
| Euro E (Inc.) (hedged) | EUR | As agreed | 5% | 0.50% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.50% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.50% | 0% |
| SGD E (Acc.) (hedged) | SGD | As agreed | 5% | 0.50% | 0% |
| SGD E (Inc.) (hedged) | SGD | As agreed | 5% | 0.50% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to achieve long-term capital growth by primarily investing in digital assets companies.

##### Investment Policy
The Sub-Fund invests primarily (meaning at least 80% of the Sub-Fund's Net Asset Value) in equity and equity- related securities including but not limited to common and preference shares, stock purchase rights, warrants,
American depositary receipts and global depository receipts (collectively “Depositary Receipts”), listed real estate investment trusts (“REITs”), and equity-related FDI (hereinafter “Equity and Equity-Related Securities”) in digital assets companies located worldwide.
Digital assets companies are companies likely to benefit from the emerging or ongoing revenue and/or cost savings opportunities offered by blockchain technology (synonymously known as distributed ledger technology) or
companies which enable blockchain technology (hereinafter “Blockchain Innovation Companies”). Blockchain technology, can be most simply defined as an
integrated software and hardware that enables companies to independently maintain and exchange digitalised transactional data in a standardised format.
There is no limit in the Sub-Fund’s investment in Equity and Equity-Related securities of small and mid-cap companies and the Sub-Fund may invest significantly in
such companies.
Investment in REITs will not exceed 10% of the Sub- Fund’s Net Asset Value and investment in warrants will not exceed 20% of the Sub-Fund’s Net Asset Value.
The Sub-Fund may also invest up to 10% of its Net Asset
Value in aggregate in open-ended CIS including exchange traded funds (“ETFs”) and money market funds. CIS may include another Sub-Fund or Sub-Funds of the Company
or other funds advised by the Investment Manager. Any investment in closed-ended funds (including ETFs) constituting transferable securities will be in accordance with the criteria and investment limits for transferable
securities, as set out under the heading “The Company – Investment and Borrowing Restrictions” in the Prospectus. The Sub-Fund may also hold ancillary liquid
assets such as bank deposits.
The Sub-Fund may gain exposure to commodities through a combination of securities listed or traded on Eligible Markets such as Equity and Equity-Related Securities, and CIS. The Sub-Fund will not invest directly in commodities.
With the exception of permitted investment in unlisted
transferable securities, approved money market instruments and open-ended CIS, the Sub-Fund’s investments shall be listed or traded on Eligible Markets.
A list of the Eligible Markets is set out in Appendix II of the Prospectus.
The Sub-Fund can invest in both developed and emerging markets. While the Sub-Fund’s exposure is expected to predominantly be to developed markets, depending on
how the blockchain technology market sector develops, it may invest more than 40% of its Net Asset Value in emerging market countries over time. These emerging market countries are likely to include, but are not limited to, Brazil, Russia, China, India and Mexico. The Sub-Fund may gain exposure to China through purchasing China H- shares listed or traded on the Hong Kong Stock Exchange, China B-shares listed or traded on the Shanghai Stock Exchange or the Shenzhen Stock Exchange, China A-shares via the Stock Connect and through Depositary Receipts. The Sub-Fund may invest up to 20% of its Net Asset Value in China A-shares via
the Stock Connect. Further details about the Stock Connect are set out in Appendix V to the Prospectus. The Sub-Fund may gain exposure to India directly or through Depositary Receipts. The Sub-Fund may invest up to 20% of its Net Asset Value in securities listed or traded on the Moscow Exchange.
Whilst the Sub-Fund’s base currency is USD, it may invest in non-USD denominated assets. Such assets will
not usually be hedged back into USD. Therefore, the performance of the Sub-Fund may be strongly influenced by movements in FX rates.
However, from time to time, the Sub-Fund may use FDI to enter into cross currency transactions in order to hedge
all or part of the currency exposures back to the Sub- Fund’s Base Currency. The FDI are further described in the Prospectus in the section “Financial Derivative Instruments and Techniques”.
The Sub-Fund does not intend to take short positions, however it will invest in both equity-related and other FDI.

##### Benchmark
MSCI AC World NR Index (the “Benchmark”).
The Benchmark is a comprehensive indicator of the performance of the global equity market, capturing large and mid-cap representation across developed and emerging markets countries. With over 2,000 constituents, it covers approximately 85% of the global investable equity opportunity set. The Benchmark implements a comprehensive and consistent approach to index construction that allows for meaningful global views and cross regional comparisons across all market capitalization size, sector and style segments and combinations. This methodology aims to provide exhaustive coverage of the opportunity set with a strong emphasis on index liquidity, investability and replicability. The Benchmark is reviewed quarterly to reflect changes in the underlying equity markets, while limiting undue index turnover.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Benchmark subject to the investment objective and policy. While the Sub-Fund’s holdings may include constituents of the Benchmark, the selection of
investments and their 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.

##### Investment Strategy
Identifying the Investment Universe
The Investment Manager invests in Equity and Equity- Related Securities to gain exposure to Blockchain Innovation Companies which are included in the investment universe. The investment universe is developed and maintained by the Investment Manager who researches and evaluates Blockchain Innovation Companies. The Investment Manager sources the investment universe globally, irrespective of industry or market capitalisation by using a combination of internal resources (global core research industry analysts,
portfolio management teams, and quantitative team members) as well as external resources that include trade-shows and industry reports.
Sector representation includes, but is not limited to information technology, financials, utilities, consumer staples, industrials, healthcare, consumer discretionary, communication services and real estate which are inclusive of sub-sectors/categories under each industry group. Such sectors may use blockchain technology and or smart contracts to manage the supply chain, speed up
transactions and reduce costs. Due to the extensive nature of distributed ledger technology’s application and the depth of constituents involved within any individual
implementation, the Sub-Fund can invest across an evolving set of industries. These industries include but are not limited to, those with companies exposed to; the track and trace and optimisation of the global supply chain (e.g., air freight and logistics, marine shipping, trucking, package foods and meats, supermarkets, restaurants, personal products), the global financial market (e.g., financial exchanges, asset management companies, custody banks, multi-line insurers), and the digitisation of healthcare (e.g., healthcare services, managed health care). Industries within information technology (application software, production of semiconductors, provision of internet services and information technology related infrastructure) may benefit from offering blockchain technology as an additional service. The Sub-Fund may also seek exposure to commodities by investing in financial indices. As a result of this diverse opportunity set, it is anticipated
that the universe will expand and evolve to encompass an
increasingly broader set of sectors and industries.
Investment Selection
The Investment Manager selects investments from the investment universe by using proprietary models to evaluate companies against market expectations and fundamental analysis to ascertain the management of the
relevant companies’ ability and willingness to sustain and
ideally grow value. This fundamental analysis includes
evaluating balance sheet strength, competitive landscape, stock-price valuations, liquidity and the regulatory environment. The analysis is supported by a pool of experienced equity research analysts.
Investments are then ranked by using a system that qualitatively scores the extent to which the investment is likely to benefit from the emerging or ongoing revenue and/or cost savings opportunities offered by distributed ledger technology. The system scores potential investments to reflect whether the company being considered is expected to have future exposure to blockchain technology (anticipated exposure), is currently seeking exposure to blockchain technology (moderate exposure) or currently has exposure to blockchain technology (high exposure). The Investment Manager seeks to construct a portfolio which focuses on companies with high exposure while also investing in companies with moderate exposure and anticipated exposure.
Sell Discipline
The Investment Manager undertakes regular performance reviews of each investment. Performance reviews include
an assessment of an investment’s performance relative to
its peer group within the investment universe. The
Investment Manager considers selling securities which
are found to have limited or no further growth potential, are expected to fall in value, or when there are more promising investment opportunities available.

##### The Sustainable Finance Disclosure Regulation
The management of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying
investments could be materially negatively impacted by an ESG event or condition (“ESG Event”).
The Investment Manager applies fundamental analysis supported by quantitative data resources to assess the environmental, social and governance factors of each portfolio investment for potential sustainability risks.
These factors may include but are not limited to, an issuer’s impact on the environment, including emissions, land use and waste practices, and an issuer’s social policies and practices, including employee matters,
supply chain practices and human rights policies. The Investment Manager identifies and incorporates into its investment decision making process those considerations
that will influence an issuer’s behaviour or impact the
economic, regulatory, political, social or physical
environments in which it operates. The Investment Manager leverages the fundamental analysis along with quantitative data to derive a proprietary ESG score to further enhance the management of sustainability factors
within the Sub-Fund. The Investment Manager’s
proprietary research is supplemented with third-party
resources including MSCI ESG data and ratings,
Bloomberg ESG data, Sustainability Accounting Standards Board’s (SASB) Engagement Guide, sell-side research and industry events. The result is an investment
decision making process that seeks to minimise the Sub- Fund’s exposure to laggards on environment, social and governance criteria, while also taking into account any
remaining sustainability risks associated with the investments of the Sub-Fund.
The Investment Manager also assesses the governance practices of issuers through its fundamental research, supplemented by proprietary and third-party governance scoring methodologies, in order to satisfy itself that the relevant issuers follow good governance practices, in particular with respect to sound management structures, employee relations, remuneration of staff and tax compliance.
The Investment Manager monitors sustainability factors and risk exposures on a regular basis by reviewing
regular reporting on both the Investment Manager’s
proprietary and third-party ESG scores.
As explained above, the management and assessment of sustainability risks forms an important part of the Investment Manager's due diligence, however there may still be a risk that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however,
currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Equity Index Futures Commodity Index Futures |
| --- | --- |
| Options | Low Exercise Price Options (LEPOs) and Low Exercise Price Warrants (LEPWs) |
| Forwards | Forward Foreign Exchange Contracts |
| Securities with Embedded FDI/Leverage | Warrants Stock Purchase Rights |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to a variety of financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub-Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Commodity Indices to provide exposure to commodity sectors such as energy and industrial metals as the Sub-fund will not invest in commodities directly. | Bloomberg Commodity Index S&P GSCI Index |
| Equity indices to provide exposure to regional and global equity markets in a more cost effective or efficient manner than buying physical securities. | MSCI AC World NR Index |

These financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track these indices it will not be directly impacted by the indices rebalancing, associated costs or any stock weighting which would exceed the permitted investment restrictions.
Details on where to find additional information on the indices named above are given under the heading
‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions
and limits set out in the Central Bank UCITS Regulations. Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending arrangements and repurchase/reverse repurchase
agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of SFTs shall be 100% of the Net Asset Value of the Sub-
Fund. However, it is not anticipated that the Sub-Fund’s
exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1€, 1USD, 1GBP, 1CHF or 1SGD depending on the currency of the relevant
class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating shares, the declared dividends will normally be paid on or before 11 February. Further details
are set out under the heading “The Company Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Absolute Return Global Convertible Fund

### SUPPLEMENT 47 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund will invest principally in FDI and will use FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.
- An Investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
- The Sub-Fund may invest substantially in deposits with credit institutions. Although the Sub-Fund may invest in money market instruments and cash deposits, Shares in the Sub-Fund are not deposits and are different in nature to a deposit in that the investment is not guaranteed and the value of the investment is capable of fluctuation. Investment in the Sub-Fund involves certain investment risks, including the possible loss of principal.


#### The Investment Manager
Insight Investment Management (Global) Limited.
The Investment Manager may delegate its investment management functions to a Sub-Investment Manager and/or appoint a sub-investment adviser to provide investment advice in accordance with the requirements of the Central Bank. As at the date of this Supplement, the Investment Manager has appointed the Sub- Investment Manager, as described below.

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its
investment management functions with respect to this Sub-Fund to Insight North America LLC (the “Sub- Investment Manager”). Details of the Sub-Investment
Management Agreement between the Investment Manager and the Sub-Investment Manager are set out
under the heading “Sub-Investment Managers” in the
Prospectus.

#### Base Currency
Euro

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “R” Shares and “R (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| Euro R (Acc.) | EUR | 5,000 | 5% | 1.50% | 0% | 15% | 1 Month EURIBOR | 1 Month EURIBOR |
| Euro R (Inc.) | EUR | 5,000 | 5% | 1.50% | 0% | 15% | 1 Month EURIBOR | 1 Month EURIBOR |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sterling R (Acc.) (hedged) | GBP | 5,000 | 5% | 1.50% | 0% | 15% | SONIA (30- day com- pounded) | SONIA (30- day com- pounded) + 0.04% |
| Sterling R (Inc.) (hedged) | GBP | 5,000 | 5% | 1.50% | 0% | 15% | SONIA (30- day com- pounded) | SONIA (30- day com- pounded) + 0.04% |
| USD R (Acc.) (hedged) | USD | 5,000 | 5% | 1.50% | 0% | 15% | SOFR (30-day compounded) | SOFR (30-day compounded) + 0.12% |
| USD R (Inc.) (hedged) | USD | 5,000 | 5% | 1.50% | 0% | 15% | SOFR (30-day compounded) | SOFR (30-day compounded) + 0.12% |
| CHF R (Acc.) (hedged) | CHF | 5,000 | 5% | 1.50% | 0% | 15% | SARON (30- day com- pounded) | SARON (30- day com- pounded) |
| JPY R (Acc.) (hedged) | JPY | 500,000 | 5% | 1.50% | 0% | 15% | TONAR (30- day com- pounded) | TONAR (30- day com- pounded) |

| “D” Shares and “D (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| Euro D (Acc.) | EUR | 5,000 | 5% | 1.00% | 0% | 15% | 1 Month EURIBOR | 1 Month EURIBOR |
| Euro D (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% | 15% | 1 Month EURIBOR | 1 Month EURIBOR |
| Sterling D (Acc.) (hedged) | GBP | 5,000 | 5% | 1.00% | 0% | 15% | SONIA (30- day com- pounded) | SONIA (30- day com- pounded) + 0.04% |
| USD D (Acc.) (hedged) | USD | 5,000 | 5% | 1.00% | 0% | 15% | SOFR (30-day compounded) | SOFR (30-day compounded) + 0.12% |
| CHF D (Acc.) (hedged) | CHF | 5,000 | 5% | 1.00% | 0% | 15% | SARON (30- day com- pounded) | SARON (30- day com- pounded) |
| JPY D (Acc.) (hedged) | JPY | 500,000 | 5% | 1.00% | 0% | 15% | TONAR (30- day com- pounded) | TONAR (30- day com- pounded) |

| “S” Shares and “T (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| Euro S (Acc.) | EUR | 5,000,000 | 5% | 1.00% | 0% | 15% | 1 Month EURIBOR | 1 Month EURIBOR |
| Euro S (Inc.) | EUR | 5,000,000 | 5% | 1.00% | 0% | 15% | 1 Month EURIBOR | 1 Month EURIBOR |
| Sterling T (Acc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% | 15% | SONIA (30- day com- pounded) | SONIA (30- day com- pounded) + 0.04% |
| Sterling T (Inc.) (hedged) | GBP | 5,000,000 | 5% | 1.00% | 0% | 15% | SONIA (30- day com- pounded) | SONIA (30- day com- pounded) + 0.04% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| USD T (Acc.) (hedged) | USD | 5,000,000 | 5% | 1.00% | 0% | 15% | SOFR (30-day compounded) | SOFR (30-day compounded) + 0.12% |
| CHF T (Acc.) (hedged) | CHF | 5,000,000 | 5% | 1.00% | 0% | 15% | SARON (30- day com- pounded) | SARON (30- day com- pounded) |
| JPY T (Acc.) (hedged) | JPY | 500,000,000 | 5% | 1.00% | 0% | 15% | TONAR (30- day com- pounded) | TONAR (30- day com- pounded) |

| “U” Shares and “U (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| Euro U (Acc.) | EUR | 15,000,000 | 5% | 0.75% | 0% | 15% | 1 Month EURIBOR | 1 Month EURIBOR |
| Euro U (Inc.) | EUR | 15,000,000 | 5% | 0.75% | 0% | 15% | 1 Month EURIBOR | 1 Month EURIBOR |
| Sterling U (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.75% | 0% | 15% | SONIA (30- day com- pounded) | SONIA (30- day com- pounded) + 0.04% |
| Sterling U (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.75% | 0% | 15% | SONIA (30- day com- pounded) | SONIA (30- day com- pounded) + 0.04% |
| USD U (Acc.) (hedged) | USD | 15,000,000 | 5% | 0.75% | 0% | 15% | SOFR (30-day compounded) | SOFR (30-day compounded) + 0.12% |
| USD U (Inc.) (hedged) | USD | 15,000,000 | 5% | 0.75% | 0% | 15% | SOFR (30-day compounded) | SOFR (30-day compounded) + 0.12% |
| CHF U (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.75% | 0% | 15% | SARON (30- day com- pounded) | SARON (30- day com- pounded) |
| JPY U (Acc.) (hedged) | JPY | 1,500,000,000 | 5% | 0.75% | 0% | 15% | TONAR (30- day com- pounded) | TONAR (30- day com- pounded) |

| “F” Shares and “F (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| Euro F (Acc.) | EUR | As agreed | 5% | 0.35% | 0% | 15% | 1 Month EURIBOR | 1 Month EURIBOR |
| Sterling F (Acc.) (hedged) | GBP | As agreed | 5% | 0.35% | 0% | 15% | SONIA (30- day com- pounded) | SONIA (30- day com- pounded) + 0.04% |
| USD F (Acc.) (hedged) | USD | As agreed | 5% | 0.35% | 0% | 15% | SOFR (30-day compounded) | SOFR (30-day compounded) + 0.12% |
| CHF F (Acc.) (hedged) | CHF | As agreed | 5% | 0.35% | 0% | 15% | SARON (30- day com- pounded) | SARON (30- day com- pounded) |
| JPY F (Acc.) (hedged) | JPY | As agreed | 5% | 0.35% | 0% | 15% | TONAR (30- day com- pounded) | TONAR (30- day com- pounded) |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Manage- ment Charge | Redemption Fee | Performance Fee | Share Class Performance Benchmark | Hurdle Rate |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% | None | 1 Month EURIBOR | None |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% | None | SONIA (30- day com- pounded) | None |
| USD X (Acc.) (hedged) | USD | None | 0% | 0% | 0% | None | SOFR (30-day compounded) | None |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% | None | SARON (30- day com- pounded) | None |
| JPY X (Acc.) (hedged) | JPY | None | 0% | 0% | 0% | None | TONAR (30- day com- pounded) | None |


#### Performance Fee
In addition to the annual management charge, the Manager will be entitled to an annual performance fee
(the “Performance Fee”) subject to the conditions outlined
below. The rate at which the Performance Fee shall be
applied is set out in the table above. Performance Fees reduce the value of your investment and the investment return you will receive.
The Performance Fee in respect of each relevant Share Class is calculated as the performance fee rate (set out in the table above) of the Share Class Return (as defined below) over the Hurdle Rate Return (as defined below), subject to a High Water Mark (as defined below) 
1
.
The Performance Fee will be calculated in respect of
each twelve-month period ending on the 31 December (the “Calculation Period”). The first Calculation Period will be the period commencing on the Business Day
immediately following the closing of the Initial Offer Period and ending on 31 December of the same year.
The “Share Class Return” is calculated on each Valuation Day and is the percentage difference between the
Adjusted Net Asset Value on such Valuation Day and the Adjusted Net Asset Value on the previous Valuation Day.
The “Adjusted Net Asset Value” is the Net Asset Value of the relevant share class (which includes an accrual for all fees and expenses including the annual management
charge and the operating and administrative expenses to be borne by the relevant share class, adjusted for any dividend distributions) but without deduction of any Performance Fee accrued since the start of the Calculation Period.
The “Hurdle Rate” is the rate set out in the table above. A hurdle rate is a predetermined level of return a fund must exceed to earn a performance fee.
The “Hurdle Rate Return” is calculated on each Valuation Day and is defined as the greater of (i) the return of the
Hurdle Rate (expressed as a percentage); or, (ii) zero percent (0%). The “Hurdle Rate” is set out in the table above and is calculated over a 365 day basis for SONIA
(30-day compounded) and over a 360 day basis for 1 Month EURIBOR, SOFR (30-day compounded), SARON (30- day compounded) and TONAR (30-day compounded).
The “High Water Mark” is defined as the greater of (i) the highest Net Asset Value per Share on which a
Performance Fee was paid on the last day of any previous Calculation Period; or, (ii) the initial issue price per Share of each Class.
On each Valuation Day, an Adjusted Net Asset Value is calculated in respect of each share class for which the Performance Fee applies. If the Adjusted Net Asset Value of the relevant share class exceeds the High Water Mark and the Share Class Return exceeds the Hurdle Rate Return, a Performance Fee is accrued.
The use of a High Water Mark ensures that you will not be charged a Performance Fee until any previous underperformance of the Share Class Return is clawed back. Accordingly, no Performance Fee will be charged unless the Adjusted Net Asset Value per Share at the end of the Calculation Period (or at the time of redemption, in the case of a merger subject to the requirements of the Central Bank), the date of termination of the Management Agreement or such other date on which the Company or the Sub-Fund may be liquidated or cease trading) is greater than the High Water Mark. You should note that relative underperformance of Share Class
Return against Hurdle Rate Return in previous Calculation Periods will not be clawed back.
Where the Hurdle Rate would be less than zero percent (0%), a minimum Hurdle Rate Return of zero percent (0%) will be applied in calculating any Performance Fee. This means that you will not be charged a Performance Fee unless the Share Class Return is greater than zero percent (0%) and that any Performance Fees accrued will be limited to the outperformance achieved above zero percent (0%) i.e. Performance Fees are not charged in times of negative performance.
If the Share Class Return does not exceed the Hurdle Rate Return, the Performance Fee accrual is reduced (not below zero). The Performance Fee is reduced by an amount calculated as the performance fee percentage (as set out in the table above) of the underperformance of the Share Class Return against the Hurdle Rate Return
1 
Investors should be aware that the following Sub-Funds of the Company apply a different definition of “High Water Mark” when calculating the performance fee for appropriate share classes: BNY Mellon Absolute Return Equity Fund and BNY Mellon Absolute Return Bond Fund. Further details on the performance fee calculation for these Sub-Funds are set out in the relevant Supplements for these Sub-Funds.
(the negative return) multiplied by the Shares in issue. Once the Performance Fee accrual has been reduced to zero, no new Performance Fee is accrued until (i) the cumulative Share Class Return exceeds the cumulative Hurdle Rate Return since the beginning of the Calculation Period; and, (ii) the Adjusted Net Asset Value of the relevant share class exceeds the High Water Mark.
The Performance Fee accrued on each Valuation Day is reflected in the Net Asset Value per Share on the basis of which subscriptions, redemptions, switches or transfers may be accepted.
Included in the calculation of the Performance Fee shall be net realised and unrealised capital gains plus net realised and unrealised capital losses as at the end of the relevant period. As a result, Performance Fees may be paid on unrealised gains which may subsequently never be realised.
Positive performance may be generated by market movements as well as active portfolio management; this may lead to circumstances where a portion of the Performance Fee is paid based on market movements.
The calculation of the Performance Fee is not open to the possibility of manipulation and shall be verified by the Depositary.
The Performance Fee is calculated and accrued on each Valuation Day and paid yearly in arrears, in respect of each Calculation Period. Any Performance Fee due will generally be paid within 30 Business Days after the end of each Calculation Period, the date of any redemption, the date of a merger (subject to the requirements of the Central Bank), the date of termination of the Management Agreement or such other date on which the Company or the Sub-Fund may be liquidated or cease trading.

##### Examples of how the performance fee will be calculated
Please note the performance fee model does not allow for performance fees to be charged in cases of negative performance.
| Valuation Day | Adjusted Net Asset Value at end of Calculation Period | High Water Mark | Hurdle Rate Return ex- pressed in pence | Excess Return expressed in pence* | Performance Fee** | Net Asset Value at end of Calculation Period | Description of the example |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 31 December (year one) | 105p | 100p | 102p | 3p | 0.45p | 104.55p | Performance was positive over the Calculation Period as the Adjusted Net Asset Value of 105p at end of year one, was higher than the initial issue price of 100p. In addition, the Adjusted Net Asset Value is above the High Water Mark of 100p AND the Excess Return of 3p is positive. Therefore, a Performance Fee of 0.45p was paid. |
| 31 December (year two) | 95p | 104.55p | 106p | 0p | 0p | 95p | Performance was negative over the Calculation Period as the Adjusted Net Asset Value of 95p at the end of year two, was below the Net Asset Value of 104.55p at the end of year one. Therefore, no Performance Fee was paid. |
| 31 December (year three) | 104p | 104.55p | 97p | 0p | 0p | 104p | Performance was positive over the Calculation Period as the Adjusted Net Asset Value of 104p at end of year three was higher than the Net Asset Value of 95p at end of year two. However, the Adjusted Net Asset Value of 104p was below the High Water Mark of 104.55p, resulting in Excess Return being zero. Therefore, no Performance Fee was paid. |

| Valuation Day | Adjusted Net Asset Value at end of Calculation Period | High Water Mark | Hurdle Rate Return ex- pressed in pence | Excess Return expressed in pence* | Performance Fee** | Net Asset Value at end of Calculation Period | Description of the example |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 31 December (year four) | 110p | 104.55p | 108p | 2p | 0.30p | 109.7p | Performance was positive over the Calculation Period as the Adjusted Net Asset Value of 110p at end of year four was higher than the Net Asset Value of 104p at end of year three. In addition, the Adjusted Net Asset Value is higher than the High Water Mark of 104.55p AND the Excess Return of 2p is positive. Therefore, a Performance Fee of 0.30p was paid. |

*Excess Return is the outperformance of the Share Class Return over the Hurdle Rate Return where the Adjusted Net Asset Value has exceeded the High Water Mark.
**15% of Excess Return

#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to deliver a positive return in all market conditions, however positive returns are not guaranteed.

##### Investment Policy
The Sub-Fund aims to achieve its investment objective on a rolling 3 year basis, after fees.
The Sub-Fund will gain exposure directly, or indirectly through FDI’s, to convertible bonds (including mandatory convertible bonds), equity and equity-related securities,
and other debt and debt-related securities (as defined below) on a long and short basis.
The Sub-Fund may invest more than 100% of its Net Asset Value in convertible bonds (including mandatory convertible bonds).
The equity and equity-related securities that the Sub- Fund may invest in directly, or indirectly through FDI, include equities, warrants, preference shares, exchange
traded funds (“ETFs”), exchange traded notes (“ETNs”), American depositary receipts (“ADRs”), global depository receipts (“GDRs”) and hybrids (such as exchangeable
bonds, perpetual bonds, deferrable interests i.e.
cumulative and non-cumulative bonds and trust preferred securities) (hereinafter “Equity and Equity-Related Securities”).
ETNs may be used to provide exposure to financial indices including the volatility and equity indices listed
below under the heading “Financial Indices”. The Sub- Fund’s main equity exposure will be through short positions in the equities of companies to which it has
obtained exposure through investing in convertible bonds, debt and debt-related securities (as defined below) or Equity and Equity-Related Securities. Long positions in equities may be held if a convertible bond converts to equity.
The Sub-Fund may invest in fixed and floating rate government debt and debt-related securities (such as fixed rate bonds, index-linked bonds and zero coupon treasury bills), corporate debt-related securities (such as fixed and floating rate notes, agency bonds, municipal bonds, covered bonds, puttable and callable bonds as well as eurobonds and bullet bonds), money market instruments (such as certificate of deposits and commercial paper and overnight deposits) and asset- backed and mortgage-backed securities (hereinafter
“Debt and Debt-Related Securities”). The Sub-Fund may
invest in Debt and Debt-Related securities either directly
or indirectly through FDI.
There will be no minimum credit rating applied to investments of the Sub-Fund. The Sub-Fund may invest in investment grade, sub-investment grade (i.e. instruments rated below BBB- (or equivalent) as rated by a Recognised Rating Agency) and unrated instruments.
The majority of convertible bonds are unrated therefore the Sub-Fund may have significant exposure to unrated instruments which may be considered equivalent to sub- investment grade instruments. The Sub-Fund may also invest in cash deposits.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in collective investment schemes
(“CIS”) including CIS which provide exposure to
convertible bonds, Debt and Debt-Related Securities and
Equity and Equity-Related Securities, money market funds, volatility indices and other Irish UCITS advised by the Investment Manager. The CIS in which the Sub-Fund may invest include ETFs. Any investment in ETFs will be in accordance with the investment limits for CIS. The Sub-Fund may also invest in closed-ended CIS in accordance with the investment limits for transferable
securities, as set out under the heading “The Company - Investment and Borrowing Restrictions” in the Prospectus.
The Sub-Fund intends to invest globally with no
particular industry or sector focus, however the Sub-Fund may at times be concentrated in particular industry or geographical sectors depending on where the Investment Manager sees investment opportunity.
The Sub-Fund may invest over 20% of its Net Asset Value in emerging market countries, including Russia, China and India. The Sub-Fund may invest in securities which provide exposure to Russian issuers which are traded on an Eligible Market, but may only invest up to 10% of its Net Asset Value in securities listed or traded on the Moscow Exchange. The Sub-Fund may gain indirect exposure to China and India through convertible bonds which may convert into equities, ADRs or GDRs. None of the convertible bonds, the equities, ADRs/GDRs will be held in the local market. Prior to gaining direct exposure to India, the Investment Manager will update the Supplement to provide information on the relevant local licences and sub-custodial arrangements and will ensure these are in place. The Sub-Fund may gain exposure to Chinese securities through purchasing China H-shares listed or traded on the Hong Kong Stock Exchange, China B-shares listed or traded on the Shanghai Stock Exchange or the Shenzhen Stock Exchange or China A- shares via the Stock Connect. The Sub-Fund may invest up to 10% of its Net Asset Value in China A-shares via the Stock Connect. Further details about the Stock Connect are set out in Appendix V to the Prospectus.
With the exception of permitted investment in unlisted securities and CIS other than ETFs, the Sub-Fund’s investments will be listed or traded on Eligible Markets
listed in Appendix II of the Prospectus.
Whilst the Sub-Fund's Base Currency is Euro, the Sub- Fund may invest in non-Euro denominated assets which will generally be hedged back to Euro using currency- related FDI. The currency-related FDI which may be used by the Sub-Fund for hedging purposes are further
described in the Prospectus in the section “Financial Derivative Instruments and Techniques”.

##### Cash and Collateral Management
The Sub-Fund will hold cash and liquid near cash assets in certain circumstances, such as meeting redemptions, facilitating payment of expenses, holding cash on deposit pending reinvestment and to provide collateral to support FDI exposure.
In addition, in certain circumstances, the Sub-Fund may
hold high levels of cash and liquid near cash assets (i.e. up to 100% of the Sub-Fund’s Net Asset Value) for example, where there is extreme volatility, where there is
a risk to the Sub-Fund not achieving its performance objective or where market conditions require a defensive investment strategy.
Liquid near cash assets may include cash deposits, and any of the fixed and floating rate Debt and Debt-Related Securities as described above where is intended that issuers and/or guarantors of any such Debt and Debt- Related Securities and bank deposits will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
1 Month EURIBOR (the “Cash Benchmark”).
EURIBOR is the Euro Interbank Offer Rate and is a reference rate that is constructed from the average interest rate at which Eurozone banks offer unsecured short-term lending on the inter-bank market.
The Sub-Fund uses the Cash Benchmark as a target against which to measure its performance on a rolling annualised 3-year basis before fees.
The Sub-Fund is actively managed, which means the Investment Manager has discretion over the selection of investments, subject to the investment objective and policy.

##### Investment Strategy
The Sub-Fund seeks to generate returns predominantly through direct or indirect long investment in convertible bonds and equity-linked securities and short investments in the corresponding equities. The Sub-Fund may seek to hold synthetic short positions in equity swaps, bond swaps (including convertible bond swaps), credit default
swaps (“CDS”), bond futures, total return swaps,
contracts for difference and forward foreign exchange
contracts.
The Sub Fund will seek to take advantage of valuation anomalies of investments, i.e. searching for investments that the Investment Manager believes to be over-valued or under-valued. These valuations can be determined on an absolute basis (i.e. value derived by considering the security and its issuer on their own) or on a relative basis (i.e. value compared to peers and the general market).
The absolute and relative valuation trading opportunities can arise based on a number of factors, including mispricing of volatility (e.g. the actual price of securities differs from the theoretical valuation), market uncertainty (e.g. causing volatility and similar mispricing), credit vs equity values e.g. price differences between the credit and equity of the same issuer or of companies within the same industry) and pricing differences between instruments in different parts of the capital structure of the same issuer.
The Investment Manager will construct the investment portfolio using a combination of a bottom-up and top- down approach to determine whether a security is under or over-valued. The bottom up process is based on analysis of industries and companies to identify potential investment candidates using a combination of quantitative modelling, equity and credit analysis (e.g. a review of financial statements such as balance sheets and income statements to assess credit worthiness and earnings prospects), current and historical pricing of similar securities and third-party research.
The top-down process consists of analysis of global movements in equity, credit and interest rates and their
anticipated effect on the investment portfolio. The “best in class” candidates for potential selection into the Sub- Fund will be identified.

##### The Sustainable Finance Disclosure Regulation
When assessing the sustainability risk associated with underlying investments of the Sub-Fund, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively
impacted by an ESG event or condition (“ESG Event”).
Sustainability risks are managed by ensuring senior
decision makers are informed and included in the Investment Manager’s responsible investment programme, and set effective accountability,
transparency and implementation procedures. Where sustainability risk issues are considered material to investment outcomes, they are incorporated into due
diligence processes. This may include evaluating individual securities and/or interaction with issuers or market participants. Internal controls ensure sustainability criteria are applied to The Sub-Fund continuously. ESG restrictions, which includes proprietary ESG ratings and third-party data, are set to prevent or permit investment in securities that meet sustainability- related characteristics. These controls are coded against the Sub-Fund and updated as new information is absorbed.
Corporate governance is a key sustainability risk factor forming part of proprietary ESG risk ratings for all issuers. The Investment Manager's corporate governance assessment includes evaluating board practices and behaviour, remuneration, control and accountability, and ethics or controversies. The Investment Manager applies the insights from ESG ratings alongside their own
knowledge of issuers’ governance structures to set
engagement priorities with issuers. The Investment
Manager considers these risks together to decide whether an investment reasonably compensates a fund for sustainability risks over the long and short-term.
In terms of social and environmental factors, the Investment Manager’s proprietary ESG ratings methodology provides sector specific and issuer specific
information on key issues. This model helps the Investment Manager to identify key risks that a specific sector or issuer may be facing.
The Sub-Fund may underperform or perform differently relative to other comparable funds that do not integrate sustainability risks into their investment decisions and there is a risk that that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange traded and OTC FDI for investment purposes:
| Futures | Equity Futures Currency Futures Interest Rate Futures (including Short Term Interest Rate Futures) Government Bond Futures Bond Futures Futures on financial indices |
| --- | --- |
| Options | Currency Options (including Barrier Options) Options on Interest Rate Futures Equity Options Bond Options Options on Bond Futures Interest Rate Options Options on Credit Default Swaps Options on Volatility Indices Index Options |
| Forwards | Forward Foreign Exchange Contracts |
| Swaps | Credit Default Swaps (“CDS”) (single name and index) Equity Swaps (including single name and portfolio swaps) Bond Swaps including Convertible Bond Swaps (including single name and portfolio swaps) Interest Rate Swaps Asset Swaps Total Return Swaps, including contracts for difference (single name, index, and basket (in the case of the latter, underlying components of which can be grouped by sector, geography or other characteristics)) |
| Securities with Em- bedded FDI/ Leverage | Convertible Bonds Callable and Puttable Bonds Certain Asset-Backed Securities (ABS) and certain Mortgage-Backed Securities (MBS) Warrants ETFs (only synthetic ETFs will embed FDI/ leverage, physical ETFs will not embed FDI/ leverage) ETNs |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial
purpose, are described in the Prospectus in the section entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit CDX North American High Yield Index Markit CDX North American Investment Grade Index Markit iTraxx Europe Main (Investment Grade) Index Markit iTraxx Europe Crossover (High Yield) Index Markit iTraxx Europe High Yield Index |

The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Equity indices to provide exposure to regional and global equity markets in a more cost effective or efficient manner than buying the physical securities. | S&P 500 Index Nasdaq 100 Index Euro Stoxx 50 Index Euro Stoxx 600 Index Nikkei 225 Index FTSE 100 Index Hang Seng Index |
| Total Return Swap (TRS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying physical securities. | Markit iBoxx USD Liquid High Yield Index |
| Volatility indices to provide exposure express the Investment Manager’s view on the volatility of a particular market or currency in a more cost effective or efficient manner than buying the physical securities. | CBOE Volatility Index (VIX) |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. The remaining financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX–Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total net long exposure (after taking account of hedging) through FDI is not expected to exceed 500% of the Net Asset Value of the Sub-Fund and the total net short exposure is not expected to exceed 500% of the Net Asset Value of the Sub-Fund (using the commitment approach).

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Absolute VaR
Absolute VaR Limit: 6% of the Net Asset Value of the Sub-Fund (using a 5 Business Day holding period)
Gross leverage is expected to vary between: 50 – 1000% of the Net Asset Value. The gross leverage may exceed this target level at times
For more information on the Absolute VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and
warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements and
repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 500% and in respect of SFTs shall be 100% of the Net Asset Value of the Sub-Fund. However, it is
not anticipated that the Sub-Fund’s exposure in respect
of TRS will exceed 400% and in respect of SFTs will
exceed 30% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1€, 1£, 1USD, 1CHF or 100¥ depending on the currency of the relevant
class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will be declared annually on 31 December. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February. Further details are set out under the heading "The Company - Distribution
Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are set out under the sub-heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and
organisation of the Sub-Fund including the fees of the Sub-Fund’s professional advisers will be borne by the Sub-Fund. Such fees and expenses are estimated not to exceed €35,000 and will be borne by the Sub-Fund and will be amortised over a period of up to 3 years from the
date of the launch of the Sub-Fund.

#### Risk Factors
Investors’ attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Floating Rate Credit Fund

### SUPPLEMENT 48 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- Management fees and other fees and expenses of the Sub-Fund will be charged to the capital of the Sub-Fund to seek to maximise distributions. See “Fees and Expenses” in the Prospectus for further details.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Alcentra Limited
Alcentra Limited (“Alcentra”) is a global investment firm headquartered in London, at 160 Queen Victoria Street, London EC4V 4LA, United Kingdom. Alcentra is focused
on sub-investment grade corporate credit in Europe and the United States. Through holding companies, Alcentra Limited is a subsidiary of the Bank of New York Mellon Corporation and is regulated by the Financial Conduct
Authority (“FCA”).

#### Base Currency
Euro

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro A (Acc.) | EUR | 5,000 | 5% | 1.50% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 1.50% | 0% |
| USD H (Acc.) (hedged) | USD | 5,000 | 5% | 1.50% | 0% |
| USD H (Inc.) (hedged) | USD | 5,000 | 5% | 1.50% | 0% |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 1.50% | 0% |
| CAD H (Inc.) (hedged) | CAD | 5,000 | 5% | 1.50% | 0% |
| SGD H (Inc.) (hedged) | SGD | 5,000 | 5% | 1.50% | 0% |
| AUD H (Inc.) (hedged) | AUD | 5,000 | 5% | 1.50% | 0% |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 1.50% | 0% |
| DKK H (Acc.) (hedged) | DKK | 50,000 | 5% | 1.50% | 0% |
| NOK H (Acc.) (hedged) | NOK | 50,000 | 5% | 1.50% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro G (Acc.) | EUR | 5,000 | 5% | 0.65% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 0.65% | 0% |
| USD G (Acc.) (hedged) | USD | 5,000 | 5% | 0.65% | 0% |
| USD G (Inc.) (hedged) | USD | 5,000 | 5% | 0.65% | 0% |
| Sterling G (Acc.) (hedged) | GBP | 5,000 | 5% | 0.65% | 0% |
| Sterling G (Inc.) (hedged) | GBP | 5,000 | 5% | 0.65% | 0% |
| CHF G (Acc.) (hedged) | CHF | 5,000 | 5% | 0.65% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro C (Acc.) | EUR | 5,000,000 | 5% | 0.65% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 0.65% | 0% |
| USD I (Acc.) (hedged) | USD | 5,000,000 | 5% | 0.65% | 0% |
| USD I (Inc.) (hedged) | USD | 5,000,000 | 5% | 0.65% | 0% |
| CHF I (Acc.) (hedged) | CHF | 5,000,000 | 5% | 0.65% | 0% |
| JPY I (Inc.) (hedged) | JPY | 500,000,000 | 5% | 0.65% | 0% |
| JPY I (Acc.) (hedged) | JPY | 500,000,000 | 5% | 0.65% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.50% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.50% | 0% |
| USD W (Acc.) (hedged) | USD | 15,000,000 | 5% | 0.50% | 0% |
| USD W (Inc.) (hedged) | USD | 15,000,000 | 5% | 0.50% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.50% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.50% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.50% | 0% |
| JPY W (Acc.) (hedged) | JPY | 1,500,000,000 | 5% | 0.50% | 0% |
| JPY W (Inc.) (hedged) | JPY | 1,500,000,000 | 5% | 0.50% | 0% |
| AUD W (Acc.) (hedged) | AUD | 15,000,000 | 5% | 0.50% | 0% |
| AUD W (Inc.) (hedged) | AUD | 15,000,000 | 5% | 0.50% | 0% |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.50% | 0% |
| CAD W (Inc.) (hedged) | CAD | 15,000,000 | 5% | 0.50% | 0% |
| DKK W (Acc.) (hedged) | DKK | 150,000,000 | 5% | 0.50% | 0% |
| NOK W (Acc.) (hedged) | NOK | 150,000,000 | 5% | 0.50% | 0% |
| SEK W (Acc.) (hedged) | SEK | 150,000,000 | 5% | 0.50% | 0% |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro E (Acc.) | EUR | As agreed | 5% | 0.10% | 0% |
| Euro E (Inc.) | EUR | As agreed | 5% | 0.10% | 0% |
| USD E (Acc.) (hedged) | USD | As agreed | 5% | 0.10% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| USD E (Inc.) (hedged) | USD | As agreed | 5% | 0.10% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.10% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.10% | 0% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.10% | 0% |
| DKK E (Acc.) (hedged) | DKK | As agreed | 5% | 0.10% | 0% |
| NOK E (Acc.) (hedged) | NOK | As agreed | 5% | 0.10% | 0% |
| SEK E (Acc.) (hedged) | SEK | As agreed | 5% | 0.10% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) (hedged) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) (hedged) | USD | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% |
| JPY X (Inc.) (hedged) | JPY | None | 0% | 0% | 0% |
| JPY X (Acc.) (hedged) | JPY | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to provide returns greater than the benchmark detailed below on a 3 year rolling basis before fees.

##### Investment Policy
The Sub-Fund aims to achieve its investment objective by investing primarily (meaning at least 70% of its Net Asset Value) in a portfolio of floating rate assets including
floating rate notes (“FRNs”), collateralised loan obligations (“CLOs”) and loans, together “Floating Rate Assets” which may be issued as 144A or Reg S bonds. The Sub-Fund may invest up to 10% of its Net Asset
Value in loans, including leveraged loans, loan participations and loan assignments. The Sub-Fund may also invest in other debt and debt-related securities (as defined below). The Floating Rate Assets and debt and debt-related securities may be held directly and indirectly through FDI.High yield FRNs (with a typical five to eight year term to maturity) are an increasingly large component of the sub-investment grade (i.e. instruments rated below BBB- or equivalent as rated by a Recognised Rating Agency) credit universe and are predominantly issued by corporates. The Sub-Fund will be able to purchase AAA rated down to B rated tranches of European and U.S. CLOs (to the extent that they are compliant with European Risk Retention regulations). The investment focus will be on A, BBB and BB rated CLO tranches.
The Sub-Fund may invest in fixed and floating rate government and corporate debt and debt-related securities such as debentures, bonds (such as toggle
bonds, payment in kind bonds, treasury bonds, callable bonds (including step-up bonds)), notes (variable rate demand notes), unsecured obligations (such as high yield bonds, fixed and floating rate sub-investment grade corporate bonds and unsecured obligations of financial institutions such as subordinated bonds issued by North American and European banks), hybrids (such as perpetual bonds, deferrable interests i.e. cumulative and
non-cumulative bonds and trust preferred securities), asset-backed securities (“ABS”) and money market instruments (such as U.S. treasury bills, certificates of
deposit, commercial paper and term deposits), hereinafter “Debt and Debt-Related Securities”. While investment in unsecured obligations is not a significant
part of the investment strategy, the Sub-Fund could invest up to 25% of its Net Asset Value in unsecured obligations.
The Sub-Fund does not intend to take short positions.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in open-ended collective investment
schemes (“CIS”) including money market funds and open- ended exchange traded funds (“ETFs”). The Sub-Fund may also hold ancillary liquid assets such as bank deposits.
The Sub-Fund may also hold high levels of cash and
liquid near cash assets in certain circumstances. Please see ‘Cash and Collateral Management’ below for further details.
There will be no minimum credit rating applied to investments of the Sub-Fund. The Sub-Fund may invest in investment grade, sub-investment grade and unrated instruments. In the case of a split rating, the highest rating will be considered. The Sub-Fund will not be restricted by credit quality or maturity when making investment decisions.
The Sub-Fund intends to invest globally with no
particular industry or sector focus, however the Sub-Fund may at times be concentrated in particular industry or geographical sectors depending on where the Investment Manager sees investment opportunity.
The Sub-Fund may invest up to 20% of its Net Asset Value in emerging market countries. The Sub-Fund will not invest in Russia.
With the exception of permitted investment in unlisted securities and open-ended CIS, the Sub-Fund investments shall be listed or traded on Eligible Markets listed in Appendix II of the Prospectus.
Whilst the Sub-Fund’s base currency is Euro, it may invest in non-Euro denominated assets that will be
hedged back into Euro using currency-related FDI. The currency-related FDI which may be used by the Sub-Fund
for hedging purposes are further described in the Prospectus in the section “Financial Derivative Instruments and Techniques”.

##### Cash and Collateral Management
The Sub-Fund will hold cash and liquid near cash assets in certain circumstances, such as meeting redemptions, facilitating payment of expenses, holding cash on deposit pending reinvestment and to provide collateral to support FDI exposure. In exceptional circumstances, the Sub- Fund may temporarily hold high levels of cash and liquid
near cash assets (i.e. up to 100% of the Sub-Fund’s Net
Asset Value) where market conditions may require a
defensive investment strategy (e.g. market crash or major crisis).
Liquid near cash assets may include money market instruments (as detailed above) and bank deposits. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
1 Month EURIBOR (the “Cash Benchmark”).
EURIBOR is the Euro Interbank Offer Rate and is a reference rate that is constructed from the average interest rate at which Eurozone banks offer unsecured short-term lending on the inter-bank market.
The Sub-Fund uses the Cash Benchmark as a target against which to measure its performance on a rolling annualised 3-year basis before fees.
The Sub-Fund is actively managed, which means the Investment Manager has discretion over the selection of investments, subject to the investment objective and policy.

##### Investment Strategy
The Sub-Fund will invest primarily in floating rate assets and will seek to identify investment opportunities that combine an attractive current return with a strong probability of ultimate return of capital. The Sub-Fund is designed to provide income while also protecting against interest rate volatility by maintaining low duration and protecting against capital loss.
The Investment Manager’s process combines both a top down view and bottom-up approach. The process is
predicated on bottom-up fundamental credit research and market analysis with the aim of identifying and exploiting market inefficiencies in leveraged finance markets. The Investment Manager favours sectors with attractive asset valuations, stable competitive environments and high barriers to entry. In addition, the Investment Manager selects issuers it believes to have stable-to-improving credit profiles, strong competitive positions, financial flexibility and whose assets, in their view, are fair-to-cheap in valuation. Valuation is determined through assessment of the asset relative to
other assets in the issuer’s capital structure and relative
to other assets in the sector and market.
This detailed bottom-up, fundamental credit research is enhanced with a top-down overlay which is formed from a number of macro and market specific metrics, including regional economic outlook, sector outlooks, path of interest rates and default outlook.
The Investment Manager’s investment process relies on a blend of qualitative and quantitative due diligence, undertaken by a global team of seasoned, experienced
analysts to identify sources of alpha (excess returns) at
sector, issuer and security level. This due diligence includes assessment of an issuer’s credit characteristics, management quality, free cash flow, financial flexibility,
market share, revenue growth, margin trends, access to capital, meetings with senior management at an issuer and attendance at industry specific conferences. The
Investment Manager’s analyst team is organised by
industry sector in High Yield FRN, High Yield Fixed and
leveraged Loan markets, and has an independent team dedicated to the CLO market.
The wider team at Alcentra Limited has a weekly asset allocation committee, which sets target allocations to each asset class and articulates investment themes. Investment themes for the Sub-Fund are then selected through discussion of themes relevant to specific asset classes e.g., credit status of issuers, supply and demand dynamics and valuations. Macro themes are also considered such as region specific growth, inflation, interest rates and default rate outlook. Asset allocation targets are amended based on these discussions and the individual issuer analysis carried out by the Investment Manager.

##### The Sustainable Finance Disclosure Regulation
The management of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying
investments could be materially negatively impacted by an ESG event or condition (“ESG Event”).
Using both quantitative and qualitative processes, sustainability risk is identified, monitored and managed by the Investment Manager in the following manner:
–	Prior to acquiring investments on behalf of a Sub-
Fund, the investment universe is screened using the Investment Manager’s sector exclusion policy, whereby potential investments are removed based on
the sector they operate in, for example controversial weapons. In assessing an investment opportunity, the Investment Manager undertakes a holistic
fundamental analysis of the credit risk of the issuer. A key component of this analysis is an assessment of any material ESG factors that may adversely impact the creditworthiness of an issuer. The process of
integrating ESG factors starts by identifying an issuers’ exposure to material ESG risks, followed by an assessment of the potential financial impact of
those risks. Finally, the Investment Manager assesses the commitment of the issuer to manage exposure to material ESG risks. Given the markets that the Sub- Fund has exposure to, active corporate engagement is the most important tool and forms the basis of the integration and analysis of ESG factors. The Investment Manager has developed an ESG checklist and sector materiality guide which frame the engagement activities. The integration of ESG risk factors culminates with the assignment of a proprietary ESG rating, which informs the Investment
Manager’s credit opinion and portfolio construction
decisions.
–	During the life of the investment, sustainability risk is monitored through reviewing ESG data published by the issuer (where relevant) and an ongoing focus on active corporate engagement to determine whether the level of sustainability risk has changed since the initial assessment was conducted. The Investment
Manager’s assessment of ESG factors is an important
part of the daily credit monitoring process, whereby
the Investment Manager assesses all risks and opportunities related to the issuer. The Investment Manager engages with all issuers on ESG matters annually, however, engagement is more frequent where exposure to material ESG risks is higher. In addition, the Investment Manager tracks ESG engagement to capture and measure the effectiveness of engagement activities. Where the sustainability risk associated with a particular investment has increased beyond the ESG risk
appetite for the Sub-Fund, the Investment Manager will consider selling or reducing the Sub-Fund’s exposure to the relevant investment, taking into
account the best interests of the Shareholders of the Sub-Fund.
As explained above, the management and assessment of
sustainability risks forms an important part of the Investment Manager’s due diligence process, however, there may still be a risk that the value of a Sub-Fund
could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Swaps | Credit Default Swaps (single name and index) Inflation Rate Swaps |
| --- | --- |
| Forwards | Forward Foreign Exchange Contracts |
| Securities with Em- bedded FDI/ Leverage | Callable Bonds (including Step-Up Bonds) ABS |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit North American High Yield CDX Index Markit North American Investment Grade CDX Index Markit iTraxx Europe Index Markit iTraxx Europe Crossover |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. However, as the Sub- Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX–Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where
additional information can be found, will be set out in the Company’s semi-annual and annual accounts.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Absolute VaR
Absolute VaR Limit: 4.47% of the Net Asset Value of the Sub-Fund (using a 1 Business Day holding period)
Gross leverage is expected to vary between: 100 – 500% of the Net Asset Value. The gross leverage may exceed this target level at times
For more information on the Absolute VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending arrangements and repurchase/reverse repurchase
agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of
SFTs shall be 100% of the Net Asset Value of the Sub- Fund. However, it is not anticipated that the Sub-Fund’s exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
Shares in available unlaunched share class will be offered during an Initial Offer Period opening at 9.00 a.m. on 4 May, 2022 and closing at 5.00 p.m. on 3 November,
2022 at an initial offer price per Share of 1USD, 1£, 1€,
1CHF, 1AUD, 1CAD, 1SGD, 10DKK, 10NOK, 10SEK or 100¥
depending on the currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11 November respectively. Further details are set out under
the heading "The Company - Distribution Policy” in the
Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and organisation of the Sub-Fund including the fees of the
Sub-Fund’s professional advisers will be borne by the
Sub-Fund. Such fees and expenses are estimated not to exceed €35,000 and will be borne by the Sub-Fund and will be amortised over a period of up to 3 years from the
date of the launch of the Sub-Fund.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Sustainable Global Real Return Fund (EUR)

### SUPPLEMENT 49 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
- The Sub-Fund may invest substantially in deposits with credit institutions. Although the Sub-Fund may invest in money market instruments and cash deposits, Shares in the Sub-Fund are not deposits and are different in nature to a deposit in that the investment is not guaranteed and the value of the investment is capable of fluctuation. Investment in the Sub-Fund involves certain investment risks, including the possible loss of principal.


#### The Investment Manager
Newton Investment Management Limited

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this Sub-Fund to Newton Investment Management North
America LLC (the “Sub-Investment Manager”). Details of
the Sub-Investment Management Agreement between the
Investment Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
Euro

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Euro A (Acc.) | EUR | 5,000 | 5% | 1.50% | 0% | 1 Month EURIBOR + 4% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 1.50% | 0% | 1 Month EURIBOR + 4% |
| USD H (Acc.) (hedged) | USD | 5,000 | 5% | 1.50% | 0% | SOFR (30-day compounded) + 4% |
| Sterling H (Acc.) (hedged) | GBP | 5,000 | 5% | 1.50% | 0% | SONIA (30-day compounded) + 4% |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 1.50% | 0% | SARON (30-day compounded) + 4% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| --- | --- | --- | --- | --- | --- | --- |
| AUD H (Acc.) (hedged) | AUD | 5,000 | 5% | 1.50% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 4% |
| CAD H (Acc.) (hedged) | CAD | 5,000 | 5% | 1.50% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |
| SGD H (Acc.) (hedged) | SGD | 5,000 | 5% | 1.50% | 0% | 1 Month SGD SIBOR + 4% |

| “G” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Euro G (Acc.) | EUR | 5,000 | 5% | 1.00% | 0% | 1 Month EURIBOR + 4% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% | 1 Month EURIBOR + 4% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Euro C (Acc.) | EUR | 5,000,000 | 5% | 1.00% | 0% | 1 Month EURIBOR + 4% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 1.00% | 0% | 1 Month EURIBOR + 4% |
| CHF I (Acc.) (hedged) | CHF | 5,000,000 | 5% | 1.00% | 0% | SARON (30-day compounded) + 4% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.75% | 0% | 1 Month EURIBOR + 4% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.75% | 0% | 1 Month EURIBOR + 4% |
| USD W (Acc.) (hedged) | USD | 15,000,000 | 5% | 0.75% | 0% | SOFR (30-day compounded) + 4% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.75% | 0% | SARON (30-day compounded) + 4% |
| AUD W (Acc.) (hedged) | AUD | 15,000,000 | 5% | 0.75% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 4% |
| CAD W (Acc.) (hedged) | CAD | 15,000,000 | 5% | 0.75% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.75% | 0% | 1 Month SGD SIBOR + 4% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.75% | 0% | SONIA (30-day compounded) + 4% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.75% | 0% | SONIA (30-day compounded) + 4% |

| “Z” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Euro Z (Acc.) | EUR | 200,000,000 | 5% | 0.65% | 0% | 1 Month EURIBOR + 4% |
| Euro Z (Inc.) | EUR | 200,000,000 | 5% | 0.65% | 0% | 1 Month EURIBOR + 4% |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Euro E (Inc.) | EUR | As agreed | 5% | 0.50% | 0% | 1 Month EURIBOR + 4% |
| Euro E (Acc.) | EUR | As agreed | 5% | 0.50% | 0% | 1 Month EURIBOR + 4% |
| USD E (Inc.) (hedged) | USD | As agreed | 5% | 0.50% | 0% | SOFR (30-day compounded) + 4% |
| USD E (Acc.) (hedged) | USD | As agreed | 5% | 0.50% | 0% | SOFR (30-day compounded) + 4% |
| CHF E (Inc.) (hedged) | CHF | As agreed | 5% | 0.50% | 0% | SARON (30-day compounded) + 4% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.50% | 0% | SARON (30-day compounded) + 4% |

| “X” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum In- itial Sales Charge (up to) | Annual Management Charge | Redemption Fee | Share Class Performance Bench- mark |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% | 1 Month EURIBOR + 4% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to achieve a total return in excess of a cash benchmark (as described below) over an investment horizon of 3-5 years by investing in securities that demonstrate attractive investment attributes and are deemed to be sustainable. However, there is no
guarantee that this will be achieved over that, or any, time period.

##### Investment Policy
The Sub-Fund may invest in equity and equity-related securities, debt and debt-related securities, FDI (including currency related FDI), collective investment
schemes (“CIS”), cash and liquid near cash assets.
The Sub-Fund may invest in common shares, preference shares, American depositary receipts, global depository receipts, securities convertible into or exchangeable for
such equities (such as participatory notes (“P-Notes”) including low exercise price options (“LEPOs”) and low exercise price warrants (“LEPWs”)), listed real estate investment trusts (“REITS”) and other closed-ended listed
funds, warrants, stock purchase rights and equity-related FDI (hereinafter “Equity and Equity-Related Securities”).
The Sub-Fund may invest in fixed and floating rate, international, emerging market, sovereign, government, supranational agency, corporate and bank, debt and
debt-related securities such as debentures, notes, bonds, asset-backed securities (“ABS”), mortgage-backed securities (“MBS”), securities convertible into or exchangeable for equities (such as convertible bonds and
contingent convertible securities (“CoCos”)), structured notes, money market instruments (such as certificates of
deposit and commercial paper, short-dated government
bonds and term deposits), exchange traded notes (“ETNs”) (including exchange traded commodities and exchange traded certificates) and debt-related FDI (hereinafter “Debt and Debt-Related Securities”).
The Sub-Fund may invest up to 10% of its Net Asset Value in CoCos. Please see “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos.
The Sub-Fund may invest up to 10% of its Net Asset Value in structured notes.
The Sub-Fund may invest in investment grade and sub- investment grade Debt and Debt-Related Securities (i.e. instruments rated BB+ or below (or equivalent) as rated by a Recognised Rating Agency). Investment in sub-
investment grade Debt and Debt-Related Securities is not expected to exceed 30% of the Sub-Fund’s Net Asset Value and will generally be substantially lower than 30%.
The Sub-Fund will not gain direct exposure to companies that derive more than 10% of their turnover from the production and sale of tobacco and will not engage in securities lending activities.
The Sub-Fund may invest up to 10% of its Net Asset Value in CIS, including open-ended ETFs. The Sub-Fund may hold high levels of cash and liquid near cash assets
in certain circumstances. Please see ‘Cash and Collateral Management’ below for further details.
The Sub-Fund may gain exposure to commodities, property, renewable energy and infrastructure through a combination of securities listed or traded on Eligible Markets such as Equity and Equity-Related Securities, Debt and Debt-Related Securities and UCITS eligible CIS including open-ended ETFs. The Sub-Fund will not invest directly in commodities, property, renewable energy or infrastructure.
The Sub-Fund intends to invest globally with no
particular industry or sector focus, however the Sub-Fund may at times be concentrated in particular industry or geographical sectors depending on where the Investment Manager sees investment opportunity.
The Sub-Fund may invest more than 20% of its Net Asset Value in emerging markets and may invest up to 10% of its Net Asset Value in Russian securities listed or traded on the Moscow Exchange.
The Sub-Fund may also invest up to 10% of its Net Asset Value in Debt and Debt-Related Securities in the People’s Republic of China (“PRC”) traded in the China interbank bond market (“CIBM”) via Bond Connect (as further described Appendix VI to the Prospectus.)
Methods of gaining exposure to Chinese securities may include purchasing China A-shares via the Stock Connect. The Sub-Fund may invest up to 10% of its Net Asset Value in China A-shares via the Stock Connect. Further details about the Stock Connect are set out in Appendix V to the Prospectus.
The Sub-Fund may invest up to 10% of its Net Asset Value in transferable securities not listed or traded on Eligible Markets.
Whilst the Sub-Funds base currency is Euro, it may invest in non-Euro denominated assets. Such assets will not necessarily be hedged back into Euro. In addition, the Sub-Fund may take active currency positions using forward foreign exchange contracts such as hedging non- Euro denominated assets back to another currency such as the U.S. Dollar in order to express the Investment
Manager’s view on non-Euro currencies. Therefore, the
performance of the Sub-Fund may be strongly influenced
by movements in FX rates because currency positions held by the Sub-Fund may not correspond with the securities positions held and not all assets may be hedged back to the base currency.

##### Cash and Collateral Management
The Sub-Fund may also hold high levels of cash and liquid near cash assets in certain circumstances. Such circumstances include where the Investment Manager believes markets are overvalued, where market conditions may require a defensive investment strategy, the holding of cash on deposit pending reinvestment, to
meet redemptions, facilitate payment of expenses or in order to provide collateral to support FDI exposure. The
Sub-Fund may temporarily hold high levels of cash and liquid near cash assets (i.e. up to 100% of the Sub-Fund’s Net Asset Value) where market conditions may require a
defensive investment strategy (e.g. market crash or major crisis).
Liquid near cash assets may include money market instruments and bank deposits. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
1 Month EURIBOR + 4% per annum (the “Cash Benchmark”).
The Sub-Fund uses the Cash Benchmark as a target set for the Sub-Fund’s performance to match or exceed over 5 years before fees.
EURIBOR is the Euro Interbank Offer Rate and is a reference rate that is constructed from the average interest rate at which Eurozone banks offer unsecured short-term lending on the inter-bank market.
The Sub-Fund is actively managed, which means the Investment Manager has discretion over the selection of investments, subject to the investment objective and policy.
The Benchmark is a cash-based market benchmark that does not take ESG factors into account and is not used to measure the extent to which the environmental or social characteristics promoted by the Sub-Fund are met.

##### Investment Strategy
The Investment Manager believes that no issuer, market or economy can be considered in isolation; each must be understood in a global context. The Investment Manager believes that events occurring around the world influence all financial markets and that successful investment in global securities therefore requires a thorough understanding of the world as a whole. The Sub-Fund follows an actively managed unconstrained global multi- asset strategy. Allocations will be made at the Investment
Manager’s discretion across regions, sectors and the
asset classes described above, although all investments must meet the Investment Manager’s Environmental, Social and Governance (“ESG”) and sustainability criteria. The Investment Manager focuses mainly on investing
directly, across multiple asset classes.
The Investment Manager’s investment process uses asset allocation and investment themes.
The asset allocation of the Sub-Fund changes according to the Investment Manager’s views of fundamental economic and market conditions and investment trends
across the globe, taking into consideration factors such as liquidity, costs, timing of execution, issuers available in the market and the analysis of ESG issues. For example, if the Investment Manager anticipated interest
rate rises, they may decide to reduce the fixed income weighting in the Sub-Fund and increase the Sub-Fund’s equity weighting. As another example, if the Investment
Manager anticipated an equity market downturn, they may decide to reduce the Sub-Fund’s equity weighting
and increase the fixed income and cash or liquid near cash weighting. The Investment Manager could purchase volatility call options related to an equity-related index ( e.g. S&P 500 Index) in advance of expected increased
equity market volatility (e.g. U.S. Equity Market) with the aim of increasing the Sub-Fund’s performance returns.
Themes seek to identify major areas of structural change in the world, providing context to investment analysis and decision making, helping the Investment Manager identify areas of potential investment opportunity and risk.
When determining whether an issuer meets the Investment Manager’s ESG and sustainability criteria, the Investment Manager considers whether the issuer (i)
engages in such practices in an economic sense (e.g. the durability of the issuer's strategy, operations and finances), and (ii) takes appropriate account of the economic, political, governance and regulatory environment in which the issuer operates, which includes assessment of an issuer's environmental, social and/or governance practices.
The Investment Manager’s criteria incorporate elements of negative and positive screening alongside general and
security level ESG-related analysis and ultimately, in keeping with the investment objective and strategy of the Sub-Fund, seek to:
- Identify and avoid issuers that participate in specific areas of activity that the Investment Manager deems to be harmful from an ESG perspective or which do not follow good governance practices. As an example, the Investment Manager could deem issuers that have large carbon dioxide footprints or governments with poor human rights policies ineligible for investment. It will also exclude those issuers in breach of the Principles of the UN Global Compact which includes principles relating to human rights, labour, environment and anti corruption.
- Identify and invest in issuers that are proactively seeking to manage social and environmental factors well to generate sustainable returns. This may also include those issuers that are contributing to the development of solutions that will contribute towards addressing environmental and/ or social issues, examples of which could include more efficient or reduced use of natural resources or accessibility to healthcare.

The Investment Manager also may invest in corporate issuers where it believes it can promote sustainable business practices through ongoing issuer engagement. No investment will be made in a security that is deemed to have material ESG issues intrinsic to their business or economic activities, such as a tobacco company due to
the health implications of smoking. When determining whether an issuer meets the Investment Manager’s ESG and sustainability criteria the Investment Manager uses a
combination of external and internal data, research and ratings which are both quantitative and qualitative, in nature.
The Investment Manager is dependent upon information and data sourced from third parties (which may include providers of research, reports, screenings, ratings and/or analysis such as index providers and consultants). Such information or data may be incomplete, inaccurate or inconsistent.
In the event that issuers are identified as participating in specific areas of activity that the Investment Manager deems to be harmful from an ESG perspective, these issuers are subject to further review by the Investment Manager prior to them being purchased or held on a continuing basis.
There may be situations where the Investment Manager may invest in a security that has been identified as having involvement in potentially harmful activities. This may arise for certain companies whose activities or operations, typically due to a legacy business mix, may have historically created poor environmental or social outcomes but that are now investing and positively adapting to future needs (for example, this may include energy companies that are preparing for a transition to a lower carbon world). Similarly, in some instances, prevailing ESG ratings may not fully capture positive
ESG-related initiatives that an issuer may be working on.
The Sub-Fund’s investments must continue to meet the Investment Manager’s criteria on an ongoing basis after initial purchase and the level of sustainability risk that a
security may be subject to will be assessed in the same way as it would be assessed before initial purchase.

##### The Sustainable Finance Disclosure Regulation
The Sub-Fund integrates sustainability risk into investment decisions and promotes environmental or social characteristics and invests in companies with good governance for the purposes of Article 8 of the SFDR.
The consideration of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying
investments could be materially negatively impacted by an ESG event or condition (“ESG Event”).
The Investment Manager has access to a variety of ESG- related data points provided by third party data providers which assists with the identification of potential ESG- related issues that an issuer may be facing. This includes but is not limited to exposure to activities that may be
deemed harmful to the environment or society. This data, along with data from the Investment Manager’s own proprietary responsible investment research resources, forms a central part of the Investment Manager’s consideration and assessment of the level of
sustainability risk that an investment may be subject to.
This assessment is integrated in to the security level research process which is based upon fundamental analysis of individual investment opportunities across a number of different factors including:
- Fundamental financial or economic characteristics
- Valuation
- Risk/reward profile
- The ESG characteristics of the issuer, including understanding how such considerations can impact economic returnsThe information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer or continue to hold a position.

In the event that the sustainability risk associated with a particular investment increases beyond a level that the Investment Manager is comfortable with, taking in to consideration the investment objective and strategy of
the Sub-Fund, the Investment Manager will consider selling or reducing the Fund’s exposure to the relevant investment, taking into account the best interests of the
Shareholders of the Fund.
As explained above, the assessment and management of sustainability risks forms an important part of the Investment Manager's due diligence process, however there may still be a risk that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The EU Taxonomy Regulation Technical Screening Criteria (“TSC”) will require the availability of multiple, specific data points regarding each investment. At the date
hereof, there is insufficient reliable, timely and verifiable data available for the Manager to be able to assess the investments of the Sub-Fund using the TSC.
In addition, the regulatory technical standards for the SFDR which define the methodology for the calculation of the share of EU Taxonomy-alignment for financial products such as the Sub-Fund and the templates for the required disclosures are not yet final. As at the date hereof, the Manager is not able to provide standardised and comparable disclosures on the alignment of the Sub-
Fund’s investments with the EU Taxonomy Regulation.
While there are investments in the Sub-Fund that are in economic activities that contribute to an environmental objective and may be eligible to be assessed against the TSC, the Manager is not currently in a position to describe:
- The extent to which the investments of the Sub-Fund are in Environmentally Sustainable Economic Activities;
- The proportion, as a percentage of the Sub-Fund’s portfolio, of investments in Environmentally Sustainable Economic Activities; or
- The proportion, as a percentage of the Sub-Fund’s portfolio of EU Taxonomy Regulation Enabling Activities and “EU Taxonomy Regulation Transitional Activities.

The Manager is keeping this situation under active review
and where sufficient reliable, timely and verifiable data on the Sub-Fund’s investments become available, the Manager will provide the descriptions referred to above,
in which case, this Prospectus or the relevant Supplement will be updated.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Currency Futures Government Bond Futures Equity Index Futures Volatility Index Futures Money Market Futures Equity Futures |
| --- | --- |
| Options | Equity Options (single name, index, sector, custom basket) Low exercise price options (LEPOs) and Low exercise price warrants (LEPWs) Bond Options Options on Government Bond Futures Options on Equity Futures Swaptions Options on Volatility indices Currency Options (including Barrier Options) |
| Swaps | Credit Default Swaps (single name, index and custom basket) Interest Rate Swaps Equity Swaps Variance Swaps Index Swaps Total Return Swaps (single name, credit, index and custom basket) Contracts for difference (CFD) Sector Swaps Volatility Swaps |
| Forwards | Forward Foreign Exchange Contracts |
| Securities with Em- bedded FDI/ Leverage | Convertible Bonds Contingent Convertible Securities (CoCos) Asset-Back Securities (ABS) Mortgage-Backed Securities (MBS) Warrants Structured Notes ETNs |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit iTraxx CDS Index |

| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Equity indices to provide exposure to regional and global equity markets in a more cost effective or efficient manner than buying the physical securities. | Borsa Istanbul 30 Dax 30 Index Euro Stoxx 50 Index FTSE 100 Index FTSE All Share Index FTSE World Index Hang Seng Index KOSPI Index MDAX Index MSCI All Countries World Index MSCI Emerging Markets Index Nasdaq Composite Index Nikkei 225 Index Russell 2000 Index S&P/ASX 200 Index S&P/TSX Composite Index S&P 500 Index Stoxx Europe 600 Index Stoxx Europe Small 200 |
| Volatility indices to provide exposure express the Investment Manager’s view on the volatility of a particular market or currency in a more cost effective or efficient manner than buying the physical securities. | Chicago Board Options Exchange SPX Volatility Index |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. The remaining financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX–Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total net long exposure (after taking account of hedging) through FDI is not expected to exceed 100% of the Net Asset Value of the Sub-Fund and the total net short exposure is not expected to exceed 100% of the Net Asset Value of the Sub-Fund (using the commitment approach).

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Absolute VaR
Absolute VaR Limit: Sub-Fund’s portfolio will not exceed 20% of the Net Asset Value (using a 20 Business Day holding period).
Gross leverage is expected to vary between: 0% to 1000% of the Sub-Fund’s Net Asset Value. The gross leverage may exceed this target level at times.
For more information on the Absolute VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, contracts for difference, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise repurchase/ reverse repurchase agreements for efficient portfolio management purposes only, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Lending Arrangements
This Sub-Fund will not utilise securities lending arrangements and, therefore, may forego any additional returns that may be produced through such activities.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 100% and in respect of SFTs shall be 100% of the Net Asset Value of the Sub-Fund. However, it is
not anticipated that the Sub-Fund’s exposure in respect
of TRS will exceed 30% and in respect of SFTs will
exceed 15% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on TRS and SFTs, including acceptable collateral and counterparty procedure is given under the
headings “Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1€, 1£, 1CAD, 1AUD, 1SGD or 1CHF depending on the currency of
the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February. Further details are set out under the heading "The Company -
Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and
organisation of the Sub-Fund including the fees of the Sub-Fund’s professional advisers will be borne by the Sub-Fund. Such fees and expenses are estimated not to exceed €35,000 and will be borne by the Sub-Fund and will be amortised over a period of up to 3 years from the
date of the launch of the Sub-Fund.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Efficient Global IG Corporate Beta Fund

### SUPPLEMENT 50 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.


#### The Investment Manager
Insight North America LLC

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD A (Acc.) | USD | 5,000 | 5% | 0.40% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 0.40% | 0% |
| Euro H (Acc.) (hedged) | EUR | 5,000 | 5% | 0.40% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 0.40% | 0% |
| DKK H (Acc.) (hedged) | DKK | 50,000 | 5% | 0.40% | 0% |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 0.40% | 0% |
| NOK H (Acc.) (hedged) | NOK | 50,000 | 5% | 0.40% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.30% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.30% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 0.30% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.30% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.20% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.20% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.20% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.20% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.20% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.20% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.20% | 0% |
| DKK W (Acc.) (hedged) | DKK | 150,000,000 | 5% | 0.20% | 0% |
| SEK W (Acc.) (hedged) | SEK | 150,000,000 | 5% | 0.20% | 0% |
| NOK W (Acc.) (hedged) | NOK | 150,000,000 | 5% | 0.20% | 0% |

| “E” Shares, and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD E (Acc.) | USD | As agreed | 5% | 0.10% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.10% | 0% |
| Euro E (Acc.) (hedged) | EUR | As agreed | 5% | 0.10% | 0% |
| Euro E (Inc.) (hedged) | EUR | As agreed | 5% | 0.10% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.10% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.10% | 0% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.10% | 0% |

| “L” Shares, and “L (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Sterling L (Acc.) | GBP | As agreed | 5% | 0.08% | 0% |
| Sterling L (Inc.) | GBP | As agreed | 5% | 0.08% | 0% |
| Sterling L (Acc.) (hedged) | GBP | As agreed | 5% | 0.08% | 0% |
| Sterling L (Inc.) (hedged) | GBP | As agreed | 5% | 0.08% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to generate a return in excess of the Benchmark detailed below with similar levels of volatility over the medium to long-term before fees and expenses.

##### Investment Policy
The Sub-Fund aims to achieve its investment objective by investing directly and indirectly in the underlying debt and debt-related securities included in the Bloomberg
Barclays Global Aggregate Corporate TR Index USD Hedged (the “Benchmark”). The Sub-Fund may also invest in debt or debt-related securities not included in the
Benchmark where the relevant issuer has other securities included in the Benchmark or where the debt or debt- related security meets the requirements of, and is expected to be included in the Benchmark in the future. This allows the Sub-Fund to purchase securities when they are first issued rather than when they are added to the Benchmark. The Sub-Fund may continue to hold securities which were included in the Benchmark at the time of purchase even if they are subsequently removed from the Benchmark.
The Sub-Fund may invest in fixed and floating rate corporate debt and debt-related securities including bonds, private placements (i.e. Reg S bonds and 144A bonds), money market instruments (such as U.S. treasury
bills, certificates of deposit, commercial paper and term deposits) and FDI hereinafter “Debt and Debt-Related Securities”. FDI are listed below under the heading “Use of FDI”.
The Sub-Fund may have exposure of up to 10% of its Net Asset Value to contingent convertible securities (“CoCos”). Please see “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos.
The Sub-Fund may invest in investment grade securities as rated by a Recognised Rating Agency at time of purchase. Securities are classified as investment grade if the median rating of the Recognised Rating Agencies is above Ba1/BB+/BB+. When a rating from only two agencies is available, the lower rating is used; when only one agency rates a security, that rating is used. The Sub- Fund may also continue to hold securities which are downgraded to sub-investment grade after purchase and consequently moved from the Benchmark. Investment in securities which are downgraded to sub-investment grade after purchase will be limited to 10% of the Sub-
Fund’s Net Asset Value.
The Sub-Fund will primarily invest directly in the underlying Debt and Debt-Related Securities included in Benchmark but will also, on an ancillary basis, gain
exposure indirectly to the constituents of the Benchmark via Credit Default Swaps (“CDS”) indices as described in the Financial Indices section below and collective investment schemes (“CIS”).
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in open-ended (CIS) including money
market funds and open-ended exchange traded funds (“ETFs”). The Sub-Fund may also hold ancillary liquid assets such as bank deposits.
The Sub-Fund may also hold cash and liquid near cash assets in certain circumstances. Please see ‘Cash and Collateral Management’ below for further details.
The Sub-Fund intends to invest globally with no
particular industry or sector focus, however the Sub-Fund may at times be concentrated in particular industry or geographical sectors, including the U.S., depending on where the Investment Manager sees investment opportunity or where the Benchmark is focused.
The Sub-Fund may invest up to 10% of its Net Asset Value in emerging market countries. The Sub-Fund will not invest in Russia.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in transferable securities (i.e. Debt and Debt-Related Securities), which are not admitted to or dealt in on an Eligible Market, in accordance with the
UCITS Regulations. With the exception of permitted investments in open-ended CIS, the Sub-Fund’s investments shall be listed or traded on Eligible Markets
listed in Appendix II of the Prospectus.
Whilst the Sub-Fund’s base currency is USD, it may invest in non-USD denominated assets that will be hedged back into USD using currency-related FDI. The
currency-related FDI which may be used by the Sub-Fund
for hedging purposes are further described in the Prospectus in the section entitled “Financial Derivative Instruments and Techniques”.

##### Cash and Collateral Management
The Sub-Fund will hold cash and liquid near cash assets in certain circumstances, such as meeting redemptions, facilitating payment of expenses, holding cash on deposit pending reinvestment and to provide liquidity and collateral to support FDI exposure.
Liquid near cash assets may include money market instruments such as U.S. treasury bills, treasury bonds and bank deposits. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
Bloomberg Barclays Global Aggregate Corporate TR Index USD Hedged (the “Benchmark”)
The Benchmark measures the performance of the global corporate debt market. The Benchmark is a market- weighted index which includes corporate fixed income debt securities issued by corporations in emerging and developed markets worldwide, as described above as Debt and Debt-Related Securities. These debt securities are investment grade at the time of issuance, as previously defined, and will have a minimum maturity of at least one year as well as a minimum issue size, in accordance with guidelines set by the index provider. The Benchmark is rebalanced monthly; however the Sub-Fund does not aim to track or replicate the Benchmark and therefore will not be directly impacted by the rebalancing, associated costs or stock weighting in the Benchmark which would exceed the permitted
investment restrictions.
Additional information on the Benchmark can be found here:
https://www.bloomberg.com/quote/LGCPTRUU:IND
The Sub-Fund will measure its performance against the Benchmark.
The Investment Manager will use the Benchmark to construct the investment universe. The Sub-Fund is actively managed and does not seek to replicate the full constituents of the Benchmark. The Investment Manager has limited discretion to invest outside the Benchmark subject to the investment objective and policy.
The majority of the Sub-Fund’s holdings will be constituents of the Benchmark and as a result the Sub- Fund will be similar in its currency and sector exposures
as well as duration. However, the Investment Manager does not seek to reflect the Benchmark’s maturity and credit quality profile.
The investment strategy provides similar volatility to the Benchmark over the medium to long-term.

##### Investment Strategy
A top-down approach is used to construct a portfolio based on the Benchmark which provides “efficient beta”. ‘Beta’ refers to gaining market exposure while ‘efficient’ refers to achieving the ‘beta’ though the Investment Manager’s considered and cost-effective investment
decisions and strategies.
The Investment Manager seeks to efficiently allocate the portfolio, overweighting attractive risk-adjusted return segments in terms of maturity and credit quality versus the Benchmark. For example, the Investment Manager may choose to underweight AAA/AA and long duration A rated Debt and Debt-Related Securities relative to the Benchmark, and overweight shorter maturity BBB rated Debt and Debt-Related Securities. The Investment Manager will seek to maintain an interest rate duration in line with that of the Benchmark. Duration being the measure of the price sensitivity of a bond to changes in interest rates.
By doing so, the Sub-Fund accesses the area of credit where the Investment Manager views the trade-off between excess return and additional risk to be most efficient. This assessment stems from internal estimates of the size of the current risk premia, as well as from ongoing market analysis
The Investment Manager employs strategies which seek to overcome inefficiencies within the Benchmark and Investment Grade universe more broadly. In the
Investment Manager’s view, these strategies include
efficient turnover management and investment in so-
called fallen angels. Fallen angels are Debt and Debt- Related Securities that at one point in their trading history were investment grade and have since been downgraded to sub-investment grade. While the Benchmark removes fallen angels, it may not be efficient to sell these and the Sub-Fund may hold Debt and Debt- Related Securities which have been downgraded below investment grade (i.e. BB+ or below as rated by a Recognised Rating Agency).
At a security level, Debt and Debt-Related Securities will be chosen to represent aggregate sector and currency exposures of the Benchmark such that these exposures are in line with the Benchmark, in essence, a beta exposure.
The portfolio is well diversified and the Investment Manager utilises a proprietary credit model to support decision making. The credit model uses factor signals to identify riskier Debt and Debt-Related Securities. These factors include metrics of quality, momentum and value. These allow the investment manager to forecast the possibility of downgrade and default as well as fair value of the Debt and Debt-Related Securities. The Investment Manager incorporates the information provided by the model in the security selection process and in the ongoing monitoring of the Benchmark. By combining strategies which address inefficiencies of the Benchmark the Investment Manager seeks to deliver an efficient beta investment solution for investors.

##### The Sustainable Finance Disclosure Regulation
Due to the investment objective of this Sub-Fund, the Investment Manager has limited discretion to deviate from the characteristics and exposures of the Benchmark. This discretion allows the Investment Manager, for instance, to invest in securities not included in the Benchmark where such securities meet the requirements of, and are expected to be included in the Benchmark in the future and to continue to hold securities which were included in the Benchmark at the time of purchase, even if they are subsequently removed from the Benchmark. The Benchmark does not take ESG factors or sustainability risks into account. Consequently, the Investment Manager does not integrate sustainability risks (which is defined as an ESG event or condition that, if it occurs, could cause an actual or a potential material
negative impact on the value of the relevant investment (an “ESG Event”) into its investment decisions. However, due to the diversified nature of the Sub-Fund, the
Investment Manager has determined that the sustainability risk faced by the Sub-Fund is minimal.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Bond Futures |
| --- | --- |

| Swaps | Credit Default Swaps (single name and index (CDS)) |
| --- | --- |
| Securities with Embedded FDI/Leverage | Contingent Convertible Securities (CoCos) |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial
purpose, are described in the Prospectus in the section entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit CDX North American Investment Grade Markit iTraxx Global Index Europe (Main) |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. However, as the Sub- Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX–Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where
additional information can be found, will be set out in the Company’s semi-annual and annual accounts.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, securities with embedded FDI, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in
the Central Bank UCITS Regulations. Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of
techniques and FDI the Sub-Fund may use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending arrangements and repurchase/reverse repurchase
agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of SFTs shall be 100% of the Net Asset Value of the Sub-
Fund. However, it is not anticipated that the Sub-Fund’s
exposure to the SFTs will exceed 15% of the Net Asset
Value of the Sub-Fund. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be issued during their respective Initial Offer Periods at their
respective initial offer price per Share of 1USD, 1£, 1€,
1CHF, 10DKK, 10SEK, 10NOK or 1CAD depending on the
currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11 November respectively. Further details are set out under
the heading "The Company - Distribution Policy” in the
Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and organisation of the Sub-Fund including the fees of the
Sub-Fund’s professional advisers will be borne by the
Sub-Fund. Such fees and expenses are estimated not to exceed €40,000 and will be borne by the Sub-Fund and will be amortised over a period of up to 4 years from the
date of the launch of the Sub-Fund.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Efficient EM Debt Local Currency Beta Fund

### SUPPLEMENT 51 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Insight North America LLC

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD A (Acc.) | USD | 5,000 | 5% | 0.40% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 0.40% | 0% |
| Euro H (Acc.) (hedged) | EUR | 5,000 | 5% | 0.40% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 0.40% | 0% |
| DKK H (Acc.) (hedged) | DKK | 50,000 | 5% | 0.40% | 0% |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 0.40% | 0% |
| NOK H (Acc.) (hedged) | NOK | 50,000 | 5% | 0.40% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 0.30% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 0.30% | 0% |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 0.30% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 0.30% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.30% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.30% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 0.30% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.30% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.20% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.20% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.20% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.20% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.20% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.20% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.20% | 0% |
| DKK W (Acc.) (hedged) | DKK | 150,000,000 | 5% | 0.20% | 0% |
| SEK W (Acc.) (hedged) | SEK | 150,000,000 | 5% | 0.20% | 0% |
| NOK W (Acc.) (hedged) | NOK | 150,000,000 | 5% | 0.20% | 0% |

| “E” Shares, and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD E (Acc.) | USD | As agreed | 5% | 0.10% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.10% | 0% |
| Euro E (Acc.) (hedged) | EUR | As agreed | 5% | 0.10% | 0% |
| Euro E (Inc.) (hedged) | EUR | As agreed | 5% | 0.10% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.10% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.10% | 0% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.10% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to provide similar performance and levels of volatility as the Benchmark (detailed below) over the medium to long-term before fees and expenses.

##### Investment Policy
The Sub-Fund aims to achieve its investment objective by investing directly and indirectly in the underlying debt
and debt-related securities included in the JP Morgan GBI-EM Global Diversified Index (the “Benchmark”). The Sub-Fund may also invest in debt or debt-related
securities that meet the requirements of, and are expected to be included in the Benchmark in the future. The Sub-Fund may continue to hold securities which were included in the Benchmark at the time of purchase even if they are subsequently removed from the Benchmark.
The Sub-Fund will invest in local currency, emerging market fixed rate government debt and debt-related
securities including bonds, debentures, herein after “Debt and Debt-Related Securities” and related FDI (as listed in “Use of FDI” below).
The Sub-Fund may have exposure of up to 10% of its Net Asset Value to contingent convertible securities (“CoCos”). Please see “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos.
The Sub-Fund will invest in both investment grade and sub-investment grade Debt and Debt-Related Securities as rated by a Recognised Rating Agency at time of purchase. Debt and Debt-Related Securities are classified as investment grade if the median rating from these rating agencies is above Ba1/BB+/BB+ and classified as sub-investment grade if the median rating of the agencies is Ba1/BB+/BB+ or below. When a rating from only two agencies is available, the lower rating is used; when only one agency rates a security, that rating is used. The Sub-Fund may invest more than 30% of its Net Asset Value in sub-investment grade Debt and Debt- Related Securities. The Sub-Fund may continue to hold Debt and Debt-Related Securities which are downgraded to sub-investment grade, unrated or which are upgraded to investment grade after purchase.
The Sub-Fund will primarily invest directly in the underlying Debt and Debt-Related Securities included in Benchmark but will also, on an ancillary basis, gain exposure indirectly to the constituents of the Benchmark
though FDI and collective investment schemes (“CIS”).
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in open-ended CIS including money
market funds and open-ended exchange traded funds (“ETFs”). The Sub-Fund may also hold ancillary liquid assets such as bank deposits.
The Sub-Fund may also hold cash and liquid near cash assets in certain circumstances. Please see ‘Cash and Collateral Management’ below for further details.
The Sub-Fund intends to invest more than 20% of its Net Asset Value in emerging markets with no particular industry or sector focus, however the Sub-Fund may at times be concentrated in particular industry or
geographical sectors depending on where the Investment Manager sees investment opportunity or where the Benchmark is focused.
The Sub-Fund may also invest up to 15% of its Net Asset Value in Debt and Debt-Related Securities in the People’s Republic of China (“PRC”) traded in the China interbank bond market (“CIBM”) via Bond Connect (as further described Appendix VI to the Prospectus).
The Sub-Fund may also gain exposure to Russia. The Sub-Fund may invest up to 15% of its Net Asset Value in securities listed or traded on the Moscow Exchange.
With the exception of permitted investment in unlisted securities and open-ended CIS, investments will be made on Eligible Markets listed in Appendix II of the
Prospectus. The Sub-Fund’s performance may be strongly
influenced by movements in foreign exchange rates as
the assets of the Sub-Fund are denominated in a currency other than the Base Currency and will typically not be hedged back to the Base Currency. The Sub-Fund will maintain a similar currency profile to that of the Benchmark, and will use FX forwards to hedge its positions in local currency bonds where necessary to achieve this. The currency-related FDI which may be used by the Sub-Fund for hedging purposes are further described in the Prospectus in the section entitled
“Financial Derivative Instruments and Techniques”.

##### Cash and Collateral Management
The Sub-Fund will hold cash and liquid near cash assets in certain circumstances, such as meeting redemptions, facilitating payment of expenses, holding cash on deposit pending reinvestment and to provide liquidity and collateral to support FDI exposure.
Liquid near cash assets may include money market instruments such as U.S. treasury bills, treasury bonds and bank deposits. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
JP Morgan GBI-EM Global Diversified Index (the
“Benchmark”).
The Benchmark is a comprehensive global local emerging markets index, and consists of regularly traded, liquid fixed-rate, local currency government bonds to which international investors can gain exposure. Additional information on the Benchmark can be found here:
https://etfdb.com/index/jpmorgan-government-bond- index-emerging-markets-global-diversified-index/.
The Benchmark is rebalanced monthly; however, the Sub- Fund does not aim to track or replicate the Benchmark and therefore will not be directly impacted by the rebalancing, associated costs or stock weighting in the Benchmark which would exceed the permitted investment restrictions.
The Sub-Fund will measure its performance against the Benchmark.
The Investment Manager will use the Benchmark to construct the investment universe. The Sub-Fund is actively managed and does not seek to replicate the full constituents of the Benchmark. The Investment
Manager has limited discretion to invest outside the Benchmark subject to the investment objective and policy.
The majority of the Sub-Fund’s holdings will be constituents of the Benchmark and the Sub-Fund will be similar in its currency and exposures. However the
Investment Manager does not seek to match the Benchmark’s country or maturity profile.
The investment strategy provides similar volatility to the Benchmark over the medium to long-term.

##### Investment Strategy
A top-down approach is used to construct a portfolio based on the Benchmark which provides “efficient beta”. ‘Beta’ refers to gaining market exposure while ‘efficient’ refers to achieving the ‘beta’ through the Investment Manager’s considered and cost-effective investment
decisions and strategies.
The Investment Manager seeks to efficiently manage the portfolio, overweighting attractive risk-adjusted return segments versus the Benchmark. In particular, the Investment Manager may choose to overweight some Debt and Debt-Related Securities versus the Benchmark and underweight others.
The Investment Manager employs strategies which seek to overcome inefficiencies within the Benchmark and the emerging market debt local currency universe more broadly. Following the rules operated by the Benchmark and applying a standard indexing approach would result in index minus results. Further, local taxes create a
negative impact on investor’s performance. Our efficient
beta approach seeks to overcome these.
Specifically, the Investment Manager will look to overweight exposure to country yield curve segments which offer comparatively higher interest rates over a time period as the Debt and Debt-Related Securities mature, and underweight exposure to country yield curve segments which offer lower interest rates over this time period. In doing so, the Sub-Fund holds positions in Debt and Debt-Related securities which it views to be the most efficient across country yield curves. The Investment Manager will also utilize efficient turnover management. The Benchmark has rebalancing rules which the Investment Manager will deviate from so as to minimize trading costs. While the Sub-Fund will deviate from the benchmark in terms of holdings, the Investment Manager will use FX forwards such that FX exposure is in line with the Benchmark.
Note that at a security level, Debt and Debt-Related Securities will be chosen to represent the country exposures of the Benchmark. The Sub-Fund will not necessarily have exposure to all countries in the Benchmark at all times and the composition of this exposure will deviate. However, these exposures will constitute, in essence, a beta exposure. By combining strategies which address inefficiencies of the Benchmark the Investment Manager seeks to deliver an efficient beta investment solution for investors.

##### The Sustainable Finance Disclosure Regulation
Due to the investment objective of this Sub-Fund, the Investment Manager has limited discretion to deviate from the characteristics and exposures of the Benchmark. This discretion allows the Investment Manager, for instance, to invest in securities not included in the Benchmark where such securities meet the requirements of, and are expected to be included in the Benchmark in the future and to continue to hold securities which were included in the Benchmark at the time of purchase, even if they are subsequently removed from the Benchmark. The Benchmark does not take ESG factors or sustainability risks into account. Consequently, the Investment Manager does not integrate sustainability risks (which is defined as an ESG event or condition that, if it occurs, could cause an actual or a potential material
negative impact on the value of the relevant investment (an “ESG Event”) into its investment decisions. However, due to the diversified nature of the Sub-Fund, the
Investment Manager has determined that the sustainability risk faced by the Sub-Fund is minimal.
The Manager has carefully evaluated the requirements of
the principal adverse impact consideration regime in Article 4 SFDR, (the “PAI regime”). The Manager is supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Bond Futures |
| --- | --- |
| Swaps | Interest Rate Swaps Inflation Swaps Total Return Swaps (TRS) Cross-Currency Swaps |
| Forwards | Forward Foreign Exchange Contracts |
| Securities with Embedded FDI/Leverage | Contingent Convertible Securities (CoCos) |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial
purpose, are described in the Prospectus in the section entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, forwards, and warrants. The Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs i The Sub-Fund may engage in SFTs, i.e.
securities lending arrangements and repurchase/reverse repurchase agreements, as described under the heading
“Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 100% and in respect of SFTs shall be 100% of the Net Asset Value of the Fund. However, it is not
anticipated that the Sub-Fund’s exposure in respect of
TRS will exceed 30% and in respect of SFTs will exceed
15% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on TRS and SFTs, including acceptable collateral and counterparty procedure is given under the
headings “Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1£, 1€, 1CHF, 10DKK, 10SEK, 10NOK or 1CAD depending on the
currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11
November respectively. Further details are set out under the heading "The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and
organisation of the Sub-Fund including the fees of the Sub-Fund’s professional advisers will be borne by the Sub-Fund. Such fees and expenses are estimated not to exceed €40,000 and will be borne by the Sub-Fund and will be amortised over a period of up to 4 years from the
date of the launch of the Sub-Fund.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Efficient U.S. Fallen Angels Beta Fund

### SUPPLEMENT 52 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- It is proposed to charge management fees and other fees and expenses of the Sub-Fund to the capital of the Sub-Fund to seek to maximise distributions. See “Fees and Expenses” in the Prospectus for further details.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Insight North America LLC

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares, is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD A (Acc.) | USD | 5,000 | 5% | 0.60% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 0.60% | 0% |
| Euro H (Acc.) (hedged) | EUR | 5,000 | 5% | 0.60% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 0.60% | 0% |
| DKK H (Acc.) (hedged) | DKK | 50,000 | 5% | 0.60% | 0% |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 0.60% | 0% |
| NOK H (Acc.) (hedged) | NOK | 50,000 | 5% | 0.60% | 0% |

| “N” Shares and “N (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD N (Acc.) | USD | 5,000 | 5% | 0.90% | 0% |
| USD N (Inc.) (M) | USD | 5,000 | 5% | 0.90% | 0% |
| Euro N (Acc.) (hedged) | EUR | 5,000 | 5% | 0.90% | 0% |
| Euro N (Inc.) (hedged) | EUR | 5,000 | 5% | 0.90% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| SGD N (Acc.) (hedged) | SGD | 5,000 | 5% | 0.90% | 0% |
| SGD N (Inc.) (hedged) (M) | SGD | 5,000 | 5% | 0.90% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.45% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.45% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 0.45% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.45% | 0% |
| AUD I (Acc.) (hedged) | AUD | 5,000,000 | 5% | 0.45% | 0% |
| AUD I (Inc.) (hedged) (M) | AUD | 5,000,000 | 5% | 0.45% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.30% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.30% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.30% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.30% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.30% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.30% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.30% | 0% |
| DKK W (Acc.) (hedged) | DKK | 150,000,000 | 5% | 0.30% | 0% |
| SEK W (Acc.) (hedged) | SEK | 150,000,000 | 5% | 0.30% | 0% |
| NOK W (Acc.) (hedged) | NOK | 150,000,000 | 5% | 0.30% | 0% |

| “E” Shares, and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD E (Acc.) | USD | As agreed | 5% | 0.08% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.08% | 0% |
| Euro E (Acc.) (hedged) | EUR | As agreed | 5% | 0.08% | 0% |
| Euro E (Inc.) (hedged) | EUR | As agreed | 5% | 0.08% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.08% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.08% | 0% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.08% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to generate a return in excess of the Benchmark detailed below with similar levels of volatility over the medium to long-term before fees and expenses, whilst taking environmental, social and governance
(“ESG”) factors into account.

##### Investment Policy
The Sub-Fund aims to achieve its investment objective by gaining exposure to the underlying debt and debt-related securities included in the Bloomberg Barclays US HY Fallen Angel 3% Cap Total Return Index Value Unhedged
(the “Benchmark”).
The Sub-Fund may also invest in debt or debt-related securities not included in the Benchmark where the relevant security meets the requirements of, and is expected to be included in the Benchmark in the future. The Sub-Fund may continue to hold securities which were included in the Benchmark at the time of purchase even if they are subsequently removed from the Benchmark whether due to losing their rating or being up-graded to investment grade.
The Sub-Fund may invest in fixed rate corporate and government debt and debt-related securities, which may
be issued as 144A or Reg S securities, including bonds and debentures and FDI hereinafter “Debt and Debt- Related Securities”. FDI are listed below under the heading “Use of FDI”.
The Sub-Fund may invest up to 40% of its Net Asset Value in Debt and Debt-Related Securities issued as 144A or Reg S securities.
The Sub-Fund may gain exposure to any of the underlying debt and debt-related securities with the exception of
contingent convertible securities (“CoCos”). While the
Benchmark excludes CoCos with explicit triggers (per the Benchmark’s rules for inclusion) it does include Debt and Debt-Related Securities which can be classified as CoCos
due to their implicit (or discretionary) triggers.
CoCos can convert from debt to equity through explicit triggers or implicit (or discretionary) triggers; these are set out in the relevant terms and conditions of the issue.
- CoCos with explicit triggers have a numerical, contractual threshold created by the issuer. If the threshold is breached, it automatically triggers the conversion from debt to equity.
- CoCos with implicit (or discretionary) triggers have a non-numerical, contractual threshold which is defined by a regulator and not by the issuer. If the threshold is breached, the conversion from debt to equity is triggered solely at the discretion of this regulator.

Please see the “Debt Instruments Directory” for the description of CoCos and the “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos
Currently less than 2% of the debt and debt-related securities included in the Benchmark are classified as CoCos due to their implicit (or discretionary) triggers.
Such classifications are visible to the Investment Manager and flagged within the Investment Manager’s compliance systems as debt and debt-related securities
to which the Sub-Fund cannot gain exposure. Given the
level of exposure the Benchmark has to CoCos, such exclusion will not impact the Sub-Fund’s ability to achieve its investment objective.
The Sub-Fund will invest the majority of its Net Asset Value in Fallen Angels. Fallen Angels are defined as sub- investment grade Debt and Debt-Related Securities that were previously rated as investment grade by a Recognised Rating Agency at time of purchase. Securities are classified as sub-investment grade if the median rating of these agencies is Ba1/BB+/BB+ or below. When a rating from only two agencies is available, the lower rating is used; when only one agency rates a security, that rating is used. Debt and Debt-Related Securities which have been downgraded to unrated or upgraded to investment grade are not expected to exceed 10% of the
Sub-Fund’s Net Asset Value.
The Sub-Fund will not invest in securities issued by corporate entities that meet any of the below ESG criteria:
- Derive more than 30% of their revenues from tar sands or thermal coal;
- Are deemed to have a negative rating relative to key environmental criterion, as per third party data;
- Are deemed to be in violation of the UN Global Compact principles (including environmental principles and governance principles including relating to labour, human rights, and bribery and corruption principles), as per third party data;
- Produce controversial weapons; or
- Fall below pre-set environmental score, as per third party data, where that environmental score is deemed relevant, or fall below a pre-set score, as per third party data, on key issues relating to climate change themes.

ESG scores are provided by third party providers (“Data Providers”), such as MSCI, Sustainalytics or other providers who measure the ESG impact of corporate
entities. All issuers in which investments are made follow good governance practices as set out in the UN Global Compact principles.
The Sub-Fund will primarily invest directly in the underlying Debt and Debt-Related Securities included in the Benchmark but will also, on an ancillary basis, gain exposure indirectly to the constituents of the Benchmark
via Credit Default Swaps (“CDS”) indices as described in the Financial Indices section below and collective investment schemes (“CIS”).
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in open-ended CIS including money
market funds and open-ended exchange traded funds (“ETFs”).
The Sub-Fund may hold cash and liquid near cash assets in certain circumstances. Please see ‘Cash and Collateral Management’ below for further details.
The Sub-Fund intends to invest in U.S. dollar denominated Debt and Debt-Related Securities of companies or issuers from developed markets with no particular industry or sector focus. The Sub-Fund may, however, at times be concentrated in particular industry or sectors depending on where the Investment Manager sees investment opportunity or where the Benchmark is focused.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in transferable securities, which are not admitted to or dealt in on an Eligible Market, in accordance with the UCITS Regulations. With the
exception of permitted investments in open-ended CIS, the Sub-Fund’s investments shall be listed or traded on Eligible Markets listed in Appendix II of the Prospectus.

##### Cash and Collateral Management
The Sub-Fund will hold cash and liquid near cash assets in certain circumstances, such as meeting redemptions, facilitating payment of expenses, holding cash on deposit pending reinvestment and to provide liquidity and collateral to support FDI exposure.
Liquid near cash assets may include money market instruments such as U.S. treasury bills, certificates of deposit, commercial paper, term deposits and bank deposits. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
Bloomberg Barclays US HY Fallen Angel 3% Cap Total Return Index Value Unhedged (the “Benchmark”).
The Benchmark measures the performance of the U.S. Fallen Angel debt market, with issuers capped at 3% each. The Benchmark is a market-weighted index which includes U.S. fixed income debt securities issued by corporates, as described above as Debt and Debt-Related Securities. These securities were previously rated as investment grade, as previously defined, and were included in the Bloomberg Barclays US Corporate Total Return Value Unhedged Index, with inclusion criteria in accordance with guidelines set by the index provider.
Securities which are downgraded to sub-investment grade become known as Fallen Angels, and are then included in the Benchmark.
The Sub-Fund will measure its performance against the Benchmark.
The Investment Manager will use the Benchmark to construct the investment universe. The Sub-Fund is actively managed and does not seek to replicate the full
constituents of the Benchmark. The Investment Manager has limited discretion to invest outside the Benchmark where the relevant security meets the requirements of, and is expected to be included in the Benchmark in the future.
The majority of the Sub-Fund’s holdings will be constituents of the Benchmark and the Sub-Fund will be similar in its currency and duration to the Benchmark.
The Sub-Fund will also be similar with respect to its sector exposures and credit quality profile, subject to
investment constraints. The Sub-Fund will not seek to reflect the Benchmark’s maturity profile.
The investment strategy provides similar volatility to the Benchmark over the medium to long- term.

##### Investment Strategy
A systematic and disciplined approach is used to
construct a portfolio based on the Benchmark which provides “efficient beta”. ‘Beta’ refers to gaining market exposure while ‘efficient’ refers to achieving the ‘beta’ through the Investment Manager’s considered and cost- effective investment decisions and strategies.
The Sub-Fund will invest in Fallen Angels as defined in the investment policy and use this universe of securities to construct the portfolio.
In the portfolio construction process, a selection of Debt and Debt-Related Securities will be chosen from the investment universe by the Investment Manager. The Investment Manager first seeks to overweight bonds which have been downgraded in the last 12 months, focusing first on those Debt and Debt-Related Securities most newly downgraded and subsequently potentially up to within 24 months. The Investment Manager also looks to mitigate exposure to newly fallen angels with rapidly deteriorating fundamentals for example a bond that has gone from BBB to CCC or lower within 2 months would be sold. The Investment Manager will also generally reduce exposure to Debt and Debt-Related Securities that have been downgraded 24 months ago or more and that have a longer maturity, as these Debt and Debt-Related Securities are deemed by the Investment Manager to present a less interesting risk/reward opportunity relative to the remaining investment universe.
The Investment Manager will then examine the yield/ spread, risk, sector and credit quality characteristics and choose Debt and Debt-Related Securities such that the
aggregate metrics, risk, sector and quality of the Sub- Fund’s holdings are in line with the investment process, subject to security selection. The application of the Investment Manager’s proprietary credit model informs its security selection process. This credit model scores
and ranks the investable universe by gathering information from financial markets and corporate balance sheets to help identify the appropriate value that Debt and Debt-Related Securities are expected to trade at. In this way the model helps the Investment Manager to identify Debt and Debt-Related Securities which may underperform when compared to similar debt and debt- related securities. The Investment Manager will underweight these Debt and Debt-Related Securities.
The Investment Manager will employ efficient allocation strategies to manage the portfolio in a cost effective and considered manner. For example, the Investment Manager may hold Debt and Debt-Related Securities no longer included in the Benchmark where selling these would incur unnecessary trading costs.
The Investment Manager will seek to hedge duration to the level of the Benchmark, so as to manage interest rate risk, cap issuer weight at 7%, and limit exposure to CCC rated securities to 10%. The portfolio will vary over time
as the Investment Manager needs to adjust the Sub- Fund’s holdings to meet the investment objective for the Sub-Fund.
The environmental and social characteristics promoted by the Sub-Fund comprise of mitigating environmentally detrimental practices (including those that may contribute to climate change such as tar sands and thermal coal extraction), reducing the production of controversial weapons, and promoting responsible business practices as defined by the principles of the UN Global Compact.
In identifying investments which allow the Sub-Fund to promote environmental or social characteristics, the Investment Manager will:
- assess the overall suitability of an issuer based on the ESG score provided by a recognised Data Providers.
- screen out issuers based on ESG scores as well as on their involvement in certain industries or sectors as further detailed below.

The Sub-Fund seeks to exclude certain issuers based on ESG concerns. Issuers that are judged to have weaker ESG scores (for example, low ESG rating with respect to climate change related themes, carbon emissions, carbon footprint) may be excluded. Issuers whose revenue is significantly derived from activities or products that are considered unsuitable for the Sub-Fund (for example, issuers that derive more than 30% of their revenues from tar sands or thermal coal, or that produce controversial weapons) may also be excluded. By combining the strategies detailed above, the Investment Manager seeks to deliver an efficient beta investment solution for investors which will provide a return in excess of the Benchmark over the medium to long-term.
The Investment Manager incorporates the above factors into its systematic security selection and portfolio construction process. The results of the screening and portfolio construction process are monitored and reviewed on an ongoing basis, and the Investment Manager regularly reviews the impact of each ESG factors on the investable universe.

##### The Sustainable Finance Disclosure Regulation
The Sub-Fund integrates sustainability risk into investment decisions and promotes environmental or social characteristics and invests in companies with good governance for the purposes of Article 8 of the SFDR.
The management of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
Using a quantitative processes, sustainability risk is identified, monitored and managed by the Investment Manager in the following manner:
- Prior to acquiring investments on behalf of the Sub- Fund, the Investment Manager uses ESG metrics from Data Providers in order to screen the relevant investment against sustainability risk and to identify whether it is vulnerable to such risk. This process incorporates applying an exclusion policy (whereby potential investments are removed from the investment universe on the basis that they pose too great a sustainability risk to the Sub-Fund).
- During the life of the investment, sustainability risk is monitored through review of ESG data published bythe issuer (where relevant) or selected third party data providers (“Data Providers”) such as MSCI, Sustainalytics or other providers who measure theESG impact of corporate entities in order to determine whether the level of sustainability risk has changed since the initial assessment has been conducted. This review is conducted on an ongoing basis. Where the sustainability risk associated with a particular investment has increased beyond the ESG risk appetite for the Sub-Fund, the Investment Manager will consider selling or reducing the Sub-Fund’s exposure to the relevant investment, takinginto account the best interests of the Shareholders ofthe Sub-Fund.

As explained above, the management and assessment of sustainability risks forms an important part of the Investment Manager's due diligence, however there may still be a risk that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Benchmark does not take ESG factors into account and is not used to measure the extent to which the environmental or social characteristics promoted by the Sub-Fund are met.
For further information in relation to how the Sub-Fund aims to promote environmental or social characteristics and how the Sub-Fund assesses the good governance practices of issues, please see the sections of the
Supplement headed “Investment Policy” and “Investment Strategy”.
The Manager has carefully evaluated the requirements of
the principal adverse impact consideration regime in Article 4 SFDR, (the “PAI regime”). The Manager is supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
While this Sub-Fund is categorised as an Art. 8 fund under SFDR, and promotes environmental and social characteristics by screening out issuers based on ESG scores, the investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Bond Futures |
| --- | --- |
| Swaps | Credit Default Swaps (single name and index (CDS)) |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following financial indices for investment purposes, where it is more efficient to do so or in circumstances in which the Sub-Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices used to provide exposure to global fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit CDX North American High Yield |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically will not be rebalanced regularly. However, as the Sub- Fund does not aim to replicate or track these indices it will not be directly impacted by the indices rebalancing, associated costs or any stock weighting which would exceed the permitted investment restrictions.
Details on where to find additional information on the indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market they represent and where additional information can be found, will be set out in the
Company’s semi-annual and annual accounts.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, forwards and warrants. The Fund may also utilise repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS
Regulations. Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-
Fund may use for EPM purposes.

#### Securities Lending Arrangements
This Sub-Fund will not utilise securities lending arrangements and, therefore, may forego any additional returns that may be produced through such activities.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. repurchase/ reverse repurchase agreements, as described under the
heading “Efficient Portfolio Management” in the
Prospectus.
The maximum exposure of the Sub-Fund in respect of
SFTs shall be 100% of the Net Asset Value of the Sub- Fund. However, it is not anticipated that the Sub-Fund’s exposure to the SFTs will exceed 15% of the Net Asset
Value of the Sub-Fund. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be issued during their respective Initial Offer Periods at their
respective initial offer price per Share of 1USD, 1€, 1£,
1CHF, 1SGD, 10DKK, 10SEK, 10NOK, 1CAD or 1AUD
depending on the currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) share classes with the suffix “(M)”, dividends will normally be declared monthly on the last Business Day of the month. For
holders of income generating monthly distributing Shares, the declared dividends will be paid on or before the 20
th 
calendar day of the following month. In the case of all other (Inc) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11 November respectively. Further details are set out under the heading "The Company -
Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and
organisation of the Sub-Fund including the fees of the Sub-Fund’s professional advisers will be borne by the Sub-Fund. Such fees and expenses are estimated not to exceed €30,000 and will be borne by the Sub-Fund and will be amortised over a period of up to 3 years from the
date of the launch of the Sub-Fund.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Efficient Global High Yield Beta Fund

### SUPPLEMENT 53 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- It is proposed to charge management fees and other fees and expenses of the Sub-Fund to the capital of the Sub-Fund to seek to maximise distributions. See “Fees and Expenses” in the Prospectus for further details.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Insight North America LLC

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares, is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD A (Acc.) | USD | 5,000 | 5% | 0.40% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 0.40% | 0% |
| Euro H (Acc.) (hedged) | EUR | 5,000 | 5% | 0.40% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 0.40% | 0% |
| DKK H (Acc.) (hedged) | DKK | 50,000 | 5% | 0.40% | 0% |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 0.40% | 0% |
| NOK H (Acc.) (hedged) | NOK | 50,000 | 5% | 0.40% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.30% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.30% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 0.30% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.30% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.20% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.20% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.20% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.20% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.20% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.20% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.20% | 0% |
| DKK W (Acc.) (hedged) | DKK | 150,000,000 | 5% | 0.20% | 0% |
| SEK W (Acc.) (hedged) | SEK | 150,000,000 | 5% | 0.20% | 0% |
| NOK W (Acc.) (hedged) | NOK | 150,000,000 | 5% | 0.20% | 0% |

| “E” Shares, and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD E (Acc.) | USD | As agreed | 5% | 0.10% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.10% | 0% |
| Euro E (Acc.) (hedged) | EUR | As agreed | 5% | 0.10% | 0% |
| Euro E (Inc.) (hedged) | EUR | As agreed | 5% | 0.10% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.10% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.10% | 0% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.10% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to provide similar performance and levels of volatility as the benchmark detailed below over the medium to long-term before fees and expenses.

##### Investment Policy
The Sub-Fund aims to achieve its investment objective by gaining exposure to the underlying debt and debt-related securities included in the Bloomberg Barclays Global High Yield Corporate USD Hedged Total Return Index (the
“Benchmark”).
The Sub-Fund may also invest in debt or debt-related securities not included in the Benchmark where the relevant issuer has other securities included in the Benchmark or where the debt or debt-related security meets the requirements of, and is expected to be included in the Benchmark in the future. This allows the Sub-Fund to purchase securities when they are first issued rather than when they are added to the Benchmark. The Sub-Fund may continue to hold securities which were included in the Benchmark at the time of purchase even if they are subsequently removed from the Benchmark.
The Sub-Fund may invest in fixed rate corporate debt and debt-related securities, which may be issued as 144A or
Reg S securities, including bonds and debentures and FDI hereinafter “Debt and Debt-Related Securities”. FDI are listed below under the heading “Use of FDI”.
The Sub-Fund may invest up to 90% of its Net Asset Value in Debt and Debt-Related Securities issued as 144A or Reg S securities.
The Sub-Fund may gain exposure to any of the underlying debt and debt-related securities in the Benchmark with the exception of contingent convertible securities
(“CoCos”). While the Benchmark excludes CoCos with explicit triggers (per the Benchmark’s rules for inclusion) it does include Debt and Debt-Related Securities which
can be classified as CoCos due to their implicit (or discretionary) triggers.
CoCos can convert from debt to equity through explicit triggers or implicit (or discretionary) triggers; these are set out in the relevant terms and conditions of the issue.
- CoCos with explicit triggers have a numerical, contractual threshold created by the issuer. If the threshold is breached, it automatically triggers the conversion from debt to equity.
- CoCos with implicit (or discretionary) triggers have a non-numerical, contractual threshold which is defined by a regulator and not by the issuer. If the threshold is breached, the conversion from debt to equity is triggered solely at the discretion of this regulator.

Please see the “Debt Instruments Directory” for the description of CoCos and the “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos
Currently less than 2% of the debt and debt-related securities included in the Benchmark are classified as CoCos due to their implicit (or discretionary) triggers.
Such classifications are visible to the Investment Manager and flagged within the Investment Manager’s compliance systems as debt and debt-related securities
to which the Sub-Fund cannot gain exposure. Given the
level of exposure the Benchmark has to CoCos, such exclusion will not impact the Sub-Fund’s ability to achieve its investment objective.
The Sub-Fund will invest the majority of its Net Asset Value in high yield sub-investment grade Debt and Debt- Related Securities as rated by a Recognised Rating Agency at time of purchase. Securities are classified as sub-investment grade if the median rating of these agencies is Ba1/BB+/BB+ or below. When a rating from only two agencies is available, the lower rating is used; when only one agency rates a security, that rating is used. The Sub-Fund may continue to hold Debt and Debt- Related Securities which lose their rating and become unrated or which are upgraded to investment grade after purchase. Debt and Debt-Related Securities which are unrated or which are investment grade are not expected
to exceed 10% of the Sub-Fund’s Net Asset Value.
The Sub-Fund will primarily invest directly in the underlying Debt and Debt-Related Securities included in the Benchmark but will also, on an ancillary basis, gain
exposure indirectly to the constituents of the Benchmark via Credit Default Swaps (“CDS”) indices as described in the Financial Indices section below and collective investment schemes (“CIS”).
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in open-ended CIS including money
market funds and open-ended exchange traded funds (“ETFs”).
The Sub-Fund may hold cash and liquid near cash assets in certain circumstances. Please see ‘Cash and Collateral Management’ below for further details.
The Sub-Fund intends to invest globally with no
particular industry or sector focus, however the Sub-Fund may at times be concentrated in particular industry or geographical sectors, including the U.S., depending on where the Investment Manager sees investment opportunity or where the Benchmark is focused.
The Sub-Fund may invest up to 20% of its Net Asset Value in emerging markets, including up to 10% of its Net Asset Value in Russian securities listed or traded on the Moscow Exchange.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in transferable securities, which are not admitted to or dealt in on an Eligible Market, in accordance with the UCITS Regulations. With the exception of permitted investments in open-ended CIS,
the Sub-Fund’s investments shall be listed or traded on
Eligible Markets listed in Appendix II of the Prospectus.
Whilst the Sub-Fund’s base currency is USD, it will invest in non-USD denominated assets that will be hedged back into USD using currency-related FDI. The currency-related
FDI which may be used by the Sub-Fund for hedging purposes are further described in the Prospectus in the
section entitled “Financial Derivative Instruments and Techniques”.

##### Cash and Collateral Management
The Sub-Fund will hold cash and liquid near cash assets in certain circumstances, such as meeting redemptions, facilitating payment of expenses, holding cash on deposit pending reinvestment and to provide liquidity and collateral to support FDI exposure.
Liquid near cash assets may include money market instruments such as U.S. treasury bills, treasury bonds and bank deposits. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
Bloomberg Barclays Global High Yield Corporate Bond USD Hedged TR Index (the “Benchmark”).
The Benchmark measures the performance of the global high yield debt market. The Benchmark is a market- weighted index which includes corporate fixed income debt securities issued by corporations worldwide, as described above as Debt and Debt-Related Securities. These debt securities are sub-investment grade at the time of issuance, as previously defined, and will have a minimum maturity of at least one year as well as a minimum issue size, in accordance with guidelines set by the index provider. The Benchmark is rebalanced monthly; however the Sub-Fund does not aim to track or replicate the Benchmark and therefore will not be directly impacted by the rebalancing, associated costs or stock weighting in the Benchmark which would exceed
the permitted investment restrictions. Additional information on the family of indices to which the Benchmark belongs can be found here:
https://data.bloomberglp.com/indices/sites/2/2016/08/ Factsheet-Global-High-Yield.pdf
The Sub-Fund will measure its performance against the Benchmark.
The Investment Manager will use the Benchmark to construct the investment universe. The Sub-Fund is actively managed and does not seek to replicate the full constituents of the Benchmark. The Investment Manager has limited discretion to invest outside the Benchmark subject to the investment objective and policy.
The majority of the Sub-Fund’s holdings will be constituents of the Benchmark and as a result the Sub- Fund will be similar in its currency and sector exposures
as well as the maturity and credit quality profile.
The investment strategy restricts the extent to which the portfolio holdings may deviate from the Benchmark and consequently the extent to which it can outperform the Benchmark. The investment strategy provides similar volatility to the Benchmark over the medium to long term.

##### Investment Strategy
A top-down approach is used to construct a portfolio based on the Benchmark which provides “efficient beta”. ‘Beta’ refers to gaining market exposure while ‘efficient’ refers to achieving the ‘beta’ through the Investment Manager’s considered and cost-effective investment
decisions and strategies.
In the portfolio construction process, a selection of Debt and Debt-Related Securities will be chosen from the Benchmark by the Investment Manager examining the yield/spread, risk, sector and credit quality characteristics of the constituents of the Benchmark and selecting Debt and Debt-Related Securities such that the aggregate metrics yield/spread, risk, sector and quality of
the Sub-Fund’s holdings are closely matched and the
Sub-Fund maintains a beta of 1 to the Benchmark.
Maintaining a beta of 1 means the Sub-Fund reflects the overall performance and volatility of the Benchmark.
Where the selection of Debt and Debt-Related Securities chosen from the Benchmark does not allow the Sub-Fund to maintain a beta of 1, the Investment Manager may invest in CDS Indices or CIS to ensure the portfolio as a whole maintains a beta of 1 to the Benchmark. The
portfolio will vary over time as the Investment Manager needs to adjust the Sub-Fund’s holdings to meet the Investment Objective for the Sub-Fund.
The application of the Investment Manager’s proprietary credit model refines the security selection process. This credit model scores and ranks the investable universe by
gathering information from financial markets and corporate balance sheets to help identify the appropriate value that Debt or Debt-Related Securities are expected to trade at and incorporates fundamental indicators such as earnings quality (gross margin and profitability) and earnings revisions. The Investment Manager incorporates the information from the credit model in the asset selection process and in its ongoing monitoring of the investable universe. In this way the model helps the Investment Manager to identify Debt or Debt-Related Securities with a higher probability of downgrade, default or underperformance relative to the Benchmark. The
Investment Manager will then ensure that the Sub-Fund’s
exposure to such Debt or Debt-Related Securities will be
the same or less than such Debt or Debt-Related Securities’ weighting in the Benchmark.
The Investment Manager will look to employ efficient turnover strategies to manage the portfolio in a cost effective manner. For example, the Investment Manager may hold Debt or Debt-Related Securities that no longer are included in the Benchmark, but where selling these would incur unnecessary trading costs. While the Investment Manager seeks to provide a return which reflects the Benchmark over the medium to long-term, the Investment Manager does not seek to track the Benchmark on a day-to-day basis. This means the Investment Manager does not focus on the tracking error of the Sub-Fund against the Benchmark and the Investment Manager does not have to take any actions intended to minimise the tracking error. Rather, by combining strategies which address inefficiencies of the Benchmark the Investment Manager seeks to deliver an efficient beta investment solution for investors.

##### The Sustainable Finance Disclosure Regulation
Due to the investment objective of this Sub-Fund, the Investment Manager has limited discretion to deviate from the characteristics and exposures of the Benchmark. This discretion allows the Investment Manager, for instance, to invest in securities not included in the Benchmark where such securities meet the requirements of, and are expected to be included in the Benchmark in the future and to continue to hold securities which were included in the Benchmark at the time of purchase, even if they are subsequently removed from the Benchmark. The Benchmark does not take ESG factors or sustainability risks into account. Consequently, the Investment Manager does not integrate sustainability risks (which is defined as an ESG event or condition that, if it occurs, could cause an actual or a potential material
negative impact on the value of the relevant investment (an “ESG Event”) into its investment decisions. However, due to the diversified nature of the Sub-Fund, the
Investment Manager has determined that the sustainability risk faced by the Sub-Fund is minimal.
The Manager has carefully evaluated the requirements of
the principal adverse impact consideration regime in Article 4 SFDR, (the “PAI regime”). The Manager is supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Bond Futures |
| --- | --- |
| Swaps | Credit Default Swaps (single name and index (CDS)) |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit iTraxx Europe (crossover) Markit CDX North American High Yield |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. However, as the Sub- Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX–Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where
additional information can be found, will be set out in the Company’s semi-annual and annual accounts.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps and forwards. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio
Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending
arrangements and repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of SFTs shall be 100% of the Net Asset Value of the Sub-
Fund. However, it is not anticipated that the Sub-Fund’s
exposure to the SFTs will exceed 15% of the Net Asset
Value of the Sub-Fund. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1€, 1£, 1CHF, 10DKK, 10SEK, 10NOK or 1CAD depending on the
currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11
November respectively. Further details are set out under the heading "The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and
organisation of the Sub-Fund including the fees of the Sub-Fund’s professional advisers will be borne by the Sub-Fund. Such fees and expenses are estimated not to exceed €30,000 and will be borne by the Sub-Fund and will be amortised over a period of up to 3 years from the
date of the launch of the Sub-Fund.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## Responsible Horizons Euro Corporate Bond Fund

### SUPPLEMENT 54 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.


#### The Investment Manager
Insight Investment Management (Global) Limited

#### Base Currency
Euro

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro A (Acc.) | EUR | 5,000 | 5% | 0.95% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 0.95% | 0% |
| USD H (Acc.) (hedged) | USD | 5,000 | 5% | 0.95% | 0% |
| USD H (Inc.) (hedged) | USD | 5,000 | 5% | 0.95% | 0% |
| DKK H (Acc.) (hedged) | DKK | 50,000 | 5% | 0.95% | 0% |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 0.95% | 0% |
| NOK H (Acc.) (hedged) | NOK | 50,000 | 5% | 0.95% | 0% |

| “G” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro G (Acc.) | EUR | 5,000 | 5% | 0.45% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 0.45% | 0% |

| “C” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro C (Acc.) | EUR | 5,000,000 | 5% | 0.45% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 0.45% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.35% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.35% | 0% |
| USD W (Acc.) (hedged) | USD | 15,000,000 | 5% | 0.35% | 0% |
| USD W (Inc.) (hedged) | USD | 15,000,000 | 5% | 0.35% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.35% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.35% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.35% | 0% |
| DKK W (Acc.) (hedged) | DKK | 15,000,000 | 5% | 0.35% | 0% |
| SEK W (Acc.) (hedged) | SEK | 15,000,000 | 5% | 0.35% | 0% |
| NOK W (Acc.) | NOK | 150,000,000 | 5% | 0.35% | 0% |

| “Z” Shares and “Z (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro Z (Acc.) | EUR | 200,000,000 | 5% | 0.25% | 0% |
| Euro Z (Inc.) | EUR | 200,000,000 | 5% | 0.25% | 0% |
| USD Z (Acc.) (hedged) | USD | 200,000,000 | 5% | 0.25% | 0% |
| USD Z (Inc.) (hedged) | USD | 200,000,000 | 5% | 0.25% | 0% |
| Sterling Z (Acc.) (hedged) | GBP | 200,000,000 | 5% | 0.25% | 0% |
| Sterling Z (Inc.) (hedged) | GBP | 200,000,000 | 5% | 0.25% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) (hedged) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) (hedged) | USD | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to generate a total return comprised of income and capital growth by investing primarily in a broad range of Euro-denominated debt and debt-related securities and related FDI, whilst taking environmental,
social and governance (“ESG”) factors into account.

##### Investment Policy
The Sub-Fund will invest the majority of its assets (meaning at least 51% of the Sub-Fund’s Net Asset Value) in fixed or floating investment grade corporate debt. The
Sub-Fund invests primarily (meaning at least 70% of the Sub-Fund’s Net Asset Value) in Euro-denominated debt and debt-related securities.
The debt and debt-related securities the Sub-Fund may invest include corporate fixed and floating rate notes, Convertible Bonds, Contingent Convertible Securities
(“CoCos”), Covered Bonds, Puttable Bonds, Callable Bonds, Debentures, Zero-Coupon Bonds as well as
Eurobonds and Bullet Bonds, supranational agency bonds, Agency Bonds, Use of Proceeds Impact Bonds, fixed and floating rate government bonds, Municipal Bonds, Index-Linked Bonds and Inflation-Linked Bonds
(“ILBs”) and money market instruments (such as
certificate of deposits, commercial paper and overnight deposits) and related FDI (as listed in “Use of FDI” below) hereinafter “Debt and Debt-Related Securities”.
Please see “Structured Products Risk”, “Fixed Income Securities Risks” and “Risks of Investing in Callable and Puttable Bonds” respectively in the Prospectus for details
of the risks associated with covered bonds, bullet bonds,
callable and puttable bonds.
The Sub-Fund may have exposure of up to 5% of its Net Asset Value to CoCos. Please see “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos.
The Sub-Fund will invest in investment grade Debt and Debt-Related Securities as rated by a Recognised Rating Agency. The Debt and Debt-Related Securities are classified as investment grade if at time of purchase, the median rating of the security is above Ba1/BB+/BB+. In addition, the Sub-Fund may invest up to 20% in below investment grade Debt and Debt-Related Securities.
The Sub-Fund will not invest in Debt and Debt-Related rated as of the date of purchase below B- (or its equivalent) as rated by a Recognised Rating Agency. For the avoidance of doubt, the Sub-Fund will not invest in mortgage-backed securities, asset-backed securities, or other investments linked to credit risk. The Sub-Fund may invest in unrated Debt and Debt-Related Securities provided the Investment Manager deems them to be of an equivalent quality as set out above. In the case of a split rating (i.e. different ratings are given by two or more rating agencies), the lower of the two highest ratings will be considered. In the event that any Debt and Debt- Related Securities held by the Sub-Fund are subsequently downgraded below the limits referred to above, the Investment Manager may maintain a maximum exposure of 3% of the Net Asset Value of the Sub-Fund to such downgraded securities. To the extent that the aggregate value of such securities or instruments exceeds 3% of the Net Asset Value of the Sub-Fund, any which have not been upgraded within a six-month period will be sold. Exposures arising from the underlying
holdings of collective investment schemes (“CIS”) will be
taken into account in the application of the restrictions
set out in this paragraph.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in open-ended CIS including exchange
traded funds (“ETFs”) and money market funds. CIS may
include another Sub-Fund or Sub-Funds of the Company
or other funds advised by the Investment Manager. Any investment in closed-ended ETFs constituting transferable securities will be in accordance with the criteria and investment limits for transferable securities,
as set out under the heading “The Company - Investment and Borrowing Restrictions” in the Prospectus.
The Sub-Fund may also hold high levels of cash and money market instruments in certain circumstances.
Please see ‘Cash and Collateral Management’ below for
further details.
The Sub-Fund intends to invest globally with no
particular industry or sector focus, however the Sub-Fund may at times be concentrated in particular industry or geographical sectors depending on where the Investment Manager sees investment opportunity. Certain sectors
will be avoided as a result of the ESG factors that are taken into account.
The Sub-Fund may invest up to 10% of its Net Asset Value in emerging markets, including up to 10% in Russian securities listed or traded on the Moscow exchange.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in transferable securities (i.e. Debt and Debt-Related Securities) which are not admitted to or dealt in on an Eligible Market in accordance with the UCITS Regulations. With the exception of permitted investment in unlisted transferable securities and
approved money market instruments, the Sub-Fund’s
investments shall be listed or traded on Eligible Markets.
A list of the Eligible Markets is set out in Appendix II of the Prospectus.
Whilst the Sub-Fund's Base Currency is Euro, the Sub- Fund may invest in non-Euro denominated assets which may not necessarily be hedged back to Euro using currency-related FDI.

##### Cash and Collateral Management
The Sub-Fund will hold cash and liquid near cash assets in certain circumstances, such as meeting redemptions, facilitating payment of expenses, holding cash on deposit pending reinvestment and to provide collateral to support FDI exposure. In exceptional circumstances, the Sub- Fund may temporarily hold high levels of cash and liquid
near cash assets (i.e. up to 100% of the Sub-Fund’s Net
Asset Value) where market conditions may require a
defensive investment strategy (e.g. market crash or major crisis).
Liquid near cash assets may include money market instruments and bank deposits. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
Bloomberg Barclays Euro Aggregate Corporate Total Return Index (the “Benchmark”).
The Benchmark includes fixed-rate, investment-grade Euro denominated corporate bonds. Inclusion is based on the currency of the issue, and not the domicile of the issuer.
Additional information on the Benchmark can be found here:
https://www.bloomberg.com/quote/LECPTREU:IND
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has discretion to invest outside the Benchmark subject to the investment objective and policy. However, as the Benchmark covers a significant
proportion of the investable universe, the majority of the Sub-Fund’s holdings will be constituents of the
Benchmark and the weightings in the portfolio may be similar to those of the Benchmark. The investment strategy will restrict the extent to which the portfolio holdings may deviate from the Benchmark and consequently the extent to which the Sub-Fund can outperform the Benchmark.
The Benchmark is a broad based market benchmark that does not take ESG factors into account and is not used to measure the extent to which the environmental or social characteristics promoted by the Sub-Fund are met.

##### Investment Strategy
The investment strategy of the Sub-Fund is a combination of ‘top down’ macro analysis and ‘bottom-up’ credit research undertaken by and proprietary to the
Investment Manager.
The ‘top-down’ analysis consists of:
- understanding the current and future macroeconomic environment, for employment levels, inflation, interest rates, and what impact these factors may have on Debt and Debt Related Securities and currencies. This understanding is developed using a number of sources including economic data releases, central bank policy statements and a review of historical data;and
- analysing the different asset classes that make up the investments in the Sub-Fund, i.e. credit, emerging market debt and government bonds to assess their return generating potential.

The ‘bottom-up’ credit research and analysis involves an assessment of the creditworthiness of the issuer incorporating an analysis of key credit metrics, such as
leverage and cash flow. A relative value assessment of the issuer's debt instruments relative to comparable debt instruments may also be undertaken to supplement the credit research and analysis. This approach aims to identify, on a worldwide basis and without any specific geographical or sectoral focus, investments with good total return generating potential.
Once this analysis is complete the Investment Manager can decide the asset allocation of the Sub-Fund, i.e. what percentage of the assets to invest in the asset classes.
The Investment Manager may consider factors such as expense and ease of implantation when deciding how to implement the investment strategy and gain exposure to the asset classes, e.g. using FDI or CIS rather than buying assets directly.
Selecting the individual securities is made with input from the credit teams within the Investment Manager who specialise in specific sectors or industries, e.g. telecoms, automobiles, technology, manufacturing and government bonds.
Synthetic short positions are typically used:
- as a hedge for long market positions, for example ifthe Investment Manager wants to decrease the Sub- Fund’s exposure to credit risk against that of the Benchmark;
- as a hedge for long single name positions, for example where the Investment Manager wants to reduce the credit risk of a particular corporate bond, but may not be able to sell the bond at an attractive price; or
- to achieve positive returns and take a directional view on the market, for example, the Investment Manager believes that the price of certain corporate bonds may fall and wants to make a return on this price move.

In making its investments the Sub-Fund will also use a combination of external and/or internal ESG research as
well as ‘bottom-up’ credit research and relative value
assessments (detailed above) to evaluate an investment.
The characteristics promoted by this Sub-Fund will include positive allocation to issuers with stronger (better) ESG ratings while excluding issuers with weaker (worse) ESG ratings. Other characteristics promoted by this Sub-Fund include removing exposure to issuers with business revenue or operating activities that are considered by the Investment Manager to demonstrate excessive environmental, social or reputational sustainability risks.
In identifying investments which allows the Sub-Fund to promote ESG characteristics, the Investment Manager screens and excludes certain instruments and issuers using ESG criteria to create a reduced, ESG optimised investment universe. Within that investment universe, the Investment Manager positively allocates towards higher scoring, best in universe, ESG issuers. The Investment Manager will also structurally allocate to positive impact instruments and issuers and target a carbon intensity below the level of the Benchmark.
Further detail is provided below:
- ESG Scoring; The Investment Manager assesses the overall suitability of an issuer based on the ESG score:
	- provided by a recognised provider of ESG ratings;
	- pursuant to an internal assessment of an issuerThe ESG data allows the Investment Manager to understand ESG risk profiles and, if appropriate, screen out unsuitable holdings based on this analysis. ESG scores are determined in order to distinguish high risk from low risk companies with a view to creating a distribution of scores that illustrates this differential.


However, the Sub-Fund may have exposure to issuers involved in environmentally sensitive industries, which are exposed to climate change risk or are carbon intensive e.g. coal mining, coal power generation, unconventional oil and gas extraction provided that the exposure is achieved via Use Of Proceeds Impact Bonds, the Investment Manager believes the issuer has a clearly defined, long-term plan to address its environmental impact and the Investment Manager considers the instrument issued meets its ESG criteria.
The Investment Manager is dependent upon information and data from third parties (which may include providers for research, reports, screenings, ratings and/or analysis such as index providers and consultants). Such information or data may be incomplete, inaccurate or inconsistent.
- Screening: The Sub-Fund seeks to obtain exposure to issuers with stronger ESG scores. Issuers that are judged to have weaker ESG scores (for example, as a result of high carbon risks and/or demonstrate severe breaches of internationally accepted norms including, but not limited to, bribery, labour rights orenvironmental impact) will be excluded. Issuers will also be excluded where their revenue is significantly derived from products that are considered unsuitable for the Sub-Fund based on its ESG focus (for example, tobacco, defence, gambling and coal extraction).

At least 90% of the instruments held in the Sub-Fund must meet these criteria at time of purchase and on ongoing basis and no investment will be made in an instrument that is deemed to have material unresolvable environmental issues.
Instruments which do not continue to meet these criteria after purchase may be sold, alternatively, the Sub-Fund may continue to hold the instrument after engagement by the Investment Manager with the issuer to discern the risks identified by the change in ESG score.
Corporate governance is a key sustainability risk factor forming part of the Investment Manager’s proprietary ESG risk ratings for all companies in the Sub-Fund. The Investment Manager’s corporate governance assessment includes evaluating board practices and behaviour,
remuneration, control and accountability, and ethics or controversies. The Investment Manager applies the
insights from ESG ratings alongside their own knowledge of issuers’ governance structures to set engagement priorities with issuers. The Investment Manager consider
these risks together to decide whether bond securities reasonably compensate the Sub-Fund for sustainability risks over the long and short-term.

##### The Sustainable Finance Disclosure Regulation
The Sub-Fund integrates sustainability risk into investment decisions and promotes environmental or social characteristics and invests in companies with good governance for the purposes of Article 8 of the SFDR.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
Sustainability risks are managed by ensuring senior decision makers are informed and included in the
Investment Manager’s responsible investment
programme, and set effective accountability,
transparency and implementation procedures. Where sustainability risk issues are considered material to investment outcomes, they are incorporated into due diligence processes. This may include evaluating individual securities and/or interaction with issuers or market participants. Internal controls ensure ESG criteria are applied to the Sub-Fund continuously. ESG restrictions, which includes proprietary ESG ratings and third-party data, are set to prevent or permit investment in securities that meet ESG-related characteristics. These controls are coded and updated as new information is absorbed. An ESG research and/or engagement process can help the Investment Manager to achieve the Sub- Fund's targeted investment and ESG-related objectives.
As further detailed under the section headed “Investment Strategy”, corporate governance is a key sustainability risk factor forming part of proprietary ESG risk ratings for
all issuers.
In terms of social and environmental factors, proprietary ESG ratings methodology provides all analysts with sector specific and issuer specific information on key
issues. This model helps the Investment Manager to identify key risks that a specific sector or issuer may be facing.
As the Sub-Fund considers ESG factors throughout the investment process, the Investment Manager may deliberately forego opportunities for the Sub-Fund to gain exposure to certain issuers and it may choose to sell a security when it might otherwise be disadvantageous to do so. Instead, the Sub-Fund may focus on investments in issuers that demonstrate adherence to environmental, social and good governance practices. Accordingly, the universe of investments for the Sub-Fund is smaller than that of other funds, which may affect performance and there is a risk that that the value of the Sub-Fund could be negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of
the principal adverse impact consideration regime in Article 4 SFDR, (the “PAI regime”). The Manager is supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The EU Taxonomy Regulation Technical Screening Criteria (“TSC”) will require the availability of multiple, specific data points regarding each investment. At the date
hereof, there is insufficient reliable, timely and verifiable data available for the Manager to be able to assess the investments of the Sub-Fund using the TSC.
In addition, the regulatory technical standards for the SFDR which define the methodology for the calculation of the share of EU Taxonomy-alignment for financial products such as the Sub-Fund and the templates for the required disclosures are not yet final. As at the date hereof, the Manager is not able to provide standardised and comparable disclosures on the alignment of the Sub-
Fund’s investments with the EU Taxonomy Regulation.
While there are investments in the Sub-Fund that are in economic activities that contribute to an environmental objective and may be eligible to be assessed against the TSC, the Manager is not currently in a position to describe:
- The extent to which the investments of the Sub-Fund are in Environmentally Sustainable Economic Activities;
- The proportion, as a percentage of the Sub-Fund’s portfolio, of investments in Environmentally Sustainable Economic Activities; or
- The proportion, as a percentage of the Sub-Fund’s portfolio of EU Taxonomy Regulation Enabling Activities and “EU Taxonomy Regulation Transitional Activities.

The Manager is keeping this situation under active review
and where sufficient reliable, timely and verifiable data on the Sub-Fund’s investments become available, the Manager will provide the descriptions referred to above,
in which case, this Prospectus or the relevant Supplement will be updated.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Interest Rate Futures (including Short Term Interest Rate Futures) Government Bond Futures Bond Futures |
| --- | --- |
| Options | Index Options Options on Interest Rate Futures Bond Options Options on Bond Futures Swaptions Options on Credit Default Swaps |
| Swaps | Credit Default Swaps Credit Default Swaps Index/Basket Interest Rate Swaps Inflation Swaps Asset Swaps Index Swaps Total Return Swaps (TRS) (single name, credit, index and custom basket) |
| Securi- ties with Embed- ded FDI/ Leverage | Convertible Bonds Contingent Convertible Securities (CoCos) Callable and Puttable Bonds |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit iTraxx Europe Main 5yr Markit iTraxx Europe Crossover 5yr Markit iTraxx Europe Senior Financials 5yr Markit iTraxx Europe Subordinated Financials 5yr |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. However, as the Sub- Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX–Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where
additional information can be found, will be set out in the Company’s semi-annual and annual accounts.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total net long exposure (after taking account of hedging) through FDI will not exceed 100% of the Net Asset Value of the Sub-Fund and the total net short exposure will not exceed 100% of the Net Asset Value of the Sub-Fund (using the commitment approach).

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, forwards, and warrants. The Sub-Fund may also utilise repurchase/ reverse repurchase agreements for EPM purposes,
subject to the conditions and limits set out in the Central Bank UCITS Regulations. Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI
the Sub-Fund may use for EPM purposes.

#### Securities Lending Arrangements
This Sub-Fund will not utilise securities lending arrangements and, therefore, may forego any additional returns that may be produced through such activities.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management”in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 30% and in respect of SFTs shall be 100%
of the Net Asset Value of the Sub-Fund. However, it is not anticipated that the Sub-Fund’s exposure in respect of TRS will exceed 20% and in respect of SFTs will
exceed 30% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”,
“Appendix III - Management of Collateral”, “Appendix III -
Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1€, 1USD, 1£, 1CHF, 10DKK, 10SEK, 10NOK or 1CAD depending on the
currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11 November respectively. Further details are set out under
the heading "The Company - Distribution Policy” in the
Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and
organisation of the Sub-Fund including the fees of the Sub-Fund’s professional advisers will be borne by the Sub-Fund. Such fees and expenses are estimated not to exceed €40,000 and will be borne by the Sub-Fund and will be amortised over a period of up to 4 years from the
date of the launch of the Sub-Fund.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Efficient Euro High Yield Beta Fund

### SUPPLEMENT 55 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- It is proposed to charge management fees and other fees and expenses of the Sub-Fund to the capital of the Sub-Fund to seek to maximise distributions. See “Fees and Expenses” in the Prospectus for further details.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Insight North America LLC

#### Base Currency
Euro

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares, is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro A (Acc.) | EUR | 5,000 | 5% | 0.40% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 0.40% | 0% |
| USD H (Acc.) (hedged) | USD | 5,000 | 5% | 0.40% | 0% |
| USD H (Inc.) (hedged) | USD | 5,000 | 5% | 0.40% | 0% |
| DKK H (Acc.) (hedged) | DKK | 50,000 | 5% | 0.40% | 0% |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 0.40% | 0% |
| NOK H (Acc.) (hedged) | NOK | 50,000 | 5% | 0.40% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro G (Acc.) | EUR | 5,000 | 5% | 0.30% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 0.30% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro C (Acc.) | EUR | 5,000,000 | 5% | 0.30% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 0.30% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.20% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.20% | 0% |
| USD W (Acc.) (hedged) | USD | 15,000,000 | 5% | 0.20% | 0% |
| USD W (Inc.) (hedged) | USD | 15,000,000 | 5% | 0.20% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.20% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.20% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.20% | 0% |
| DKK W (Acc.) (hedged) | DKK | 150,000,000 | 5% | 0.20% | 0% |
| SEK W (Acc.) (hedged) | SEK | 150,000,000 | 5% | 0.20% | 0% |
| NOK W (Acc.) (hedged) | NOK | 150,000,000 | 5% | 0.20% | 0% |

| “E” Shares, and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro E (Acc.) | EUR | As agreed | 5% | 0.10% | 0% |
| Euro E (Inc.) | EUR | As agreed | 5% | 0.10% | 0% |
| USD E (Acc.) (hedged) | USD | As agreed | 5% | 0.10% | 0% |
| USD E (Inc.) (hedged) | USD | As agreed | 5% | 0.10% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.10% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.10% | 0% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.10% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) (hedged) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) (hedged) | USD | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | None | 0% | 0% | 0% |
| CHF X (Inc.) (hedged) | CHF | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to provide similar performance and levels of volatility as the Benchmark detailed below over the medium to long-term before fees and expenses.

##### Investment Policy
The Sub-Fund aims to achieve its investment objective by gaining exposure to the underlying debt and debt-related securities included in the Bloomberg Barclays Pan- European High Yield (Euro) Total Return Index (the
“Benchmark”).
The Sub-Fund may also invest in debt or debt-related securities not included in the Benchmark where the issuer has other securities included in the Benchmark or where the debt or debt-related security meets the requirements of, and is expected to be included in the Benchmark in the future. The Sub-Fund may continue to hold securities which were included in the Benchmark at the time of purchase even if they are subsequently removed from the Benchmark. The Sub-Fund will not invest in emerging market debt or debt-related securities.
The Sub-Fund may invest in fixed rate corporate debt and debt-related securities, which may be issued as 144A or
Reg S securities, including bonds and debentures and FDI hereinafter “Debt and Debt-Related Securities”. FDI are listed below under the heading “Use of FDI”.
The Sub-Fund may gain exposure to any of the underlying debt and debt-related securities with the exception of
contingent convertible securities (“CoCos”). While the
Benchmark excludes CoCos with explicit triggers (per the Benchmark’s rules for inclusion) it does include Debt and Debt-Related Securities which can be classified as CoCos
due to their implicit (or discretionary) triggers.
CoCos can convert from debt to equity through explicit triggers or implicit (or discretionary) triggers; these are set out in the relevant terms and conditions of the issue.
- CoCos with explicit triggers have a numerical, contractual threshold created by the issuer. If thethreshold is breached, it automatically triggers the conversion from debt to equity.
- CoCos with implicit (or discretionary) triggers have anon-numerical, contractual threshold which is defined bya regulator and not by the issuer. If the threshold is breached, the conversion from debt to equity is triggered solely at the discretion of this regulator.

Please see the “Debt Instruments Directory” for the description of CoCos and the “Contingent Convertible Securities (CoCos) Risk” in the Prospectus for details of the risks associated with CoCos.
Currently less than 2% of the debt and debt-related securities included in the Benchmark are classified as CoCos due to their implicit (or discretionary) triggers. Such classifications are visible to the Investment
Manager and flagged within the Investment Manager’s
compliance systems as debt and debt-related securities
to which the Sub-Fund cannot gain exposure. Given the
level of exposure the Benchmark has to CoCos, such exclusion will not impact the Sub-Fund’s ability to achieve its investment objective.
The Sub-Fund will invest the majority of its Net Asset Value in sub-investment grade Debt and Debt-Related Securities as rated by a Recognised Rating Agency at time of purchase. Securities are classified as sub- investment grade if the median rating of these agencies is Ba1/BB+/BB+ or below. When a rating from only two agencies is available, the lower rating is used; when only one agency rates a security, that rating is used. The Sub- Fund may continue to hold Debt and Debt-Related Securities which lose their rating and become unrated or which are upgraded to investment grade after purchase. Debt and Debt-Related Securities which are unrated or
which are upgraded are not expected to exceed 10% of the Sub-Fund’s Net Asset Value.
The Sub-Fund will primarily invest directly in the underlying Debt and Debt-Related Securities included in the Benchmark but will also, on an ancillary basis, gain exposure indirectly to the constituents of the Benchmark
via Credit Default Swaps (“CDS”) indices as described in
the Financial Indices section below and collective investment schemes (“CIS”).
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in open-ended CIS including money
market funds and open-ended exchange traded funds (“ETFs”).
The Sub-Fund may hold cash and liquid near cash assets in certain circumstances. Please see ‘Cash and Collateral Management’ below for further details.
The Sub-Fund intends to invest in Euro denominated Debt and Debt-Related Securities by issuers based in developed markets. The Sub-Fund at times, may be concentrated in a particular industry sector depending on where the Investment Manager sees investment opportunities or where the Benchmark is focused.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in transferable securities which are not admitted to or dealt in on an Eligible Market, in accordance with the UCITS Regulations. With the
exception of permitted investments in open ended CIS, the Sub-Fund’s investments shall be listed or traded on Eligible Markets listed in Appendix II of the Prospectus.

##### Cash and Collateral Management
The Sub-Fund will hold cash and liquid near cash assets in certain circumstances, such as meeting redemptions, facilitating payment of expenses, holding cash on deposit pending reinvestment and to provide liquidity and collateral to support FDI exposure.
Liquid near cash assets may include money market instruments such as U.S. treasury bills, treasury bonds and bank deposits. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
Bloomberg Barclays Pan-European High Yield (Euro) Total Return Index (the “Benchmark”).
The Benchmark is a measure of the market for Euro denominated high yield, fixed-rate corporate debt issued by issuers based in developed markets. The Benchmark includes Debt and Debt-Related Securities from issuers
within the industrial, utility and financial sectors. The Benchmark is rebalanced monthly; however the Sub-Fund does not aim to track or replicate the Benchmark and therefore will not be directly impacted by the rebalancing, associated costs or stock weighting changes in the Benchmark which would exceed the permitted investment restrictions.
Additional information on the Benchmark can be found here:
https://www.bloomberg.com/quote/LP02TREU:IND
The Sub-Fund will measure its performance against the Benchmark.
The Investment Manager will use the Benchmark to construct the investment universe. The Sub-Fund is actively managed and does not seek to replicate the full constituents of the Benchmark. The Investment Manager has limited discretion to invest outside the Benchmark subject to the investment objective and policy.
The majority of the Sub-Fund’s holdings will be constituents of the Benchmark and as a result the Sub-
Fund will be similar in its currency and sector exposures as well as the maturity and credit quality profile.
The investment strategy restricts the extent to which the portfolio holdings may deviate from the Benchmark and consequently the extent to which it can outperform the Benchmark. The investment strategy provides similar volatility to the Benchmark over the medium to long term.

##### Investment Strategy
A top-down approach is used to construct a portfolio based on the Benchmark which provides “efficient beta”. ‘Beta’ refers to gaining market exposure while ‘efficient’ refers to achieving the ‘beta’ through the Investment Manager’s considered and cost-effective investment
decisions and strategies.
In the portfolio construction process, a selection of Debt and Debt-Related Securities will be chosen from the Benchmark by the Investment Manager examining the yield/spread, risk, sector and credit quality characteristics of the constituents of the Benchmark and selecting Debt and Debt-Related Securities such that the
aggregate metrics yield/spread, risk, sector and quality of the Sub-Fund’s holdings and its beta are closely matched and the Sub-Fund maintains a beta of 1 to the
Benchmark. Maintaining a beta of 1 means the Sub-Fund reflects the overall performance and volatility of the Benchmark. Where the selection of Debt and Debt- Related Securities chosen from the Benchmark does not allow the Sub-Fund to maintain a beta of 1, the Investment Manager may invest in CDS Indices or collective investment schemes to ensure the portfolio as a whole maintains a beta of 1 to the Benchmark. The
portfolio will vary over time as the Investment Manager needs to adjust the Sub-Fund’s holdings to meet the Investment Objective for the Sub-Fund.
The application of the Investment Manager’s proprietary credit model refines the security selection process. This credit model scores and ranks the investable universe by
gathering information from financial markets and corporate balance sheets to help identify the appropriate value that Debt or Debt-Related Securities are expected to trade at and incorporates fundamental indicators such as earnings quality (gross margin and profitability) and earnings revisions. The Investment Manager incorporates
the information from the credit model in the asset selection process and in its ongoing monitoring of the investable universe. In this way the model helps the Investment Manager to identify Debt or Debt-Related Securities with a higher probability of downgrade, default or underperformance relative to the Benchmark. The Investment Manager will, through the close monitoring of
the Benchmark and the processes described above, ensure that the Sub-Fund’s exposure to Debt or Debt- Related Securities will be the same or less than such Debt or Debt-Related Securities’ weighting in the Benchmark.
The Credit Default Swap index referred to below is utilised as a means of gaining indirect market exposure (up to 10% of its Net Asset Value) to the constituents of the Benchmark through a basket of credit default swaps on European non-investment grade credit. This is a way of gaining market exposure more quickly and cost- effectively than buying or selling cash bonds. This indirect exposure is via the use of FDI for investment purposes. As markets move, the Investment Manager
uses the Credit Default Swaps Index referred to below (see the heading “Financial Indices”) to adjust the overall portfolio such that it maintains a beta of 1 to the
Benchmark.
The Investment Manager will look to employ efficient turnover strategies to manage the portfolio in a cost effective manner. For example, the Investment Manager may hold Debt or Debt-Related Securities that no longer are included in the Benchmark, but where selling these would incur unnecessary trading costs. While the Investment Manager seeks to provide a return which reflects the Benchmark over the medium to long-term, the Investment Manager does not seek to track the Benchmark on a day-to-day basis. This means the Investment Manager does not focus on the tracking error of the Sub-Fund against the Benchmark and the Investment Manager does not have to take any actions intended to minimise the tracking error. Rather, by combining strategies which address inefficiencies of the Benchmark the Investment Manager seeks to deliver an
efficient beta investment solution for investors (as described further below under the heading “Financial Indices”).

##### The Sustainable Finance Disclosure Regulation
Due to the investment objective of this Sub-Fund, the Investment Manager has limited discretion to deviate from the characteristics and exposures of the Benchmark. This discretion allows the Investment Manager, for instance, to invest in securities not included in the Benchmark where such securities meet the requirements of, and are expected to be included in the Benchmark in the future and to continue to hold securities which were included in the Benchmark at the time of purchase, even if they are subsequently removed from the Benchmark. The Benchmark does not take ESG factors or sustainability risks into account. Consequently, the Investment Manager does not integrate sustainability risks (which is defined as an ESG event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the relevant investment
(an “ESG Event”) into its investment decisions. However,
due to the diversified nature of the Sub-Fund, the
Investment Manager has determined that the sustainability risk faced by the Sub-Fund is minimal.
The Manager has carefully evaluated the requirements of
the principal adverse impact consideration regime in Article 4 SFDR, (the “PAI regime”). The Manager is supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Bond Futures |
| --- | --- |
| Swaps | Credit Default Swaps (single name and index (CDS)) |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit iTraxx (Europe) Crossover |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. However, as the Sub- Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX–Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where
additional information can be found, will be set out in the Company’s semi-annual and annual accounts.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, forwards and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions
and limits set out in the Central Bank UCITS Regulations. Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending arrangements and repurchase/reverse repurchase
agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of SFTs shall be 100% of the Net Asset Value of the Sub-
Fund. However, it is not anticipated that the Sub-Fund’s
exposure to the SFTs will exceed 15% of the Net Asset
Value of the Sub-Fund. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1€, 1USD, 1£, 1CHF, 10DKK, 10SEK, 10NOK, or 1CAD depending on the
currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11
November respectively. Further details are set out under the heading "The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and
organisation of the Sub-Fund including the fees of the Sub-Fund’s professional advisers will be borne by the Sub-Fund. Such fees and expenses are estimated not to exceed €30,000 and will be borne by the Sub-Fund and will be amortised over a period of up to 3 years from the
date of the launch of the Sub-Fund.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Future Earth Fund

### SUPPLEMENT 56 DATED 31 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.

In addition to the Sub-Funds listed in the Prospectus, the following Sub-Fund has been established as of the date of this Supplement:
- BNY Mellon Sustainable Global Emerging Markets Fund (see Supplement 62 for details).


#### The Investment Manager
Newton Investment Management Limited

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this Sub-Fund to Newton Investment Management North
America LLC (the “Sub-Investment Manager”). Details of
the Sub-Investment Management Agreement between the
Investment Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD A (Acc.) | USD | 5,000 | 5% | 1.85% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.85% | 0% |
| Euro A (Acc.) | EUR | 5,000 | 5% | 1.85% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 1.85% | 0% |
| CHF A (Acc.) | CHF | 5,000 | 5% | 1.85% | 0% |
| CHF A (Inc.) | CHF | 5,000 | 5% | 1.85% | 0% |
| Euro H (Acc.) (hedged) | EUR | 5,000 | 5% | 1.85% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 1.85% | 0% |
| DKK H (Acc.) (hedged) | DKK | 50,000 | 5% | 1.85% | 0% |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 1.85% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| NOK H (Acc.) (hedged) | NOK | 50,000 | 5% | 1.85% | 0% |

| “B” Shares and “J (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD B (Acc.) | USD | 10,000 | 5% | 1.40% | 0% |
| USD B (Inc.) | USD | 10,000 | 5% | 1.40% | 0% |
| SGD J (Acc.) (hedged) | SGD | 10,000 | 5% | 1.40% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.90% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.90% | 0% |
| Euro C (Acc.) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.90% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.70% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.70% | 0% |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.70% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.70% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.70% | 0% |
| CHF W (Inc.) | CHF | 15,000,000 | 5% | 0.70% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.70% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.70% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.70% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.70% | 0% |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.70% | 0% |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD E (Acc.) | USD | As agreed | 5% | 0.40% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.40% | 0% |
| Euro E (Acc.) | EUR | As agreed | 5% | 0.40% | 0% |
| Euro E (Inc.) | EUR | As agreed | 5% | 0.40% | 0% |
| CHF E (Acc.) | CHF | As agreed | 5% | 0.40% | 0% |
| CHF E (Inc.) | CHF | As agreed | 5% | 0.40% | 0% |
| Euro E (Acc.) (hedged) | EUR | As agreed | 5% | 0.40% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Euro E (Inc.) (hedged) | EUR | As agreed | 5% | 0.40% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.40% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.40% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to achieve long-term capital growth and has a sustainable investment objective.
Specifically, the Sub-Fund aims to contribute to an environmental objective by investing in securities of companies located worldwide which provide products, services and solutions that reduce environmental and natural resource pressures on our Earth.

##### Investment Policy
The Sub-Fund invests at least 75% of its Net Asset Value in a concentrated portfolio of equity and equity-related securities of companies that contribute to the environmental objective of reducing environmental and natural resource pressures on our Earth, which constitute SFDR Sustainable Investments (as defined below) and
meet the Investment Manager’s binding environmental, social and governance (“ESG”) and sustainability criteria.
All of the Sub-Fund’s investments, other than those intended for specific purposes such as hedging and
liquidity, will meet the definition of SFDR Sustainable Investments.
SFDR Sustainable Investments means those investments which contribute to an environmental objective or that contribute to a social objective, provided that such investments do not significantly harm any of those objectives and that investee companies follow good governance practices.
Investments must meet the Investment Manager’s binding environmental, social and governance (“ESG”) and sustainability criteria. In addition to having a
demonstrable impact on alleviating environmental pressures or providing solutions tied to natural resource usage, which may include making a contribution to one or more of the environmental UN Sustainable Development Goals, examples of which include climate action,
affordable and clean energy, and responsible consumption and production the Investment Manager will also seek to:
- Identify and avoid investing in companies that participate in specific areas of activity that the Investment Manager deems to be harmful from an environmental and/or social perspective. All companies in which investments are made follow good governance practices as set out in the UN Global Compact principles. Companies in breach of the UN Global Compact principles which includes principles relating to human rights, labour, environment, and anti-corruption are excluded; and
- Identify and invest in companies that are proactively seeking to manage environmental and/or social factors well which in turn should support long-term financial returns. This will also include those companies that are contributing to the development of solutions that will contribute towards addressing environmental issues, including more efficient or reduced use of natural resources.

Companies the Sub-Fund invests in are subject to the
above binding elements as part of the Investment Manager’s ESG and sustainability criteria to attain the Sub-Fund’s sustainable investment objective.
The equity and equity-related securities in which the Sub-Fund may invest include common and preference shares, American depositary receipts, global depository receipts, securities convertible into or exchangeable for
such equities (such as convertible preference shares, participatory notes (“P-Notes”) including low exercise price options (“LEPOs”) and low exercise price warrants (“LEPWs”), listed real estate investment trusts (“REITs”) and other closed-ended listed funds including listed
Investment Trusts, warrants (subject to a 10% limit of the
Net Asset Value of the Sub-Fund in the case of warrants), stock purchase rights and related FDI (as listed in “Use of FDI” below), hereinafter “Equity and Equity-Related Securities”.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in open-ended collective investment
schemes (“CIS”), including exchange traded funds (“ETFs”)
and money market funds. CIS may include another Sub- Fund or Sub-Funds of the Company or other funds advised by the Investment Manager. Any investment in closed-ended CIS constituting transferable securities will be in accordance with the criteria and investment limits for transferable securities, as set out under the heading
“The Company - Investment and Borrowing Restrictions”
in the Prospectus.
The Sub-Fund may hold cash and liquid near cash assets in certain circumstances including where the Investment Manager believes markets are overvalued or where market conditions may require a defensive investment
strategy or as set out below in the section ‘Cash and Collateral Management’.
With the exception of permitted investment in unlisted transferable securities and approved money market
instruments, the Sub-Fund’s investments shall be listed
or traded on Eligible Markets. A list of the Eligible
Markets is set out in Appendix II of the Prospectus.
The Sub-Fund intends to invest globally, however the Sub-Fund may at times be concentrated in particular
industry sectors or geographic regions, including the U.S., depending on where the Investment Manager sees investment opportunities.
The Sub-Fund may invest more than 20% of its Net Asset Value in emerging markets including Russia, China and India. The Sub-Fund may invest up to 10% of its Net Asset Value in Russian securities listed or traded on the Moscow exchange.
Methods of gaining exposure to Chinese securities may include purchasing China H-shares listed or traded on the Hong Kong Stock Exchange, China B-shares listed or traded on the Shanghai Stock Exchange or the Shenzhen Stock Exchange or China A-shares via the Stock Connect. The Sub-Fund may invest up to 20% of its Net Asset Value in China A-shares via the Stock Connect. Further
details about the Stock Connect are set out in Appendix V to the Prospectus.
Whilst the Sub-Fund’s base currency is USD, it may invest in non-USD denominated assets. Such assets will not necessarily be hedged back into USD. In addition, the
Sub-Fund may take active currency positions on
currencies other than USD to express the Investment Manager’s view on currencies in order to help the Sub- Fund increase its capital growth. FDI such as forward
foreign exchange contracts, currency futures or options on currency futures may be used for these purposes.
Therefore, while active currency positions will not form a central part of the Sub-Fund’s investment strategy, the performance of the Sub-Fund may be strongly influenced
by movements in FX rates because currency positions held by the Sub-Fund may not correspond with the securities positions held.

##### Cash and Collateral Management
The Sub-Fund will hold cash and liquid near cash assets in certain circumstances, such as meeting redemptions, facilitating payment of expenses, holding cash on deposit pending reinvestment and to provide liquidity and collateral to support FDI exposure.
Liquid near cash assets may include money market instruments such as U.S. treasury bills, treasury bonds and bank deposits. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least
A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
MSCI AC World NR Index (the “Benchmark”).
The Benchmark is a comprehensive indicator of the performance of the global equity market, capturing large and mid-cap representation across developed and emerging markets countries. With nearly 3,000 constituents, it covers approximately 85% of the global investable equity opportunity set (as of August 2021). The Benchmark implements a comprehensive and consistent approach to index construction that allows for meaningful global views and cross regional comparisons across all market capitalization size, sector and style segments and combinations. This methodology aims to provide exhaustive coverage of the opportunity set with a strong emphasis on index liquidity, investability and replicability. The Benchmark is reviewed quarterly to reflect changes in the underlying equity markets, while limiting undue index turnover.
Further information about the Benchmark is available at www.msci.com/acwi.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Benchmark subject to the investment objective and policy. While the Sub-Fund’s holdings may include constituents of the Benchmark, the selection of
investments and their 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.
The Benchmark for this Sub-Fund is a broad-based market benchmark that does not take ESG factors into account. The Benchmark is not used to determine whether investments are SFDR Sustainable Investments or to measure how the Sub-Fund will achieve its environmental objectives. Instead, the Investment Manager will seek to measure the extent to which the investee companies that the Sub-Fund invests in have a demonstrable impact on alleviating environmental
pressures or providing solutions tied to natural resource usage in order measure whether the Sub-Fund’s environmental objectives have been attained which
include the UN SDGS where relevant.

##### Investment Strategy
The Sub-Fund is an investment theme driven global portfolio unconstrained by geographic regions. It follows a best ideas investment approach, creating a high conviction portfolio which will at times be concentrated. The Investment Manager believes that no company, market or economy can be considered in isolation; each must be understood in a global context. The Investment Manager believes that events occurring around the world influence all financial markets and therefore successful investment in internationally diversified securities requires a thorough understanding of the world as a whole.
The Investment Manager’s firm level investment process uses a combination of investment themes, fundamental analysis and security valuation. Themes seek to identify
the major areas of structural change in the world. Structural change encompasses multiple changes such as environmental, economic, technological and demographic changes which provide context to investment analysis and decision making, helping the Investment Manager identify areas of potential opportunity and risk both at the asset class and security level. Fundamental analysis and consideration of security valuations by the Investment Manager then helps to determine areas of potential investments for the Sub- Fund. Environmental change is a significant area of structural change for the Sub-Fund.
Security valuation includes detailed analysis based on a wide range of financial metrics and research. This includes consideration of ESG risks, opportunities, and issues. When investing in securities, the portfolio
manager will consider the impact of these investments on the Sub-Fund’s overall construction, such as asset class exposures, the size of each security position and
the investment risk characteristics of the securities themselves. There is no restriction on the size (market capitalisation) of the companies that the Sub-Fund may invest in.
When identifying opportunities and selecting investments
for the Sub-Fund, the Investment Manager will apply certain criteria connected with the Investment Manager’s ‘Earth matters’ theme. The ‘Earth Matters’ theme seeks to identify companies that are proactively contributing to
an overall shift towards an operating model that will help protect the Earth’s environment and natural resources. It is the Investment Manager’s view that increasing levels of economic activity has created significant stress across
the Earth’s environment and natural resources and address issues relating to structural changes related to
the environment.
When determining whether a company meets the Investment Manager’s ESG and sustainability criteria and constitutes an SFDR Sustainable Investment (including
following good governance practices), the Investment Manager considers whether the company: (i) engages in sustainable business practices in an economic sense (
e.g., the company’s strategy, operations and finances are
stable and durable); (ii) takes appropriate measures to
manage any material consequences or impact of its
policies and operations in relation to ESG matters (e.g., the company’s environmental footprint, labour standards, board structure); and (iii) contributes, through its
business operations today, and has credible plans to contribute further over the longer-term (where relevant), to alleviating environmental pressures or providing solutions tied to natural resource usage, which may include making a contribution to one or more of the UN Sustainable Development Goals in a demonstrable way.
These companies may also include those whose business activities are identified as transitioning such that they have a positive impact on the environment and/or society. Involvement in potentially harmful activities from an environmental or social perspective may arise for certain companies whose activities or operations, typically due to a legacy business mix, may have historically created poor environmental or social outcomes but that are now investing and positively adapting to future needs. For example, this may include power generation companies that are building facilities that harness renewable resources in order to support a low carbon economy and have committed to decommission coal-fired power
plants. For the avoidance of doubt, such investments will be SFDR Sustainable Investments at the time of purchase.
Similarly, in some instances, the Sub-Fund may invest in a company where the Investment Manager determines prevailing ESG information and data provided by external ESG rating providers have not fully captured positive environmental or social-related initiatives of the company.
The Investment Manager expects that, through the use of
this criteria, at least 20% of the constituents of the Benchmark will be excluded from the Sub-Fund’s investment universe.
Additionally, at least 90% of the Net Asset Value of the Sub-Fund (net of the Sub-Fund’s exposure to cash and liquid near cash assets, money market funds, and currency-related FDI (the “Non-ESG Assets”)) must meet these criteria at time of purchase and on an ongoing
basis For the avoidance of doubt, the Non-ESG Assets are not required to meet these criteria. No investment will be made in a security that is deemed to have material unresolvable environmental, social, or governance issues.
When determining whether a company meets the Investment Manager’s ESG and sustainability criteria the Investment Manager uses a combination of external and
internal data, research and ratings which are both quantitative and qualitative in nature.
The Investment Manager is dependent upon information and data from third parties (which may include providers for research reports, screenings, ratings and/or analysis such as index providers and consultants). Such information or data may be incomplete, inaccurate or inconsistent.
The Sub-Fund’s investments must continue to meet the Investment Manager’s ESG and sustainability criteria on an ongoing basis after initial purchase and the
Investment Manager will assess the level of sustainability risk that a company may be subject to in the same way as it would be assessed before initial purchase.
The Sub-Fund will invest predominantly invest in Equity and Equity-Related Securities, though it may also invest in cash and liquid near cash assets for the purposes of hedging or liquidity when deemed appropriate by the Investment Manager. Whilst the Sub-Fund has the ability to use FDI, it does not form a central part of the investment strategy. The use of FDI will likely be on an occasional basis, should the Investment Manager deem
FDI provide a more optimal way of achieving the Sub- Fund’s investment objective than direct investments. Any use of FDI for investment purposes will only be permitted
to the extent that this is expected to enable the Investment Manager to attain the Sub-Fund’s environmental objective.

##### The Sustainable Finance Disclosure Regulation
The Sub-Fund integrates sustainability risk into investment decisions and has sustainable investment as its objective for the purposes of Article 9 of the SFDR.
The consideration of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying investments could be materially negatively impacted by
an ESG event or condition (“ESG Event”).
The Investment Manager has access to a variety of ESG- related data points provided by third party data providers which assists with the identification of potential ESG- related issues that an issuer may be facing. This includes but is not limited to exposure to activities that may be
deemed harmful to the environment or society. This data, along with data from the Investment Manager’s own proprietary responsible investment research resources, forms a central part of the Investment Manager’s consideration and assessment of the level of
sustainability risk that an investment may be subject to. This assessment is integrated into the security level research process which is based upon fundamental analysis of individual investment opportunities across a number of different factors including:
- Fundamental financial or economic characteristics
- Valuation
- Risk/reward profile
- The ESG characteristics of the issuer, including understanding how such considerations can impact economic returnsThe information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer or continue to hold a position.

In the event that the sustainability risk associated with a particular investment increases beyond a level that the Investment Manager is comfortable with, taking into consideration the investment objective and strategy of the Sub-Fund, the Investment Manager will consider
selling or reducing the Fund’s exposure to the relevant
investment, taking into account the best interests of the
Shareholders of the Fund.
As explained above, the assessment and management of sustainability risks forms an important part of the Investment Manager's due diligence process, however there may still be a risk that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of
the principal adverse impact consideration regime in Article 4 SFDR, (the “PAI regime”). The Manager is supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
While this Sub-Fund is categorised as Article 9 under SFDR and aims to contribute to environmental objectives, as at the date of this Supplement the investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities notwithstanding that certain investments held by the Sub-Fund may contribute to the environmental objectives of Climate Change Mitigation and/or Climate Change Adaptation. This will be kept under active review and may be reconsidered as and when more sufficient,
reliable, timely and verifiable data on the Sub-Fund’s
investments become available.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Currency Futures Equity Index Futures Equity Futures Index Futures |
| --- | --- |
| Options | Equity Options (single name, index, sector, custom basket) LEPOs and LEPWs Index Options Options on Equity Futures Currency Options Options on Currency Futures |
| Forwards | Forward Foreign Exchange Contracts |
| Securities with Em- bedded FDI/ Leverage | Warrants Exchange Traded Notes (ETNs) Stock Purchase Rights Convertible Preference Shares |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

##### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |

| Equity indices to provide exposure to regional and global equity markets in a more cost effective or efficient manner than buying the physical securities. | ASX 200 Index Dax 30 Index Euro Stoxx 50 Index FTSE 100 Index FTSE All Share Index |
| --- | --- |
|  | FTSE World Index |
|  | Hang Seng Index |
|  | KOSPI Index |
|  | MSCI AC World NR Index |
|  | MSCI Emerging Markets Index |
|  | Nasdaq Composite Index |
|  | Nikkei 225 Index |
|  | Russell 2000 Index S&P/TSX Composite Index S&P 500 Index Stoxx Europe 600 Index |

These financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where
additional information can be found, will be set out in the Company’s semi-annual and annual accounts.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, forwards, and warrants. The Sub-Fund may also utilise repurchase/ reverse repurchase agreements for EPM purposes,
subject to the conditions and limits set out in the Central Bank UCITS Regulations. Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI
the Sub-Fund may use for EPM purposes.

#### Securities Lending Arrangements
This Sub-Fund will not utilise securities lending arrangements and, therefore, may forego any additional returns that may be produced through such activities.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. repurchase/
reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of
SFTs shall be 100% of the Net Asset Value of the Sub- Fund. However, it is not anticipated that the Sub-Fund’s exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 30 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be issued during their respective Initial Offer Periods at their
respective initial offer price per Share of 1USD, 1€, 1£,
1CHF, 10DKK, 10SEK, 10NOK, or 1SGD depending on the
currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February. Further details are set out under the heading "The Company -
Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and
organisation of the Sub-Fund including the fees of the Sub-Fund’s professional advisers will be borne by the Sub-Fund. Such fees and expenses are estimated not to exceed €35,000 and will be borne by the Sub-Fund and will be amortised over a period of up to 3 years from the
date of the launch of the Sub-Fund.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Future Food Fund

### SUPPLEMENT 57 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Newton Investment Management Limited

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this
Sub-Fund to Newton Investment Management North America LLC (the “Sub-Investment Manager”). Details of the Sub-Investment Management Agreement between the
Investment Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD A (Acc.) | USD | 5,000 | 5% | 1.85% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.85% | 0% |
| Euro A (Acc.) | EUR | 5,000 | 5% | 1.85% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 1.85% | 0% |
| CHF A (Acc.) | CHF | 5,000 | 5% | 1.85% | 0% |
| CHF A (Inc.) | CHF | 5,000 | 5% | 1.85% | 0% |
| Euro H (Acc.) (hedged) | EUR | 5,000 | 5% | 1.85% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 1.85% | 0% |
| DKK H (Acc.) (hedged) | DKK | 50,000 | 5% | 1.85% | 0% |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 1.85% | 0% |
| NOK H (Acc.) (hedged) | NOK | 50,000 | 5% | 1.85% | 0% |

| “B” Shares and “J (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD B (Acc.) | USD | 10,000 | 5% | 1.40% | 0% |
| USD B (Inc.) | USD | 10,000 | 5% | 1.40% | 0% |
| SGD J (Acc.) (hedged) | SGD | 10,000 | 5% | 1.40% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.90% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.90% | 0% |
| Euro C (Acc.) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.90% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.70% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.70% | 0% |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.70% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.70% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.70% | 0% |
| CHF W (Inc.) | CHF | 15,000,000 | 5% | 0.70% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.70% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.70% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.70% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.70% | 0% |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.70% | 0% |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD E (Acc.) | USD | As agreed | 5% | 0.40% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.40% | 0% |
| Euro E (Acc.) | EUR | As agreed | 5% | 0.40% | 0% |
| Euro E (Inc.) | EUR | As agreed | 5% | 0.40% | 0% |
| CHF E (Acc.) | CHF | As agreed | 5% | 0.40% | 0% |
| CHF E (Inc.) | CHF | As agreed | 5% | 0.40% | 0% |
| Euro E (Acc.) (hedged) | EUR | As agreed | 5% | 0.40% | 0% |
| Euro E (Inc.) (hedged) | EUR | As agreed | 5% | 0.40% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.40% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.40% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to achieve long-term capital growth by predominantly gaining exposure to companies located worldwide that are positioned to benefit from the investment opportunities associated with the demand for new food and agriculture technological innovations across the global food supply chain.

##### Investment Policy
The Sub-Fund invests predominantly (meaning at least 75% of its Net Asset Value) in equity and equity-related securities including common and preference shares, American depositary receipts, global depository receipts, securities convertible into or exchangeable for such equities (such as convertible preference shares,
participatory notes (“P-Notes”) including low exercise price options (“LEPOs”) and low exercise price warrants (“LEPWs”), listed real estate investment trusts (“REITs”) and other closed-ended listed funds including listed
Investment Trusts, warrants subject to a 10% limit of the
Net Asset Value of the Sub-Fund in the case of warrants), stock purchase rights and related FDI (as listed in “Use of FDI” below), hereinafter “Equity and Equity-Related Securities”.
The Sub-Fund may also invest up to 25% of its Net Asset
Value in fixed or floating rate government bonds, zero- coupon bonds, exchange traded notes (“ETNs”) and related FDI (as listed in “Use of FDI” below), hereinafter “Debt and Debt-Related Securities”.
The Debt and Debt-Related Securities will be investment grade (i.e. instruments rated BBB- or above (or equivalent) as rated by a Recognised Rating Agency at time of purchase. In the case of a split rating, the highest rating will be considered. If an instrument is unrated, it must be of equivalent quality as determined by the Investment Manager.
The Sub-Fund may invest up to 10% of its Net Asset
Value in aggregate in open-ended collective investment schemes (“CIS”), including exchange traded funds (“ETFs”) and money market funds. CIS may include another Sub-
Fund or Sub-Funds of the Company or other funds advised by the Investment Manager. Any investment in closed-ended CIS constituting transferable securities will be in accordance with the criteria and investment limits for transferable securities, as set out under the heading
“The Company - Investment and Borrowing Restrictions”
in the Prospectus.
The Sub-Fund may hold cash and liquid near cash assets in certain circumstances including where the Investment Manager believes markets are overvalued or where
market conditions may require a defensive investment strategy or as set out below in the section ‘Cash and Collateral Management’.
With the exception of permitted investment in unlisted transferable securities and approved money market
instruments, the Sub-Fund’s investments shall be listed
or traded on Eligible Markets. A list of the Eligible
Markets is set out in Appendix II of the Prospectus.
The Sub-Fund intends to invest globally, however the Sub-Fund may at times be concentrated in particular
industry sectors or geographic regions, including the U.S., depending on where the Investment Manager sees investment opportunity.
The Sub-Fund may invest more than 20% of its Net Asset Value in emerging markets including Russia, China and India. The Sub-Fund may invest up to 10% of its Net Asset Value in Russian securities listed or traded on the Moscow exchange.
The Sub-Fund may invest in and have direct access to China A-shares listed on the Shanghai Stock Exchange via the Shanghai-Hong Kong Stock Connect scheme (as
further described in “Stock Connect” Appendix V to the
Prospectus). Exposure to China A-shares through the
Shanghai-Hong Kong Stock Connect scheme will not be more than 10% of the Sub-Fund’s Net Asset Value.
Whilst the Sub-Funds base currency is USD, it may invest in non-USD denominated assets. Such assets will not necessarily be hedged back into USD. In addition, the Sub-Fund may take active currency positions on
currencies other than USD to express the Investment Manager’s view on currencies in order to help the Sub- Fund increase its capital growth. FDI such as forward
foreign exchange contracts, currency futures or options on currency futures may be used for these purposes.
Therefore, while active currency positions will not form a central part of the Sub-Fund’s investment strategy, the performance of the Sub-Fund may be strongly influenced
by movements in FX rates because currency positions held by the Sub-Fund may not correspond with the securities positions held and not all assets may be hedged back to the base currency.

##### Cash and Collateral Management
The Sub-Fund will hold cash and liquid near cash assets in certain circumstances, such as meeting redemptions, facilitating payment of expenses, holding cash on deposit pending reinvestment and to provide liquidity and collateral to support FDI exposure.
Liquid near cash assets may include money market instruments such as U.S. treasury bills, treasury bonds and bank deposits. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
MSCI AC World NR Index (the “Benchmark”).
The Benchmark is a comprehensive indicator of the performance of the global equity market, capturing large and mid-cap representation across developed and emerging markets countries. With over 2,000 constituents, it covers approximately 85% of the global investable equity opportunity set. The Benchmark implements a comprehensive and consistent approach to index construction that allows for meaningful global views and cross regional comparisons across all market capitalization size, sector and style segments and combinations. This methodology aims to provide exhaustive coverage of the opportunity set with a strong emphasis on index liquidity, investability and replicability. The Benchmark is reviewed quarterly to reflect changes in the underlying equity markets, while limiting undue index turnover.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Benchmark subject to the investment objective and policy. While the Sub-Fund’s holdings may include constituents of the Benchmark, the selection of
investments and their 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.

##### Investment Strategy
The Investment Manager’s firm level investment process uses a combination of investment themes, fundamental analysis and security valuation. Themes seek to identify
the major areas of structural change in the world. Structural change encompasses multiple changes such as environmental, economic, technological and demographic changes which provide context to investment analysis and decision making, helping the Investment Manager identify areas of potential opportunity and risk both at the asset class and security level. For this Sub-Fund, significant areas of structural change are technological and global demographic changes. Fundamental analysis and consideration of
security valuations by the Investment Manager then helps to determine a list of potential investments for the Sub- Fund. Security valuation includes detailed analysis based on a wide range of financial metrics and research. This includes consideration of environmental, social and governance (ESG) risks, opportunities and issues. For example, a company that has a poor governance record
or demonstrates ill treatment of employees could have additional litigation risk. This may have the potential to materially impact the credibility and share price of the company and may be excluded from the portfolio on
those grounds at the Investment Manager’s discretion.
There are however no specific ESG restrictions on the Investment Manager’s decision-making, which is consistent with the Sub-Fund’s objective. When investing in securities, the portfolio manager will consider the impact of these investments on the Sub-Fund’s overall
construction, such as asset class exposures, the size of
each security position and the investment risk characteristics of the securities themselves.
This Sub-Fund’s investment strategy follows a best ideas investment approach, creating a high conviction portfolio which may at times be concentrated. It aims to provide
shareholders with investment returns by gaining exposure to companies located worldwide that will benefit from
the investment opportunities associated with the demand for new food and agriculture technological innovations across the global food supply chain.
The Investment Manager considers a number of underlying investment themes such as growing populations, changing consumer demand and well known
threats to our natural world that will, in the Investment Manager’s view, drive unprecedented demand for new food and agriculture technological innovations across the
global food supply chain for years to come. The Sub-Fund seeks to benefit from the long-term opportunities arising across the food and agriculture related industries. The Investment Manager seeks to identify public companies ( i.e., exchange listed) at the forefront of global agriculture and food innovation, services and technological disruption for betterment of farming and food systems.
Winning companies could be ingredient companies with robust research and development budgets that will allow food producers to create smart or alternative food products that meet emerging consumer demand, or, companies that reduce the carbon footprint by producing plant based meat alternatives. Losing companies could be food distribution firms whose operating models are set to become outdated and unable to keep up with increased logistical demands, such as keeping food fresh or the increasingly diverse international distribution requirements.
The Sub-Fund will invest predominantly invest in Equity and Equity-Related Securities, though may also invest in Debt and Debt-Related Securities, typically as an alternative to holding cash, when deemed appropriate by the Investment Manager. Whilst the Sub-Fund has the ability to use FDI, including taking both long and synthetic short positions, FDI do not form a central part of the investment strategy. The use of FDI will likely be on an occasional basis, should the Investment Manager deem that FDI provide a more optimal way of achieving
the Sub-Fund’s investment objective. An example of a
synthetic short strategy would be the purchase of a put
option or entering into a short futures contract on a single equity or equity sector index that was identified as
a losing company/sector in the context of the Sub-Fund’s
investment objective and strategy. An example of the long
strategy would be the purchase of a call option or entering into a long futures contract on an equity or equity sector index that was identified as a winning company/sector.
The Sub-Fund has no restrictions relating to market capitalization (the total value of all a company's shares) and as such may have greater exposure to small capitalization companies than the Benchmark. In addition, the Sub-Fund is considerably more concentrated than the Benchmark as it has exposure to significantly less companies.
The Sub-Fund is an investment theme driven global portfolio unconstrained by geographic regions. The Investment Manager believes that no company, market or economy can be considered in isolation; each must be understood in a global context. The Investment Manager believes that events occurring around the world influence all financial markets and therefore successful investment in internationally diversified securities requires a thorough understanding of the world as a whole.

##### The Sustainable Finance Disclosure Regulation
The consideration of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying
investments could be materially negatively impacted by an ESG event or condition (“ESG Event”).
The Investment Manager has access to a variety of ESG- related data points provided by third party data which assists with the identification of potential ESG-related issues that an issuer may be facing. This includes but is not limited to exposure to activities that may be deemed
harmful to the environment or society. This data, along with data from the Investment Manager’s own proprietary responsible investment research resources, forms a central part of the Investment Manager’s consideration and assessment of the level of sustainability risk that an
investment may be subject to.
This assessment is integrated in to the security level research process, which is based upon fundamental analysis of individual investment opportunities across a number of different factors including:
- Fundamental financial or economic characteristics
- Valuation
- Risk/reward profile
- The ESG characteristics of the issuer, including understanding how such considerations can impact economic returnsThe information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer or continue to hold a position.

As explained above, the assessment and management of sustainability risks forms an important part of the
Investment Manager’s due diligence process, however,
there may still be a risk that the value of the Sub-Fund
could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of
the principal adverse impact consideration regime in Article 4 SFDR, (the “PAI regime”). The Manager is supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on
sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Currency Futures Equity Index Futures Equity Futures Index Futures |
| --- | --- |
| Options | Equity Options (single name, index, sector, custom basket) LEPOs and LEPWs Index Options Options on Equity Futures Currency Options Options on Currency Futures |
| Forwards | Forward Foreign Exchange Contracts |
| Securities with Em- bedded FDI/ Leverage | Warrants Exchange Traded Notes (ETNs) Stock Purchase Rights Convertible Preference Shares |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Equity indices to provide | ASX 200 Index |
| exposure to regional and global | Dax 30 Index |
| equity markets in a more cost | Euro Stoxx 50 Index |
| effective or efficient manner | FTSE 100 Index |
| than buying the physical | FTSE All Share Index |
| securities. | FTSE World Index |
|  | Hang Seng Index |
|  | KOSPI Index |
|  | MSCI AC World NR Index |
|  | MSCI Emerging Markets Index |
|  | Nasdaq Composite Index |
|  | Nikkei 225 Index |
|  | Russell 2000 Index |
|  | S&P/TSX Composite Index |
|  | S&P 500 Index |
|  | Stoxx Europe 600 Index |

These financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where
additional information can be found, will be set out in the Company’s semi-annual and annual accounts.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total net long exposure (after taking account of hedging) through FDI is not expected to exceed 100% of the Net Asset Value of the Sub-Fund and the total net short exposure is not expected to exceed 100% of the Net Asset Value of the Sub-Fund (using the commitment approach).

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending arrangements and repurchase/reverse repurchase
agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of SFTs shall be 100% of the Net Asset Value of the Sub-
Fund. However, it is not anticipated that the Sub-Fund’s
exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1€, 1£, 1CHF, 10DKK, 10SEK, 10NOK, or 1SGD depending on the
currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February. Further details
are set out under the heading "The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and organisation of the Sub-Fund including the fees of the
Sub-Fund’s professional advisers will be borne by the
Sub-Fund. Such fees and expenses are estimated not to exceed €30,000 and will be borne by the Sub-Fund and will be amortised over a period of up to 3 years from the
date of the launch of the Sub-Fund.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Future Life Fund

### SUPPLEMENT 58 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Newton Investment Management Limited

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this
Sub-Fund to Newton Investment Management North America LLC (the “Sub-Investment Manager”). Details of the Sub-Investment Management Agreement between the
Investment Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD A (Acc.) | USD | 5,000 | 5% | 1.85% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.85% | 0% |
| Euro A (Acc.) | EUR | 5,000 | 5% | 1.85% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 1.85% | 0% |
| CHF A (Acc.) | CHF | 5,000 | 5% | 1.85% | 0% |
| CHF A (Inc.) | CHF | 5,000 | 5% | 1.85% | 0% |
| Euro H (Acc.) (hedged) | EUR | 5,000 | 5% | 1.85% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 1.85% | 0% |
| DKK H (Acc.) (hedged) | DKK | 50,000 | 5% | 1.85% | 0% |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 1.85% | 0% |
| NOK H (Acc.) (hedged) | NOK | 50,000 | 5% | 1.85% | 0% |

| “B” Shares and “J (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD B (Acc.) | USD | 10,000 | 5% | 1.40% | 0% |
| USD B (Inc.) | USD | 10,000 | 5% | 1.40% | 0% |
| SGD J (Acc.) (hedged) | SGD | 10,000 | 5% | 1.40% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.90% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.90% | 0% |
| Euro C (Acc.) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 0.90% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.90% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.70% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.70% | 0% |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.70% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.70% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.70% | 0% |
| CHF W (Inc.) | CHF | 15,000,000 | 5% | 0.70% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.70% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.70% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.70% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.70% | 0% |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.70% | 0% |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD E (Acc.) | USD | As agreed | 5% | 0.40% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.40% | 0% |
| Euro E (Acc.) | EUR | As agreed | 5% | 0.40% | 0% |
| Euro E (Inc.) | EUR | As agreed | 5% | 0.40% | 0% |
| CHF E (Acc.) | CHF | As agreed | 5% | 0.40% | 0% |
| CHF E (Inc.) | CHF | As agreed | 5% | 0.40% | 0% |
| Euro E (Acc.) (hedged) | EUR | As agreed | 5% | 0.40% | 0% |
| Euro E (Inc.) (hedged) | EUR | As agreed | 5% | 0.40% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.40% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.40% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to achieve long-term capital growth by predominantly gaining exposure to companies located worldwide that are expected to benefit from the investment opportunities associated with the ageing of the global population and the changes this will drive in consumer demand for products and services.

##### Investment Policy
The Sub-Fund invests predominantly (meaning at least 75% of its Net Asset Value) in equity and equity-related securities including common and preference shares, American depositary receipts, global depository receipts, securities convertible into or exchangeable for such
equities (such as convertible preference shares, participatory notes (“P-Notes”) including low exercise price options (“LEPOs”) and low exercise price warrants (“LEPWs”), listed real estate investment trusts (“REITs”) and other closed-ended listed funds including listed
Investment Trusts, warrants (subject to a 10% limit of the
Net Asset Value of the Sub-Fund in the case of warrants), stock purchase rights and related FDI (as listed in “Use of FDI” below), hereinafter “Equity and Equity-Related Securities”.
The Sub-Fund may also invest up to 25% of its Net Asset
Value in fixed or floating rate government bonds, zero- coupon bonds, exchange traded notes (“ETNs”) and related FDI (as listed in “Use of FDI” below), hereinafter “Debt and Debt-Related Securities”.
The Debt and Debt-Related Securities will be investment grade (i.e. instruments rated BBB- or above (or equivalent) as rated by a Recognised Rating Agency at time of purchase. In the case of a split rating, the highest rating will be considered. If an instrument is unrated, it must be of equivalent quality as determined by the Investment Manager.
The Sub-Fund may invest up to 10% of its Net Asset
Value in aggregate in open-ended collective investment schemes (“CIS”), including exchange traded funds (“ETFs”) and money market funds. CIS may include another Sub-
Fund or Sub-Funds of the Company or other funds advised by the Investment Manager. Any investment in closed-ended CIS constituting transferable securities will be in accordance with the criteria and investment limits for transferable securities, as set out under the heading
“The Company - Investment and Borrowing Restrictions”
in the Prospectus.
The Sub-Fund may hold cash and liquid near cash assets in certain circumstances including where the Investment Manager believes markets are overvalued or where
market conditions may require a defensive investment strategy or as set out below in the section ‘Cash and Collateral Management’.
With the exception of permitted investment in unlisted transferable securities and approved money market
instruments, the Sub-Fund’s investments shall be listed
or traded on Eligible Markets. A list of the Eligible
Markets is set out in Appendix II of the Prospectus.
The Sub-Fund intends to invest globally, however the Sub-Fund may at times be concentrated in particular
industry sectors or geographic regions, including the U.S., depending on where the Investment Manager sees investment opportunity.
The Sub-Fund may invest more than 20% of its Net Asset Value in emerging markets including Russia, China and India. The Sub-Fund may invest up to 10% of its Net Asset Value in Russian securities listed or traded on the Moscow exchange.
The Sub-Fund may invest in and have direct access to China A-shares listed on the Shanghai Stock Exchange
via the Shanghai-Hong Kong Stock Connect scheme (as further described in “Stock Connect” Appendix V to the Prospectus). Exposure to China A-shares through the
Shanghai-Hong Kong Stock Connect scheme will not be more than 10% of the Sub-Fund’s Net Asset Value.
Whilst the Sub-Funds base currency is USD, it may invest in non-USD denominated assets. Such assets will not necessarily be hedged back into USD. In addition, the Sub-Fund may take active currency positions on currencies other than USD to express the Investment
Manager’s view on currencies in order to help the Sub-
Fund increase its capital growth. FDI such as forward
foreign exchange contracts, currency futures or options on currency futures may be used for these purposes.
Therefore, while active currency positions will not form a central part of the Sub-Fund’s investment strategy, the performance of the Sub-Fund may be strongly influenced
by movements in FX rates because currency positions held by the Sub-Fund may not correspond with the securities positions held and not all assets may be hedged back to the base currency.

##### Cash and Collateral Management
The Sub-Fund will hold cash and liquid near cash assets in certain circumstances, such as meeting redemptions, facilitating payment of expenses, holding cash on deposit pending reinvestment and to provide liquidity and collateral to support FDI exposure.
Liquid near cash assets may include money market instruments such as U.S. treasury bills, treasury bonds and bank deposits. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
MSCI AC World NR Index (the “Benchmark”).
The Benchmark is a comprehensive indicator of the performance of the global equity market, capturing large and mid-cap representation across developed and emerging markets countries. With over 2,000 constituents, it covers approximately 85% of the global investable equity opportunity set. The Benchmark implements a comprehensive and consistent approach to index construction that allows for meaningful global views and cross regional comparisons across all market capitalization size, sector and style segments and combinations. This methodology aims to provide exhaustive coverage of the opportunity set with a strong emphasis on index liquidity, investability and replicability. The Benchmark is reviewed quarterly to reflect changes in the underlying equity markets, while limiting undue index turnover.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Benchmark subject to the investment objective and policy. While the Sub-Fund’s holdings may include constituents of the Benchmark, the selection of
investments and their 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.

##### Investment Strategy
The Investment Manager’s firm level investment process uses a combination of investment themes, fundamental analysis and security valuation (by which we mean the
process of determining a security’s value relative to a
market index). Themes seek to identify the major areas of
structural change in the world. Structural change encompasses multiple changes such as environmental, economic, technological and demographic changes which provide context to investment analysis and decision making, helping the Investment Manager identify areas of potential opportunity and risk both at the asset class and security level. For this Sub-Fund, a significant area of structural change is global demographic change.
Fundamental analysis and consideration of security valuations by the Investment Manager then helps to determine a list of potential investments for the Sub- Fund. Security valuation includes detailed analysis based on a wide range of financial metrics and research.
This includes consideration of environmental, social and governance (ESG) risks, opportunities and issues. For example, a company that has a poor governance record or demonstrates ill treatment of employees could have additional litigation risk. This may have the potential to materially impact the credibility and share price of the
company and may be excluded from the portfolio on those grounds at the Investment Manager’s discretion.
There are however no specific ESG restrictions on the Investment Manager’s decision-making, which is consistent with the Sub-Fund’s objective. When investing in securities, the portfolio manager will consider the
impact of these investments on the Sub-Fund’s overall construction, such as asset class exposures, the size of
each security position and the investment risk characteristics of the securities themselves.
This Sub-Fund’s investment strategy follows a best ideas investment approach, creating a high conviction portfolio
which may at times be concentrated. It aims to provide shareholders with investment returns by investing in companies that are expected to benefit from the investment opportunities associated with the ageing of the global population and the changes this will drive in consumer demand.
The Investment Manager will evaluate the opportunities presented by this changing demand and explore the risks and opportunities this presents to investors using its investment process as described above. The Investment Manager foresees businesses offering innovative solutions in areas such as healthcare, leisure, financial services, housing and travel and believes that public (i.e. exchange listed) companies operating within, or linked to, these industries will present significant investment opportunities in the years ahead. Winning companies could include those that develop personalised or affordable health care or financial planning solutions or consumer products demanded by ageing populations.
Examples of such products could include Smartphone Apps and peripheral devices that keep track of a person’s health data or administration of medication.
Losing companies could include established companies who do not adapt their business models to cater for the needs of an older population, such as traditional retailers or consumer companies with products or services not positioned for changing demand profiles in areas such as nutrition, wellness and leisure.
The Sub-Fund will invest predominantly invest in Equity and Equity-Related Securities, though may also invest in Debt and Debt-Related Securities, typically as an alternative to holding cash, when deemed appropriate by the Investment Manager. Whilst the Sub-Fund has the ability to use FDI, including taking both long and synthetic short positions, FDI do not form a central part of the investment strategy. The use of FDI will likely be on an occasional basis, should the Investment Manager
deem that FDI provide a more optimal way of achieving the Sub-Fund’s investment objective. An example of a synthetic short strategy would be the purchase of a put
option or entering into a short futures contract on a single equity or equity sector index that was identified as
a losing company/sector in the context of the Sub-Fund’s
investment objective and strategy. An example of the long
strategy would be the purchase of a call option or entering into a long futures contract on an equity or equity sector index that was identified as a winning company/sector.
The Sub-Fund has no restrictions relating to market capitalization (the total value of all a company's shares) and as such may have greater exposure to small capitalization companies than the Benchmark. In addition, the Sub-Fund is considerably more concentrated than the Benchmark as it has exposure to significantly less companies.
The Sub-Fund is an investment theme driven global portfolio unconstrained by geographic regions. The Investment Manager believes that no company, market or economy can be considered in isolation; each must be understood in a global context. The Investment Manager believes that events occurring around the world influence all financial markets and therefore successful investment in internationally diversified securities requires a thorough understanding of the world as a whole.

##### The Sustainable Finance Disclosure Regulation
The consideration of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying
investments could be materially negatively impacted by an ESG event or condition (“ESG Event”).
The Investment Manager has access to a variety of ESG- related data points provided by third party data which assists with the identification of potential ESG-related issues that an issuer may be facing. This includes but is not limited to exposure to activities that may be deemed
harmful to the environment or society. This data, along with data from the Investment Manager’s own proprietary responsible investment research resources, forms a central part of the Investment Manager’s consideration and assessment of the level of sustainability risk that an
investment may be subject to.
This assessment is integrated in to the security level research process, which is based upon fundamental analysis of individual investment opportunities across a number of different factors including:
- Fundamental financial or economic characteristics
- Valuation
- Risk/reward profile
- The ESG characteristics of the issuer, including understanding how such considerations can impact economic returnsThe information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer or continue to hold a position.

As explained above, the assessment and management of
sustainability risks forms an important part of the Investment Manager’s due diligence process, however, there may still be a risk that the value of the Sub-Fund
could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that
would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Currency Futures Equity Index Futures Equity Futures Index Futures |
| --- | --- |
| Options | Equity Options (single name, index, sector, custom basket) LEPOs and LEPWs Index Options Options on Equity Futures Currency Options Options on Currency Futures |
| Forwards | Forward Foreign Exchange Contracts |
| Securities with Em- bedded FDI/ Leverage | Warrants Exchange Traded Notes (ETNs) Stock Purchase Rights Convertible Preference Shares |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial
purpose, are described in the Prospectus in the section entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Equity indices to provide | ASX 200 Index |
| exposure to regional and global | Dax 30 Index |
| equity markets in a more cost | Euro Stoxx 50 Index |
| effective or efficient manner | FTSE 100 Index |
| than buying the physical | FTSE All Share Index |
| securities. | FTSE World Index |
|  | Hang Seng Index |
|  | KOSPI Index |
|  | MSCI AC World NR Index |
|  | MSCI Emerging Markets Index |
|  | Nasdaq Composite Index |
|  | Nikkei 225 Index |
|  | Russell 2000 Index |
|  | S&P/TSX Composite Index |
|  | S&P 500 Index |
|  | Stoxx Europe 600 Index |

These financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where
additional information can be found, will be set out in the Company’s semi-annual and annual accounts.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total net long exposure (after taking account of hedging) through FDI is not expected to exceed 100% of the Net Asset Value of the Sub-Fund and the total net short exposure is not expected to exceed 100% of the Net Asset Value of the Sub-Fund (using the commitment approach).

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, forwards, and warrants. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. securities lending arrangements and repurchase/reverse repurchase
agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of
SFTs shall be 100% of the Net Asset Value of the Sub- Fund. However, it is not anticipated that the Sub-Fund’s exposure to the SFTs will exceed 15% of the Net Asset
Value.
The types of assets that will be subject SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”,
“Appendix III - Management of Collateral”, “Appendix III -
Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 3 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1€, 1£, 1CHF, 10DKK, 10SEK, 10NOK, or 1SGD depending on the
currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February. Further details are set out under the heading "The Company -
Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and
organisation of the Sub-Fund including the fees of the Sub-Fund’s professional advisers will be borne by the Sub-Fund. Such fees and expenses are estimated not to exceed €30,000 and will be borne by the Sub-Fund and will be amortised over a period of up to 3 years from the
date of the launch of the Sub-Fund.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Smart Cures Innovation Fund

### SUPPLEMENT 59 DATED 31 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.

In addition to the Sub-Funds listed in the Prospectus, the following Sub-Fund has been established as of the date of this Supplement:
- BNY Mellon Sustainable Global Emerging Markets Fund (see Supplement 62 for details).


#### The Investment Manager
Newton Investment Management North America LLC

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this Sub-Fund to Newton Investment Management Limited
(the “Sub-Investment Manager”). Details of the Sub-
Investment Management Agreement between the
Investment Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD A (Acc.) | USD | 5,000 | 5% | 1.85% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.85% | 0% |
| CHF A (Acc.) | CHF | 5,000 | 5% | 1.85% | 0% |
| Euro H (Acc.) (hedged) | EUR | 5,000 | 5% | 1.85% | 0% |

| “B” Shares and “J (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD B (Acc.) | USD | 10,000 | 5% | 1.40% | 0% |
| USD B (Inc.) | USD | 10,000 | 5% | 1.40% | 0% |
| SGD B (Acc.) | SGD | 10,000 | 5% | 1.40% | 0% |
| HKD B (Acc.) | HKD | 100,000 | 5% | 1.40% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| SGD J (Acc.) (hedged) | SGD | 10,000 | 5% | 1.40% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.90% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.90% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 0.90% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.70% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.70% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.70% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.70% | 0% |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD E (Acc.) | USD | As agreed | 5% | 0.40% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.40% | 0% |
| Euro E (Acc.) | EUR | As agreed | 5% | 0.40% | 0% |
| Sterling E (Acc.) | GBP | As agreed | 5% | 0.40% | 0% |
| CHF E (Acc.) | CHF | As agreed | 5% | 0.40% | 0% |
| Euro E (Acc.) (hedged) | EUR | As agreed | 5% | 0.40% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.40% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to achieve long-term capital growth and has a sustainable investment objective.
Specifically, the Sub-Fund aims to contribute to a social objective by investing in securities of companies located worldwide that improve the adequacy and efficiency of health systems through innovation in biotechnology and healthcare.

##### Investment Policy
The Sub-Fund invests at least 80% of its Net Asset Value in a portfolio of equity and equity-related securities of companies that contribute to social objectives by improving the adequacy and efficiency of health systems
through innovation in biotechnology and healthcare (“Smart Cures Innovation Companies”), which constitute SFDR Sustainable Investments (as defined below) and meet the Investment Manager’s binding environmental,
social and governance (“ESG”) and sustainability criteria.
Smart Cures Innovation Companies develop medical treatments for diseases, or play a supporting role, by targeting the underpinning genetics that drive those diseases.
All of the Sub-Fund’s investments, other than those intended for specific purposes such as hedging and
liquidity, will meet the definition of SFDR Sustainable Investments.
SFDR Sustainable Investments means those investments which contribute to an environmental objective or that contribute to a social objective, provided that such investments do not significantly harm any of those objectives and that investee companies follow good governance practices.
Investments must meet the Investment Manager’s binding environmental, social and governance (“ESG”) and sustainability criteria. In addition to contributing to social
objectives, by identifying and investing in companies expected to have a demonstrable impact on improving the adequacy and efficiency of health systems, the Investment Manager will also seek to:
- Identify and avoid investing in companies that participate in specific areas of activity that the Investment Manager deems to be harmful from an environmental and/or social perspective. All companies in which investments are made follow good governance practices as set out in the UN Global Compact principles. Companies in breach of the UN Global Compact principles which includes principles relating to human rights, labour, environment, and anti-corruption are excluded; and
- Identify and invest in companies that are proactively seeking to manage environmental and/or social factors well, which in turn should support long-term financial returns. This will also include those companies that are contributing to the development of solutions that will contribute towards addressing environmental and/or social issues including more efficient or reduced use of resources or accessibility to healthcare.

Companies the Sub-Fund invests in are subject to the above binding elements as part of the Investment
Manager’s ESG and sustainability criteria to attain the Sub-Fund’s sustainable investment objective.
The equity and equity-related securities in which the Sub-Fund may invest include common and preference shares, American depositary receipts, global depository receipts, securities convertible into or exchangeable for
such equities (such as convertible preference shares, participatory notes (“P-Notes”) including low exercise price options (“LEPOs”) and low exercise price warrants (“LEPWs”), listed real estate investment trusts (“REITs”), Real Estate Operating Companies (REOCs) and other
closed-ended listed funds including listed Investment Trusts, warrants (subject to a 10% limit of the Net Asset
Value of the Sub-Fund in the case of warrants), stock purchase rights and related FDI, hereinafter “Equity and Equity-Related Securities”.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in open-ended collective investment
schemes (“CIS”), including exchange-traded funds (“ETFs”)
and money market funds. CIS may include another Sub-
Fund or Sub-Funds of the Company or other funds advised by the Investment Manager. Any investment in closed-ended CIS constituting transferable securities will be in accordance with the criteria and investment limits for transferable securities, as set out under the heading
“The Company - Investment and Borrowing Restrictions”
in the Prospectus.
The Sub-Fund may hold cash and liquid near cash assets in certain circumstances including where the Investment Manager believes markets are overvalued or where market conditions may require a defensive investment
strategy or as set out below in the section ‘Cash and Collateral Management’.
With the exception of permitted investment in unlisted
transferable securities and approved money market instruments, the Sub-Fund’s investments shall be listed or traded on Eligible Markets. A list of the Eligible
Markets is set out in Appendix II of the Prospectus.
The Sub-Fund intends to invest globally, however the Sub-Fund may at times be concentrated in particular
industry sectors or geographic regions, including the U.S., depending on where the Investment Manager sees investment opportunities.
The Sub-Fund may invest up to 20% of its Net Asset Value in emerging markets including, but not limited to, China and India.
Methods of gaining exposure to Chinese securities may include purchasing China H-shares listed or traded on the Hong Kong Stock Exchange, China B-shares listed or traded on the Shanghai Stock Exchange or the Shenzhen Stock Exchange or China A-shares via the Stock Connect and through Depositary Receipts. The Sub-Fund may invest up to 20% of its Net Asset Value in China A-shares via the Stock Connect. Further details about the Stock Connect are set out in Appendix V to the Prospectus. The Sub-Fund may gain exposure to India directly or through Depositary Receipts.
Whilst the Sub-Fund’s base currency is USD, it may invest in non-USD denominated assets. Such assets will not necessarily be hedged back into USD. Therefore, the
performance of the Sub-Fund may be strongly influenced by movements in FX rates.

##### Cash and Collateral Management
The Sub-Fund will hold cash and liquid near cash assets in certain circumstances, such as meeting redemptions, facilitating payment of expenses, holding cash on deposit pending reinvestment and to provide liquidity and collateral to support FDI exposure.
Liquid near cash assets may include money market instruments such as U.S. treasury bills, treasury bonds and bank deposits. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
MSCI AC World NR Index (the “Benchmark”).
The Benchmark is a comprehensive indicator of the performance of the global equity market, capturing large and mid-cap representation across developed and emerging markets countries. With nearly 3,000 constituents, it covers approximately 85% of the global investable equity opportunity set (as of August 2021). The Benchmark implements a comprehensive and consistent approach to index construction that allows for meaningful global views and cross regional comparisons across all market capitalization size, sector and style segments and combinations. This methodology aims to
provide exhaustive coverage of the opportunity set with a strong emphasis on index liquidity, investability and replicability. The Benchmark is reviewed quarterly to reflect changes in the underlying equity markets, while limiting undue index turnover.
Further information about the Benchmark is available at www.msci.com/acwi.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Benchmark subject to the investment objective and policy. While the Sub-Fund’s holdings may include constituents of the Benchmark, the selection of
investments and their 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.
The Benchmark for this Sub-Fund is a broad-based market benchmark that does not take ESG factors into account. The Benchmark is not used to determine whether investments are SFDR Sustainable Investments or to measure how the Sub-Fund will achieve its social objectives. Instead, the Investment Manager will seek to measure the extent to which the investee companies that the Sub-Fund invests in have a demonstrable impact on
improving the adequacy and efficiency of health systems in order measure whether the Sub-Fund’s social objectives have been attained.

##### Investment Strategy
The Sub-Fund aims to achieve long-term capital growth and contribute to social objectives by investing in securities of companies that improve the adequacy and efficiency of health systems through innovation in biotechnology and healthcare. The Sub-Fund may be concentrated at times.
Identifying the Investment Universe
In identifying and selecting companies for inclusion in the portfolio the Investment Manager is primarily looking for
“clinical pioneers” or “supporting cast” companies.
- Clinical pioneers attempt to demonstrate clinicalproof-of-concept of a therapy that adds or modifies a person’s genetic content for the purpose of treating a particular disease. These companies take differentapproaches, including gene therapy, gene editing and gene modulation.
- Supporting cast companies include contract manufacturing and/or research organisations that have special expertise in the genetic therapies space. This also includes companies that create diagnostic tools for genome sequencing as well as specialised supply companies that benefit from the growth of advancements and pipeline build in the genetic therapies field.

The Investment Manager has specialised knowledge bases in the Biotechnology, Pharmaceutical, Life Science Tools and Healthcare Provider sectors and relevant professional and academic laboratory experience.
The Investment Manager’s extensive experience both in researching these therapies and the biotechnology and
healthcare industries which focus on them, enables it to assess whether these companies will provide functional
cures for many diseases. In particular, the Investment Manager benefits from investment team members’ relevant laboratory experience.
The Investment Manager may select a significant portion (over 80%) of the securities in the Sub-Fund from relevant market sectors within the Benchmark. Such sectors include but are not limited to, Biotechnology, Pharmaceuticals, and Life Science Tools. The Sub-Fund will invest directly in selected constituents of the sectors.
The list of relevant market sectors within the Benchmark and their constituents will be reviewed regularly. Any relevant changes to the Benchmark will be reviewed and analysed by the Investment Manager who will make the decision whether to reflect the change in the investment universe.
The Investment Manager also gains exposure to companies that are not part of the Benchmark, which
meet the Investment Manager’s criteria for Smart Cures
Innovation Companies including the Investment Manager’s ESG and sustainability criteria.
Investment Selection
The Investment Manager selects investments from the investment universe by using fundamental analysis to
ascertain the management of the relevant companies’
ability and willingness to sustain and ideally grow value.
Fundamental analysis measures a company's intrinsic value by examining related economic and financial factors including the state of the economy, industry conditions, the effectiveness of the company's management, balance sheet strength, competitive landscape, share-price valuations, liquidity and the regulatory environment. Fundamental analysis allows the Investment Manager to determine whether a company is undervalued or overvalued.
Furthermore, the Investment Manager using its aforementioned expertise and the external data available
will assess a relevant company’s progress with clinical
trials and determine the probability of success. The
external data considered includes prior clinical trials performed by the company, clinical trials of competitors, trials utilising similar endpoints, or trials in a similar patient population. At this stage, the Investment
Manager’s ESG and sustainability criteria are applied
using fundamental analysis supported by strong
quantitative capabilities to assess the environmental, social and governance factors of each portfolio investment.
When determining whether a company meets the Investment Manager’s ESG and sustainability criteria and constitutes an SFDR Sustainable Investment (including
following good governance practices), the Investment Manager considers whether the company: (i) engages in sustainable business practices in an economic sense (
e.g., the company’s strategy, operations and finances are
stable and durable); (ii) takes appropriate measures to
manage any material consequences or impact of its
policies and operations in relation to ESG matters (e.g., the company’s environmental footprint, labour standards, board structure); and (iii) contributes, through its
business operations today, or will over the longer-term, to improving the adequacy and/or efficiency of health systems in a demonstrable way.
These companies may also include Smart Cures Innovation Companies whose business activities are identified as transitioning such that they will have a positive impact on the environment and/or society, despite having a history of involvement in potentially harmful activities from an environmental or social perspective. For example, this may include a large pharmaceutical company with a history of costly chronic treatments for symptoms now investing heavily in gene technology to develop one dose cures for diseases. For the avoidance of doubt, such investments will be SFDR Sustainable Investments at the time of purchase.
Similarly, in some instances, the Sub-Fund may invest in a company where the Investment Manager determines prevailing ESG information and data provided by external ESG rating providers have not fully captured positive environmental-related initiatives of the company.
The Investment Manager expects that, in seeking to identify companies that contribute to social objectives by improving the adequacy and efficiency of health systems through innovation in biotechnology and healthcare that
are compatible with the Investment Manager’s ESG and
sustainability criteria, at least 20% of the constituents of the Benchmark will be excluded from the Sub-Fund’s investment universe.
Additionally, at least 90% of the Net Asset Value of the Sub-Fund Fund (net of the Sub-Fund’s exposure to cash and liquid near cash assets, money market funds, and currency-related FDI (the “Non-ESG Assets”)) must meet the Investment Manager’s ESG and sustainability criteria
at time of purchase and on an ongoing basis. For the
avoidance of doubt, the Non-ESG Assets are not required to meet these criteria. No investment will be made in a security that is deemed to have material unresolvable environmental, social, or governance issues.
When determining whether a company meets the Investment Manager’s ESG and sustainability criteria the Investment Manager uses a combination of external and
internal data, research and ratings which are both quantitative and qualitative in nature.
The Investment Manager is dependent upon information and data from third parties (which may include providers of research reports, screenings, ratings and/or analysis such as index providers and consultants). Such information or data may be incomplete, inaccurate or inconsistent.
The Sub-Fund’s investments must continue to meet the Investment Manager’s ESG and sustainability criteria on an ongoing basis after initial purchase and the
Investment Manager will assess the level of sustainability risk that a company may be subject to in the same way as it would be assessed before initial purchase.
Sell Discipline
The Investment Manager undertakes regular performance reviews of each investment, which can include engaging directly with the management of the relevant company. Performance reviews include an assessment of an
investment’s performance relative to its peer group as
well as the Benchmark. The Investment Manager will
consider selling securities which are found to have limited or no further growth potential, are expected to fall in value, or when there are more promising investment opportunities available, particularly if probability of success with specific drug trials are deemed to be at risk.

##### The Sustainable Finance Disclosure Regulation
The Sub-Fund integrates sustainability risk into investment decisions and has sustainable investment as its objective for the purposes of Article 9 of the SFDR.
The consideration of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying
investments could be materially negatively impacted by an ESG event or condition (“ESG Event”).
The Investment Manager has access to a variety of ESG- related data points provided by third party data providers which assists with the identification of potential ESG- related issues that an issuer may be facing. This includes but is not limited to exposure to activities that may be
deemed harmful to the environment or society. This data, along with data from the Investment Manager’s own proprietary responsible investment research resources, forms a central part of the Investment Manager’s consideration and assessment of the level of
sustainability risk that an investment may be subject to.
This assessment is integrated into the security level research process which is based upon fundamental analysis of individual investment opportunities across a number of different factors including:
- Fundamental financial or economic characteristics
- Valuation
- Risk/reward profile
- The ESG characteristics of the issuer, including understanding how such considerations can impact economic returnsThe information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer or continue to hold a position.

In the event that the sustainability risk associated with a particular investment increases beyond a level that the Investment Manager is comfortable with, taking into consideration the investment objective and strategy of
the Sub-Fund, the Investment Manager will consider selling or reducing the Fund’s exposure to the relevant investment, taking into account the best interests of the
Shareholders of the Fund.
As explained above, the assessment and management of sustainability risks forms an important part of the Investment Manager's due diligence process, however there may still be a risk that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The
Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
While this Sub-Fund is categorised as an Article 9 fund under SFDR as it aims to contribute to social objectives, it does not seek to contribute to environmental objectives. Consequently, the investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Registration in Germany
This Sub-Fund is registered for sale in Germany. The Sub- Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps and forwards. The Sub-Fund may also utilise repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
In utilising FDI for EPM purposes, the Sub-Fund may gain indirect exposure to financial indices.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Lending Arrangements
This Sub-Fund will not utilise securities lending arrangements and, therefore, may forego any additional returns that may be produced through such activities.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. repurchase/ reverse repurchase agreements, as described under the
heading “Efficient Portfolio Management” in the
Prospectus.
The maximum exposure of the Sub-Fund in respect of SFTs shall be 100% of the Net Asset Value of the Sub-
Fund. However, it is not anticipated that the Sub-Fund’s
exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Share Class Hedging
This Sub-Fund offers hedged share classes. Such share classes are indicated by the suffix “(hedged)” Please see the section entitled “Share Class Hedging” in the Prospectus for further information on the operation and
impact of hedged share classes.

#### Issue of Shares
The Initial Offer Period for all launched share classes of the Sub-Fund has now closed. The Initial Offer Period of unlaunched share classes shall continue until 30 November, 2022 or such earlier or later date on which the first Shares of the relevant share class are issued, at which point the Initial Offer Period of such share class shall automatically end. Details of the launched share classes in the Sub-Fund can be found on the following website www.bnymellonim.com.
Shares in available unlaunched share classes will be
issued during their respective Initial Offer Periods at their respective initial offer price per Share of 1USD, 1€, 1£, 1CHF, 10 HKD or 1SGD depending on the currency of the
relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February. Further details are set out under the heading "The Company -
Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and
organisation of the Sub-Fund including the fees of the Sub-Fund’s professional advisers will be borne by the Sub-Fund. Such fees and expenses are estimated not to exceed €30,000 and will be borne by the Sub-Fund and will be amortised over a period of up to 3 years from the
date of the launch of the Sub-Fund.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus, in particular to “Concentration Risk”.

## Responsible Horizons Euro Impact Bond Fund

### SUPPLEMENT 60 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.


#### The Investment Manager
Insight Investment Management (Global) Limited

#### Base Currency
Euro

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro A (Acc.) | EUR | 5,000 | 5% | 0.40% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 0.40% | 0% |
| USD H (Acc.) (hedged) | USD | 5,000 | 5% | 0.40% | 0% |
| USD H (Inc.) (hedged) | USD | 5,000 | 5% | 0.40% | 0% |
| DKK H (Acc.) (hedged) | DKK | 50,000 | 5% | 0.40% | 0% |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 0.40% | 0% |
| NOK H (Acc.) (hedged) | NOK | 50,000 | 5% | 0.40% | 0% |

| “G” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro G (Acc.) | EUR | 5,000 | 5% | 0.20% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 0.20% | 0% |

| “C” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro C (Acc.) | EUR | 5,000,000 | 5% | 0.20% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 0.20% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.15% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.15% | 0% |
| USD W (Acc.) (hedged) | USD | 15,000,000 | 5% | 0.15% | 0% |
| USD W (Inc.) (hedged) | USD | 15,000,000 | 5% | 0.15% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.15% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.15% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.15% | 0% |
| DKK W (Acc.) (hedged) | DKK | 150,000,000 | 5% | 0.15% | 0% |
| SEK W (Acc.) (hedged) | SEK | 150,000,000 | 5% | 0.15% | 0% |
| NOK W (Acc.) | NOK | 150,000,000 | 5% | 0.15% | 0% |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro E (Acc.) | EUR | As agreed | 5% | 0.08% | 0% |
| Euro E (Inc.) | EUR | As agreed | 5% | 0.08% | 0% |
| USD E (Acc.) (hedged) | USD | As agreed | 5% | 0.08% | 0% |
| USD E (Inc.) (hedged) | USD | As agreed | 5% | 0.08% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.08% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.08% | 0% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.08% | 0% |
| DKK E (Acc.) (hedged) | DKK | As agreed | 5% | 0.08% | 0% |
| SEK E (Acc.) (hedged) | SEK | As agreed | 5% | 0.08% | 0% |
| NOK E (Acc.) | NOK | As agreed | 5% | 0.08% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| USD X (Acc.) (hedged) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) (hedged) | USD | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to achieve positive environmental and/or social impacts while generating a total return comprised of income and capital growth by investing in a broad range of Euro-denominated debt and debt-related securities and related FDI.

##### Investment Policy
All of the Sub-Fund’s investments, other than those intended for specific purposes such as hedging and liquidity will meet the definition of SFDR Sustainable
Investments.
SFDR Sustainable Investments means those investments which contribute to an environmental objective or that contribute to a social objective, provided that such investments do not significantly harm any of those objectives and that investee companies follow good governance practices.
The Sub-Fund will invest in two types of investments:
- Use of Proceeds Impact Bonds: fixed or floating debt and debt-related securities including related FDI where the proceeds will be exclusively applied to finance or re-finance in part or in full projects withpositive environmental (“green”) and/or social impacts and/or are defined as “environmentally sustainable economic activities” by the EU Taxonomy Regulation.
- Impact Issuers: fixed or floating debt and debt- related securities of issuers where at least 50% of their revenue streams are linked to positive environmental and/or social impacts using the UN Sustainable Development Goals as a guide as to environmental or social targets or where at least 50% of their economic activities are defined as“environmentally sustainable economic activities” bythe EU Taxonomy Regulation.

The Sub-Fund will invest at least 75% of its Net Asset Value in investment grade “Use of Proceeds Impact Bonds”.
The Sub-Fund will invest at least 70% of its Net Asset Value in Euro-denominated debt and debt-related securities.
The Sub-Fund may invest up to 30% of its Net Asset Value in fixed or floating rate government debt and debt- related securities.
The debt and debt-related securities in which the Sub- Fund may invest include: fixed and floating rate notes, private placements (such as Rule 144A securities and Reg. S securities), corporate hybrid bonds, step-up bonds, covered bonds, debentures, puttable bonds, callable bonds, zero coupon bonds, warrants as well as eurobonds and bullet bonds, supranational agency bonds, agency bonds, fixed and floating rate government bonds, municipal bonds, index-linked bonds and inflation-linked
bonds (“ILBs”)) and money market instruments (such as
certificate of deposits, commercial paper and overnight deposits) and related FDI (as listed in “Use of FDI” below) hereinafter “Debt and Debt-Related Securities”.
The Sub-Fund may invest up to 5% of its Net Asset Value in aggregate in private placements (such as certain Reg. S securities and certain Rule144A securities).
The Sub-Fund may invest up to 5% of its Net Asset Value in warrants.
The Sub-Fund will invest in investment grade Debt and Debt-Related Securities as rated by a Recognised Rating Agency. The Debt and Debt-Related Securities are classified as investment grade if at time of purchase, the median rating of the security is above Ba1/BB+/BB+. In addition, the Sub-Fund may invest up to 20% in below investment grade Debt and Debt-Related Securities.
The Sub-Fund will not invest in Debt and Debt-Related Securities rated as of the date of purchase below B- (or its equivalent), as rated by a Recognised Rating Agency. For the avoidance of doubt, the Sub-Fund will not invest in asset-backed securities, mortgage-backed securities or other investments linked to credit risk. The Sub-Fund may invest in unrated Debt and Debt-Related Securities provided the Investment Manager deems them to be of an equivalent quality as set out above. In the case of a split rating (i.e. different ratings are given by two or more rating agencies), the lower of the two highest ratings will be considered. In the event that any Debt and Debt- Related Securities held by the Sub-Fund are subsequently downgraded below the limits referred to above, the Investment Manager may maintain a maximum exposure of 3% of the Net Asset Value of the Sub-Fund to such downgraded securities. To the extent that the aggregate value of such securities or instruments exceeds 3% of the Net Asset Value of the Sub-Fund, any which have not been upgraded within a six-month period
will be sold. Exposures arising from the underlying holdings of collective investment schemes (“CIS”) will be taken into account in the application of the restrictions
set out in this paragraph.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in open-ended CIS including exchange
traded funds (“ETFs”) and money market funds. CIS may
include another Sub-Fund or Sub-Funds of the Company
or other funds advised by the Investment Manager. Any investment in closed-ended ETFs constituting transferable securities will be in accordance with the
criteria and investment limits for transferable securities, as set out under the heading “The Company - Investment and Borrowing Restrictions” in the Prospectus.
The Sub-Fund may also hold high levels of cash and
money market instruments in certain circumstances. Please see ‘Cash and Collateral Management’ below for further details.
The Sub-Fund intends to invest globally with no
particular industry or sector focus, however the Sub-Fund may at times be concentrated in particular industry or geographical sectors depending on where the Investment Manager sees investment opportunity.
The Sub-Fund may invest up to 10% of its Net Asset Value in emerging markets, including up to 10% in Russian securities listed or traded on the Moscow Exchange.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in transferable securities (i.e. Debt and Debt-Related Securities) which are not admitted to or dealt in on an Eligible Market in accordance with the UCITS Regulations. With the exception of permitted investment in unlisted transferable securities and
approved money market instruments, the Sub-Fund’s
investments shall be listed or traded on Eligible Markets.
A list of the Eligible Markets is set out in Appendix II of the Prospectus.
Whilst the Sub-Fund's Base Currency is Euro, the Sub- Fund may invest in non-Euro denominated assets which will generally be hedged back to Euro using currency- related FDI. The currency-related FDI which may be used
by the Sub-Fund for hedging purposes are further described in the Prospectus in the section “Financial Derivative Instruments and Techniques”.

##### Cash and Collateral Management
The Sub-Fund will hold cash and liquid near cash assets in certain circumstances, such as meeting redemptions, facilitating payment of expenses, holding cash on deposit pending reinvestment and to provide liquidity and collateral to support FDI exposure. In exceptional circumstances, the Sub-Fund may temporarily hold high levels of cash and liquid near cash assets (i.e. up to
100% of the Sub-Fund’s Net Asset Value) where market
conditions may require a defensive investment strategy (
e.g. market crash or major crisis).
Liquid near cash assets may include money market instruments and bank deposits. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality. Liquid cash assets shall not be required to be Use Of Proceeds Impact Bonds or otherwise reflect or promote positive social and/or environmental impacts.

##### Benchmark
Bloomberg Barclays MSCI Euro Corporate Green Bond Index, (the “Benchmark”).
The Benchmark includes fixed-rate, investment-grade Euro denominated green corporate bonds. Inclusion is based on the currency of the issue, and not the domicile of the issuer.
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has discretion to invest outside the Benchmark subject to the investment objective and policy. However, as the Benchmark covers a significant
proportion of the investable universe, the majority of the Sub-Fund’s holdings will be constituents of the Benchmark and the weightings in the portfolio may be
similar to those of the Benchmark. The investment strategy will restrict the extent to which the portfolio holdings may deviate from the Benchmark and consequently the extent to which the Sub-Fund can outperform the Benchmark.
The Benchmark only includes fixed-rate, investment- grade Euro denominated green corporate bonds, which are a subset of the wider corporate bond market. The Benchmark is aligned with the objective of sustainable investment as use of proceeds of these bonds are tied to finance specific projects with a positive environmental goal. This is differentiated from a broad market index that does not have the same green credentials or composition. Additional information on the Benchmark including information on the methodology used for its calculation can be found here:
https://www.msci.com/our-solutions/indexes/bloomberg- msci-esg-fixed-income-indexes

##### Investment Strategy
The Sub-Fund’s core investment universe will mainly reflect the Benchmark which comprises green Use Of Proceeds Impact Bonds only, but will also include Impact
Issuers and non-green Use of Proceeds Impact Bonds,
e.g. bonds where the proceeds will be used to finance or refinance in part or in full social projects. As further detailed below, the Investment Manager then screens all issuers using ESG criteria to create a reduced ESG optimised investment universe. Within that investment universe, the Investment Manager then uses a thematic approach to identify those securities and issuers who it
expects to achieve both the Sub-Fund’s sustainability and
performance objectives, positively allocating towards
higher scoring, best in universe, securities and issuers. The Investment Manager uses the United Nations Sustainable Development Goals as a guide as to environmental or social targets as part of its thematic approach. This is described in more detail below.
The Investment Manager uses its own research and credit analysis to invest in Use Of Proceeds Impact Bonds and will use a number of criteria to assess an investment.
The framework will consider, but not be limited to, the transparency around how proceeds raised by the issuance are allocated and the measurability of any impact which is achieved and will also consider the broader sustainability alignment of the issuer in question.
Securities are rated dark green (best-in-class), light green (some weakness in sustainability criteria) or red
(don’t invest). Securities rated red will be excluded from
the investment universe.
In addition to Use Of Proceeds Impact Bonds the Investment Manager may seek to invest in Impact Issuers. The process for analysing the revenue streams of Impact Issuers may use a combination of external data (including from Bloomberg, MSCI, Sustainalytics, Vigeo Eiris and others) and internal data to make this judgement. Further data may be used to address ongoing
suitability including analysis of the issuer’s compatibility
with a low carbon economy.
In relation to both Use of Proceeds Impact Bonds and Impact Issuers the Investment Manager may use a
combination of external and internal data to determine whether activities are “environmentally sustainable economic activities” as defined by the EU Taxonomy Regulation.
In the case of all investments the Do No Significant Harm Principle will be applied.
In relation to all investments issuers that are judged to have negative impacts (for example, as a result of high carbon risks and/or severe breaches of internationally accepted norms including, but not limited to, bribery, labour rights or environmental impact) will be excluded. Issuers will also be excluded where their revenue or business model is significantly derived from products or processes that are considered unsuitable for the Sub- Fund based on its sustainability focus (for example, tobacco, defence and gambling).
Instruments which do not continue to meet these criteria after purchase will be sold. Alternatively, the Sub-Fund may continue to hold the instrument while the Investment Manager seeks to engage with the issuer to address the issue causing the concern. If the issuer has not taken reasonable steps to resolve the issue within 12 months the Investment Manager will sell the instrument.
In relation to external data, the Investment Manager is dependent upon information and data from third parties (which may include providers of research, reports, screenings, ratings and/or analysis such as index providers and consultants). Such information or data may be incomplete, inaccurate or inconsistent.
In order to assess whether an investment which meets the Investment Manager’s sustainability criteria also meets its performance objective, the Investment Manager
will primarily use "bottom-up" credit research and analysis in its selection of securities. This involves an assessment of the creditworthiness of the issuer incorporating an analysis of key credit metrics, such as leverage and cash flow. A relative value assessment of the issuer's Debt and Debt-Related Securities relative to comparable Debt and Debt-Related Securities may also be undertaken to supplement the credit research and analysis. This approach aims to identify, on a worldwide basis and without any specific geographical or sectoral focus, Debt and Debt-Related Securities with good total return generating potential.
At least 90% of the instruments held in the Sub-Fund must meet the sustainability criteria described above at time of purchase and on ongoing basis and no investment will be made in an instrument that is deemed to have material unresolvable environmental issues.
Synthetic short positions are typically used to hedge credit or interest rate risk at the overall portfolio level for risk management purposes, for example where the Investment Manager wants to reduce the credit risk of a particular corporate bond, but may not be able to sell the bond at an attractive price, the Investment Manager will take a synthetic short position in that bond. Shorting will not be used to help the Sub-Fund achieve its investment objective.
Corporate governance is a key sustainability risk factor forming part of the Investment Manager’s proprietary ESG risk ratings for all issuers to which the Sub-Fund has exposure. The Investment Manager’s corporate governance assessment includes evaluating board
practices and behaviour, remuneration, control and accountability, and ethics or controversies. The
Investment Manager applies the insights from ESG ratings alongside their own knowledge of issuers’ governance structures to set engagement priorities with
issuers. The Investment Manager considers these risks together to decide whether bond securities reasonably compensate the Sub-Fund for sustainability risks over the long and short-term.
Internal controls ensure sustainability criteria are applied to the Sub-Fund continuously. ESG restrictions are set to prevent or permit investment in securities that meet sustainability-related characteristics. These controls are coded against the Sub-Fund and updated as new information is absorbed.

##### The Sustainable Finance Disclosure Regulation
The Sub-Fund integrates sustainability risk into investment decisions and has sustainable investments as its objective for the purposes of Article 9 of the SFDR.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying
investments could be materially negatively impacted by an ESG event or condition (“ESG Event”).
Sustainability risks are managed by ensuring senior
decision makers are informed and included in the Investment Manager’s responsible investment programme, and set effective accountability,
transparency and implementation procedures. Where sustainability risk issues are assessed to be material to investment outcomes, they are incorporated into due diligence processes. This may include evaluating individual securities and/or interaction with issuers or market participants. Internal controls ensure sustainability criteria are applied continuously. ESG restrictions, which includes proprietary ESG ratings and third-party data, are set to prevent or permit investment in securities that meet sustainability-related characteristics. These controls are coded and updated as new information is absorbed. An ESG research and/or engagement process aims help the Investment Manager
to achieve the Sub-Fund’s targeted investment and
sustainability-related objectives.
As further detailed under the section headed “Investment Strategy”, corporate governance is a key sustainability risk factor forming part of proprietary ESG risk ratings for
all issuers.
In terms of social and environmental factors, the Investment Manager’s proprietary ESG ratings methodology provides sector specific and issuer specific
information on key issues. This model helps the Investment Manager to identify key risks that a specific sector or issuer may be facing.
As the Sub-Fund has sustainable investment as its objective, the Investment Manager may deliberately forego opportunities for the Sub-Fund to gain exposure to certain issuers and it may choose to sell a security when it might otherwise be disadvantageous to do so. Instead, the Sub-Fund may focus on investments in issuers that demonstrate adherence to sustainable investment.
Accordingly, the universe of investments for the Sub- Fund is smaller than that of other funds, which may affect performance and there is a risk that that the value of the Sub-Fund could be negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The EU Taxonomy Regulation Technical Screening Criteria (“TSC”) will require the availability of multiple, specific data points regarding each investment. At the date
hereof, there is insufficient reliable, timely and verifiable data available for the Manager to be able to assess the investments of the Sub-Fund using the TSC.
In addition, the regulatory technical standards for the SFDR which define the methodology for the calculation of the share of EU Taxonomy-alignment for financial products such as the Sub-Fund and the templates for the required disclosures are not yet final. As at the date hereof, the Manager is not able to provide standardised and comparable disclosures on the alignment of the Sub-
Fund’s investments with the EU Taxonomy Regulation.
While there are investments in the Sub-Fund that are in economic activities that contribute to an environmental objective and may be eligible to be assessed against the TSC, the Manager is not currently in a position to describe:
- The extent to which the investments of the Sub-Fund are in Environmentally Sustainable Economic Activities;
- The proportion, as a percentage of the Sub-Fund’s portfolio, of investments in Environmentally Sustainable Economic Activities; or
- The proportion, as a percentage of the Sub-Fund’s portfolio of EU Taxonomy Regulation Enabling Activities and “EU Taxonomy Regulation Transitional Activities.

The Manager is keeping this situation under active review
and where sufficient reliable, timely and verifiable data on the Sub-Fund’s investments become available, the Manager will provide the descriptions referred to above,
in which case, this Prospectus or the relevant Supplement will be updated.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Interest Rate Futures (including Short Term Interest Rate Futures) Government Bond Futures Bond Futures |
| --- | --- |
| Swaps | Credit Default Swaps Credit Default Swaps Index/Basket Interest Rate Swaps Total Return Swaps (TRS) (single name, credit, index and custom basket) |
| Securi- ties with Embed- ded FDI/ Leverage | Callable and Puttable Bonds Warrants |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub- Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to fixed income markets in a more cost effective or efficient manner than buying the physical securities. | Markit iTraxx Europe Main 5yr Markit iTraxx Europe Crossover 5yr Markit iTraxx Europe Senior Financials 5yr Markit iTraxx Europe Subordinated Financials 5yr |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. However, as the Sub- Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX–Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where
additional information can be found, will be set out in the Company’s semi-annual and annual accounts.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, forwards, and warrants. The Sub-Fund may also utilise repurchase/ reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central
Bank UCITS Regulations. Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI
the Sub-Fund may use for EPM purposes.

#### Securities Lending Arrangements
This Sub-Fund will not utilise securities lending arrangements and, therefore, may forego any additional returns that may be produced through such activities.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 30% and in respect of SFTs shall be 100%
of the Net Asset Value of the Sub-Fund. However, it is not anticipated that the Sub-Fund’s exposure in respect of TRS will exceed 20% and in respect of SFTs will
exceed 30% of the Net Asset Value of the Sub-Fund. The
types of assets that will be subject to TRS and SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
Shares in available unlaunched share class will be offered during an Initial Offer Period opening at 9.00 a.m. on 4 May, 2022 and closing at 5.00 p.m. on 3 November,
2022 at an initial offer price per Share of 1€, 1USD, 1£,
1CHF, 10DKK, 10SEK, 10NOK or 1CAD depending on the
currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared quarterly on 31 December, 31 March, 30 June and 30 September. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February, 11 May, 11 August and 11 November respectively. Further details are set out under
the heading "The Company - Distribution Policy” in the
Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and organisation of the Sub-Fund including the fees of the
Sub-Fund’s professional advisers will be borne by the
Sub-Fund. Such fees and expenses are estimated not to exceed €30,000 and will be borne by the Sub-Fund and will be amortised over a period of up to 3 years from the
date of the launch of the Sub-Fund.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Dynamic Factor Premia V10 Fund

### SUPPLEMENT 61 DATED 3 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY, 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund will invest principally in financial derivative instruments (“FDI”), and will use FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Newton Investment Management North America LLC

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this
Sub-Fund to Newton Investment Management Limited (the “Sub-Investment Manager”). Details of the Sub- Investment Management Agreement between the
Investment Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin and the U.S.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
22.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD A (Acc.) | USD | 5,000 | 5% | 1.50% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 1.50% | 0% |
| Euro H (Acc.) (hedged) | EUR | 5,000 | 5% | 1.50% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 1.50% | 0% |
| DKK H (Acc.) (hedged) | DKK | 50,000 | 5% | 1.50% | 0% |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 1.50% | 0% |
| NOK H (Acc.) (hedged) | NOK | 50,000 | 5% | 1.50% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD C (Acc.) | USD | 5,000,000 | 5% | 0.75% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| USD C (Inc.) | USD | 5,000,000 | 5% | 0.75% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 0.75% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 0.75% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.55% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.55% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.55% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.55% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.55% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.55% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.55% | 0% |
| DKK W (Acc.) (hedged) | DKK | 150,000,000 | 5% | 0.55% | 0% |
| SEK W (Acc.) (hedged) | SEK | 150,000,000 | 5% | 0.55% | 0% |
| NOK W (Acc.) (hedged) | NOK | 150,000,000 | 5% | 0.55% | 0% |

| “E” Shares, and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD E (Acc.) | USD | As agreed | 5% | 0.30% | 0% |
| USD E (Inc.) | USD | As agreed | 5% | 0.30% | 0% |
| Euro E (Acc.) (hedged) | EUR | As agreed | 5% | 0.30% | 0% |
| Euro E (Inc.) (hedged) | EUR | As agreed | 5% | 0.30% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.30% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.30% | 0% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.30% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | None | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | None | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | None | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | None | 0% | 0% | 0% |
| AUD X (Acc.) (hedged) | AUD | None | 0% | 0% | 0% |
| AUD X (Inc.) (hedged) | AUD | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to achieve a total return in excess of a cash benchmark (as described below) over an investment horizon of 3-5 years with a target volatility of 10% through a multi-asset approach to asset allocation and security selection. However, there is no guarantee that this will be achieved over that, or any time period.

##### Investment Policy
The Sub-Fund aims to invest in a diverse set of risk premia or risk factors across equities, bonds, currencies and equity volatility with a low correlation to traditional risky assets in a transparent, liquid and cost-effective
manner principally through investment in FDI (as detailed in the section ‘Use of FDI’). Further information on the risk premia can be found in the section “Investment Strategy” below.
The reference to ‘V10’ in the Sub-Fund’s name refers to the investment objective of targeting a total volatility or risk of 10% over a 3-5 year horizon. Volatility or risk can
be defined as the amount of variability of the annualised return of the Sub-Fund over a 3-5 year period. More variability indicates higher volatility. There is no
guarantee that the Sub-Fund’s realised volatility or risk
will be 10% over this period or any period.
The Sub-Fund may invest in fixed and floating rate corporate and government debt and debt-related securities including bonds, Agency Bonds, Asset-backed
securities (“ABS”), Credit Linked Notes (“CLNs”), Corporate
Hybrid bonds, Eurobonds, Exchange Traded Notes,
Floating Rate Notes, index linked bonds, inflation linked bonds, Interest only bonds, Convertible bonds, Municipal Bonds, Reg S Bonds, 144A Bonds, Structured Notes, Zero coupon bonds and money market instruments
(certificates of deposit, commercial paper, term deposits, treasury bills) and debt related FDI (hereinafter “Debt and Debt-Related Securities”). FDI are listed below under the heading “Use of FDI”.
- Index Linked Bonds – are debt securities in which payment of interest income on the principal is related to a specific price index, usually the Consumer PriceIndex. This provides protection to investors by shielding them from changes in the underlying index. The bond's cash flows are adjusted to ensure that the holder of the bond receives a known real rate of return.
- While Exchange Traded Notes are traded on an exchange, Structured Notes are purchased over the counter through a bilateral agreement with a counterparty.

The Sub-Fund may invest up to 5% of its Net Asset Value in ABS.
The Sub-Fund may invest up to 10% of its Net Asset Value in Reg S Bonds and 144A Bonds.
The Sub-Fund may invest up to 5% of its Net Asset Value in Structured Notes.
The Sub-Fund will not invest in CoCos.
Exchange Traded Notes (ETNs) may be used to provide specialist exposure to certain market sectors like a sub- sector of real estate such as U.S. real estate or other U.S mortgage related assets.
Please see the “Debt Instruments Directory” in the main body of the Prospectus for descriptions of the Debt and Debt-Related Securities other than Index Linked Bonds.
The Sub-Fund may invest in both investment grade (i.e. BBB- or above) and up to 30% of its Net Asset Value in below investment grade securities (i.e. BB+ or below) as rated by a Recognised Rating Agency, at time of purchase.
The Sub-Fund may also invest in equities, including real estate investment trusts (“REITs”), real estate operating companies (“REOC”), convertible preference shares, American depositary receipts (“ADRs”), global depositary receipts (“GDRs”) and stock purchase rights and equity related FDI (hereinafter “Equity and Equity-Related Securities”). FDI are listed below under the heading “Use of FDI”.
The Sub-Fund may invest up to 35% of its Net Asset Value in commodities through a combination of securities listed or traded on Eligible Markets such as Equity and Equity-Related Securities, Debt and Debt Related Securities and FDI. The Sub-Fund will not invest directly in commodities. FDI are listed below under the heading
“Use of FDI”.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in open-ended CIS including money market funds, open-ended exchange traded funds
(“ETFs”) and Synthetic ETFs. All ETFs in which the Sub-
Fund invests will be UCITS.
The Sub-Fund may hold high levels of cash and liquid near cash assets in certain circumstances. Please see
‘Cash and Collateral Management’ below for further
details.
The Sub-Fund intends to invest globally in both U.S. dollar and Non U.S. dollar denominated Debt and Debt- Related Securities and Equity and Equity Related Securities of companies or issuers from developed and emerging markets with no particular industry or sector focus. The Sub-Fund may, however, at times be concentrated in particular industry or sectors depending on where the Investment Manager sees investment opportunity.
The Sub-Fund may invest up to 40% of its Net Asset Value in emerging markets, including up to 10% of its Net Asset Value in China, up to 10% of its Net Asset Value in India and up to 5% of its Net Asset Value in Russian securities listed or traded on the Moscow Exchange. The Sub-Fund will gain exposure to China and India through indirect exposure to relevant financial indices.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in transferable securities, which are not admitted to or dealt on an Eligible Market, in accordance with the UCITS Regulations. With the
exception of permitted investments in open-ended CIS, the Sub-Fund’s investments shall be listed or traded on Eligible Markets listed in Appendix II of the Prospectus.
Whilst the Sub-Fund’s base currency is U.S. Dollar, it may invest in non-U.S. Dollar denominated assets. Such assets will not necessarily be hedged back into U.S
Dollar. In addition, the Sub-Fund may take active currency positions using currency forwards to implement
a position such as taking a long position in the Euro and
a short position on the U.S. Dollar in order to express the Investment Manager’s view on currencies other than the
U.S Dollar. Therefore, the performance of the Sub-Fund
may be strongly influenced by movements in FX rates because currency positions held by the Sub-Fund may not correspond with the securities positions held and not all assets may be hedged back to the base currency.

##### Cash and Collateral Management
The Sub-Fund will hold cash and liquid near cash assets in certain circumstances, such as meeting redemptions, facilitating payment of expenses, holding cash on deposit pending reinvestment and to provide liquidity and collateral to support FDI exposure. In exceptional circumstances, the Sub-Fund may temporarily hold high levels of cash and liquid near cash assets (i.e. up to
100% of the Sub-Fund’s Net Asset Value) where market
conditions may require a defensive investment strategy (
e.g. market crash or major crisis).
Liquid near cash assets may include money market instruments such as U.S. treasury bills, certificates of deposit, commercial paper, term deposits and bank deposits. It is intended that issuers and/or guarantors of any such securities, instruments or obligations will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
FTSE 3 Month US T Bill Index (the “Cash Benchmark”).
The FTSE 3 Month US T Bill Index tracks the daily performance of 3 month US Treasury bills.
The Sub-Fund uses the Cash Benchmark as a target against which to measure its performance on a rolling annualised 3-year basis before fees. The Sub-Fund aims to be market neutral. This means that it aims to balance the aggregate long market exposure with a similar aggregate short market exposure such that the long and short market exposure net close to zero over time. On
this basis, cash is considered an appropriate target against which to measure the Sub-Fund’s performance.
The Sub-Fund is actively managed, which means the Investment Manager has discretion over the selection of investments, subject to the investment objective and policy.

##### Investment Strategy
The Sub-Fund employs a dynamic global multi-asset strategy that seeks to capture defensive, neutral and true risk premia across equities, bonds, currencies, commodities and volatility exposures, mainly through investment in FDI. Dynamic refers to how the Investment Manager will allocate between the asset classes and securities detailed in the Investment Policy section above and how it will adjust those allocations in line with the investment strategy. The Investment Manager will estimate the return and the risk associated with each premia across each asset class. The Investment Manager updates these estimates on a daily basis and re-balance and adjusts the portfolio on a regular basis based on the updated estimates The portfolio of these risk premia is carefully constructed such that the Sub-Fund can capture the return attributed to these risk premia while
maintaining a diverse set of exposures that mitigate downside risks with low correlation to traditional asset classes such as equities and bonds.
In addition, the Investment Manager seeks to generate a portfolio with a target of total volatility or risk of 10% over a 3-5 year horizon. The Investment Manager targets a portfolio volatility of 10% as part of its portfolio construction process. This process involves a portfolio optimisation technique which aims to balance the expected returns and the expected risk for each premia to create an optimal blend that maximises the risk adjusted returns. The Investment Manager constrains this optimal blend such that it has a forecast portfolio volatility of 10%.
The defensive premia such as Equity Trend tend to perform better in down markets. The neutral premia such as Equity Momentum are unrelated to market conditions. The true premia such as Equity Value tend to perform through both up and down markets.
A risk premia is defined as the return or reward an investor earns to bear that risk. For example, the most common premia is the equity risk premia. This is the equity return minus the cash rate or risk free rate. The difference between these two returns (e.g. equity minus cash) is the equity risk premia. Financial markets can be considered a set of building blocks or premia across each asset class. The Sub-Fund seeks to use these building blocks as the foundation to create a return stream that is diverse, lowly correlated to traditional assets, transparent, liquid and cost-effective.
These risk premia are: value, momentum, trend, carry, quality and volatility.
- Value is a strategy that involves selecting securities that appear to be trading for less than their intrinsic or book value
- Momentum is a strategy that involves selecting securities that have a positive price increase over a recent period such as 50 days.
- Trend is a strategy that involves selecting securities that exhibit a positive price trend over a long period.
- Carry is a strategy that involves selecting securities that have a higher return or a higher yield than its peer asset.
- Quality is a strategy that involves selecting securities that appear to have a higher quality than a peer asset.

Volatility is a strategy that involves either a long or a short position in volatility across asset classes.
The exposure to each premia can be both long (e.g. long equity momentum) and short (e.g. short equity momentum). Each risk premia can be earned across a number of asset classes simultaneously such as, long equity momentum or long currency momentum. Another example is equity volatility, where one can be long equity volatility or short equity volatility. If an investor is long equity volatility and the volatility level rises then the investor benefits, for example. This equity volatility risk premia is not related in any way to the overall volatility target of the Sub-Fund. The former is a risk premia while the later relates to the dispersion of returns of the Sub- Fund. The purpose of long and short positions is to enhance the return generation of the premia while controlling the exposure to the underlying asset class. In
order to try to benefit from equity market volatility, the Investment Manager may take a long position through purchasing a call option on an equity index. If equity market volatility causes the value of the equity index to increase, the value of the call option will increase and have a positive impact on the Sub-Fund’s Net Asset Value. However, if equity market volatility causes the value of the equity index to decrease the value of the call option will decrease and have a negative impact on the Sub-Fund’s Net Asset Value. The Investment Manager may buy and sell call options on equity indices to express its views on equity market volatility.
The Investment Manager may use variance swaps to gain
exposure to equity volatility. Inflation swaps may be used to manage inflation across various countries’ rates of inflation.
The Investment Manager will use synthetic short positions, leverage and options to manage the overall market exposure and risk profile of the Sub-Fund. The Investment Manager will use synthetic short positions to efficiently deliver the premia as described above. The Investment Manager will synthetically short companies, issuers or markets where the Investment Manager views a relative weakness in companies versus other stronger companies, markets or issuers which allows the Investment Manager to de-risk the Sub-Fund. However, the Sub-Fund will be net long the premia described above. Leverage can also be employed for risk management purposes and an example would be employing leverage to go long on hedging assets, such as sovereign bonds. Because these hedging assets are uncorrelated with the risky assets or even have negative
correlation, the overall effect would be a reduction of the Sub-Fund’s risk. Similarly, the Sub-Fund could buy a put option to reduce the risk and preserve capital in a falling
market.
The Sub-Fund will not borrow to attain its leverage, rather the Sub-Fund will use FDI in order to attain
leverage. The majority of the Sub-Fund’s positions will be
implemented using FDI such as Index Futures and
Forward Foreign Exchange Contracts. Financial Indices are used to gain exposure to different markets. For instance, the Investment Manager may purchase futures on a financial index such as FTSE China 150 Index to gain exposure to China. Exposure to a combination of financial indices can be used to capture the risk premia.

##### The Sustainable Finance Disclosure Regulation
Due to the Sub-Fund’s investment objective, policy and strategy, the Investment Manager does not integrate sustainability risks, which is defined as an ESG event or
condition that, if it occurs, could cause an actual or a
potential material negative impact on the value of the relevant investment (an “ESG Event”) into its investment decisions. However, due to the diversified nature of the
Sub-Fund, the Investment Manager has determined that the sustainability risk faced by the Sub-Fund is minimal.
The Manager has carefully evaluated the requirements of
the principal adverse impact consideration regime in Article 4 SFDR, (the “PAI regime”). The Manager is supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI
regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

##### The EU Taxonomy Regulation
The investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and OTC FDI for investment purposes:
| Futures | Currency Futures Interest Rate Futures (including Short Term Interest Rate Futures) Government Bond Futures Bond Futures Index Futures including Equity Index Futures and Volatility Index Futures Money Market Futures Equity Futures |
| --- | --- |
| Options | Equity Options (single name, index, sector, custom basket) Index Options Options on Interest Rate Futures Bond Options Options on Bond Futures Options on Government Bond Futures Interest Rate Options Options on Interest Rate Futures Options on Exchange Traded Funds (ETFs) Options on Equity Futures Options on Currency Futures Options on Volatility Indices Options on Credit Default Swaps Dividend Options Options on Dividend Futures Currency Options (including Barrier Options) |
| Swaps | Credit Default Swaps Credit Default Swaps Index/Basket Interest Rate Swaps Currency Swaps Cross Currency Swaps Commodity Swaps Dividend Swaps Equity Swaps (including single name, index and sector) Inflation Swaps Variance Swaps Index Swaps Total Return Swaps (TRS) (including single name, credit, index and custom basket) Sector Swaps Volatility Swaps |
| Forwards | Forward Foreign Exchange Contracts |
| Securities with Embedded FDI/Leverage | Convertible Bonds Asset-Backed Securities (ABS) Credit Linked Notes (CLN) Structured Notes Synthetic ETFs Exchange Traded Notes (ETNs) Stock Purchase Rights Convertible Preference Shares |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial
purpose are described in the Prospectus in the section entitled “The Company – Financial Derivative Instruments and Techniques”.

##### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both efficient portfolio management (EPM) and investment purposes. The Sub- Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub-Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Credit default swap (CDS) indices to provide exposure to global fixed income markets in a more cost effective manner than buying the physical securities. | CDX North American Investment Grade CDX North American Investment Grade High Volatility CDX North American High Yield CDX North American High Yield High Beta CDX Emerging Markets CDX Emerging Markets Diversified |
| Equity indices to provide exposure to regional and global equity markets in a more cost effective or efficient manner than buying the physical securities. | AEX Index ASX SPI Index ASX 200 Index Bovespa Index CAC- 40 Index DAX 30 Index Hang Seng Index HSCEI Index IBEX 35 Index FTSE 100 Index FTSE China 150 Index FTSE MIB Index FTSE Taiwan FTSE/JSE Top 40 Index Kospi 200 Index MSCI Singapore Index Nasdaq 100 EMINI Index Russell 2000 Index S&P 500 Index S&P CNX Nifty Index S&P Midcap 400 Index S&P/TSX 60 Index S&P Toronto 60 Index S&P Emerging Markets Index Stockholm OMX Index Swiss Markit Index TOPIX |
| Volatility indices to express the Investment Manager’s view on the volatility of a particular market or currency in a more cost effective or efficient manner than buying the physical securities. | CBOE Volatility Index |

The constituent weightings of the CDS indices are determined at the discretion of IHS Markit and typically, will not be rebalanced regularly. The remaining financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where
additional information can be found, will be set out in the Company’s semi-annual and annual accounts.

##### Long and Short Positions
The Sub-Fund may employ synthetic long and synthetic short exposures in each of the asset classes referenced in the Investment Policy to achieve its investment objective. The total gross long exposure through FDI will not exceed 2000% of the Net Asset Value of the Sub- Fund and the total gross short exposure will not exceed 2000% of the Net Asset Value of the Sub-Fund.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Absolute VaR
Absolute VaR Limit: 20% of the Net Asset Value of the Sub-Fund (using a 20 Business Day holding period)
Gross leverage is expected to vary between: 0 – 2000% of the Net Asset Value. The gross leverage may exceed this target level at times
For more information on the Absolute VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps and forwards. The Sub-Fund may also utilise securities lending arrangements and repurchase/reverse repurchase agreements for EPM purposes, subject to the conditions and limits set out in the Central Bank UCITS Regulations.
Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI the Sub-Fund may
use for EPM purposes.

#### Securities Financing Transactions
The Sub-Fund may enter into Total Return Swaps (“TRS”), as described under the heading “Use of FDI” and may engage in SFTs, i.e. securities lending arrangements and
repurchase/reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of TRS shall be 100% and in respect of SFTs shall be 100% of the Net Asset Value of the Sub-Fund. However, it is
not anticipated that the Sub-Fund’s exposure in respect
of TRS will exceed 30% and in respect of SFTs will
exceed 15% of the Net Asset Value of the Sub-Fund. The types of assets that will be subject to TRS and SFTs will be of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on TRS and SFTs, including acceptable collateral and counterparty procedure is given under the
headings “Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
Shares in available unlaunched share class will be offered during an Initial Offer Period opening at 9.00 a.m. on 4 May, 2022 and closing at 5.00 p.m. on 3 November,
2022 at an initial offer price per Share of 1USD, 1€, 1£,
1CHF, 10DKK, 10SEK, 10NOK, 1CAD or 1AUD depending on
the currency of the relevant class (plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February. Further details
are set out under the heading “The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are set out under the sub heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management charge payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and
organisation of the Sub-Fund including the fees of the Sub-Fund’s professional advisers will be borne by the Sub-Fund. Such fees and expenses are estimated not to exceed €30,000 and will be borne by the Sub-Fund and will be amortised over a period of up to 3 years from the
date of the launch of the Sub-Fund.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

## BNY Mellon Sustainable Global Emerging Markets Fund

### SUPPLEMENT 62 DATED 31 MAY, 2022 TO THE PROSPECTUS DATED 3 MAY 2022 FOR BNY MELLON GLOBAL FUNDS, PLC
- This Supplement forms part of and should be read in conjunction with the Prospectus dated 3 May, 2022 for the Company.
- The Sub-Fund may utilise FDI for investment, hedging and efficient portfolio management purposes. In relation to the leverage effect of using FDI, see “Global Exposure and Leverage” below. Further details on the risks associated with FDI usage are described in the Prospectus under the heading “Risk Factors – Transferable Securities, FDI and Other Techniques Risks”.
- The Sub-Fund’s Net Asset Value may have a high level of volatility due to its investment policy.
- An investment in the Sub-Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.


#### The Investment Manager
Newton Investment Management Limited

#### Sub-Investment Manager
The Investment Manager may delegate certain or all of its investment management functions with respect to this Sub-Fund to Newton Investment Management North
America LLC (the “Sub-Investment Manager”). Details of
the Sub-Investment Management Agreement between the
Investment Manager and the Sub-Investment Manager are set out under the heading “Sub-Investment Managers” in the Prospectus.

#### Base Currency
U.S. Dollars

#### Business Day
Each day which is a bank business day in Dublin.

#### Valuation Day
Each Business Day or such other days as the Directors may determine provided that all Shareholders are notified in advance and provided that there shall be at least one Valuation Day in each week.

#### Valuation Point
12.00 hours (Dublin time) on a Valuation Day or such other time as the Directors may from time to time determine provided that such time is always after the Dealing Deadline and provided that all Shareholders are notified in advance.

#### Dealing Deadline
The dealing deadline for the receipt of subscription, redemption or switching requests is 12.00 hours (Dublin time) on a Valuation Day.

#### Profile of a Typical Investor
A typical investor has a medium to long-term investment horizon.

#### Share Classes
The classes of Shares in the Sub-Fund which are available to investors are set out in the share class tables below and are distinguished by designated currency, minimum initial subscription requirements and levels of fees and charges levied as set out below. A description of the distinct categories of investors for whom each class of Shares is intended is set out under
the heading “The Company - Structure” in the Prospectus.
| “A” Shares and “H (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD A (Acc.) | USD | 5,000 | 5% | 2.00% | 0% |
| USD A (Inc.) | USD | 5,000 | 5% | 2.00% | 0% |
| Euro A (Acc.) | EUR | 5,000 | 5% | 2.00% | 0% |
| Euro A (Inc.) | EUR | 5,000 | 5% | 2.00% | 0% |
| CHF A (Acc.) | CHF | 5,000 | 5% | 2.00% | 0% |
| CHF A (Inc.) | CHF | 5,000 | 5% | 2.00% | 0% |
| Euro H (Acc.) (hedged) | EUR | 5,000 | 5% | 2.00% | 0% |
| Euro H (Inc.) (hedged) | EUR | 5,000 | 5% | 2.00% | 0% |
| CHF H (Acc.) (hedged) | CHF | 5,000 | 5% | 2.00% | 0% |
| CHF H (Inc.) (hedged) | CHF | 5,000 | 5% | 2.00% | 0% |
| DKK H (Acc.) (hedged) | DKK | 50,000 | 5% | 2.00% | 0% |
| SEK H (Acc.) (hedged) | SEK | 50,000 | 5% | 2.00% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| NOK H (Acc.) (hedged) | NOK | 50,000 | 5% | 2.00% | 0% |

| “B” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD B (Acc.) | USD | 10,000 | 5% | 1.50% | 0% |
| USD B (Inc.) | USD | 10,000 | 5% | 1.50% | 0% |

| “C” Shares and “I (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD C (Acc.) | USD | 5,000,000 | 5% | 1.00% | 0% |
| USD C (Inc.) | USD | 5,000,000 | 5% | 1.00% | 0% |
| Euro C (Acc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro C (Inc.) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (Acc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |
| Euro I (Inc.) (hedged) | EUR | 5,000,000 | 5% | 1.00% | 0% |

| “G” Shares and “G (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD G (Acc.) | USD | 5,000 | 5% | 1.00% | 0% |
| USD G (Inc.) | USD | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) | EUR | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Acc.) | GBP | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Inc.) | GBP | 5,000 | 5% | 1.00% | 0% |
| CHF G (Acc.) | CHF | 5,000 | 5% | 1.00% | 0% |
| CHF G (Inc.) | CHF | 5,000 | 5% | 1.00% | 0% |
| USD G (Acc.) (hedged) | USD | 5,000 | 5% | 1.00% | 0% |
| USD G (Inc.) (hedged) | USD | 5,000 | 5% | 1.00% | 0% |
| Euro G (Acc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| Euro G (Inc.) (hedged) | EUR | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Acc.) (hedged) | GBP | 5,000 | 5% | 1.00% | 0% |
| Sterling G (Inc.) (hedged) | GBP | 5,000 | 5% | 1.00% | 0% |
| CHF G (Acc.) (hedged) | CHF | 5,000 | 5% | 1.00% | 0% |
| CHF G (Inc.) (hedged) | CHF | 5,000 | 5% | 1.00% | 0% |

| “E” Shares and “E (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD E (Acc.) | USD | As agreed | 5% | 0.45% | 0% |

| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| --- | --- | --- | --- | --- | --- |
| USD E (Inc.) | USD | As agreed | 5% | 0.45% | 0% |
| Euro E (Acc.) | EUR | As agreed | 5% | 0.45% | 0% |
| Euro E (Inc.) | EUR | As agreed | 5% | 0.45% | 0% |
| Sterling E (Acc.) | GBP | As agreed | 5% | 0.45% | 0% |
| Sterling E (Inc.) | GBP | As agreed | 5% | 0.45% | 0% |
| CHF E (Acc.) | CHF | As agreed | 5% | 0.45% | 0% |
| CHF E (Inc.) | CHF | As agreed | 5% | 0.45% | 0% |
| Euro E (Acc.) (hedged) | EUR | As agreed | 5% | 0.45% | 0% |
| Euro E (Inc.) (hedged) | EUR | As agreed | 5% | 0.45% | 0% |
| CHF E (Acc.) (hedged) | CHF | As agreed | 5% | 0.45% | 0% |
| CHF E (Inc.) (hedged) | CHF | As agreed | 5% | 0.45% | 0% |
| Sterling E (Acc.) (hedged) | GBP | As agreed | 5% | 0.45% | 0% |
| Sterling E (Inc.) (hedged) | GBP | As agreed | 5% | 0.45% | 0% |

| “W” Shares and “W (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD W (Acc.) | USD | 15,000,000 | 5% | 0.75% | 0% |
| USD W (Inc.) | USD | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Acc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Inc.) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Acc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Inc.) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Acc.) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Inc.) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Acc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| Euro W (Inc.) (hedged) | EUR | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| CHF W (Inc.) (hedged) | CHF | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Acc.) (hedged) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 15,000,000 | 5% | 0.75% | 0% |
| SGD W (Acc.) (hedged) | SGD | 15,000,000 | 5% | 0.75% | 0% |

| “X” Shares and “X (hedged)” Shares |
| --- |
| Class | Currency | Minimum Initial Investment in Currency of Share Class | Maximum Initial Sales Charge (up to) | Annual Management Charge | Redemption Fee |
| USD X (Acc.) | USD | None | 0% | 0% | 0% |
| USD X (Inc.) | USD | None | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | None | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | None | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | None | 0% | 0% | 0% |


#### Investment Objective, Investment Policy and Other Information

##### Investment Objective
The Sub-Fund aims to achieve long-term capital growth and has a sustainable investment objective.
Specifically, the Sub-Fund aims to contribute to social and environmental objectives by investing in securities of emerging market companies that demonstrate attractive investment attributes and support sustainable development.

##### Investment Policy
The Sub-Fund will invest at least 75% of its Net Asset Value in companies listed, traded, located or deriving at least half of their revenue or income from emerging market countries including Russia, China and India.
The Sub-Fund will invest at least 75% of its Net Asset Value in equity and equity-related securities of companies in emerging market countries that contribute to social or environmental objectives by supporting sustainable development, through contributing to one or more of the UN Sustainable Development Goals (the
“SDGs”). Examples of the SDGs include climate action,
affordable and clean energy, sustainable cities and
communities, good health and wellbeing, quality education, and zero hunger.
All of the Sub-Fund’s investments, other than those intended for specific purposes such as hedging, and
liquidity will meet the definition of SFDR Sustainable Investments.
SFDR Sustainable Investments means those investments which contribute to an environmental objective or that contribute to a social objective, provided that such investments do not significantly harm any of those objectives and that investee companies follow good governance practices.
Investments must meet the Investment Manager’s binding environmental, social and governance (“ESG”) and sustainability criteria. In addition to contributing to social
or environmental objectives, by contributing to one or more of the UN SDGs, the Investment Manager will also seek to:
Identify and avoid investing in companies that participate in specific areas of activity that the Investment Manager deems to be harmful from an environmental and/or social perspective. All companies in which investments are made follow good governance practices as set out in the UN Global Compact principles. Companies in breach of the UN Global Compact principles which includes principles relating to human rights, labour, environment, and anti-corruption are excluded; and
Identify and invest in companies that are proactively seeking to manage environmental and/or social factors well, which in turn should support long-term financial returns. This will also include those companies that are contributing to the development of solutions that will contribute towards addressing environmental and/or social issues including more efficient or reduced use of resources or accessibility to healthcare.
Companies the Sub-Fund invests in are subject to the above binding elements as part of the Investment
Manager’s ESG and sustainability criteria to attain the Sub-Fund’s sustainable investment objective.
The equity and equity-related securities in which the Sub-Fund may invest include common and preference shares, American depositary receipts, global depository receipts, securities convertible into or exchangeable for
such equities (such as convertible preference shares, participatory notes (“P-Notes”) including low exercise price options (“LEPOs”) and low exercise price warrants (“LEPWs”), listed real estate investment trusts (“REITs”), Real Estate Operating Companies (REOCs) and other
closed-ended listed funds including listed Investment Trusts, warrants (subject to a 10% limit of the Net Asset
Value of the Sub-Fund in the case of warrants), stock purchase rights and related FDI (as listed in “Use of FDI” below), hereinafter “Equity and Equity-Related Securities”.
The Sub-Fund may invest up to 10% of its Net Asset Value in listed REITs and up to 10% of its Net Asset Value in listed REOCs. The REITs and REOCs in which the Sub-Fund may invest could contribute towards social objectives by financing social housing, hospitals or essential infrastructure.
The Sub-Fund may invest up to 10% of its Net Asset Value in aggregate in open-ended collective investment
schemes (“CIS”) such as equity index-based exchange traded funds (“ETFs”) and money market funds. CIS will be selected for the Sub-Fund on the basis that they are
either expected to contribute towards the Sub-Fund meeting its investment objective (and constitute SFDR Sustainable Investments) or because their use is deemed appropriate for liquidity management or hedging purposes. CIS may include another Sub-Fund or Sub- Funds of the Company or other funds advised by the Investment Manager. Any investment in closed-ended CIS constituting transferable securities will be in accordance
with the criteria and investment limits for transferable securities, as set out under the heading “The Company - Investment and Borrowing Restrictions” in the Prospectus.
The Sub-Fund may hold cash and liquid near cash assets in certain circumstances including where the Investment Manager believes markets are overvalued or where
market conditions may require a defensive investment strategy or as set out below in the section ‘Cash and Collateral Management’.
With the exception of permitted investment in unlisted
transferable securities and approved money market instruments, the Sub-Fund’s investments shall be listed or traded on Eligible Markets. A list of the Eligible
Markets is set out in Appendix II of the Prospectus.
The Sub-Fund may invest up to 10% of its Net Asset Value in Russian securities listed or traded on the Moscow Exchange.
Methods of gaining exposure to Chinese securities may include purchasing China H-shares listed or traded on the Hong Kong Stock Exchange, China B-shares listed or traded on the Shanghai Stock Exchange or the Shenzhen Stock Exchange or China A-shares via the Stock Connect. The Sub-Fund may invest up to 10% of its Net Asset Value in China A-shares via the Stock Connect. Further
details about the Stock Connect are set out in Appendix V to the Prospectus.
Whilst the Sub-Fund’s base currency is USD, it may invest in non-USD denominated assets. Such assets will not necessarily be hedged back into USD. In addition, the
Sub-Fund may take active currency positions on currencies other than USD to express the Investment
Manager’s view on currencies in order to help the Sub-
Fund increase its capital growth. FDI such as forward foreign exchange contracts, currency futures or options on currency futures may be used for these purposes.
Therefore, while active currency positions will not form a central part of the Sub-Fund’s investment strategy, the performance of the Sub-Fund may be strongly influenced
by movements in FX rates because currency positions held by the Sub-Fund may not correspond with the securities positions held.

##### Cash and Collateral Management
The Sub-Fund will hold cash and liquid near cash assets in certain circumstances, such as meeting redemptions, facilitating payment of expenses, holding cash on deposit pending reinvestment and to provide liquidity and collateral to support FDI exposure.
Liquid near cash assets may include money market instruments (such as U.S. treasury bills, certificates of deposit, commercial paper and term deposits) and bank deposits. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency or will be deemed by the Investment Manager to be of equivalent quality.

##### Benchmark
MSCI Emerging Markets NR Index (the “Benchmark”).
The Benchmark is a float-adjusted market capitalisation index that is designed to measure equity market performance of large and mid-cap representation across global emerging markets. The Benchmark covers approximately 85% of the free float-adjusted market capitalisation in each country it covers which currently includes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates (as of September 2021).
Further information about the Benchmark is available at https://www.msci.com/our-solutions/indexes/emerging- markets
The Sub-Fund will measure its performance against the Benchmark.
The Sub-Fund is actively managed, which means the Investment Manager has absolute discretion to invest
outside the Benchmark subject to the investment objective and policy. While the Sub-Fund’s holdings may include constituents of the Benchmark, the selection of
investments and their 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.
The Benchmark for this Sub-Fund is a broad-based market benchmark that does not take ESG factors into account. The Benchmark is not used to determine whether investments are SFDR Sustainable Investments or to measure how the Sub-Fund will achieve its environmental and social objectives. Instead, the Investment Manager will seek to measure the extent to which the investee companies that the Sub-Fund invests
in contribute to the SDGs in order measure whether the Sub-Fund’s environmental and social objectives have been attained.

##### Investment Strategy
The Investment Manager’s firm level investment process uses a combination of investment themes, fundamental analysis and security valuation. Themes seek to identify
the major areas of structural change in the world. Structural change encompasses multiple changes such as environmental, economic, technological and demographic changes which provide context to investment analysis and decision making helping the Investment Manager identify areas of potential opportunity and risk both at the asset class and security level. Fundamental analysis and consideration of security valuations by the Investment Manager then helps to determine areas of potential investments for the Sub- Fund.
Security valuation includes detailed analysis based on a wide range of financial metrics and research. This includes consideration of ESG risks, opportunities, and issues. When investing in securities, the portfolio
manager will consider the impact of these investments on the Sub-Fund’s overall construction, such as asset class exposures, the size of each security position and
the investment risk characteristics of the securities themselves. There is no restriction on the size (market capitalisation) of the companies that the Sub-Fund may invest in. In addition, the Sub-Fund is considerably more
concentrated than the Benchmark as it has exposure to significantly fewer companies. The Investment Manager’s approach concentrates on seeking to invest in
attractively valued stocks of companies with good prospects and strong fundamentals. The Investment Manager looks in particular for balance sheet strength, durable returns on capital and management teams which emphasise the interests of shareholders.
When determining whether a company meets the Investment Manager’s ESG and sustainability criteria, and constitutes an SFDR Sustainable Investment (including
following good governance practices), the Investment Manager considers whether the company: (i) engages in
sustainable business practices in an economic sense (e.g. the company’s strategy, operations and finances are stable and durable); (ii) takes appropriate measures to
manage any material consequences or impact of its policies and operations in relation to ESG matters (e.g.,
the company’s environmental footprint, labour standards,
board structure); and (iii) contributes, through its
business operations today, and has credible plans to contribute further over the longer-term (where relevant),, to one or more of the UN Sustainable Development Goals in a demonstrable way.
These Companies may include those whose business activities are identified as transitioning, such that they have a positive impact on the environment and/or society. Involvement in potentially harmful activities from an environmental or social perspective may arise for certain companies whose activities or operations, typically due to a legacy business mix, may have historically created poor environmental or social outcomes but that are now investing and positively adapting to future needs. For example, this may include power generation companies that are building facilities that harness renewable resources in order to support a low carbon economy and have committed to decommission coal-fired power plants. For the avoidance of doubt, such investments will be SFDR Sustainable Investments at the time of purchase.
Similarly, in some instances, the Sub-Fund may invest in a company where the Investment Manager determines prevailing ESG information and data provided by external ESG rating providers have not fully captured positive environmental or social-related initiatives of the company.
Additionally, at least 90% of the Net Asset Value of the Sub-Fund net of the Sub-Fund’s exposure to cash and liquid near cash assets, money market funds, and currency-related FDI (the “Non-ESG Assets”)) must meet the Investment Manager’s ESG and sustainability criteria
at time of purchase and on an ongoing basis. For the
avoidance of doubt, the Non-ESG Assets are not required to meet these criteria. No investment will be made in a security that is deemed to have material unresolvable environmental, social, or governance issues. When
determining whether a company meets the Investment Manager’s ESG and sustainability criteria the Investment Manager uses a combination of external and internal
data, research and ratings which are both quantitative and qualitative in nature.
The Investment Manager is dependent upon information and data from third parties (which may include providers of research reports, screenings, ratings and/or analysis such as index providers and consultants). Such information or data may be incomplete, inaccurate or inconsistent.
The Sub-Fund’s investments must continue to meet the Investment Manager’s ESG and sustainability criteria on an ongoing basis after initial purchase and the
Investment Manager will assess the level of sustainability risk that a company may be subject to in the same way as it would be assessed before initial purchase.
The Sub-Fund will invest predominantly invest in Equity and Equity-Related Securities, though it may also invest in cash and liquid near cash assets for the purposes of hedging or liquidity, when deemed appropriate by the Investment Manager. Whilst the Sub-Fund has the ability to use FDI, it does not form a central part of the investment strategy. The use of FDI will likely be on an occasional basis, should the Investment Manager deem FDI provide a more optimal way of achieving the Sub-
Fund’s investment objective than direct investments. Any
use of FDI for investment purposes will only be permitted
to the extent that this is expected to enable the Investment Manager to attain the Sub-Fund’s environmental and social objectives.

#### Sustainable Finance Disclosure Regulation
The Sub-Fund integrates sustainability risk into investment decisions and has sustainable investment as its objective for the purposes of Article 9 of the SFDR.
The consideration of sustainability risk forms an important part of the due diligence process implemented by the Investment Manager.
When assessing the sustainability risk associated with underlying investments, the Investment Manager is assessing the risk that the value of such underlying
investments could be materially negatively impacted by an ESG event or condition (“ESG Event”).
The Investment Manager has access to a variety of ESG- related data points provided by third party data providers which assists with the identification of potential ESG- related issues that an issuer may be facing. This includes but is not limited to exposure to activities that may be
deemed harmful to the environment or society. This data, along with data from the Investment Manager’s own proprietary responsible investment research resources, forms a central part of the Investment Manager’s consideration and assessment of the level of
sustainability risk that an investment may be subject to.
This assessment is integrated into the security level research process which is based upon fundamental analysis of individual investment opportunities across a number of different factors including:
- Fundamental financial or economic characteristics
- Valuation
- Risk/reward profile
- The ESG characteristics of the issuer, including understanding how such considerations can impact economic returnsThe information gathered from the fundamental analysis conducted will be taken into account by the Investment Manager in deciding whether to acquire a holding in an issuer or continue to hold a position.

In the event that the sustainability risk associated with a particular investment increases beyond a level that the Investment Manager is comfortable with, taking into consideration the investment objective and strategy of the Sub-Fund, the Investment Manager will consider
selling or reducing the Fund’s exposure to the relevant
investment, taking into account the best interests of the
Shareholders of the Fund.
As explained above, the assessment and management of sustainability risks forms an important part of the Investment Manager's due diligence process, however there may still be a risk that the value of the Sub-Fund could be materially negatively impacted by an ESG Event.
The Manager has carefully evaluated the requirements of the principal adverse impact consideration regime in
Article 4 SFDR, (the “PAI regime”). The Manager is
supportive of the policy aims of the PAI regime, to
improve transparency to investors and the market, as to how financial market participants integrate consideration of the adverse impacts of their investment decisions on sustainability factors. The Manager does not, however, currently consider the adverse impacts of investment decisions on sustainability factors in line with the PAI regime for the Sub-Fund because of concerns about the lack of readily available data to comply with many of the technical reporting requirements of the regime. The Manager continues to analyse the data available that would be necessary to comply with these technical reporting requirements and to assess its obligations under the PAI regime in conjunction with the Investment Manager and will keep its decision not to comply with the PAI regime under regular review.

#### The EU Taxonomy Regulation
While this Sub-Fund is categorised as Article 9 under SFDR and aims to contribute to environmental objectives, as at the date of this Supplement the investments underlying this Sub-Fund do not take into account the EU Criteria for Environmentally Sustainable Economic Activities notwithstanding that certain investments held by the Sub-Fund may incidentally contribute to the environmental objectives of Climate Change Mitigation and/or Climate Change Adaptation. This will be kept
under active review and may be reconsidered as and
when more sufficient, reliable, timely and verifiable data on the Sub-Fund’s investments become available.

#### Registration in Germany
It is intended that this Sub-Fund will be registered for sale in Germany. The Sub-Fund is classified as an Equity Fund for German tax purposes and as such it will permanently invest more than 50% of its assets in equities as defined in article 2 paragraph 8 of the German Investment Tax Act.

#### Use of FDI
The Sub-Fund may invest in the following exchange- traded and over-the-counter FDI for investment purposes:
| Futures | Currency Futures Equity Index Futures Equity Futures Index Futures |
| --- | --- |
| Options | Equity Options (single name, index, sector, custom basket) LEPOs and LEPWs Index Options Options on Equity Futures Currency Options Options on Currency Futures |
| Forwards | Forward Foreign Exchange Contracts |
| Securities with Em- bedded FDI/ Leverage | Warrants Stock Purchase Rights Convertible Preference Shares |

Further details regarding the use of FDI for investment, hedging and EPM purposes, including their commercial purpose, are described in the Prospectus in the section
entitled “The Company – Financial Derivative Instruments and Techniques”.

#### Financial Indices
The Sub-Fund may gain indirect exposure to financial indices through the use of FDI for both EPM and investment purposes. The Sub-Fund utilises the following financial indices for investment purposes where it is more efficient to do so or in circumstances in which the Sub-Fund may not access the investments directly.
| Type of Financial Indices | Name of Financial Indices |
| --- | --- |
| Equity indices to provide exposure to regional and global equity markets in a more cost effective or efficient manner than buying physical securities | MSCI Emerging Markets Index MSCI India Index MSCI China Index |

These financial indices will typically be rebalanced regularly. However, as the Sub-Fund does not aim to replicate or track any financial index it will not be directly impacted by any rebalancing, associated costs or stock weighting in a financial index which would exceed the permitted investment restrictions.
Details of where to find additional information on the financial indices named above are provided in ‘Appendix IX – Additional Information on Financial Indices used for Investment Purposes’ in the Prospectus.
Should the Sub-Fund gain exposure to a financial index for investment purposes which is not listed above, details, including the market it represents and where
additional information can be found, will be set out in the Company’s semi-annual and annual accounts.

#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus.

#### Efficient Portfolio Management
The Sub-Fund may utilise the following types of FDI for EPM purposes: - futures, options, swaps, forwards, and warrants. The Sub-Fund may also utilise repurchase/ reverse repurchase agreements for EPM purposes,
subject to the conditions and limits set out in the Central Bank UCITS Regulations. Please see “The Company – Efficient Portfolio Management” in the Prospectus for further information on the types of techniques and FDI
the Sub-Fund may use for EPM purposes.

#### Stocklending Arrangements
This Sub-Fund will not utilise stocklending arrangements and, therefore, may forego any additional returns that may be produced through such activities.

#### Securities Financing Transactions
The Sub-Fund may engage in SFTs, i.e. repurchase/
reverse repurchase agreements, as described under the heading “Efficient Portfolio Management” in the Prospectus.
The maximum exposure of the Sub-Fund in respect of SFTs shall be 100% of the Net Asset Value of the Sub-
Fund. However, it is not anticipated that the Sub-Fund’s
exposure to the SFTs will exceed 15% of the Net Asset
Value. The types of assets that will be subject to SFTs will be securities which are of a type which is consistent with the investment policy of the Sub-Fund.
Additional detail on SFTs, including acceptable collateral and counterparty procedure is given under the headings
“Appendix III - Securities Financing Transactions”, “Appendix III - Management of Collateral”, “Appendix III - Use of Repurchase/Reverse Repurchase and Securities Lending Agreements”, “Efficient Portfolio Management” and “Risk Factors” in the Prospectus.

#### Issue of Shares
Shares in available unlaunched share class will be offered during an initial offer period opening at 9.00 a.m.
on 1 June, 2022 and closing at 5.00 p.m. on 30 November, 2022 (the “Initial Offer Period”) at an initial offer price per Share of 1USD, 1€, 1£, 1CHF, 10DKK, 10SEK, 10NOK, or
1SGD depending on the currency of the relevant class
(plus the sales charge, if any, applicable to the relevant class).
The respective initial offer periods may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on a yearly basis.
Following the respective initial offerings, Shares in each class will be allotted on each Valuation Day at the Valuation Point. The Subscription Price is the Net Asset Value per Share of that class calculated at the Valuation Point (plus the sales charge, if any, applicable to the relevant class).
All applications for the issue of Shares must be received by the Dealing Deadline in the manner set out in the Prospectus.

#### Distribution Policy
In the case of the income generating (Inc.) and accumulating (Acc.) share classes, dividends will normally be declared annually on 31 December. For holders of income generating Shares, the declared dividends will normally be paid on or before 11 February. Further details
are set out under the heading "The Company - Distribution Policy” in the Prospectus.

#### Fees
The fees and expenses of the Directors, the Investment Manager, the Administrator, the Depositary and the preliminary expenses are as set out under the heading
“Management and Administration of the Company - Fees and Expenses” in the Prospectus. The annual management fee payable to the Manager is set out under the heading “Share Classes” above.
The fees and expenses relating to the establishment and organisation of the Sub-Fund including the fees of the
Sub-Fund’s professional advisers will be borne by the
Sub-Fund. Such fees and expenses are estimated not to exceed €35,000 and will be borne by the Sub-Fund and will be amortised over a period of up to 3 years from the
date of the launch of the Sub-Fund.

#### Risk Factors
Investors' attention is drawn to the section entitled “Risk Factors” in the Prospectus.

Translation (ENES, 2022-06-24):
# Apéndice IX
### INFORMACIÓN ADICIONAL SOBRE ÍNDICES FINANCIEROS UTILIZADOS CON FINES DE INVERSIÓN
Cuando así se establezca en el Suplemento correspondiente, un Subfondo podrá obtener una exposición indirecta a índices financieros mediante el uso de Derivados con fines de inversión. A continuación, se proporciona información detallada sobre dónde encontrar información adicional sobre los índices financieros.
| Índices | Enlace |
| --- | --- |
| Índice AEX Índice CAC 40 | https://live.euronext.com/en/products/indices |
| Índice ASX SPI | https://www2.asx.com.au/markets/trade-our-derivatives-market/derivatives-market-  prices/index-derivatives |
| Borsa Istanbul | www.borsaistanbul.com |
| Índice BOVESPA | https://www.b3.com.br/en_us/market-data-and-indices/indices/ |
| Índice Barclays Capital Aggregate Bond | https://www.bloomberg.com/markets/rates-bonds/bloomberg-barclays-indices |
| Índice Bloomberg Commodity | https://www.bloomberg.com/professional/product/indices/ |
| Índice Chicago Board Options Exchange SPX Volatility | http://www.cboe.com/vix |
| Índice Dax 30 Índice MDAX | https://www.dax-indices.com/indices |
| EURIBOR | https://www.euribor-rates.eu/ |
| Índice Euro Stoxx 50 Índice Stoxx Europe 600 Índice Stoxx Europe Small 200 | https://www.stoxx.com/indices |
| Índice FTSE 100 Índice FTSE 350 Supersectors Índice FTSE All Share Índice FTSE China 150 Índice FTSE MIB Índice FTSE Taiwan Índice FTSE World Índice FTSE/JSE Top 40 Índice Russell 2000 | https://www.ftserussell.com/index |
| Índice Hang Seng Índice HSCEI | https://www.hsi.com.hk/eng |
| Índice IBEX 35 | https://www.bolsamadrid.es/ing/aspx/Indices/Resumen.aspx |
| Índice KOSPI Índice KOPSI 200 | https://global.krx.co.kr |
| LIBOR | https://www.theice.com/iba/libor |
| Índice Markit CDX North American Investment Grade Índice Markit CDX American Investment Grade High Volatility Índice Markit CDX North American High Yield Índice Markit CDX North American High Yield Beta Índice Markit CDX Emerging Markets Índice Markit CDX Emerging Markets Diversified Índice Markit iBoxx EUR Liquid High Yield Índice Markit iBoxx GBP Corporates Índice Markit iBoxx GEMX Índice Markit iBoxx USD Domestic Corporates Índice Markit iBoxx USD Liquid HY Índice Markit iBoxx USD Liquid IG Índice Markit iBoxx USD Liquid Leveraged Loans Índice Markit iBoxx EUR Corporates Índice Markit iTraxx Asia Índice Markit iTraxx CDS Índice Markit iTraxx Crossover Índice Markit iTraxx Europe Índice Markit iTraxx Europe Crossover (High Yield) Índice Markit iTraxx Financial Índice Markit iTraxx Senior Financials Índice Markit iTraxx Subordinated Financial | https://ihsmarkit.com/products/indices.html |
| Índice MSCI All Countries World Índice MSCI Emerging Markets Índice MSCI Singapore Índice MSCI World Developed ex Europe | https://www.msci.com/index-solutions |

| Índices | Enlace |
| --- | --- |
| Índice Nasdaq Composite Índice Nasdaq 100 EMINI | https://www.nasdaq.com/ |
| Índice Nikkei 225 | https://indexes.nikkei.co.jp/en/nkave/ |
| Índice S&P/ASX 200 Índice S&P 500 Índice S&P CNX Nifty Índice S&P Emerging Markets Índice S&P GSCI Índice S&P Midcap 400 Índice S&P/TSX Composite Índice S&P/TSX 60 | https://www.spglobal.com/spdji/en/index-finder/ |
| SOFR | https://apps.newyorkfed.org/markets/autorates/SOFR |
| SONIA | https://www.bankofengland.co.uk/markets/sonia-benchmark |
| Índice Stockholm OMX | https://indexes.nasdaqomx.com/index/overview/omxs30 |
| Índice Swiss Markit | https://www.six-group.com/exchanges/indices/ |
| TOPIX | https://www.jpx.co.jp/english/markets/indices/ |


## BNY Mellon Asian Equity Fund

### SUPLEMENTO 1 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado«Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Newton Investment Management Limited

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro A | EUR | 5.000 | 5% | 2,00% | 0% |
| USD A | USD | 5.000 | 5% | 2,00% | 0% |
| Sterling A (Acum.) | GBP | 5.000 | 5% | 2,00% | 0% |
| Sterling A (Reparto) | GBP | 5.000 | 5% | 2,00% | 0% |

| Acciones «B» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro B | EUR | 10.000 | 5% | 1,50% | 0% |
| USD B | USD | 10.000 | 5% | 1,50% | 0% |

| Acciones «G» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Acum.) | GBP | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Reparto) | GBP | 5.000 | 5% | 1,00% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro C | EUR | 5.000.000 | 5% | 1,00% | 0% |
| USD C | USD | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |

| Acciones «W» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| USD W | USD | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo tiene por objetivo conseguir una revalorización del capital a largo plazo, invirtiendo principalmente (esto es, al menos dos terceras partes de su patrimonio) en una cartera de acciones y hasta una tercera parte de sus activos en una cartera de valores asimilados a la renta variable de empresas situadas o que obtengan una parte mayoritaria de sus ingresos en Asia (excepto Japón).

##### Política de inversión
El Subfondo invertirá principalmente, esto es, al menos dos terceras partes de su Valor de inventario neto, en una cartera de acciones y hasta una tercera parte de su Valor de inventario neto en una cartera de valores asimilados a la renta variable, incluidos bonos convertibles (normalmente sin calificación), acciones preferentes convertibles y warrants (sujetos en este último caso a un límite del 10% del Valor de inventario neto del Subfondo) de empresas situadas en Asia (excepto Japón) o que obtengan una parte mayoritaria de sus ingresos en esta región. Las inversiones se pueden realizar en regiones de Asia desarrolladas y emergentes
(excepto Japón). Hasta una tercera parte del Valor de inventario neto del Subfondo podrá mantenerse invertida en valores de renta variable y asimilados a la renta variable de empresas que no estén situadas ni obtengan una parte mayoritaria de sus ingresos en Asia (excepto Japón).
El Subfondo puede invertir hasta el 30% de su Valor de inventario neto en acciones chinas de la clase A a través del canal Stock Connect. En el anexo V del Folleto se incluyen más detalles sobre el canal Stock Connect.
La mayoría de las inversiones del Subfondo estarán admitidas a cotización o se negociarán en Mercados admisibles situados en Asia y en la Región del Pacífico.
Además, el Subfondo no invertirá, en total, más del 10% de su Valor de inventario neto en organismos de inversión colectiva.

##### Índice de referencia
Índice MSCI AC Asia Pacific ex Japan TR (el «Índice de referencia»).
El Índice de referencia representa a valores con una capitalización bursátil elevada y media de países con mercados desarrollados (excepto Japón) y países con mercados emergentes de la región Asia Pacífico. Con 1060 componentes, el índice cubre aproximadamente el 85% de la capitalización bursátil ajustada a flotación libre en todos los países en los que opera.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del Índice de referencia, la selección de las inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
La filosofía de inversión se basa en la convicción de la Gestora de inversiones de que ninguna sociedad, mercado o economía pueden considerarse de manera aislada; todos ellos deben entenderse en un contexto global. La Gestora de inversiones cree que los acontecimientos que se suceden alrededor del mundo influyen en todos los mercados financieros, y que el éxito de las inversiones en renta variable asiática depende por lo tanto de un conocimiento en profundidad del mundo en su conjunto.
La Gestora de inversiones selecciona temas que abarcan las principales áreas de cambio del mundo, y los utiliza como base de sus ideas de inversión. Un enfoque temático global permite a la Gestora de inversiones tener una perspectiva a largo plazo de los mercados financieros y las economías globales, y tener en cuenta siempre la visión general. La perspectiva es un rasgo definitorio de su proceso de inversión; les ayuda a anticipar la forma en que cambiará el mundo y orienta a los analistas y gestores de cartera hacia oportunidades rentables.
Las carteras de renta variable asiática de la Gestora de inversiones se estructuran con visión de conjunto, aplicando un proceso de inversión basado en la investigación/el análisis «de abajo arriba» (bottom-up). Este enfoque se concentra en invertir en acciones con valoraciones atractivas de sociedades con buenas perspectivas y fundamentales vigorosos.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La consideración del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones tiene acceso a una serie de puntos de datos relacionados con los factores ASG proporcionados por datos de terceros que ayudan a identificar posibles problemas relacionados con los factores ASG a los que puede enfrentarse un emisor. Esto incluye, entre otros aspectos, la exposición a actividades que puedan considerarse perjudiciales para el ambiente o la sociedad. Estos datos, junto con los datos procedentes de los recursos propios de investigación sobre inversión responsable de la Gestora de inversiones, constituyen una parte fundamental de la consideración y evaluación del nivel de riesgo asociado a la sostenibilidad al que puede estar sujeta una inversión.
Esta evaluación está integrada en el proceso de investigación del nivel de seguridad, que se basa en el análisis fundamental de las oportunidades de inversión individuales a través de una serie de factores diversos, entre los que se incluyen:
- Características económicas o financieras fundamentales
- Valoración
- Perfil de riesgo/beneficio
- Las características ASG del emisor, lo que incluye comprender cómo pueden afectar dichas consideraciones a la rentabilidad económica.

La Gestora de inversiones tendrá en cuenta la información recopilada del análisis fundamental llevado a cabo será a la hora de decidir si adquirir o no una posición en un emisor, o de seguir manteniéndola.
Como se ha explicado anteriormente, la evaluación y la gestión de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los
factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.

#### Registro en Hong Kong
El Subfondo está registrado para su venta en Hong Kong.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 50% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.
Cuando utilice Derivados para lograr una gestión eficiente de la cartera, el Subfondo puede adquirir exposición indirecta a índices financieros.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de cartera» y «Factores de riesgo».

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP o 1 EUR, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Small Cap Euroland Fund

### SUPLEMENTO 2 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado«Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.


#### La Gestora de inversiones
Newton Investment Management North America LLC

#### Divisa Base
Euro

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro A | EUR | 5.000 | 5% | 2,00% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 2,00% | 0% |
| USD A | USD | 5.000 | 5% | 2,00% | 0% |

| Acciones «B» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro B | EUR | 10.000 | 5% | 1,50% | 0% |

| Acciones «G» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| USD G (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro C | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| USD C | USD | 5.000.000 | 5% | 1,00% | 0% |
| USD I (Acum.) (con cobertura) | USD | 5.000.000 | 5% | 1,00% | 0% |

| Acciones «W» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,75% | 0% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo tiene por objetivo conseguir un incremento a largo plazo del capital, invirtiendo principalmente (esto es, al menos un 90% de su patrimonio) en una cartera de valores de renta variable y asimilados a la renta variable de empresas de pequeña capitalización situadas en países que hayan adoptado el euro como su moneda de curso legal («Países de la Zona del euro»).

##### Política de inversión
El Subfondo tiene por objetivo conseguir un incremento a largo plazo del capital, invirtiendo principalmente (esto es, al menos un 90% de su Valor de inventario neto) en una cartera de valores de renta variable y asimilados a la renta variable de empresas de pequeña capitalización situadas en Países de la Zona del euro. Estos valores incluyen acciones y participaciones ordinarias y preferentes, warrants (hasta alcanzar un límite del 10% del Valor de inventario neto del Subfondo en el caso de los warrants), derechos de compra de acciones, valores convertibles, resguardos de depósito de valores y, a efectos de mantener una gestión eficiente de la cartera, contratos de futuros indexados a renta variable.
El Subfondo podrá invertir, asimismo, hasta un 10% de su Valor de inventario neto en valores de renta variable y asimilados a la renta variable de empresas de pequeña capitalización radicadas en cualquier país europeo distinto de un País de la Zona del euro (véase el apartado
«Países autorizados»).
El Subfondo invertirá en valores de empresas cuya capitalización bursátil total se encuentre comprendida dentro de la banda de capitalizaciones de las empresas que integran el S&P Eurozone SmallCap TR Index o cualquier otro índice de similar configuración que la Gestora de inversiones oportunamente seleccione.
Además, el Subfondo no invertirá, en total, más del 10% de su Valor de inventario neto en organismos de inversión colectiva.
Los valores en los que invertirá el Subfondo aparecerán en la lista de Mercados admisibles.
Países autorizados
En la actualidad, el Subfondo puede invertir en cualquier país incluido en el Índice de referencia. Podrá invertirse hasta el 10%, como máximo, en países no representados en el Índice al objeto de acomodar la inclusión en el Índice de referencia o la exclusión del mismo de un país
de los Países de la Zona del euro. Es decir, el Subfondo invertirá, al menos, el 90% de su Valor de inventario neto en países incluidos en el Índice de referencia.
Política de diversificación geográfica
El Subfondo se centrará en la selección individual de valores en vez de intentar predecir qué países evolucionarán favorablemente. No obstante, la composición geográfica de la cartera del Subfondo puede diferir de la del Índice de referencia como consecuencia indirecta del proceso de selección de valores. La desviación máxima con respecto al Índice de referencia será probablemente del 5%.
- Normalmente, el Subfondo invertirá en cuantos países se encuentren representados en el Índice de referencia.

Política de diversificación sectorial
El Subfondo se centrará en la selección individual de valores en vez de intentar predecir qué sectores evolucionarán favorablemente. No obstante, la composición sectorial de la cartera del Subfondo puede diferir de la del Índice de referencia como consecuencia indirecta del proceso de selección de valores. La desviación máxima con respecto al Índice de referencia será probablemente del 5%.
- Normalmente, el Subfondo invertirá en cuantos sectores se encuentren representados en el Índice de referencia.
- La ponderación de un sector concreto no excederá, generalmente, del 30%.

Proceso de selección valores
- Con el proceso de selección de valores del Subfondo se persigue construir una cartera diversificada cuyas tendencias en términos de valoración y de crecimiento de los beneficios sean, respectivamente, inferiores y superiores a las del Índice de referencia. A la hora de seleccionar valores, el Subfondo utilizará modelos cuantitativos de elaboración propia para identificar valores atractivos, y análisis cualitativos tradicionales para seleccionar valores concretos.
- El Subfondo podrá, con fines de gestión del riesgo de la cartera o al objeto de alcanzar una alfa determinada, adquirir valores que los analistas del fondo consideren atractivos, pese a no haber sido identificado por los modelos. El Subfondo podrá agrupar los valores en micro universos de empresas similares para facilitar las comparaciones.

Posiciones de liquidez
El Subfondo tratará de mantenerse, en todo momento, completamente invertido y mantendrá posiciones de tesorería reducidas, normalmente inferiores a un 5%, en forma de activos líquidos con carácter accesorio. No obstante, en los periodos en que se presente un número inusualmente alto de solicitudes de suscripción, la posición de liquidez del Subfondo podrá superar transitoriamente ese porcentaje, si bien no podrá representar, en ningún caso, más del 10%.
Cobertura monetaria
El Subfondo no tiene previsto tomar posiciones activas en divisas. Los saldos en moneda extranjera se convertirán a la moneda de cuenta en el momento de
realizarse la operación. La cobertura cruzada de divisas estará permitida en tanto no genere posiciones cortas una vez tenidos en cuenta los activos subyacentes. Está previsto que las operaciones de cobertura cruzada de divisas se lleven a efecto únicamente en circunstancias extraordinarias y bajo la forma de contratos a plazo sobre divisas.

##### Índice de referencia
S&P EuroZone SmallCap TR Index (el «Índice de referencia»).
El Índice de referencia forma parte de la serie S&P Developed SmallCap Index. Este Índice de referencia representa, país por país dentro de los países miembros de la zona del euro, el tramo inferior del 15% de capitalización acumulada disponible del S&P Developed Broad Market Index.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien se espera que la mayoría de las posiciones del Subfondo formen parte del Índice de referencia, y tengan ponderaciones similares a las de este, la estrategia de inversión no restringe el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
El Subfondo aplica una estrategia de inversión basada en la investigación, que combina las ventajas de capacidades fundamentales y cuantitativas para generar resultados de inversión mediante una selección de valores «de abajo arriba» (bottom-up). El sello distintivo del enfoque de inversión es una cartear con acciones muy activas y unas posiciones fundamentales impulsadas por una metodología en la que la Gestora de inversiones trata de equilibrar elementos de valor y un crecimiento de calidad de la cartera, en lugar del aspecto de seguridad. La constante que mantiene unido el sistema es un proceso sistemático de gestión de los riesgos, aplicado a diario, semanal y mensualmente, con el fin de garantizar una cartera equilibrada capaz de ofrecer un perfil de rentabilidad relativa coherente y atractivo.
En última instancia, el posicionamiento central de la cartera se obtiene mediante una pensada mezcla de valores orientados al valor y al crecimiento. La estrategia no pretende crear una cartera en la que las características de todos los valores sean de naturaleza esencialmente similar, lo que implica un modesto descuento en su valoración y un mayor potencial de crecimiento de los beneficios respecto del mercado. La Gestora de inversiones reconoce que a lo largo de todo un ciclo de mercado, habrá ocasiones en las que habrá más o menos ideas que combinen todos los elementos atractivos de una valoración con descuento junto con un fuerte potencial de crecimiento de los beneficios relativos. Como consecuencia, la Gestora de inversiones no fuerza el hecho de que todas las acciones parezcan de naturaleza «esencial», sino que busca equilibrar la cartera con una mezcla de las oportunidades de mejor valor disponibles en el mercado con las mejores ideas en términos de crecimiento de calidad/impulso.
La estrategia del Subfondo se centra en los beneficios, se basa en la investigación y tiene en cuenta los riesgos. La filosofía de inversión consiste en sumar valor mediante una combinación de valor relativo y crecimiento relativo. La selección de los valores es la piedra angular de la filosofía de inversión.
Estrategia centrada en los beneficios: La Gestora de inversiones cree que a largo plazo el precio de las acciones sigue el crecimiento de los beneficios.
Invertimos en sociedades con un dinamismo empresarial creciente y la ventaja de unos beneficios infravalorados.
Estrategia basada en la investigación: Las técnicas de investigación fundamental y cuantitativa son esenciales para encontrar valoraciones atractivas y un dinamismo empresarial creciente. La Gestora de inversiones cree que la mejor forma de sumar valor es a través de nuestras capacidades de investigación globales. Utiliza un amplio abanico de modelos computerizados propios, que se benefician de la experiencia en el sector de nuestros analistas. Busca detectar las sorpresas que hacen avanzar los mercados y las acciones.
Estrategia coherente: La Gestora de inversiones cree que los factores más constantes que traen consigo un rendimiento extraordinario a la hora de seleccionar acciones son:
- Un dinamismo empresarial creciente
- Una valoración atractivaEstrategia consciente de los riesgos: La Gestora de inversiones intenta ofrecer una rentabilidad sólida ajustada a los riesgos minimizando los riesgos imprevistos que asume. Haciendo un seguimiento de los errores aplicado a riesgos específicos de las acciones, la Gestora de inversiones espera superar de forma continuada el Índice de referencia del entorno comercial.


##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La gestión del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
Como parte del proceso de análisis ascendente de valores, la Gestora de inversiones evalúa los factores ambientales, sociales y de gobernanza de cada inversión en cartera en busca de posibles riesgos asociados a la sostenibilidad. Estos factores pueden incluir, entre otros, el impacto sobre el medioambiente de un emisor, incluidas las emisiones, el uso de la tierra y las prácticas en materia de residuos, así como las políticas y prácticas sociales de un emisor, incluidas las cuestiones relacionadas con los empleados, las prácticas de la cadena de suministro y las políticas de derechos humanos. El análisis crediticio interno de la Gestora de inversiones incluye recursos como la puntuación ASG interna de la propia Gestora de inversiones, que se complementa con recursos de terceros, incluidos los datos y calificaciones ASG de MSCI, los datos ASG de Bloomberg, la Guía de diálogo activo (Engagement Guide) de la Junta de Normas de Contabilidad Sostenible (SASB), análisis de agencias de calificación crediticia,
análisis de la parte vendedora y eventos del sector. Esta investigación sobre los riesgos de sostenibilidad se tiene en cuenta, junto con el estudio macroeconómico y el análisis crediticio de la Gestora de inversiones, en el proceso de selección de valores.
La Gestora de inversiones también evalúa las prácticas de gobierno corporativo de los emisores mediante su investigación fundamental, complementada con metodologías de calificación de gobierno corporativo de terceros, con el fin de establecer de manera fehaciente si los emisores correspondientes siguen unas buenas prácticas de gobierno, en particular con respecto a estructuras de gestión sólidas, relaciones con los empleados, remuneración del personal y conformidad fiscal.
La Gestora de inversiones supervisa periódicamente los factores de sostenibilidad y las exposiciones al riesgo evaluando los informes periódicos sobre las puntuaciones ASG propios de la Gestora de inversiones y procedentes de terceros.
Como se ha explicado anteriormente, la gestión y la evaluación de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.

#### Registro en Hong Kong
El Subfondo está registrado para su venta en Hong Kong.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 50% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.
Cuando utilice Derivados para lograr una gestión eficiente de la cartera, el Subfondo puede adquirir exposición indirecta a índices financieros.
Las operaciones de cobertura cruzada en divisas estarán permitidas en tanto no generen posiciones cortas una vez tenidos en cuenta los activos subyacentes. Está previsto que las operaciones de cobertura cruzada de divisas se lleven a efecto únicamente en circunstancias extraordinarias y bajo la forma de contratos a plazo sobre divisas.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener
información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP o 1 EUR, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Global Bond Fund

### SUPLEMENTO 3 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. El uso de Derivados con fines de inversión no será amplio. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.


#### La Gestora de inversiones
Newton Investment Management Limited

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro A | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% |
| USD A | USD | 5.000 | 5% | 1,00% | 0% |
| Euro H (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |

| Acciones «B» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD B | USD | 10.000 | 5% | 0,85% | 0% |

| Acciones «G» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 0,50% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| USD G (Reparto) | USD | 5.000 | 5% | 0,50% | 0% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 0,50% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 0,50% | 0% |
| Sterling G (Acum.) | GBP | 5.000 | 5% | 0,50% | 0% |
| Sterling G (Reparto) | GBP | 5.000 | 5% | 0,50% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro C | EUR | 5.000.000 | 5% | 0,50% | 0% |
| USD C | USD | 5.000.000 | 5% | 0,50% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,50% | 0% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 0,50% | 0% |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 0,50% | 0% |
| Euro I (con cobertura) | EUR | 5.000.000 | 5% | 0,50% | 0% |
| AUD I (Acum.) (con cobertura) | AUD | 5.000.000 | 5% | 0,50% | 0% |
| AUD I (Reparto) (con cobertura) | AUD | 5.000.000 | 5% | 0,50% | 0% |

| Acciones «W» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR W (Acum.) | EUR | 15.000.000 | 5% | 0,40% | 0% |
| EUR W (Reparto) | EUR | 15.000.000 | 5% | 0,40% | 0% |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,40% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,40% | 0% |
| CHF W (Reparto) | CHF | 15.000.000 | 5% | 0,40% | 0% |
| EUR W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,40% | 0% |
| EUR W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,40% | 0% |
| CHF W (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,40% | 0% |

| Acciones «Z» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Sterling Z (Acum.) (con cobertura) | GBP | 200.000.000 | 5% | 0,30% | 0% |
| Sterling Z (Reparto) (con cobertura) | GBP | 200.000.000 | 5% | 0,30% | 0% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| USD X | USD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo tiene por objetivo maximizar las rentabilidades totales en términos de rendimientos y revalorización del capital, invirtiendo principalmente (esto es, al menos, un 90% de su patrimonio) en una cartera internacional de valores de deuda y valores relacionados con deuda soberana, pública, supranacional, empresarial, bancaria y procedente de titulizaciones de activos, así como en derivados.

##### Política de inversión
El Subfondo invertirá principalmente, esto es, al menos un 90% de su Valor de inventario neto, en una cartera internacional de valores de deuda soberana, pública, de organismos supranacionales, empresarial, bancaria y de otro tipo (incluidos bonos hipotecarios y de empresa) y en otros valores de deuda y valores relacionados con deuda como obligaciones simples, pagarés (incluidos pagarés empresariales y soberanos, a tipo variable y fijo, con un plazo de vencimiento mínimo igual o superior a un año) o títulos respaldados por hipotecas o por activos, certificados de depósito, papel comercial y resguardos americanos y / o mundiales de depósito de valores cotizados o negociados en Mercados admisibles situados en todo el mundo, así como en Derivados.
El 10%, como máximo, del Valor de inventario neto del Subfondo cotizará o se negociará en Mercados admisibles situados en mercados emergentes.
La calificación de solvencia mínima de los Valores de deuda y relacionados con la deuda en los que el Subfondo puede invertir en el momento de la compra es BBB- (o su equivalente), según la calificación otorgada por una agencia de calificación crediticia reconocida. En caso de calificación dividida, se tendrá en cuenta la calificación más alta. Si un instrumento carece de calificación, deberá ser de calidad equivalente a la citada de acuerdo con la Gestora de inversiones.
Además, el Subfondo no invertirá, en total, más del 10% de su Valor de inventario neto en organismos de inversión colectiva.
El Subfondo puede invertir también hasta el 10% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda de la República Popular de China («RPC») negociados en el mercado de bonos interbancario de China («CIBM») a través del Mecanismo de acceso al mercado de bonos de Hong Kong y China (tal y como se describe en el Apéndice VI del Folleto).

##### Índice de referencia
JP Morgan Global GBI Unhedged TR Index (el «Índice de referencia»).
El Índice de referencia es un índice de bonos representativo de los valores del Gobierno de tipo fijo. Los índices Global Bond Income suelen seguir emisiones de tipo fijo de países con altos ingresos de Norteamérica, Europa y Asia.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del Índice de referencia, la selección de las inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
La filosofía de inversión se basa en la convicción de la Gestora de inversiones de que ninguna sociedad, mercado o economía pueden considerarse de manera aislada; todos ellos deben entenderse en un contexto global. La Gestora de inversiones cree que los acontecimientos que se suceden alrededor del mundo influyen en todos los mercados financieros, y que el éxito de las inversiones en bonos globales depende por lo tanto de un conocimiento en profundidad del mundo en su conjunto.
La Gestora de inversiones selecciona temas que abarcan las principales áreas de cambio del mundo, y los utiliza como base de sus ideas de inversión. Este enfoque temático global permite a la Gestora de inversiones tener una perspectiva a largo plazo de los mercados financieros y las economías globales, y tener en cuenta siempre la visión general. La perspectiva es un rasgo definitorio de su proceso de inversión; ayuda a anticipar la forma en que cambiará el mundo y orienta a los analistas y gestores de cartera hacia oportunidades rentables.
El método de la Gestora de inversiones a la hora de administrar sus carteras de bonos globales consiste en determinar los temas que influyen en los mercados de obligaciones y de divisas, seleccionar activos que se beneficien de dichos temas e invertir para generar rendimientos positivos. En general, los principales factores que contribuyen al rendimiento son la duración de la cartera, el posicionamiento de la curva de rendimiento y la composición geográfica y de divisas.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La consideración del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones tiene acceso a una serie de puntos de datos relacionados con los factores ASG proporcionados por datos de terceros que ayudan a identificar posibles problemas relacionados con los factores ASG a los que puede enfrentarse un emisor. Esto incluye, entre otros aspectos, la exposición a actividades que puedan considerarse perjudiciales para el ambiente o la sociedad. Estos datos, junto con los datos procedentes de los recursos propios de investigación sobre inversión responsable de la Gestora de inversiones, constituyen una parte fundamental de la consideración y evaluación del nivel de riesgo asociado a la sostenibilidad al que puede estar sujeta una inversión.
Esta evaluación está integrada en el proceso de investigación del nivel de seguridad, que se basa en el análisis fundamental de las oportunidades de inversión individuales a través de una serie de factores diversos, entre los que se incluyen:
- Características económicas o financieras fundamentales
- Valoración
- Perfil de riesgo/beneficio
- Las características ASG del emisor, lo que incluye comprender cómo pueden afectar dichas consideraciones a la rentabilidad económica.

La Gestora de inversiones tendrá en cuenta la información recopilada del análisis fundamental llevado a cabo será a la hora de decidir si adquirir o no una posición en un emisor, o de seguir manteniéndola.
Como se ha explicado anteriormente, la evaluación y la gestión de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros de deuda pública Futuros sobre divisas Futuros del mercado monetario |
| --- | --- |
| Opciones | Opciones sobre futuros de deuda pública Opciones de futuros sobre divisas Opciones sobre divisas (incluidas las opciones de tipos de cambio) |
| Contratos a plazo (entre- gables y no entregables) | Contratos a plazo sobre divisas |
| Swaps | Swaps de incumplimiento de crédito (denominación única, índice y cesta personalizada) |
| Valores con Derivados/apa- lancamiento integrados | Títulos respaldados por activos («ABS») y títulos respaldados por hipotecas («MBS») |

En el Apéndice II del Folleto se recoge una lista de los Mercados admisibles en los que pueden cotizar o negociarse los Derivados.
En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión y gestión eficiente de la cartera, incluido su objetivo comercial. Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos de los Derivados, técnicas y otros instrumentos» del Folleto.

#### Registro en Hong Kong
El Subfondo está registrado para su venta en Hong Kong.

#### Registro en Taiwán
El Subfondo está registrado para su venta en Taiwán. A los Subfondos registrados para su venta en Taiwán se les aplicarán las siguientes restricciones de inversión, que podrán modificarse ocasionalmente.
- En el caso de que el Subfondo invierta en mercados de valores chinos, solo podrá invertir en valores cotizados y en el mercado de bonos interbancario de deuda de forma directa o indirecta, y el porcentaje total de la inversión no podrá superar el 20% del Valor de inventario neto. Por «Mercados de valores chinos» se entenderá aquellos valores disponibles en cualquier mercado de valores o mercado de bonos interbancario ubicado en China continental, quedando excluidos Hong Kong y Macao. Consulte elApéndice II en el que figura una lista de los mercados admisibles, incluidos aquellos situados en la China continental.

Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 40% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF o 1 AUD, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de la clase de Acciones USD C (Reparto), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre, y se pagarán el 11 de febrero, el 11 de mayo, el 11 de agosto y el 11 de noviembre, o antes de estas fechas.
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos semestralmente el 30 de junio y el 31 de diciembre, excepto en el caso de la clase de Acciones USD C (Reparto). En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de agosto y el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Global Equity Fund

### SUPLEMENTO 4 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado«Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Newton Investment Management Limited

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro A | EUR | 5.000 | 5% | 2,00% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 2,00% | 0% |
| USD A | USD | 5.000 | 5% | 2,00% | 0% |

| Acciones «B» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD B | USD | 10.000 | 5% | 1,50% | 0% |
| Euro B | EUR | 10.000 | 5% | 1,50% | 0% |

| Acciones «G» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro C | EUR | 5.000.000 | 5% | 1,00% | 0% |
| USD C | USD | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| AUD I (Acum.) (con cobertura) | AUD | 5.000.000 | 5% | 1,00% | 0% |

| Acciones «W» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,75% | 0% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo tiene por objetivo conseguir un incremento a largo plazo del capital, invirtiendo principalmente (esto es, al menos dos terceras partes de su patrimonio) en una cartera de valores de renta variable de empresas situadas en todo el mundo. Hasta una tercera parte del patrimonio del Subfondo podrá mantenerse invertida en una cartera de valores vinculados a renta variable o de deuda de empresas situadas en todo el mundo.

##### Política de inversión
El Subfondo invertirá principalmente, lo cual significa al menos dos terceras partes del Valor de inventario neto del Subfondo, en una cartera de valores de renta variable y asimilados a la renta variable de empresas de todo el mundo.
Hasta una tercera parte del Valor de inventario neto del Subfondo podrá mantenerse invertida en una cartera de valores asimilados a la renta variable, incluidos bonos convertibles (normalmente sin calificación asignada), participaciones preferentes convertibles y warrants
(sujetos en este último caso a un límite del 10% del Valor de inventario neto del Subfondo) de empresas situadas en todo el mundo, o en valores internacionales de deuda soberana, pública, de organismos supranacionales, empresarial, bancaria y de otro tipo (incluidos bonos hipotecarios y empresariales) y en otros valores de Valores de deuda y relacionados con la deuda como obligaciones simples, pagarés (incluidos pagarés empresariales y soberanos, a tipo variable y fijo, con un plazo de vencimiento mínimo igual o superior a un año) o títulos respaldados por hipotecas o por activos, certificados de depósito, papel comercial y Resguardos Estadounidenses o Mundiales de Depósito de Valores) cotizados o negociados en Mercados admisibles situados en todo el mundo.
La calificación de solvencia mínima de los Valores de deuda y relacionados con la deuda en los que el Subfondo puede invertir en el momento de la compra es BBB- (o su equivalente), según la calificación ofrecida por una agencia de calificación crediticia reconocida. En caso de calificación dividida, se tendrá en cuenta la calificación más alta. Si un instrumento carece de calificación, deberá ser de calidad equivalente a la citada de acuerdo con la Gestora de inversiones.
El Subfondo invierte en todo el mundo y, si bien no está enfocado a ninguna región geográfica, industria o sector, en ocasiones podrá concentrarse en industrias, sectores o países concretos, entre ellos Estados Unidos.
entre los métodos para obtener exposición a los valores chinos pueden incluirse la adquisición de acciones A de China a través de Stock Connect. El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en acciones chinas de la clase A a través del canal Stock Connect. En el Apéndice V de este Folleto se incluyen más detalles sobre el canal Stock Connect.
En el Apéndice II del Folleto se recoge una lista de los Mercados admisibles en los que pueden cotizar o negociarse los Derivados.
Además, el Subfondo no invertirá, en total, más del 10% de su Valor de inventario neto en organismos de inversión colectiva.

##### Índice de referencia
MSCI AC World NR Index (el «Índice de referencia»).
El Índice de referencia es un indicador exhaustivo del comportamiento del mercado de renta variable global, que captura una muestra de empresas de capitalización bursátil alta y media de mercados desarrollados y de países emergentes. Formado por más de 2000 componentes, cubre aproximadamente el 85% del conjunto de oportunidades de renta variable mundial disponible para la inversión. El Índice de referencia aplica un enfoque integral y coherente a su elaboración, lo que permite obtener perspectivas globales significativas y comparaciones interregionales en todos los segmentos y combinaciones de tamaño de capitalización bursátil, sector y estilo. Esta metodología pretende dar una cobertura exhaustiva de la oportunidad de inversión, con especial atención a la liquidez, la potencial rentabilidad y la capacidad de seguir el índice. El Índice de referencia se revisa trimestralmente para reflejar los cambios producidos en los mercados de renta variable subyacentes, a la vez que se limita la rotación indebida del índice.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del Índice de referencia, la selección de las inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
La filosofía de inversión se basa en la convicción de la Gestora de inversiones de que ninguna sociedad, mercado o economía pueden considerarse de manera aislada; todos ellos deben entenderse en un contexto global. La Gestora de inversiones cree que los acontecimientos que se suceden alrededor del mundo influyen en todos los mercados financieros, y que el éxito de las inversiones en renta variable global depende por lo tanto de un conocimiento en profundidad del mundo en su conjunto.
La Gestora de inversiones selecciona temas que abarcan las principales áreas de cambio del mundo, y los utilizamos como base de nuestras ideas de inversión.
Este enfoque temático global permite a la Gestora de inversiones tener una perspectiva a largo plazo de los mercados financieros y las economías globales, y tener en cuenta siempre la visión general. La perspectiva es un rasgo definitorio de su proceso de inversión; les ayuda a anticipar la forma en que cambiará el mundo y orienta a los analistas y gestores de cartera hacia oportunidades rentables.
Las carteras de renta variable globales se estructuran con visión de conjunto, aplicando el proceso de inversión basado en la investigación/el análisis «de abajo arriba» (bottom-up) de la Gestora de inversiones. No siguen ni un estilo de inversión exclusivamente basado en el valor ni uno exclusivamente basado en el crecimiento. En su lugar, se concentran en invertir en acciones con valoraciones atractivas de sociedades con buenas perspectivas y fundamentales vigorosos.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La consideración del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones tiene acceso a una serie de puntos de datos relacionados con los factores ASG proporcionados por datos de terceros que ayudan a identificar posibles problemas relacionados con los factores ASG a los que puede enfrentarse un emisor. Esto incluye, entre otros aspectos, la exposición a actividades que puedan considerarse perjudiciales para el ambiente o la sociedad. Estos datos, junto con los datos procedentes de los recursos propios de investigación sobre inversión responsable de la Gestora de inversiones, constituyen una parte fundamental de la consideración y evaluación del nivel de riesgo asociado a la sostenibilidad al que puede estar sujeta una inversión.
Esta evaluación está integrada en el proceso de investigación del nivel de seguridad, que se basa en el análisis fundamental de las oportunidades de inversión individuales a través de una serie de factores diversos, entre los que se incluyen:
- Características económicas o financieras fundamentales
- Valoración
- Perfil de riesgo/beneficio
- Las características ASG del emisor, lo que incluye comprender cómo pueden afectar dichas consideraciones a la rentabilidad económica.

La Gestora de inversiones tendrá en cuenta la información recopilada del análisis fundamental llevado a cabo será a la hora de decidir si adquirir o no una posición en un emisor, o de seguir manteniéndola.
Como se ha explicado anteriormente, la evaluación y la gestión de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia
debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.

#### Registro en Hong Kong
El Subfondo está registrado para su venta en Hong Kong.

#### Registro en Taiwán
El Subfondo está registrado para su venta en Taiwán. A los Subfondos registrados para su venta en Taiwán se les aplicarán las siguientes restricciones de inversión, que podrán modificarse ocasionalmente.
- En caso de que el Subfondo invierta en mercados de valores chinos, solo podrá invertir en valores cotizados y en el mercado de bonos interbancario de forma directa o indirecta, y el porcentaje total de la inversión no podrá superar el 20% de su Valor de inventario neto. Por «Mercados de valores chinos» se entenderá aquellos valores disponibles en cualquier mercado de valores o mercado de bonos interbancario ubicado en China continental, quedando excluidos Hong Kong y Macao. Consulte elApéndice II en el que figura una lista de los mercados admisibles, incluidos aquellos situados en la China continental.
- Como Subfondo de renta variable registrado en Taiwán, el Subfondo debe invertir al menos el 70% de su Valor de inventario neto en valores de renta variable.

Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 40% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central.
Cuando utilice Derivados para lograr una gestión eficiente de la cartera, el Subfondo puede adquirir exposición indirecta a índices financieros.
Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR o 1 AUD, en
función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Global High Yield Bond Fund

### SUPLEMENTO 5 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.

0.1 Las comisiones de gestión y demás gastos del Subfondo se cargarán al capital del mismo para intentar maximizar los repartos. Consulte el apartado «Comisiones y gastos» del Folleto para obtener información adicional al respecto.Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.

#### La Gestora de inversiones
Alcentra NY, LLC

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD A (Acum.) | USD | 5.000 | 5% | 1,25% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,25% | 0% |
| USD A (Reparto) (M) | USD | 5.000 | 5% | 1,25% | 0% |
| Euro A | EUR | 5.000 | 5% | 1,25% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 1,25% | 0% |
| Sterling A (Acum.) | GBP | 5.000 | 5% | 1,25% | 0% |
| Sterling A (Reparto) | GBP | 5.000 | 5% | 1,25% | 0% |
| AUD A (Acum.) | AUD | 5.000 | 5% | 1,25% | 0% |
| AUD A (Reparto) (M) | AUD | 5.000 | 5% | 1,25% | 0% |
| CAD A (Acum.) | CAD | 5.000 | 5% | 1,25% | 0% |
| CAD A (Reparto) (M) | CAD | 5.000 | 5% | 1,25% | 0% |
| HKD A (Acum.) | HKD | 50.000 | 5% | 1,25% | 0% |
| HKD A (Reparto) (M) | HKD | 50.000 | 5% | 1,25% | 0% |
| CNH A (Acum.) | CNH | 50.000 | 5% | 1,25% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| CNH A (Reparto) (M) | CNH | 50.000 | 5% | 1,25% | 0% |
| SGD A (Acum.) | SGD | 5.000 | 5% | 1,25% | 0% |
| SGD A (Reparto) (M) | SGD | 5.000 | 5% | 1,25% | 0% |
| Euro H (con cobertura) | EUR | 5.000 | 5% | 1,25% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,25% | 0% |
| Sterling H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,25% | 0% |
| Sterling H (Reparto) (con cobertura) | GBP | 5.000 | 5% | 1,25% | 0% |
| AUD H (Acum.) (con cobertura) | AUD | 5.000 | 5% | 1,25% | 0% |
| AUD H (Reparto) (con cobertura) (M) | AUD | 5.000 | 5% | 1,25% | 0% |
| CAD H (Acum.) (con cobertura) | CAD | 5.000 | 5% | 1,25% | 0% |
| CAD H (Reparto) (con cobertura) (M) | CAD | 5.000 | 5% | 1,25% | 0% |
| HKD H (Acum.) (con cobertura) | HKD | 50.000 | 5% | 1,25% | 0% |
| HKD H (Reparto) (con cobertura) (M) | HKD | 50.000 | 5% | 1,25% | 0% |
| CNH H (Acum.) (con cobertura) | CNH | 50.000 | 5% | 1,25% | 0% |
| CNH H (Reparto) (con cobertura) (M) | CNH | 50.000 | 5% | 1,25% | 0% |
| SGD H (Acum.) (con cobertura) | SGD | 5.000 | 5% | 1,25% | 0% |
| SGD H (Reparto) (con cobertura) | SGD | 5.000 | 5% | 1,25% | 0% |
| SGD H (Reparto) (con cobertura) (M) | SGD | 5.000 | 5% | 1,25% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD C | USD | 5.000.000 | 5% | 1,00% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 1,00% | 0% |
| Euro C | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 1,00% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Euro I (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Sterling I (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling I (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| SGD I (Acum.) (con cobertura) | SGD | 5.000.000 | 5% | 1,00% | 0% |
| SGD I (Reparto) (con cobertura) | SGD | 5.000.000 | 5% | 1,00% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,50% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,50% | 0% |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,50% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,50% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,50% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,50% | 0% |
| HKD W (Reparto) (M) | HKD | 150.000.000 | 5% | 0,50% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,50% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,50% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,50% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,50% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,50% | 0% |
| AUD W (Reparto) (con cobertura) (M) | AUD | 15.000.000 | 5% | 0,50% | 0% |
| CAD W (Reparto) (con cobertura) (M) | CAD | 15.000.000 | 5% | 0,50% | 0% |
| CNH W (Reparto) (con cobertura) (M) | CNH | 150.000.000 | 5% | 0,50% | 0% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,50% | 0% |
| SGD W (Reparto) (con cobertura) | SGD | 15.000.000 | 5% | 0,50% | 0% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| JPY X (Reparto) (con cobertura) | JPY | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El objetivo de inversión del Subfondo es lograr una rentabilidad total que incluya ingresos y un incremento a largo plazo del capital, invirtiendo principalmente (esto es, al menos, un 80% de su patrimonio) en una cartera ampliamente diversificada de bonos de alto rendimiento y en derivados.

##### Política de inversión
El Subfondo invertirá principalmente, esto es, al menos, un 80% de su Valor de inventario neto, en una cartera ampliamente diversificada de bonos de alto rendimiento emitidos por empresas ubicadas en cualquier país del mundo y derivados relacionados, que ofrezcan unas rentabilidades ajustadas al riesgo relativamente atractivas. Las inversiones en valores o derivados relacionados que no se consideren bonos de alto rendimiento se limita al 20% del Valor de inventario neto del Subfondo.
Entre los valores de deuda de interés fijo o variable y los valores relacionados con la deuda en los que puede invertir el Subfondo figuran los siguientes, entre otros:
- un 30% o más del Valor de inventario neto en cada uno de los siguientes valores: bonos corporativos, que podrán emitirse como colocaciones privadas (tales como bonos Reg S y bonos 144A), incluidos los bonos corporativos híbridos, bonos con vencimiento único, bonos con opción de recompra, bonos con opción de reventa y pagarés de tipo variable (FRN). Los bonos Reg S y los de la Norma 144A son bonos emitidos por empresas cotizadas cuya inversión está reservada a inversores específicos. Concretamente, estos valores pueden venderse dentro del territorio de Estados Unidos a inversores estadounidenses o fuera del mismo a inversores extranjeros que cumplan los requisitos para beneficiarse de una exención de registro ante la SEC. Para evitar dudas, los bonos de la Norma 144A y los Reg S que el Subfondo haya seleccionado para invertir cotizarán o se negociarán principalmente en Mercados admisibles (en el Anexo II del Folleto se ofrece una lista de los mismos) y se prevé que sean valores líquidos;
- hasta un 30% del Valor de inventario neto en cada uno de los siguientes valores: eurobonos, bonos con cupón cero, bonos emitidos por organismos públicos o agencias gubernamentales (p. ej. bonos del Tesoro estadounidense y bonos municipales), bonos de agencias gubernamentales (p. ej. valores con garantía hipotecaria emitidos por una agencia gubernamental), bonos perpetuos y pagarés cotizados (ETN);
- hasta un 25% de su Valor de inventario neto en bonos convertibles (incluidos los bonos de conversión obligatoria);
- hasta un 20% de su Valor de inventario neto en instrumentos del mercado monetario (tales como aceptaciones bancarias, papel comercial y certificados de depósito);
- hasta un 15% de su Valor de inventario neto total en valores con garantía hipotecaria (MBS) (incluidas obligaciones garantizadas por valores hipotecarios (CMO) y valores respaldados por activos (ABS) (incluidas obligaciones de deuda garantizadas (CDO) y obligaciones de préstamo garantizadas (CLO));
- hasta un 10% de su Valor de inventario neto en cada uno de los siguientes valores: bonos con pago en especie, bonos ascendentes, bonos alternativos, bonos Yankee, deuda amortizable e intereses diferibles (es decir, valores fiduciarios preferentes);
- hasta un 10% de su Valor de inventario neto en préstamos (incluidos los préstamos apalancados, participaciones en préstamos, cesiones de préstamos, préstamos amortizables y préstamos sindicados) que constituirán instrumentos del mercado monetario; y
- hasta el 10% de su Valor de inventario neto en CoCo. Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado«Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.

El Subfondo también podrá invertir en deuda y derivados relacionados con deuda, según se detalla en el apartado
«Uso de derivados» a continuación.
El Subfondo también puede invertir hasta el 10% de su Valor de inventario neto en instrumentos de renta variable y asimilados a la renta variable, incluidas acciones ordinarias y preferentes, valores convertibles o canjeables por tales valores (es decir, acciones preferentes convertibles), warrants, OIC de capital variable (incluidos fondos cotizados (ETF)), Fondos de inversión inmobiliaria (REIT) y derivados relacionados (según se detalla en el apartado «Uso de derivados» a continuación).
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto total en OIC de capital variable, incluidos los fondos del mercado monetario y ETF de capital variable.
El Subfondo puede invertir hasta el 30% de su Valor de inventario neto en instrumentos de deuda subordinada. Entre dichos instrumentos figuran los CoCo, la deuda sénior no preferente y los bonos de nivel 1, nivel 2 y nivel 3 adicionales / restringidos.
- Los bonos de nivel 1, nivel 2 y nivel 3 adicionales / restringidos son bonos corporativos emitidos por entidades financieras, como por ejemplo, bancos y compañías aseguradoras. Los bonos adicionales / restringidos de nivel 1 conforman el capital híbrido menos preferente, los bonos de nivel 2 el capital híbrido con el segundo nivel más preferente y losbonos de nivel 3 el capital híbrido más preferente que puede emitir una entidad financiera en el mercado de renta fija.
- Los instrumentos de deuda subordinada son aquellos con características que permiten la absorción de pérdidas y que pueden ser objeto de cancelación contingente o conversión contingente en acciones ordinarias cuando concurran acontecimiento(s) desencadenante(s).

Para obtener información sobre los riesgos asociados a la deuda subordinada, consulte el apartado «Riesgo de la deuda subordinada» del Folleto.
El Subfondo invertirá en bonos de alto rendimiento, que son valores con una calificación inferior al grado de inversión (BB+ o inferior, o su equivalente, otorgada por una Agencia de calificación crediticia reconocida) o sin calificación. El Subfondo no podrá invertir más del 25% de su Valor de inventario neto, en el momento de la compra, en valores con una calificación inferior a B- (o su equivalente otorgada por una Agencia de calificación crediticia reconocida) o sin calificación. Un bono sin calificación es aquel que no ha sido evaluado por una agencia de calificación ni ha recibido una calificación de solvencia. La calificación de solvencia media de los valores de deuda en los que invierte el Subfondo será en todo momento, como mínimo, de B- (o su equivalente otorgada por una Agencia de calificación reconocida).
Con la excepción de la inversión permitida en valores no cotizados y OIC de capital variable, las inversiones del Subfondo serán valores cotizados o negociados en los Mercados admisibles incluidos en el Apéndice II del Folleto.
El Subfondo tiene previsto invertir en todo el mundo (es decir, sus inversiones cotizarán o se negociarán en Mercados admisibles del mundo entero). Asimismo, el Subfondopuede invertir hasta el 30% de su Valor de inventario neto en valores emitidos por empresas domiciliadas en países de mercados emergentes (incluida la República Popular de China («RPC») que se negocien en mercados estadounidenses o europeos. Si bien el Subfondo puede tener exposición a Rusia, no invertirá en valores que se negocien en mercados rusos. Para evitar dudas, el Subfondo no obtendrá exposición a la RPC mediante valores de deuda que se negocien en el mercado de bonos interbancario de China («CIBM») a través de Bond Connect (según se detalla más adelante en el Anexo VI del Folleto).
Excepto en los casos antes mencionados, el Subfondo no está sujeto a ninguna limitación en cuanto a la fracción del Valor de inventario neto que puede invertirse en un solo país o región geográfica específico. No obstante, en ocasiones, el Subfondo podrá concentrarse en países o regiones concretos en función de dónde la Gestora de inversiones detecte oportunidades de inversión . Por ejemplo, en ocasiones, el Subfondo podrá invertir sustancialmente (es decir, más del 70% de su Valor de inventario neto) en bonos de alto rendimiento emitidos por empresas domiciliadas en Estados Unidos, dado que es en este país donde a menudo tienen su domicilio social las multinacionales (concretamente, empresas con negocios de alcance mundial, es decir, que cuentan con operaciones globales y/o una clientela mundial) que emiten bonos de alto rendimiento.
Si bien la Moneda de cuenta del Subfondo es el USD, podrá invertir en activos no denominados en USD que tendrán cobertura respecto de esta moneda mediante
derivados relacionados con divisas. Los Derivados relacionados con divisas que pueda utilizar el Subfondo con fines de cobertura se describen con más detalle en el apartado «Técnicas e instrumentos financieros derivados» del Folleto.

##### Índice de referencia
Índice ICE BofA Developed Markets High Yield Constrained TR (con cobertura en dólares estadounidenses) (el «Índice de referencia»). El Índice de referencia replica la rentabilidad de instrumentos de deuda de empresa con una calificación inferior a grado de inversión denominados en dólares estadounidenses, dólares canadienses, libras y euros, emitida públicamente en los principales mercados estadounidenses o de eurobonos. La ponderación de los componentes del índice está limitada a un máximo del 2%. Aquí puede encontrar información adicional sobre el Índice de referencia:
https://www.theice.com/market-data/indices/fixed- income-indices
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien se espera que la mayoría de las posiciones del Subfondo formen parte del Índice de referencia, y tengan ponderaciones similares a las de este, la estrategia de inversión no restringe el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
El Subfondo invertirá principalmente en una cartera diversificada de bonos de alto rendimiento y tratará de identificar las oportunidades de inversión que combinan una rentabilidad corriente atractiva con una fuerte probabilidad de rentabilidad última del capital. El Subfondo pretende ofrecer ingresos mientras se protege de la volatilidad de los tipos de interés manteniendo una corta duración y protegiéndose frente a las pérdidas de capital.
El proceso de la Gestora de inversiones combina una visión descendente y un enfoque ascendente. El proceso se basa en un análisis crediticio ascendente fundamental y un análisis del mercado con la intención de identificar y explotar las deficiencias del mercado en mercados financieros apalancados. La Gestora de inversiones tiene preferencia por los sectores con valoraciones de activos atractivas, unos entornos competitivos estables y grandes obstáculos de acceso. Además, la Gestora de inversiones selecciona emisores que cree que cuentan con perfiles crediticios estables o con margen de mejora, unas posiciones competitivas fuertes y flexibilidad financiera, y cuyos activos, en su opinión, cuentan con una valoración razonable o modesta. La valoración se determina mediante la evaluación del activo en relación con otros activos de la estructura de capital del emisor y en relación con otros activos del sector y del mercado.
Este análisis crediticio ascendente fundamental se ve mejorado con una cobertura descendente formada por varios macroindicadores e indicadores específicos del
mercado, incluida la perspectiva económica regional, las perspectivas del sector, el recorrido de los tipos de interés y la perspectiva de quiebra.
El proceso de inversión de la Gestora de inversiones se basa en una mezcla de diligencia debida cualitativa y cuantitativa, llevada a cabo por un equipo global de analistas expertos para identificar fuentes de alfa (rentabilidad superior) en cuanto a sector, emisor y seguridad. Esta diligencia debida incluye la evaluación de las características crediticias de un emisor, la calidad de gestión, el flujo de tesorería, la flexibilidad financiera, la cuota de mercado, el crecimiento de los ingresos, las tendencias de margen, el acceso al capital, las reuniones con la dirección superior de un emisor y la asistencia a conferencias específicas del sector. El equipo de analistas de la Gestora de inversiones está organizado por sector industrial en pagarés de tipo variable de alto rendimiento, mercados de préstamos de alto rendimiento de tipo fijo y apalancados; además, cuenta con un equipo independiente especializado en el mercado de obligaciones garantizadas por valores de préstamo.
La Gestora de inversiones convoca un comité de asignación de activos mensual que establece las asignaciones pretendidas a cada clase de activos y articula los temas de inversión. A continuación, se seleccionan los temas de inversión del Subfondo mediante la discusión de los temas relevantes para una clase de activos específica como, p. ej., la condición crediticia de los emisores, la dinámica de la oferta y la demanda y las valoraciones. También se tienen en consideración macrotemas como el crecimiento específico de la región, la inflación, los tipos de interés y la perspectiva de tipo de incumplimiento. Los objetivos de asignación de activos se modifican en función de estas discusiones y de los análisis de emisores individuales llevados a cabo por la Gestora de inversiones.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La gestión del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
Utilizando procesos cuantitativos y cualitativos, la Gestora de inversiones identifica, supervisa y gestiona el riesgo asociado a la sostenibilidad de la siguiente manera:
- Antes de adquirir inversiones por cuenta de un Subfondo, el universo de inversión se examina utilizando la política de exclusión sectorial de la Gestora de inversiones, por la que las inversiones potenciales se eliminan en función del sector en el que operan, por ejemplo, armas controvertidas. Al evaluar una oportunidad de inversión, la Gestora de inversiones lleva a cabo un análisis fundamental holístico del riesgo de crédito del emisor. Un componente clave de este análisis es la evaluación de cualquier factor ASG relevante que pueda afectar negativamente a la solvencia de un emisor. El proceso de integración de los factores ASG comienza con la identificación de la exposición de un emisor ariesgos ASG importantes, seguida de una evaluación del impacto financiero potencial de dichos riesgos. Por último, la Gestora de inversiones evalúa el compromiso del emisor a la hora de gestionar la exposición a riesgos ASG importantes. Teniendo en cuenta los mercados a los que el Subfondo tiene exposición, el compromiso corporativo activo es la herramienta más importante y constituye la base de la integración y el análisis de los factores ASG. La Gestora de inversiones ha elaborado una lista de control de los factores ASG y una guía de materialidad sectorial que permiten valorar las actividades de compromiso. La integración de los factores de riesgo ASG culmina con la asignación de una calificación ASG propia, que informa de la opinión crediticia de la Gestora de inversiones y de las decisiones adoptadas para la creación de la cartera.
- Durante la vida útil de la inversión, el riesgo para la sostenibilidad se supervisa mediante la evaluación de los datos ASG publicados por el emisor (cuando proceda) y un enfoque continuo en el compromiso corporativo activo para determinar si el nivel de riesgo asociado a la sostenibilidad ha cambiado desde que se llevó a cabo la evaluación inicial. La evaluación de los factores ASG por parte de la Gestora de inversiones es una parte importante del proceso diario de supervisión del crédito, mediante el cual la Gestora de inversiones evalúa todos los riesgos y oportunidades relacionados con el emisor. La Gestora de inversiones interactúa anualmente con todos los emisores acerca de las cuestiones ASG; no obstante, el contacto es más frecuente cuando la exposición a riesgos ASG importantes es mayor.

Además, la Gestora de inversiones realiza un
seguimiento del compromiso ASG para captar y medir la eficacia de las actividades de compromiso. Cuando el riesgo de sostenibilidad asociado a una inversión concreta haya aumentado más allá del nivel de riesgo ASG aceptable para el Subfondo, la Gestora de inversiones considerará vender o reducir la exposición del Subfondo a la inversión correspondiente, teniendo en cuenta los intereses de los Accionistas del Subfondo.
Como se ha explicado anteriormente, la gestión y la evaluación de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor de un Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos
disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Swaps | Swaps de incumplimiento de crédito Índice/cesta de swaps de incumplimiento de crédito Swaps de rentabilidad total (TRS) (incluidos de denominación única, crédito y cesta personalizada) |
| --- | --- |
| Valores con Derivados/apa- lancamiento integrados | Bonos convertibles Bonos convertibles contingentes (CoCo) Bonos con opción de reventa y con opción de recompra Valores respaldados por activos (ABS) (incluidos los CLO) Valores con garantía hipotecaria (MBS) Warrants ETF sintéticos Acciones preferentes convertibles |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no pueda acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito para proporcionar exposición a mercados de renta fija globales de forma más rentable que adquiriendo los valores físicos. | Índice IHS Markit’s North American High Yield CDX Índice IHS Markit North American Investment Grade CDX Índice IHS Markit iTraxx Europe Índice IHS Markit iTraxx Europe Crossover |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Apéndice IX – Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

#### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Aplicando el enfoque del compromiso, se estima que la exposición larga total a través de derivados no superará el 50% del Valor de inventario neto del Subfondo y la exposición corta total no superará el 50% del Valor de inventario neto del Subfondo. Para evitar dudas, el Subfondo no mantendrá posiciones netas cortas de carácter direccional a escala del fondo.

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Relativo
Límite de VaR Relativo: la cartera del Subfondo no superará en dos veces el VaR en una cartera con un índice de referencia representativo (con un periodo de tenencia de 1 Días hábiles)
Índice de referencia de VaR Relativo: Índice ICE BofA Developed Markets High Yield Constrained TR (con cobertura en dólares estadounidenses)
Se espera que el apalancamiento bruto varíe entre: el 100% y el 500% del Valor de inventario neto. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
El Reglamento OICVM del Banco Central dispone que cuando el VaR se utiliza como enfoque de gestión del riesgo, puede también complementarse con un cálculo del apalancamiento utilizando el enfoque de compromiso.
Apalancamiento máximo: 50% del Valor de inventario neto (mediante el uso del enfoque de compromiso)
Para obtener más información sobre el enfoque de Valor en riesgo relativo, el Apalancamiento bruto y el enfoque del compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 50% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 10% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 15% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Registro en Hong Kong
El Subfondo está registrado para su venta en Hong Kong.

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 EUR, 1 GBP, 1 CHF, 1 AUD, 1 CAD, 10 HKD,
10 CNH, 10 SGD o 100 JPY, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las Acciones que generan rendimientos (Reparto) con el sufijo «(M)», normalmente se declararán dividendos mensualmente, el último Día Hábil del mes. En lo que respecta a los titulares de Acciones que generan rendimientos y reparten dividendos mensualmente, los dividendos declarados se pagarán normalmente el día 20 del mes siguiente, o en una fecha anterior. En el caso del resto de clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Recomendamos a los inversores que consulten el apartado «Factores de riesgo» del Folleto, en concreto, el subapartado «Riesgo de concentración», ya que el Subfondo puede estar concentrado en bonos de alto rendimiento emitidos por empresas domiciliadas en Estados Unidos; también deberían consultar los subapartados «Riesgo de la deuda subordinada» y
«Riesgo de bonos convertibles contingentes (CoCo)» en relación con los instrumentos de deuda subordinada, así como los riesgos adicionales específicos de este Subfondo y que se detallan a continuación.

#### Riesgo de tipo de interés y de inflación
La inversión en el Subfondo está expuesta al riesgo de tipo de interés y de inflación. Por lo general, los precios de los valores de deuda suben cuando caen los tipos de interés, mientras que sus precios caen cuando suben los tipos de interés. El valor del Subfondo podría verse afectado por movimientos adversos sustanciales de los tipos de interés y de la inflación.

#### Riesgos asociados con los bonos Norma 144A/ y bonos Reg S
El Subfondo puede invertir en bonos Norma 144A y Reg S, generalmente denominados «valores restringidos», que podrían estar sujetos a limitaciones en su reventa o traspaso. Por ejemplo, los bonos Norma 144A son bonos ofrecidos en el mercado no cotizado cuya reventa solo se permite a determinados compradores institucionales cualificados. Los bonos Reg S se venden a particulares o entidades ubicados fuera de Estados Unidos sin que sea necesario registrar dichos valores en la SEC; su reventa en Estados Unidos solo está permitida en determinadas circunstancias. Por consiguiente, los bonos Norma 144A y
los Reg S pueden estar expuestos a una mayor volatilidad de precios y a una menor liquidez de los activos en comparación con otros tipos de valores de deuda, y
puede que su venta resulte relativamente más difícil dentro de los plazos deseados. Para reducir los riesgos asociados a tales instrumentos, los bonos Norma 144A y los Reg S que el Subfondo haya seleccionado para invertir cotizarán o se negociarán principalmente en Mercados admisibles (en el Anexo II de este Folleto se ofrece una lista de los mismos) y se prevé que sean valores líquidos.

## BNY Mellon Global Opportunities Fund

### SUPLEMENTO 6 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado«Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Newton Investment Management Limited

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro A | EUR | 5.000 | 5% | 2,00% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 2,00% | 0% |
| USD A | USD | 5.000 | 5% | 2,00% | 0% |
| AUD A (Acum.) | AUD | 5.000 | 5% | 2,00% | 0% |
| CAD A (Acum.) | CAD | 5.000 | 5% | 2,00% | 0% |
| HKD A (Acum.) | HKD | 50.000 | 5% | 2,00% | 0% |
| CNH A (Acum.) | CNH | 50.000 | 5% | 2,00% | 0% |
| SGD A (Acum.) | SGD | 5.000 | 5% | 2,00% | 0% |
| Euro H (con cobertura) | EUR | 5.000 | 5% | 2,00% | 0% |
| AUD H (Acum.) (con cobertura) | AUD | 5.000 | 5% | 2,00% | 0% |
| CAD H (Acum.) (con cobertura) | CAD | 5.000 | 5% | 2,00% | 0% |
| CNH H (Acum.) (con cobertura) | CNH | 50.000 | 5% | 2,00% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| SGD H (Acum.) (con cobertura) | SGD | 5.000 | 5% | 2,00% | 0% |

| Acciones «B» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD B | USD | 10.000 | 5% | 1,50% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro C | EUR | 5.000.000 | 5% | 1,00% | 0% |
| USD C | USD | 5.000.000 | 5% | 1,00% | 0% |
| SGD I (Acum.) (con cobertura) | SGD | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,75% | 0% |
| HKD W (Acum.) | HKD | 150.000.000 | 5% | 0,75% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| SGD W (Reparto) (con cobertura) | SGD | 15.000.000 | 5% | 0,75% | 0% |
| AUD W (Acum.) (con cobertura) | AUD | 15.000.000 | 5% | 0,75% | 0% |
| CAD W (Acum.) (con cobertura) | CAD | 15.000.000 | 5% | 0,75% | 0% |
| CNH W (Reparto) (con cobertura) | CNH | 150.000.000 | 5% | 0,75% | 0% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro X | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo tiene por objetivo conseguir un incremento a largo plazo del capital, invirtiendo principalmente (esto es, al menos dos terceras partes de su patrimonio) en una cartera de valores de renta variable y asimilados a la renta variable de empresas situadas en todo el mundo, la mayoría de los cuales tendrán que estar admitidos a cotización o negociarse en Mercados admisibles de todo el mundo.
El Subfondo no está sujeto a restricciones (salvo las expuestas bajo el epígrafe «La Sociedad - Límites de inversión y de endeudamiento» del Folleto) sobre la proporción asignada a cualquier zona geográfica, sector o tipo de valor.

##### Política de inversión
El Subfondo invertirá principalmente, esto es, al menos dos terceras partes de su Valor de inventario neto, en una cartera de valores de renta variable y asimilados a la renta variable, incluidos bonos convertibles (normalmente sin calificación asignada), acciones preferentes convertibles y warrants (sujetos en este último caso a un límite del 10% del Valor de inventario neto del Subfondo) de empresas situadas en todo el mundo cotizadas o negociadas en Mercados admisibles.
Hasta una tercera parte del Valor de inventario neto del Subfondo podrá mantenerse invertida en una cartera internacional de valores de deuda soberana, pública, de organismos supranacionales, empresarial, bancaria y de otro tipo (incluidos bonos hipotecarios y de empresa) y en otros valores de deuda y valores relacionados con deuda como obligaciones simples, pagarés (incluidos pagarés empresariales y soberanos, a tipo variable y fijo, con un plazo de vencimiento mínimo igual o superior a un año) o títulos respaldados por hipotecas o por activos, certificados de depósito, papel comercial y resguardos americanos y / o mundiales de depósito cotizados o negociados en Mercados admisibles situados en todo el mundo.
La calificación de solvencia mínima de los Valores de deuda y relacionados con la deuda en los que el Subfondo puede invertir en el momento de la compra es BBB- (o su equivalente), según la calificación ofrecida por una agencia de calificación crediticia reconocida. En caso de calificación dividida, se tendrá en cuenta la calificación más alta. Si un instrumento carece de calificación, deberá ser de calidad equivalente a la citada de acuerdo con la Gestora de inversiones.
El Subfondo invierte en todo el mundo y, si bien no se exige que sus inversiones se restrinjan ni circunscriban a una zona geográfica o mercado concreto, puede tener una exposición significativa a determinados mercados, incluido el estadounidense. El carácter global del
Subfondo significa que una inversión en el mismo puede entrañar riesgos adicionales debido a la volatilidad de su rentabilidad a corto plazo.
entre los métodos para obtener exposición a los valores chinos pueden incluirse la adquisición de acciones A de China a través de Stock Connect. El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en acciones chinas de la clase A a través del canal Stock Connect. En el Apéndice V de este Folleto se incluyen más detalles sobre el canal Stock Connect.
Además, el Subfondo no invertirá, en total, más del 10% de su Valor de inventario neto en organismos de inversión colectiva («OIC»).

##### Índice de referencia
MSCI AC World NR Index (el «Índice de referencia»).
El Índice de referencia es un indicador exhaustivo del comportamiento del mercado de renta variable global, que captura una muestra de empresas de capitalización bursátil alta y media de mercados desarrollados y de países emergentes. Formado por más de 2000 componentes, cubre aproximadamente el 85% del conjunto de oportunidades de renta variable mundial disponible para la inversión. El Índice de referencia aplica un enfoque integral y coherente a su elaboración, lo que permite obtener perspectivas globales significativas y comparaciones interregionales en todos los segmentos y combinaciones de tamaño de capitalización bursátil, sector y estilo. Esta metodología pretende dar una cobertura exhaustiva de la oportunidad de inversión, con especial atención a la liquidez, la potencial rentabilidad y la capacidad de seguir el índice. El Índice de referencia se revisa trimestralmente para reflejar los cambios producidos en los mercados de renta variable subyacentes, a la vez que se limita la rotación indebida del índice.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del Índice de referencia, la selección de las inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
La filosofía de inversión se basa en la convicción de la Gestora de inversiones de que ninguna sociedad, mercado o economía pueden considerarse de manera aislada; todos ellos deben entenderse en un contexto global. La Gestora de inversiones cree que los acontecimientos que se suceden alrededor del mundo
influyen en todos los mercados financieros, y que el éxito de las inversiones en renta variable global depende por lo tanto de un conocimiento en profundidad del mundo en su conjunto.
La Gestora de inversiones selecciona temas que abarcan las principales áreas de cambio del mundo, y los utilizamos como base de nuestras ideas de inversión.
Este enfoque temático global permite a la Gestora de inversiones tener una perspectiva a largo plazo de los mercados financieros y las economías globales, y tener en cuenta siempre la visión general. La perspectiva es un rasgo definitorio de su proceso de inversión; les ayuda a anticipar la forma en que cambiará el mundo y orienta a los analistas y gestores de cartera hacia oportunidades rentables.
Las carteras de oportunidades globales se estructuran con visión de conjunto y siguen un enfoque de inversión sin restricciones, ni de tipo regional, ni sectorial o respecto del índice comparativo. La Gestora de inversiones no sigue un estilo de inversión ni basado en el valor ni en el crecimiento. En su lugar, se concentran en invertir en acciones con valoraciones atractivas de sociedades con buenas perspectivas y fundamentales vigorosos. Como promedio, cada posición de una cartera de oportunidades global constituye entre el 2 y el 3% del valor total de la cartera, lo que refleja el elevado grado de convicción en sus ideas de la Gestora de inversiones.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La consideración del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones tiene acceso a una serie de puntos de datos relacionados con los factores ASG proporcionados por datos de terceros que ayudan a identificar posibles problemas relacionados con los factores ASG a los que puede enfrentarse un emisor. Esto incluye, entre otros aspectos, la exposición a actividades que puedan considerarse perjudiciales para el ambiente o la sociedad. Estos datos, junto con los datos procedentes de los recursos propios de investigación sobre inversión responsable de la Gestora de inversiones, constituyen una parte fundamental de la consideración y evaluación del nivel de riesgo asociado a la sostenibilidad al que puede estar sujeta una inversión.
Esta evaluación está integrada en el proceso de investigación del nivel de seguridad, que se basa en el análisis fundamental de las oportunidades de inversión individuales a través de una serie de factores diversos, entre los que se incluyen:
- Características económicas o financieras fundamentales
- Valoración
- Perfil de riesgo/beneficio
- Las características ASG del emisor, lo que incluye comprender cómo pueden afectar dichas consideraciones a la rentabilidad económica.

La Gestora de inversiones tendrá en cuenta la información recopilada del análisis fundamental llevado a cabo será a la hora de decidir si adquirir o no una posición en un emisor, o de seguir manteniéndola.
Como se ha explicado anteriormente, la evaluación y la gestión de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.

#### Registro en Hong Kong
El Subfondo está registrado para su venta en Hong Kong.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 50% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y
warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central.
Cuando utilice Derivados para lograr una gestión eficiente de la cartera, el Subfondo puede adquirir exposición indirecta a índices financieros.
Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CAD, 1 AUD, 1 SGD, 10 HKD o 10 CNH, en función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la
acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Pan European Equity Fund

### SUPLEMENTO 7 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
Este Subfondo se clausuró mediante reembolso obligatorio por el cual todas las Acciones en emisión en el Subfondo a 9 de marzo de 2017 se reembolsaron obligatoriamente. Las Acciones del Subfondo ya no están disponibles para la inversión. La Sociedad tiene previsto solicitar al Banco Central que revoque la autorización
del Subfondo tras la elaboración de los estados financieros auditados correspondientes al ejercicio cerrado a 31 de diciembre de 2017. La Sociedad tratará de obtener la autorización del Banco Central para eliminar el Subfondo del Folleto una vez se apruebe dicha revocación.
Este Suplemento contiene información específica relativa a BNY Mellon Pan European Equity Fund (el «Subfondo»), un subfondo de BNY Mellon Global Funds, plc (la
«Sociedad»), que es una sociedad de inversión de tipo abierto y capital variable con múltiples subfondos (estructura «paraguas») constituida como un OICVM con arreglo a lo dispuesto en el Reglamento sobre OICVM. La responsabilidad entre los Subfondos de la Sociedad se mantiene segregada.
El presente Suplemento forma parte y deberá leerse a la luz de la descripción general de:
- sus Clases de Acciones
- sus límites de inversión y de endeudamiento
- su política de Reparto
- el método empleado para calcular el Valor de inventario neto
- la Sociedad, su dirección y administración
- las comisiones y gastos de la Sociedad
- sus factores de riesgo
- la fiscalidad de la Sociedad y de sus Accionistasque se incluyen en el Folleto del 3 de mayo de 2022 relativo a la Sociedad, que se entrega junto con este Suplemento. Si no ha recibido el Folleto, póngase en contacto con el Agente administrativo.

Llamamos particularmente la atención de los inversores sobre el apartado «Factores de riesgo» incluido en el Folleto.
Los Consejeros, cuyos nombres figuran bajo el epígrafe
«Dirección y administración de la Sociedad» del Folleto, asumen cualquier responsabilidad derivada de la información contenida en este Suplemento y en el Folleto. Según el leal saber y entender de los Consejeros (quienes han desplegado toda la diligencia razonable para garantizar que así sea), dicha información se ajusta a los hechos y no omite nada que pueda afectar al sentido de esta. Los Consejeros asumen la consiguiente responsabilidad.

#### La Gestora de inversiones
La Sociedad gestora ha nombrado a Newton Investment Management Limited (la «Gestora de inversiones») para que gestione la inversión y reinversión de los activos del Subfondo.
Puede encontrarse una descripción de la Gestora de inversiones bajo el epígrafe «Dirección y administración de la Sociedad» del Folleto.

#### Divisa Base
Euro

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo tiene un horizonte de inversión de 5 o más años, y está preparado para aceptar un nivel moderado de volatilidad.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad – Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que puede ofrecerse cada clase de Acciones.
| Acciones «Euro A» y Acciones «USD A» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| Euro A | EUR | Hasta el 5% | 5.000 EUR | 2,00% | Ninguna |
| USD A | USD | Hasta el 5% | 5.000 USD | 2,00% | Ninguna |

| Acciones «Euro B», Acciones «Sterling B (Acum.)», Acciones «Sterling B (Reparto)» y Acciones «USD B (Acum.)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| Euro B | EUR | Hasta el 5% | 10.000 EUR | 1,50% | Ninguna |
| Sterling B (Acum.) | GBP | Hasta el 5% | 1.000 GBP | 1,50% | Ninguna |
| Sterling B (Reparto) | GBP | Hasta el 5% | 1.000 GBP | 1,50% | Ninguna |
| USD B (Acum.) | USD | Hasta el 5% | 10.000 USD | 1,50% | Ninguna |

| Acciones «Euro C» y Acciones «USD C» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| Euro C | EUR | Hasta el 5% | 5.000.000 EUR | 1,00% | Ninguna |
| USD C | USD | Hasta el 5% | 5.000.000 USD | 1,00% | Ninguna |

| Acciones «Euro X (Acum.)» y Acciones «USD X (Acum.)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | Ninguna | Ninguna | Ninguna |
| USD X (Acum.) | USD | Ninguna | Ninguna | Ninguna | Ninguna |

| Acciones «Sterling W (Acum.)», Acciones «Euro W (Acum.)» y Acciones «USD W (Acum.)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| Sterling W (Acum.) | GBP | Hasta el 5% | 15.000.000 GBP | 0,75% | Ninguna |
| Euro W (Acum.) | EUR | Hasta el 5% | 15.000.000 EUR | 0,75% | Ninguna |
| USD W (Acum.) | USD | Hasta el 5% | 15.000.000 USD | 0,75% | Ninguna |


#### Objetivos y políticas de inversión

##### Objetivo de inversión
El Subfondo tiene por objetivo conseguir un incremento a largo plazo del capital, invirtiendo principalmente (esto es, al menos dos terceras partes de su patrimonio) en una cartera de acciones y hasta una tercera parte de sus activos en una cartera de valores vinculados a renta variable de empresas situadas, admitidas a cotización o que obtengan una parte mayoritaria de sus ingresos en Europa (incluido el Reino Unido).

##### Política de inversión
El Subfondo invertirá principalmente, esto es, al menos dos terceras partes de su patrimonio, en una cartera de acciones y hasta una tercera parte de sus activos en una cartera de valores vinculados a renta variable, incluidos bonos convertibles (normalmente sin calificación asignada), acciones preferentes convertibles y warrants (sujetos en este último caso a un límite del 10% del Valor
de inventario neto del Subfondo) de empresas situadas o que obtengan una parte mayoritaria de sus ingresos en Europa (incluido el Reino Unido).
Hasta una tercera parte del patrimonio del Subfondo podrá mantenerse invertida en valores de renta variable y asimilados a la renta variable de empresas que no estén situadas o que no obtengan una parte mayoritaria de sus ingresos en Europa (incluido el Reino Unido). Podrán realizarse inversiones en regiones europeas tanto desarrolladas como emergentes.
La mayoría de las inversiones del Subfondo estarán admitidas a cotización o se negociarán en Mercados admisibles situados en Europa (incluido el Reino Unido).
El Subfondo podrá realizar operaciones con Derivados con fines de gestión eficiente de la cartera (como se describe más adelante bajo el epígrafe «Gestión eficiente de cartera») o con fines de cobertura. En el Apéndice II del Folleto se recoge una lista de los Mercados admisibles en los que pueden cotizar o negociarse los Derivados. El Subfondo podrá también celebrar transacciones extrabursátiles con derivados, como se describe bajo el epígrafe «Gestión eficiente de cartera».

##### Estrategia de inversión
La filosofía de inversión se basa en la convicción de la Gestora de inversiones de que ninguna sociedad, mercado o economía pueden considerarse de manera aislada; todos ellos deben entenderse en un contexto global. La Gestora de inversiones cree que los acontecimientos que se suceden alrededor del mundo influyen en todos los mercados financieros, y que el éxito de las inversiones en renta variable paneuropea depende por lo tanto de un conocimiento en profundidad del mundo en su conjunto.
La Gestora de inversiones selecciona temas que abarcan las principales áreas de cambio del mundo, y los utiliza como base de sus ideas de inversión. Este enfoque temático global permite a la Gestora de inversiones tener una perspectiva a largo plazo de los mercados financieros y las economías globales, y tener en cuenta siempre la visión general. La perspectiva es un rasgo definitorio de su proceso de inversión; les ayuda a anticipar la forma en que cambiará el mundo y orienta a los analistas y gestores de cartera hacia oportunidades rentables.
Las carteras de renta variable paneuropea se estructuran con visión de conjunto, aplicando nuestro proceso de inversión basado en la investigación/el análisis «de abajo arriba» (bottom-up). La Gestora de inversiones no sigue ni un estilo de inversión exclusivamente basado en el valor ni uno exclusivamente basado en el crecimiento. En su lugar, se concentran en invertir en acciones con valoraciones atractivas de sociedades con buenas perspectivas y fundamentales vigorosos.

#### Emisión de Acciones
La oferta inicial (el «Periodo de Oferta Inicial») para todas las clases de Acciones ofrecidas por el Subfondo se ha cerrado. El Periodo de Oferta Inicial de las clases de Acciones no emitidas se mantendrá abierto hasta el 17 de mayo de 2018, o hasta cualquier fecha anterior o posterior a la citada, en que se emitan las primeras Acciones de la clase de Acciones correspondiente, momento en el cual finalizará automáticamente el Periodo de Oferta Inicial de dicha clase de Acciones. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www.bnymellonim.com.
Las Acciones de las clases no emitidas se emitirán durante sus respectivos Periodos de oferta iniciales, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF o 100 JPY, en función de la moneda de la clase que se trate (más la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Reembolso de Acciones
Las Acciones de cada clase se reembolsarán en cada Día de valoración en el Momento de valoración a elección del correspondiente Accionista. El Precio de recompra será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración, minorado en la comisión de reembolso aplicable.
Todas las solicitudes de reembolso de Acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Límites de inversión y de endeudamiento
Los límites de inversión y de endeudamiento del Subfondo se exponen bajo el epígrafe «La Sociedad – Límites de inversión y de endeudamiento» del Folleto.
Además, el valor neto total de las posiciones largas en derivados no podrá representar más del 15% del Valor de inventario neto del Subfondo.
Además, el Subfondo no invertirá, en total, más del 10% de su patrimonio neto en organismos de inversión colectiva.

#### Exposición global y apalancamiento
El Subfondo utilizará la metodología del método de asignación para medir, controlar y gestionar con exactitud el efecto de «apalancamiento» producido por el uso de derivados.
El enfoque de compromiso se calcula convirtiendo la posición derivada a la posición equivalente del activo subyacente, teniendo en cuenta eventuales compensaciones y ajustes de la cobertura, basándose en el valor de mercado del activo subyacente o el valor de mercado del contrato, tal como se describe en el Proceso de Gestión de Riesgos.
Utilizando el enfoque de compromiso, el apalancamiento del Subfondo no podrá sobrepasar el 100% de su patrimonio neto como consecuencia de la utilización de derivados.
La exposición total del Subfondo no excederá de su Valor de inventario neto total.

#### Gestión eficiente de la cartera
El Subfondo puede utilizar técnicas e Derivados para obtener una gestión eficiente de la cartera. El Subfondo podrá utilizar las siguientes técnicas e instrumentos con fines de gestión eficiente de la cartera: futuros, opciones, permutas financieras (swaps), warrants, contratos a
plazo sobre divisas, valores del premercado y / o valores con entrega diferida.
Una descripción de las técnicas e instrumentos que puede utilizar el Subfondo con fines de gestión eficiente de la cartera figura bajo el epígrafe «La Sociedad – Gestión eficiente de cartera» del Folleto.
Únicamente para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central de 2015.
Una operación de préstamo de valores es un contrato en virtud del cual un «prestamista» transfiere la titularidad de los valores «prestados» a un «prestatario», asumiendo éste el compromiso de devolver al prestamista «valores equivalentes» en una fecha previamente pactada.
Los contratos con pacto de recompra son operaciones en las que una de las partes vende un valor a la otra, comprometiéndose simultáneamente a recomprar dicho valor en una fecha futura preestablecida a un precio estipulado, que refleje un tipo de interés de mercado desvinculado del tipo del cupón de los valores. Un contrato de recompra inversa (repo) es una operación en la que un Subfondo compra valores a una contraparte, comprometiéndose simultáneamente a revendérselos en una fecha futura preestablecida a un precio también concretado. Por ejemplo, la Gestora de inversiones podrá celebrar contratos con pacto de recompra para incrementar los ingresos obtenidos por el Subfondo, o para gestionar la exposición a intereses de los bonos a tipo de interés fijo con mayor precisión que mediante el uso de futuros de tipos de interés.
La Gestora de inversiones podrá celebrar operaciones relacionadas con los activos del Subfondo orientadas a una gestión eficiente de la cartera con alguna de las siguientes finalidades:
- reducir el riesgo;
- reducir el coste; o
- generar capital o rendimientos adicionales, incurriendo en un nivel de riesgo (en comparación con la rentabilidad esperada), ajustado al perfil deriesgo del Subfondo y los requisitos de diversificación de riesgos establecidos en el Reglamento OICVM de 2015 del Banco Central y en la Guía del Banco Central sobre «Activos elegibles para OICVM» recogidos bajo el epígrafe «La Sociedad – Límites de inversión y de endeudamiento» del Folleto.

En lo que respecta a las operaciones de gestión eficiente de la cartera, la Gestora de inversiones tratará de garantizar la idoneidad económica de estas operaciones y que se realizan de forma rentable en cuanto a su coste.
Las técnicas de gestión eficiente de la cartera en relación con el Subfondo podrían generar costes de transacción. Todos los ingresos generados por las técnicas de gestión eficiente de la cartera, tras deducir los costes operativos directos e indirectos, se devolverán al Subfondo. Los costes/comisiones operativos directos e indirectos derivados de las técnicas de gestión eficiente de la cartera no incluyen los ingresos ocultos y no se abonarán a las entidades que se indican en el informe anual de la Sociedad, las cuales indicarán si las entidades están relacionadas con la Sociedad gestora o el Depositario.
Para más información acerca de los riesgos relacionados con la gestión eficiente de la cartera, los inversores deberán consultar los apartados del Folleto titulados
«Factores de riesgo-Riesgo de Contraparte», «Factores de riesgo-Riesgo de Derivados y de Técnicas e Instrumentos» y «Conflictos de intereses».
El Subfondo podrá realizar operaciones de cobertura cruzada en divisas con fines de gestión eficiente de la cartera.
La información acerca de la política de gestión de garantías del Subfondo figura bajo el epígrafe «Política de gestión de garantías» del Folleto.

##### Proceso de Gestión de Riesgos
La Sociedad utilizará un Proceso de Gestión de Riesgos que le permitirá medir, controlar y gestionar los riesgos vinculados a las posiciones en derivados financieros, de cuyo proceso se han comunicado los detalles al Banco Central. La Sociedad no utilizará Derivados que no se hayan incluido en el Procedimiento de Gestión de Riesgos hasta que dichos instrumentos no se hayan comunicado en un Procedimiento de Gestión del Riesgo revisado que se haya enviado al Banco Central y que este haya aprobado previamente.
La Sociedad facilitará información complementaria a los Accionistas que lo soliciten acerca de los métodos de gestión del riesgo utilizados, incluidos los límites cuantitativos que estén siendo observados y los últimos cambios registrados en las características de riesgo y rentabilidad de las principales categorías de inversiones.

#### Operaciones de financiación de valores
El Subfondo podrá realizar operaciones de financiación de valores («OFV»), es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera».
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de operaciones de préstamo de valores y contratos de recompra o de recompra inversa respectivamente serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto.

#### Cobertura de la Clase de Acciones
Con fines de cobertura de las clases de Acciones, el Subfondo celebrará operaciones de cobertura del riesgo de cambio con respecto a todas las Acciones con el sufijo («hedged»). En lo que se refiere a la cobertura de las clases de Acciones, únicamente será objeto de cobertura la exposición a divisas entre la divisa de denominación de las clases de Acciones pertinentes cubiertas y la moneda de base del Subfondo. Podrían aflorar posiciones sobrecubiertas o infracubiertas debido a factores que escapen al control del Subfondo. Las posiciones sobrecubiertas no podrán representar en ningún caso más del 105% del Valor de inventario neto de la clase considerada. Las posiciones cubiertas serán objeto de seguimiento con el fin de garantizar que las posiciones sobrecubiertas no superen el nivel permitido y que las posiciones que superen considerablemente el 100% no se trasladen al mes siguiente. Los inversores en una clase cubierta deben tener presente que esta estrategia podría limitar considerablemente los
beneficios que los Accionistas titulares de estas Acciones
podrían obtener si la moneda designada de la clase se depreciase frente a la moneda de cuenta del Subfondo y a las monedas en las que se encuentren denominados los activos del Subfondo. En tales circunstancias, los Accionistas titulares de estas Acciones pueden quedar
expuestos a fluctuaciones del valor liquidativo de la acción motivadas por las ganancias/pérdidas y los costes de los correspondientes instrumentos financieros. Las ganancias/pérdidas y los costes de los instrumentos financieros de que se trate serán exclusivamente imputados a las Acciones relevantes. Ninguna exposición a divisas de estas clases de Acciones relacionadas con operaciones de cobertura de divisas podrá sumarse ni compensarse con la correspondiente al resto de clases. La exposición a divisas de los activos atribuibles a estas clases de Acciones no podrá atribuirse a otras clases. En las cuentas anuales y semestrales de la Sociedad se expondrá la forma en que se hayan utilizado las operaciones realizadas para obtener protección frente al riesgo de cambio.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.
Llamamos particularmente la atención de los inversores sobre el apartado «Factores de riesgo» incluido en el Folleto.

## BNY Mellon S&P 500® Index Tracker

### SUPLEMENTO 8 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
Este Subfondo se clausuró mediante reembolso obligatorio por el cual todas las Acciones en emisión en el Subfondo a 15 de enero de 2021 se reembolsaron obligatoriamente. Las Acciones del Subfondo ya no están disponibles para la inversión. La Sociedad tiene previsto solicitar al Banco Central que revoque la autorización del Subfondo tras la elaboración de los estados financieros auditados correspondientes al ejercicio cerrado a 31 de diciembre de 2021. La Sociedad tratará de obtener la autorización del Banco Central para eliminar el Subfondo del Folleto una vez se apruebe dicha revocación.
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar instrumentos financieros derivados («Derivados») para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado«Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.


#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 22:00 horas (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| Euro A | EUR | Hasta el 5% | 5.000 EUR | 1,00% | Ninguna |
| USD A | USD | Hasta el 5% | 5.000 USD | 1,00% | Ninguna |

| Acciones «C» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| Euro C | EUR | Hasta el 5% | 5.000.000 EUR | 0,30% | Ninguna |
| USD C | USD | Hasta el 5% | 5.000.000 USD | 0,30% | Ninguna |

| Acciones «G» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | Hasta el 5% | 5.000 USD | 0,30% | Ninguna |
| Euro G (Acum.) | EUR | Hasta el 5% | 5.000 EUR | 0,30% | Ninguna |

| Acciones «X» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | Ninguna | Ninguna | Ninguna |
| USD X (Acum.) | USD | Ninguna | Ninguna | Ninguna | Ninguna |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El objetivo del Subfondo consiste en igualar la rentabilidad del índice S&P 500
® 
Index (el «Índice»). El Subfondo ha sido confeccionado para emular al Índice y ofrecer rendimientos y el incremento a largo plazo del capital mediante inversiones en valores de renta variable que conformen una amplia selección transversal representativa del mercado bursátil estadounidense.

##### Gestión de inversiones y proceso de inversión
Esta indexación ofrece un enfoque de inversión eficiente en términos de costes y sensible encaminado a adquirir una presencia diversificada en el mercado de renta variable estadounidense y a alcanzar rentabilidades relativas competitivas a largo plazo. Con todo, los inversores deben tener en cuenta que no existen garantías ni certezas de que un subfondo con seguimiento de índices replique totalmente y en todo momento la composición o rentabilidad del índice correspondiente. Un subfondo con índice cuenta con gastos y costes de funcionamiento; un índice de mercado (a menudo denominado índice de referencia a efectos de su seguimiento). En consecuencia, un subfondo indexado normalmente no iguala exactamente la evolución del índice objetivo, aunque se espera que siga lo más cerca posible su trayectoria. Los errores de seguimiento pueden derivarse de cambios de la constitución de índices, acciones societarias, gestión del flujo de caja y costes de transacciones que pueden minimizarse prestando atención a los cambios y las acciones, empleando instrumentos especializados o futuros de índices para gestionar flujos de caja y gestionando activamente las cotizaciones y los costes de control.
En el caso probable de que no puedan comprarse todas las 500 acciones del Índice, el Subfondo adquirirá una muestra representativa de las acciones de todos los sectores económicos representados en el Índice en proporción a la ponderación que tengan en el mismo.
Como el Subfondo trata de emular la evolución del Índice mediante el uso de técnicas de muestreo, cabe esperar una estrecha correlación entre la rentabilidad del Subfondo y la del Índice tanto en mercados al alza como a la baja. Es probable que una disminución del Índice se traduzca en la disminución correspondiente del valor del Subfondo.
No obstante, debe tenerse presente que el Subfondo no podrá invertir más del 10% de su Valor de inventario neto en valores mobiliarios de un mismo emisor y que el valor total de la inversión en valores mobiliarios de emisores individuales en los que el Subfondo invierta más del 5% de su Valor de inventario neto no podrá representar más del 40% de su Valor de inventario neto. En consecuencia, el Subfondo no podrá replicar fielmente los movimientos del índice correspondiente si una o más de sus inversiones superan los límites expuestos, medidas atendiendo a la ponderación porcentual que tengan en el
índice de mercado considerado. Sin embargo, el Subfondo podrá comprar algunos tipos de valores mobiliarios, como bonos y obligaciones, que coticen, se negocien o se contraten en un Mercado admisible y cuya rentabilidad esté ligada a la rentabilidad de las acciones comprendidas en el Índice. Dichos bonos y obligaciones habrán de tener una calificación de categoría de inversión asignada por Standard & Poor’s Rating Group. El uso de estos tipos de instrumentos hará presentar al Subfondo una exposición directa al emisor del instrumento considerado sin establecer, por ello, una posición económica en el valor de renta variable subyacente incluido en el Índice mayor que la que permiten los límites de inversión aplicables al Subfondo.
Se prevé que el error de seguimiento del Índice se sitúe en una horquilla de entre el 0,1 y el 0,2%. Esto se indicará en el informe de cuentas anuales y semestrales de la Sociedad.
La mayor parte de las inversiones del Subfondo estarán admitidas a cotización o se negociarán en Mercados admisibles de Estados Unidos.
Además, el Subfondo no invertirá, en total, más del 10% de su Valor de inventario neto en organismos de inversión colectiva.

##### Estrategia de inversión
El objetivo del Subfondo consiste en reproducir las características y la rentabilidad del índice S&P500
®
. Para reproducir la rentabilidad del índice, los gestores de cartera del Subfondo utilizan un enfoque de gestión pasivo y compran todos los valores que conforman el S&P 500
®
, o una muestra representativa de ellos. El Subfondo también podría utilizar futuros de índices de renta variable como sustituto de la compra o la venta de valores. Generalmente, el Subfondo invierte en los valores del S&P 500
® 
en proporción a su ponderación en el índice. Habida cuenta de la naturaleza del seguimiento del índice del Subfondo, la Gestora de inversiones no tendrá capacidad para adaptarse a los cambios del mercado y deshacerse de las acciones con malos resultados que conforman el Índice. El índice S&P 500
® 
está formado por acciones ordinarias seleccionadas con el fin de representar a las industrias de la economía estadounidense y, normalmente, se lo considera un reflejo del mercado de valores estadounidense en general. La acción de cada sociedad se pondera según el total del capital flotante disponible (es decir, aquellas acciones a disposición de los inversores), dividido por el total de capital circulante, lo que implica que las empresas de mayor tamaño y con más capital flotante disponibles tendrán una mayor representación en el índice que las más pequeñas. Las empresas que conforman el S&P 500
® 
deben cumplir ciertos criterios para su inclusión, entre ellos: una capitalización bursátil mínima específica, unos requisitos de capital flotante mínimos, unos umbrales de liquidez mínimos y ciertos requisitos en relación con las ratios financieras. La
exactitud del cálculo del Índice puede verse afectada en caso de que se suspenda la cotización en una Bolsa constituyente que conforme el Índice.

##### Cambio de Índice
El Subfondo ha sido confeccionado para emular al Índice S&P 500
® 
Index. Los Consejeros no podrán cambiar el Índice de seguimiento del Subfondo sin el previo acuerdo de sus Accionistas adoptado por mayoría de los votos emitidos en una Junta General.
En caso de que el Índice deje de estar disponible, la Sociedad gestora consultará a la Gestora de inversiones para identificar un índice alternativo adecuado. Una vez identificado este, se buscará el consentimiento por parte de los Accionistas del Subfondo para cambiar el índice tal y como se ha mencionado anteriormente.

##### Breve reseña acerca del S&P 500® Index
El índice está compuesto por 500 acciones ordinarias seleccionadas por Standard & Poor's para captar la evolución de los precios de una amplia selección transversal representativa del mercado bursátil estadounidense. Los valores incluidos en el Índice se seleccionan con el objetivo de lograr una cartera representativa de los diferentes componentes de la economía estadounidense. Un porcentaje reducido del Índice podrá corresponder a valores no estadounidenses cotizados en bolsas de EE. UU. También se tienen en cuenta en el proceso de selección el valor de mercado agregado y el volumen de contratación. Aunque estos valores no constituyen necesariamente las 500 mayores compañías de Estados Unidos, se admite que este Índice presenta una concentración en valores de grandes empresas. Los 500 valores integrantes del Índice, la mayoría de los cuales cotizan en la Bolsa de Nueva York, representan aproximadamente el 80% del valor de mercado de todas las acciones ordinarias estadounidenses. Cada valor del Índice se pondera en función de su capitalización bursátil (su valor de mercado total frente a la valoración de mercado total de todos los valores del Índice). La inclusión de una acción en el Índice no implica, en modo alguno, que Standard & Poor’s considere que ese valor es una inversión interesante ni Standard & Poor’s está, de ningún modo, asociada al Subfondo, la Sociedad gestora o la Gestora de inversiones. Se pueden consultar más detalles acerca del Índice en www.standardandpoors.com.

##### Índices financieros
La información detallada de cualquier índice financiero utilizado por el Subfondo será proporcionada a los Accionistas por la Gestora de inversiones del Subfondo, previa petición, y se mostrará en las cuentas semestrales y anuales de la Sociedad. Todos estos índices estarán aprobados por el Banco Central y cumplirán los requisitos de este.
En cualquier caso, no obstante, la composición de los índices financieros a los que el Subfondo pueda obtener exposición se revisará habitualmente con carácter mensual, trimestral, semestral o anual. Los costes asociados con la obtención de exposición a un índice financiero se verán afectados por la frecuencia con que se revise la composición del índice financiero de que se trate.
Cuando la ponderación de un componente particular del índice financiero exceda de los límites de inversión para un OICVM, la Gestora de inversiones del Subfondo dará prioridad al objetivo de solventar la situación, teniendo en cuenta el mejor interés de los accionistas y de la Sociedad.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.

#### Registro en Hong Kong
El Subfondo está registrado para su venta en Hong Kong. La SFC se reserva el derecho a retirar la autorización del Subfondo que se vende en Hong Kong si ya no considera el Índice aceptable.

#### Emisión de Acciones
La oferta inicial (el «Periodo de oferta inicial») para todas las clases de Acciones ofrecidas por el Subfondo se ha cerrado. El Periodo de oferta inicial de las clases de Acciones no emitidas se mantendrá abierto hasta el 30 de abril de 2021, o hasta cualquier fecha anterior o posterior a la citada en que se emitan las primeras Acciones de la clase de Acciones correspondiente, momento en el cual finalizará automáticamente el Periodo de Oferta Inicial de dicha clase de Acciones. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www.bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD o 1 EUR, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Reembolso de Acciones
Las Acciones de cada clase se reembolsarán en cada Día de valoración en el Momento de valoración a elección del correspondiente Accionista. El Precio de recompra será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración, minorado en la comisión de reembolso aplicable.
Todas las solicitudes de reembolso de Acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Límites de inversión y de endeudamiento
Los límites de inversión y de endeudamiento del Subfondo se exponen bajo el epígrafe «La Sociedad – Límites de inversión y de endeudamiento» del Folleto.
Los límites de inversión expuestos en los apartados 4.1 y
4.2 de dicha sección no se aplicarán al Subfondo, pero los restantes límites de inversión que se exponen en el Folleto bajo el epígrafe «La Sociedad - Límites de inversión y de endeudamiento» continuarán aplicándose al Subfondo.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 50% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.
El Subfondo no celebrará operaciones de cobertura cruzada en divisas.

#### Operaciones de financiación de valores
El Subfondo podrá realizar operaciones de financiación de valores («OFV»), es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de operaciones de préstamo de valores y contratos de recompra o de recompra inversa respectivamente serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto.

#### Política de reparto
En el caso de las clases de Acciones de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.
BNY Mellon S&P 500
® 
Index Tracker (el «Subfondo») no está patrocinado ni avalado, ni es vendido o promocionado por Standard & Poor's, una división de The McGraw-Hill Companies, Inc. («S&P»). S&P no formula ninguna manifestación o garantía, expresa o implícita, a los accionistas de BNY Mellon Global Funds, plc (la
«Sociedad») ni a ningún miembro del público acerca de la idoneidad de una inversión en valores en general o en el Subfondo en particular, ni acerca de la capacidad del índice S&P 500
® 
Index para realizar un seguimiento de la evolución del mercado bursátil en general. La única relación de S&P con la Sociedad es la cesión bajo licencia de algunas marcas y nombres comerciales de S&P y del S&P 500
® 
Index, índice que S&P fija, compila y calcula sin tener en cuenta a la Sociedad ni al Subfondo. S&P no tiene obligación alguna de tener en consideración las necesidades de la Sociedad o de los accionistas del Subfondo a la hora de fijar, elaborar o calcular el S&P 500
® 
Index. S&P no responde del cálculo de los precios o del valor del Subfondo, ni de la secuencia de las emisiones o ventas del Subfondo ni de la fijación o el cálculo de la ecuación que se utilice para transformar el Subfondo en dinero en efectivo, ni ha tomado parte en ninguna de estas actuaciones. S&P no tiene obligación ni responsabilidad alguna en relación con la administración, comercialización o contratación del Subfondo.
S&P NO GARANTIZA LA EXACTITUD NI EXHAUSTIVIDAD DEL S&P 500
® 
INDEX NI DE NINGÚN DATO INCLUIDO EN EL MISMO Y S&P DECLINA TODA RESPONSABILIDAD QUE PUEDA DERIVARSE DE CUALQUIER ERROR, OMISIÓN O INTERRUPCIÓN DEL MISMO. S&P NO FORMULA GARANTÍA, ALGUNA, NI EXPRESA NI TÁCITAMENTE, ACERCA DE LOS RESULTADOS QUE LA SOCIEDAD, LOS ACCIONISTAS, EL SUBFONDO O CUALQUIER OTRA PERSONA O ENTIDAD OBTENGAN DEL USO DEL S&P 500
® 
INDEX O DE CUALQUIER DATO INCLUIDO EN EL MISMO. S&P NO FORMULA GARANTÍA ALGUNA, NI EXPRESA NI TÁCITAMENTE, Y EXCLUYE, CON CARÁCTER EXPRESO, TODA GARANTÍA DE COMERCIABILIDAD O IDONEIDAD PARA UNA FINALIDAD O USO DETERMINADOS RESPECTO AL S&P 500
® 
INDEX O CUALQUIER DATO INCLUIDO EN EL MISMO. SIN PERJUICIO DE LA GENERALIDAD DE LO QUE ANTECEDE, S&P NO ASUMIRÁ, EN NINGUNA CIRCUNSTANCIA, RESPONSABILIDAD ALGUNA POR DAÑOS O PERJUICIOS ESPECIALES, PUNITIVOS, INDIRECTOS O EMERGENTES (INCLUIDO EL LUCRO CESANTE), NI SIQUIERA CUANDO HAYA SIDO NOTIFICADA DE LA POSIBILIDAD DE DICHOS DAÑOS Y PERJUICIOS.

#### Municiones en racimo
Este subfondo no se incluye en la política de la Sociedad de no invertir en sociedades relacionadas con las municiones en racimo y las minas antipersonales.

## BNY Mellon U.S. Dynamic Value Fund

### SUPLEMENTO 9 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
Este Subfondo se clausuró mediante reembolso obligatorio por el cual todas las Acciones en emisión en el Subfondo a 5 de marzo de 2021 se reembolsaron obligatoriamente. Las Acciones del Subfondo ya no están disponibles para la inversión. La Sociedad tiene previsto solicitar al Banco Central que revoque la autorización del Subfondo tras la elaboración de los estados financieros auditados correspondientes al ejercicio cerrado a 31 de diciembre de 2021. La Sociedad tratará de obtener la autorización del Banco Central para eliminar el Subfondo del Folleto una vez se apruebe dicha revocación.
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar instrumentos financieros derivados («Derivados») para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado«Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.


#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y «H (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| Euro A | EUR | Hasta el 5% | 5.000 EUR | 2,00% | Ninguna |
| Euro A (Reparto) | EUR | Hasta el 5% | 5.000 EUR | 2,00% | Ninguna |
| USD A | USD | Hasta el 5% | 5.000 USD | 2,00% | Ninguna |
| Sterling A (Acum.) | GBP | Hasta el 5% | 5.000 GBP | 2,00% | Ninguna |
| Euro H (Acum.) (con cobertura) | EUR | Hasta el 5% | 5.000 EUR | 2,00% | Ninguna |
| Euro H (Reparto) (con cobertura) | EUR | Hasta el 5% | 5.000 EUR | 2,00% | Ninguna |

| Acciones «B» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| USD B | USD | Hasta el 5% | 10.000 USD | 1,50% | Ninguna |

| Acciones «C» e «I (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| Euro C | EUR | Hasta el 5% | 5.000.000 EUR | 1,00% | Ninguna |
| Euro C (Reparto) | EUR | Hasta el 5% | 5.000.000 EUR | 1,00% | Ninguna |
| USD C | USD | Hasta el 5% | 5.000.000 USD | 1,00% | Ninguna |
| Sterling C (Reparto) | GBP | Hasta el 5% | 5.000.000 GBP | 1,00% | Ninguna |
| Sterling C (Acum.) | GBP | Hasta el 5% | 5.000.000 GBP | 1,00% | Ninguna |
| Euro I (Acum.) (con cobertura) | EUR | Hasta el 5% | 5.000.000 EUR | 1,00% | Ninguna |
| Euro I (Reparto) (con cobertura) | EUR | Hasta el 5% | 5.000.000 EUR | 1,00% | Ninguna |

| Acciones «G» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | Hasta el 5% | 5.000 USD | 1,00% | Ninguna |
| USD G (Reparto) | USD | Hasta el 5% | 5.000 USD | 1,00% | Ninguna |
| Euro G (Acum.) | EUR | Hasta el 5% | 5.000 EUR | 1,00% | Ninguna |
| Euro G (Reparto) | EUR | Hasta el 5% | 5.000 EUR | 1,00% | Ninguna |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| Euro W (Acum.) | EUR | Hasta el 5% | 15.000.000 EUR | 0,75% | Ninguna |
| Euro W (Reparto) | EUR | Hasta el 5% | 15.000.000 EUR | 0,75% | Ninguna |
| Euro W (Acum.) (con cobertura) | EUR | Hasta el 5% | 15.000.000 EUR | 0,75% | Ninguna |
| Euro W (Reparto) (con cobertura) | EUR | Hasta el 5% | 15.000.000 EUR | 0,75% | Ninguna |
| USD W (Acum.) | USD | Hasta el 5% | 15.000.000 USD | 0,75% | Ninguna |
| Sterling W (Acum.) | GBP | Hasta el 5% | 15.000.000 GBP | 0,75% | Ninguna |

| Acciones «X» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | Ninguna | Ninguna | Ninguna |
| Euro X (Reparto) | EUR | Ninguna | Ninguna | Ninguna | Ninguna |
| USD X (Acum.) | USD | Ninguna | Ninguna | Ninguna | Ninguna |
| USD X (Reparto) | USD | Ninguna | Ninguna | Ninguna | Ninguna |
| Euro X (Acum.) (con cobertura) | EUR | Ninguna | Ninguna | Ninguna | Ninguna |
| Euro X (Reparto) (con cobertura) | EUR | Ninguna | Ninguna | Ninguna | Ninguna |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo tiene por objetivo conseguir un incremento a largo plazo del capital, invirtiendo principalmente (esto es, al menos dos terceras partes de su patrimonio) en una cartera de valores de renta variable y asimilados a la renta variable de empresas con una capitalización bursátil igual o superior a 1.000 millones de USD en el
momento de la inversión, que tengan su domicilio social o desarrollen una parte predominante de su actividad económica en Estados Unidos.

##### Política de inversión
El Subfondo invertirá principalmente, esto es, al menos dos terceras partes de su Valor de inventario neto, en una cartera de valores de renta variable y asimilados a la renta variable, incluidos bonos convertibles (normalmente sin calificación asignada), acciones preferentes
convertibles y warrants (sujetos en este último caso a un límite del 10% del Valor de inventario neto del Subfondo) de empresas con una capitalización bursátil igual o superior a 1.000 millones de USD en el momento de la inversión, que tengan su domicilio social o que desarrollen una parte predominante de su actividad económica en Estados Unidos.
El Subfondo podrá invertir asimismo en recibos de depósito americanos y / o en resguardos mundiales de depósito de valores cotizados o negociados en Mercados admisibles de Estados Unidos.
El Subfondo podrá invertir hasta una tercera parte de su Valor de inventario neto en valores de renta variable y asimilados a la renta variable de empresas (que cotizarán o se negociarán en Mercados admisibles) situadas en
EE. UU. de cualquier tamaño, o en valores de renta variable y asimilados a la renta variable de empresas que ni tengan su domicilio social ni desarrollen una parte predominante de su actividad económica en EE.UU. El Subfondo no invertirá en regiones con mercados emergentes.
La mayor parte de las inversiones del Subfondo estarán admitidas a cotización o se negociarán en Mercados admisibles de EE. UU. El resto de las inversiones del Subfondo estarán admitidas a cotización o se negociarán en Mercados admisibles ubicados fuera de EE. UU.
La Gestora de inversiones no estará obligada a vender ningún activo del Subfondo (a menos que la Gestora de inversiones considere que dicha venta redunda en interés de los Accionistas) cuando se incumpla, por inadvertencia, la política de inversiones como consecuencia de una reducción del tamaño del correspondiente emisor.
Además, el Subfondo no invertirá, en total, más del 10% de su Valor de inventario neto en organismos de inversión colectiva.

##### Índice de referencia
Russell 1000 Value TR Index (el «Índice de referencia»).
El Índice de referencia es un índice no gestionado, con ponderación de capitalización bursátil, de valores orientados a la búsqueda de las grandes empresas domiciliadas en EE. UU. incluidas en el Russell 1000 Index.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien se espera que la mayoría de las posiciones del Subfondo formen parte del Índice de referencia, y tengan ponderaciones similares a las de este, la estrategia de inversión no restringe el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
La Gestora de inversiones instrumentará una estrategia dinámica de cartera de renta variable con, entre otras, las siguientes características:
- Capacidad para invertir principalmente en valores con una capitalización igual o superior a 1000 millones de USD en el momento de la inversión;
- Disposición a construir una cartera con ponderaciones sectoriales y por industrias concentradas; y
- Se pondrá un mayor énfasis en incorporar valores de índice alfa, y menor énfasis en los errores de seguimiento.

La Gestora de inversiones cree que el éxito en la inversión se logra aplicando una filosofía orientada al valor, basada en la investigación y que controle los riesgos.
Orientada al valor
- Centrada en valores de renta variable con valoraciones atractivas en relación con el mercado, el sector y la trayectoria de la acción.
- Evita la trampa del valor y «las prisas» al combinar medidas de valoración tradicionales con sociedades que presentan dinamismo empresarial y fundamentales vigorosos.

Basada en la investigación
- Uso de recursos propios de investigación fundamental que comprenden el pasado aunque se concentran en el futuro.
- Reconoce que no hay un único modelo que sirva para todos; hay que ser flexible a la hora de realizar análisis, con el fin de adecuarse a la empresa, al sector y a las macrovariables.

De riesgos controlados
- Aplica controles de riesgos en todos los niveles del proceso de diseño de una cartera con el fin de minimizar las exposiciones no deseadas y garantizar que el rendimiento se base en la selección de las acciones.
- Fija los objetivos de precio máximo y mínimo antes de invertir en nuevas posiciones.


##### Proceso
Fase 1: Examen de todas las opciones de inversión
El objetivo de este paso es examinar todos los valores de renta variable estadounidense con el fin de identificar entre 20 y 30 valores para incluirlos en una lista de trabajo básica. La Gestora de inversiones aplica exámenes cuantitativos en esta fase, además de exámenes cualitativos para descubrir las oportunidades alfa que aún no aparecen reflejadas en los datos cuantitativos. Ambos métodos permiten identificar un valor que merece la pena ser tenido en cuenta. En última instancia, este paso permite concentrarse en la investigación fundamental en la segunda fase.
Fase 2: Investigación fundamental
Una vez que se ha elaborado una lista de valores de trabajo, la Gestora de inversiones realiza una investigación fundamental de dichos valores, en consonancia con la cobertura del sector asignada. Se utilizan un gran número de recursos de investigación, incluyendo el equipo de Investigación Global propio de la Gestora de inversiones, aunque no existe un enfoque único que se aplique a todos los casos. Finalmente, el analista del equipo formula una recomendación positiva o negativa de compra basada en los objetivos de precio
máximo y mínimo, los factores en los que se basa la tesis de inversión (valoración, fundamentales y dinamismo empresarial) y los riesgos potenciales.
Fase 3: Diseño de la cartera
El gestor principal de la cartera toma la decisión final respecto a la inclusión o no de un valor en esta y a cuál debería ser su ponderación específica. Cabe destacar que, durante esta fase final, las decisiones se toman en el contexto del perfil general de riesgos de la cartera. El resultado es una cartera de valores de capitalización alta que es atractiva desde el punto de vista de la relación riesgo/rendimiento, y que es coherente con el objetivo de inversión general del cliente y las directrices correspondientes.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.

#### Registro en Hong Kong
El Subfondo está registrado para su venta en Hong Kong.

#### Emisión de Acciones
La oferta inicial (el «Periodo de oferta inicial») para todas las clases de Acciones ofrecidas por el Subfondo se ha cerrado. El Periodo de oferta inicial de las clases de Acciones no emitidas se mantendrá abierto hasta el 30 de abril de 2021, o hasta cualquier fecha anterior o posterior a la citada en que se emitan las primeras Acciones de la clase de Acciones correspondiente, momento en el cual finalizará automáticamente el Periodo de Oferta Inicial de dicha clase de Acciones. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www.bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP o 1 EUR, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Reembolso de Acciones
Las Acciones de cada clase se reembolsarán en cada Día de valoración en el Momento de valoración a elección del correspondiente Accionista. El Precio de recompra será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración, minorado en la comisión de reembolso aplicable.
Todas las solicitudes de reembolso de Acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Límites de inversión y de endeudamiento
Los límites de inversión y de endeudamiento del Subfondo se exponen bajo el epígrafe «La Sociedad – Límites de inversión y de endeudamiento» del Folleto.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 50% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.
El Subfondo no celebrará operaciones de cobertura cruzada en divisas.

#### Operaciones de financiación de valores
El Subfondo podrá realizar operaciones de financiación de valores («OFV»), es decir, operaciones de préstamo de valores, en los términos descritos bajo el epígrafe
«Gestión eficiente de la cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de operaciones de préstamo de valores serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto.

#### Cobertura de la Clase de Acciones
Este Subfondo ofrece clases de acciones con cobertura. Estas se identifican con la indicación «(con cobertura)». Véase el apartado «Cobertura de las clases de Acciones» del Folleto para obtener información adicional sobre el funcionamiento y el impacto de las clases de acciones clases de acciones con cobertura.

#### Política de reparto
En el caso de la clase de Acciones USD X (Reparto), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre, y se pagarán el 11 de febrero, el 11 de mayo, el 11 de agosto y el 11 de noviembre, o antes de estas fechas.
En el caso de las clases de Acciones que generan rendimientos (Reparto) y de acumulación (Acum.), salvo la clase de acción USD X (Reparto), normalmente se declararán dividendos el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Euroland Bond Fund

### SUPLEMENTO 10 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Insight Investment Management (Global) Limited
La Gestora de inversiones podrá delegar sus funciones de gestión de inversiones en una Gestora delegada de inversiones y nombrar a un asesor delegado para que le preste asesoramiento en materia de inversión de conformidad con los requisitos del Banco Central. En la fecha del presente Suplemento, la Gestora de inversiones ha nombrado a la Gestora delegada de inversiones que se detalla a continuación.

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Insight North America LLC (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Euro

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 17:00 horas (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro A | EUR | 5.000 | 5% | 1,00% | 0% |
| USD A (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% |
| CHF H (con cobertura) | CHF | 5.000 | 5% | 1,00% | 0% |
| Sterling H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,00% | 0% |
| Sterling H (Reparto) (con cobertura) | GBP | 5.000 | 5% | 1,00% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| USD H (Acum.) (con cobertura) | USD | 5.000 | 5% | 1,00% | 0% |
| USD H (Reparto) (con cobertura) | USD | 5.000 | 5% | 1,00% | 0% |

| Acciones «B» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro B | EUR | 10.000 | 5% | 0,75% | 0% |
| Euro B (Reparto) | EUR | 10.000 | 5% | 0,75% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro G (Acum.) | EUR | 5.000 | 5% | 0,50% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 0,50% | 0% |
| USD G (Acum.) (con cobertura) | USD | 5.000 | 5% | 0,50% | 0% |
| USD G (Reparto) (con cobertura) | USD | 5.000 | 5% | 0,50% | 0% |
| CHF G (Acum.) (con cobertura) | CHF | 5.000 | 5% | 0,50% | 0% |
| CHF G (Reparto) (con cobertura) | CHF | 5.000 | 5% | 0,50% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro C | EUR | 5.000.000 | 5% | 0,50% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 0,50% | 0% |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,50% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,50% | 0% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 0,50% | 0% |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 0,50% | 0% |
| CHF I (con cobertura) | CHF | 5.000.000 | 5% | 0,50% | 0% |
| Sterling I (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 0,50% | 0% |
| Sterling I (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 0,50% | 0% |
| USD I (Acum.) (con cobertura) | USD | 5.000.000 | 5% | 0,50% | 0% |
| USD I (Reparto) (con cobertura) | USD | 5.000.000 | 5% | 0,50% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR W (Acum.) | EUR | 15.000.000 | 5% | 0,45% | 0% |
| EUR W (Reparto) | EUR | 15.000.000 | 5% | 0,45% | 0% |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,45% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,45% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,45% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,45% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,45% | 0% |
| CHF W (Reparto) | CHF | 15.000.000 | 5% | 0,45% | 0% |
| USD W (Acum.) (con cobertura) | USD | 15.000.000 | 5% | 0,45% | 0% |
| USD W (Reparto) (con cobertura) | USD | 15.000.000 | 5% | 0,45% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,45% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,45% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,45% | 0% |
| CHF W (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,45% | 0% |

| Acciones «Z» y Acciones «Z (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro Z (Reparto) | EUR | 200.000.000 | 5% | 0,40% | 0% |
| Euro Z (Acum.) | EUR | 200.000.000 | 5% | 0,40% | 0% |
| USD Z (Acum.) (con cobertura) | USD | 200.000.000 | 5% | 0,40% | 0% |
| USD Z (Reparto) (con cobertura) | USD | 200.000.000 | 5% | 0,40% | 0% |
| Sterling Z (Acum.) (con cobertura) | GBP | 200.000.000 | 5% | 0,40% | 0% |
| Sterling Z (Reparto) (con cobertura) | GBP | 200.000.000 | 5% | 0,40% | 0% |
| CHF Z (Acum.) (con cobertura) | CHF | 200.000.000 | 5% | 0,40% | 0% |
| CHF Z (Reparto) (con cobertura) | CHF | 200.000.000 | 5% | 0,40% | 0% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo tiene por objetivo ofrecer rendimientos y una rentabilidad total superiores a los del Índice de referencia (respecto al cual medirá su rentabilidad), invirtiendo principalmente (esto es, al menos, un 90% de su patrimonio) en una cartera de valores de renta fija y otros valores de deuda emitidos por empresas, Gobiernos y sus agencias, entidades supranacionales u organismos internacionales de carácter público, o en derivados.
Se prevé que la mayoría de las inversiones del Subfondo se realizarán en Países de la Zona del euro (países que han adoptado el euro como su moneda de curso legal) (véase el apartado «Políticas de inversión»).

##### Política de inversión
El Subfondo consistirá en una cartera plenamente invertida cuyas inversiones incluirán valores de deuda de Gobiernos y sus agencias, bonos de empresa y valores de deuda procedentes de titulizaciones hipotecarias y de activos, negociados en un Mercado admisible, así como Derivados.
El Subfondo invertirá al menos dos terceras partes de su Valor de inventario neto en valores de emisores situados en Países de la Zona del euro.
El Subfondo presentará sendas exposiciones mínimas a valores denominados en euros y al euro del 60 y 90% de su Valor de inventario neto, respectivamente.
Los valores en los que el Subfondo podrá invertir tendrán una calificación de solvencia comprendida entre AAA y B.
El Subfondo podrá invertir hasta un 30% de su Valor de inventario neto en Derivados, siempre que invierta al menos dos terceras partes de su Valor de inventario neto en obligaciones.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en préstamos, participaciones en préstamos o asignaciones de préstamos a prestatarios (que podrán ser empresas, gobiernos soberanos, organismos públicos u otros) que serán instrumentos del mercado monetario.
Además, el Subfondo no invertirá, en total, más del 10% de su Valor de inventario neto en organismos de inversión colectiva («OIC»).
El Subfondo podrá invertir también hasta el 10% de su Valor de inventario neto en valores de deuda de la República Popular de China («RPC») negociados en el mercado de bonos interbancario de China («CIBM») a través del Mecanismo de acceso al mercado de bonos de Hong Kong y China (tal y como se describe en el Apéndice VI del Folleto).
Política de diversificación geográfica
El Subfondo se centrará en la selección individual de valores en vez de intentar predecir qué países evolucionarán favorablemente. No obstante, la composición geográfica de la cartera del Bloomberg Barclays Euro Aggregate Bond TR Index (el «Índice de referencia») como consecuencia indirecta del proceso de selección de valores. La desviación máxima con respecto al Índice de referencia será probablemente del 40%.
Normalmente, ningún país individual representará más del 80% del Valor de inventario neto del Subfondo.
Política de diversificación sectorial
El Subfondo se centrará en la selección individual de valores en vez de intentar predecir qué sectores evolucionarán favorablemente. No obstante, la composición sectorial de la cartera del Subfondo puede diferir de la del Índice de referencia como consecuencia indirecta del proceso de selección de valores. La desviación máxima con respecto al Índice de referencia será probablemente del 50%.
Normalmente, la ponderación de un sector concreto no representará más del 20% del Valor de inventario neto del Subfondo.
Duración
El Subfondo aplicará un enfoque de gestión de la duración de la cartera centrado en la selección sectorial y de valores.
El Subfondo minimizará su exposición al riesgo de tipos de interés manteniendo la duración media ponderada de la cartera (incluidas las posiciones de tesorería) dentro de una banda comprendida entre un +/- 40% la duración del Índice de referencia.
Dado que la Gestora de inversiones permitirá que la duración de la cartera del Subfondo se desvíe de la del Índice de referencia, no puede garantizarse que el Subfondo vaya a alcanzar la misma rentabilidad que su referencia. Dependiendo de las circunstancias, la rentabilidad del Subfondo podrá ser superior o inferior a la del Índice de referencia.
Número de posiciones
Normalmente, ninguna posición individual en deuda avalada por Gobiernos representará, en el momento de su adquisición, más del 25% del Subfondo, y ninguna posición individual en bonos de empresa u otros valores de renta fija representará más del 5% del Subfondo.
El Subfondo también podrá invertir hasta un 10% de su Valor de inventario neto en OIC de capital variable al objeto de diversificar sus inversiones entre bonos de empresa, bonos de alto rendimiento y deuda de mercados emergentes.
Proceso de selección de valores y calificación de solvencia
La estrategia intensiva del Subfondo se apoyará en un análisis crediticio exhaustivo con el que se intentará identificar alternativas seguras, aunque más rentables, a los valores de deuda pública que predominan en el índice de referencia del Subfondo. Al objeto de generar valor relativo a medio plazo, el Subfondo tratará de rotar tácticamente la cartera entre los sectores generales en los que puede invertir.
Los valores en los que el Subfondo podrá invertir tendrán una calificación de solvencia comprendida entre AAA y B. El Subfondo mantendrá una calificación de calidad media no inferior a A-/A3 otorgada por al menos una de las principales Agencias de calificación crediticia reconocidas.
La calificación de solvencia mínima de cada uno de los valores es de B-/B3.
El Subfondo podrá invertir hasta un 25% de su Valor de inventario neto en valores con una calificación asignada de BB+/Ba1 y B-/ B3.
Podrá invertirse hasta un 40% del Valor de inventario neto del Subfondo en una combinación de deuda de empresa de alto rendimiento, valores convertibles, valores preferentes y valores de deuda de mercados emergentes.
Posiciones de liquidez
El Subfondo tratará de mantenerse, en todo momento, completamente invertido y mantendrá posiciones de tesorería reducidas, normalmente inferiores a un 5%, en forma de activos líquidos con carácter accesorio. No obstante, en los periodos en que se presente un número inusualmente alto de solicitudes de suscripción, la posición de liquidez del Subfondo podrá superar transitoriamente ese porcentaje, si bien no podrá representar, en ningún caso, más del 10%.
Cobertura monetaria
El Subfondo tratará de minimizar su exposición a monedas distintas del euro limitando su exposición a dichas monedas al 10% de su Valor de inventario neto. Toda exposición que exceda dicho porcentaje será cubierta íntegramente en euros mediante contratos a plazo sobre divisas.
La cobertura cruzada de divisas estará permitida en tanto no genere posiciones cortas una vez tenidos en cuenta los activos subyacentes.
Está previsto que las operaciones de cobertura cruzada de divisas se lleven a efecto únicamente en circunstancias extraordinarias.

##### Índice de referencia
Bloomberg Barclays Euro Aggregate Bond TR Index (el
«Índice de referencia»).
El Índice de referencia incluye bonos de tipo fijo denominados en euros y con categoría de inversión. La inclusión en el índice depende de la divisa de emisión y no del domicilio del emisor. Los principales sectores incluidos en el Índice de referencia son valores del Tesoro, corporativos, relacionados con gobiernos y garantizados.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien se espera que la mayoría de las posiciones del Subfondo formen parte del Índice de referencia, y tengan ponderaciones similares a las de este, la estrategia de inversión no restringe el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
La Gestora de inversiones aplica un enfoque dinámico y activo a la gestión de carteras, mediante la inversión en una amplia variedad de instrumentos de renta fija, divisas e Derivados (como se detalla anteriormente en el apartado «Políticas de inversión» y más abajo, en el apartado «Uso de Derivados»), con objeto de reducir el riesgo a través de la diversificación y de incrementar el rendimiento potencial.
La Gestora de inversiones realiza tanto análisis macroeconómicos «de arriba abajo» (top-down) como análisis de valores «de abajo arriba» (bottom-up) para gestionar el Subfondo. Su proceso de inversión se basa esencialmente en una investigación fundamental, aunque también emplea elementos cuantitativos. El análisis «de arriba abajo» (top-down) incluye el uso de una serie de modelos de valoración propios que se utilizan para valorar divisas y tipos de interés, y determinar la valoración relativa entre varios sectores de renta fija. El proceso de investigación fundamental de la Gestora de inversiones implica realizar investigaciones específicas por países y valores para determinar la solvencia crediticia del emisor.
El Subfondo invertirá al menos dos terceras partes de su Valor de inventario neto en valores de emisores situados en Países de la Zona del euro. El Subfondo presentará sendas exposiciones mínimas a valores denominados en euros y al euro del 60 y 90%, respectivamente. La mayoría de las obligaciones, de la deuda y los valores relacionados con deuda y de los Derivados cotizarán o se negociarán en un Mercado admisible.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La gestión del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
Como parte del proceso de análisis ascendente de valores, la Gestora de inversiones evalúa los factores ambientales, sociales y de gobernanza de cada inversión en cartera en busca de posibles riesgos asociados a la sostenibilidad. Estos factores pueden incluir, entre otros, el impacto sobre el medioambiente de un emisor, incluidas las emisiones, el uso de la tierra y las prácticas en materia de residuos, así como las políticas y prácticas sociales de un emisor, incluidas las cuestiones relacionadas con los empleados, las prácticas de la cadena de suministro y las políticas de derechos humanos. El análisis crediticio interno de la Gestora de inversiones incluye recursos como la puntuación ASG interna de la propia Gestora de inversiones, que se complementa con recursos de terceros, incluidos los datos y calificaciones ASG de MSCI, los datos ASG de Bloomberg, la Guía de diálogo activo (Engagement Guide) de la Junta de Normas de Contabilidad Sostenible (SASB), análisis de agencias de calificación crediticia, análisis de la parte vendedora y eventos del sector. Esta investigación sobre los riesgos de sostenibilidad se tiene en cuenta, junto con el estudio macroeconómico y el análisis crediticio de la Gestora de inversiones, en el proceso de selección de valores.
La Gestora de inversiones también evalúa las prácticas de gobierno corporativo de los emisores mediante su investigación fundamental, complementada con metodologías de calificación de gobierno corporativo de terceros, con el fin de establecer de manera fehaciente si los emisores correspondientes siguen unas buenas prácticas de gobierno, en particular con respecto a estructuras de gestión sólidas, relaciones con los empleados, remuneración del personal y conformidad fiscal.
La Gestora de inversiones supervisa periódicamente los factores de sostenibilidad y las exposiciones al riesgo evaluando los informes periódicos sobre las puntuaciones ASG propios de la Gestora de inversiones y procedentes de terceros.
Como se ha explicado anteriormente, la gestión y la evaluación de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit CDX American Investment Grade High Volatility Índice Markit CDX North American Investment Grade Índice Markit CDX North American High Yield Índice Markit CDX North American High Yield Beta Índice Markit CDX Emerging Markets Índice Markit CDX Emerging Markets Diversified Índice Markit iTraxx Europe Índice Markit iTraxx Crossover Índice Markit iTraxx Financial Índice Markit iTraxx Subordinated Financial |
| Índices de tipos de interés para proporcionar exposición a mercados de tipos de interés y expresar que los gestores consideran que la curva de rendimiento se moverá en una dirección concreta más rentable o eficiente que si se compraran valores físicos. | EURIBOR LIBOR SOFR SONIA |

gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
| Futuros | Futuros de deuda pública Futuros sobre divisas Futuros del mercado monetario |
| --- | --- |
| Opciones | Opciones sobre futuros de deuda pública Opciones de futuros sobre divisas Opciones sobre divisas (incluidas las opciones de tipos de cambio) Swaptions |
| Contratos a plazo (entre- gables y no entregables) | Contratos a plazo sobre divisas |
| Swaps | Swaps de incumplimiento de crédito (denominación única, índice y cesta personalizada) Swaps de tipos de interés Swaps de rentabilidad total (denominación única, índice y cesta personalizada) Swaps de inflación |

El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular.
Normalmente, todos los índices financieros restantes se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Relativo
Límite de VaR Relativo: la cartera del Subfondo no superará en dos veces el VaR en una cartera con un índice de referencia representativo (con un periodo de tenencia de 20 Días hábiles)
Índice de referencia de VaR Relativo: Bloomberg Barclays Euro Aggregate Bond Index
Se espera que el apalancamiento bruto varíe entre: el 100% y el 500% del Valor de inventario neto. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Relativo y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 10% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 10% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 15% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR o 1 CHF, en función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Emerging Markets Debt Fund

### SUPLEMENTO 11 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Insight Investment Management (Global) Limited
La Gestora de inversiones podrá delegar sus funciones de gestión de inversiones en una Gestora delegada de inversiones y nombrar a un asesor delegado para que le preste asesoramiento en materia de inversión de conformidad con los requisitos del Banco Central. En la fecha del presente Suplemento, la Gestora de inversiones ha nombrado a la Gestora delegada de inversiones que se detalla a continuación.

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Insight North America LLC (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro A | EUR | 5.000 | 5% | 1,50% | 0% |
| USD A | USD | 5.000 | 5% | 1,50% | 0% |
| Euro H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,50% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,50% | 0% |
| Sterling H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,50% | 0% |
| Sterling H (Reparto) (con cobertura) | GBP | 5.000 | 5% | 1,50% | 0% |

| Acciones «G» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro C | EUR | 5.000.000 | 5% | 1,00% | 0% |
| USD C | USD | 5.000.000 | 5% | 1,00% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Sterling I (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling I (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| USD W | USD | 15.000.000 | 5% | 0,75% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El objetivo del Subfondo es conseguir una rentabilidad total superior, invirtiendo en una cartera de obligaciones y otros instrumentos de deuda en los mercados emergentes de todo el mundo, así como en derivados.

##### Política de inversión
El Subfondo invertirá principalmente en una cartera de obligaciones de mercados emergentes y otros valores de deuda, como deuda soberana internacional y de organismos públicos supranacionales, deuda de empresas, obligaciones y bonos de bancos (a tipo fijo o flotante), bonos Brady, bonos Yankee y títulos respaldados por hipotecas, así como en Derivados.
El Subfondo invertirá, al menos, dos terceras partes de su Valor de inventario neto en obligaciones simples de emisores que tengan su domicilio social o que desarrollen una parte predominante de su actividad económica en mercados emergentes, y hasta una tercera parte de sus activos en instrumentos del mercado monetario con vencimientos inferiores a 12 meses.
El Subfondo podrá invertir hasta un 25% de su Valor de inventario neto en Bonos convertibles y otro 10% de su Valor de inventario neto en valores de renta variable y asimilados a la renta variable, como acciones preferentes convertibles y warrants.
El Subfondo puede invertir hasta un 10% de su Valor de inventario neto en préstamos (incluidas participaciones de préstamos/pagarés de participaciones de préstamos y asignaciones de préstamos), que serán valores transferibles o instrumentos del mercado monetario.
El Subfondo puede invertir hasta un 20% de su Valor de inventario neto en valores cotizados o negociados en mercados rusos.
Estos valores estarán admitidos a cotización o se negociarán en Mercados admisibles situados en todo el mundo.
La Gestora de inversiones no tendrá que reparar en la calidad crediticia ni en el vencimiento de los valores a la hora de tomar sus decisiones de inversión. Por tanto, las inversiones del Subfondo no tendrán que presentar una calificación de solvencia mínima asignada.
Además, el Subfondo no invertirá, en total, más del 10% de su Valor de inventario neto en organismos de inversión colectiva.

##### Índice de referencia
JP Morgan Emerging Markets Bond Index (EMBI) Global TR Index (el «Índice de referencia»).
El Índice de referencia sigue la rentabilidad total de instrumentos de deuda externa negociados en los mercados emergentes y es una versión ampliada del JPMorgan EMBI+. Al igual que sucede con el EMBI+, el EMBI Global incluye bonos Brady denominados en dólares estadounidenses, préstamos y eurobonos, con un valor nominal en circulación de al menos 500 millones de USD. Cubre un mayor número de instrumentos elegibles que el EMBI+ al relajar hasta cierto punto los estrictos límites del EMBI+ en relación con la liquidez para la negociación en los mercados secundarios.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien se espera que la mayoría de las posiciones del Subfondo formen parte del Índice de referencia, y tengan ponderaciones similares a las de este, la estrategia de inversión no restringe el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
El proceso de inversión es básicamente un proceso «de arriba abajo» (top-down), de carácter fundamental, aunque también aplica modelos cuantitativos. Se orienta a la sobreponderación de países que atraviesan cambios profundos, positivos y fundamentales, y a infraponderar o evitar directamente aquellos países cuyas divisas y / o bonos se apoyan esencialmente en flujos de capital a corto plazo, y que podrían sufrir un vuelco rápido en el futuro. El análisis «de arriba abajo» (top-down) de variables macroeconómicas, financieras y políticas determina la composición geográfica. Además, se presta especial atención al contexto de riesgos general y los aspectos técnicos del mercado.
Al menos dos terceras partes del Valor de inventario neto del Subfondo se invertirán en valores de emisores establecidos (y / o que desarrollen la mayor parte de su actividad económica) en países de mercados emergentes de todo el mundo.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La gestión del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
Como parte del proceso de análisis ascendente de valores, la Gestora de inversiones evalúa los factores ambientales, sociales y de gobernanza de cada inversión en cartera en busca de posibles riesgos asociados a la sostenibilidad. Estos factores pueden incluir, entre otros, el impacto sobre el medioambiente de un emisor, incluidas las emisiones, el uso de la tierra y las prácticas en materia de residuos, así como las políticas y prácticas sociales de un emisor, incluidas las cuestiones relacionadas con los empleados, las prácticas de la cadena de suministro y las políticas de derechos humanos. El análisis crediticio interno de la Gestora de inversiones incluye recursos como la puntuación ASG interna de la propia Gestora de inversiones, que se complementa con recursos de terceros, incluidos los datos y calificaciones ASG de MSCI, los datos ASG de Bloomberg, la Guía de diálogo activo (Engagement Guide) de la Junta de Normas de Contabilidad Sostenible (SASB), análisis de agencias de calificación crediticia, análisis de la parte vendedora y eventos del sector. Esta investigación sobre los riesgos de sostenibilidad se tiene en cuenta, junto con el estudio macroeconómico y el análisis crediticio de la Gestora de inversiones, en el proceso de selección de valores.
La Gestora de inversiones también evalúa las prácticas de gobierno corporativo de los emisores mediante su investigación fundamental, complementada con metodologías de calificación de gobierno corporativo de terceros, con el fin de establecer de manera fehaciente si los emisores correspondientes siguen unas buenas prácticas de gobierno, en particular con respecto a estructuras de gestión sólidas, relaciones con los empleados, remuneración del personal y conformidad fiscal.
La Gestora de inversiones supervisa periódicamente los factores de sostenibilidad y las exposiciones al riesgo evaluando los informes periódicos sobre las puntuaciones ASG propios de la Gestora de inversiones y procedentes de terceros.
Como se ha explicado anteriormente, la gestión y la evaluación de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
| Futuros | Futuros de deuda pública Futuros sobre divisas Futuros del mercado monetario |
| --- | --- |
| Opciones | Opciones sobre futuros de deuda pública Opciones de futuros sobre divisas Opciones sobre divisas (incluidas las opciones de tipos de cambio) Opciones sobre bonos |
| Contratos a plazo (entre- gables y no entregables) | Contratos a plazo sobre divisas |

El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Swaps | Swaps de incumplimiento de crédito (denominación única, índice y cesta personalizada) Swaps de tipos de interés Swaps de rentabilidad total (denominación única, índice y cesta personalizada) |
| --- | --- |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit CDX American Investment Grade High Volatility Índice Markit CDX North American Investment Grade Índice Markit CDX North American High Yield Índice Markit CDX North American High Yield Beta Índice Markit CDX Emerging Markets Índice Markit CDX Emerging Markets Diversified Índice Markit iTraxx Europe Índice Markit iTraxx Crossover Índice Markit iTraxx Financial Índice Markit iTraxx Subordinated Financial |
| Índices de tipos de interés para proporcionar exposición a mercados de tipos de interés y expresar que los gestores consideran que la curva de rendimiento se moverá en una dirección concreta más rentable o eficiente que si se compraran valores físicos. | EURIBOR LIBOR SOFR SONIA |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular.
Normalmente, todos los índices financieros restantes se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que
representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Relativo
Límite de VaR Relativo: la cartera del Subfondo no superará en dos veces el VaR en una cartera con un índice de referencia representativo (con un periodo de tenencia de 20 Días hábiles)
Índice de referencia de VaR Relativo: JP Morgan Emerging Markets Bond Index (EMBI) Global Index
Se espera que el apalancamiento bruto varíe entre: el 0% y el 300% del Valor de inventario neto. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Relativo y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 10% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 10% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 15% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR o 1 CHF, en función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Emerging Markets Debt Local Currency Fund

### SUPLEMENTO 12 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. El uso de Derivados con fines de inversión no será amplio. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Insight Investment Management (Global) Limited
La Gestora de inversiones podrá delegar sus funciones de gestión de inversiones en una Gestora delegada de inversiones y nombrar a un asesor delegado para que le preste asesoramiento en materia de inversión de conformidad con los requisitos del Banco Central. En la fecha del presente Suplemento, la Gestora de inversiones ha nombrado a la Gestora delegada de inversiones que se detalla a continuación.

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Insight North America LLC (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD A | USD | 5.000 | 5% | 1,50% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,50% | 0% |
| Euro A | EUR | 5.000 | 5% | 1,50% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 1,50% | 0% |
| Sterling A (Acum.) | GBP | 5.000 | 5% | 1,50% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling A (Reparto) | GBP | 5.000 | 5% | 1,50% | 0% |
| Euro H (con cobertura) | EUR | 5.000 | 5% | 1,50% | 0% |
| Sterling H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,50% | 0% |
| Sterling H (Reparto) (con cobertura) | GBP | 5.000 | 5% | 1,50% | 0% |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 1,50% | 0% |

| Acciones «B» y Acciones «J (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Sterling B (Acum.) | GBP | 10.000 | 5% | 1,25% | 0% |
| Sterling J (Reparto) (con cobertura) | GBP | 10.000 | 5% | 1,25% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Acum.) | GBP | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Reparto) | GBP | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Reparto) (con cobertura) | GBP | 5.000 | 5% | 1,00% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD C | USD | 5.000.000 | 5% | 1,00% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 1,00% | 0% |
| Euro C | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| CHF I (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 1,00% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W | USD | 15.000.000 | 5% | 0,65% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,65% | 0% |
| Euro W | EUR | 15.000.000 | 5% | 0,65% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,65% | 0% |
| Euro W (con cobertura) | EUR | 15.000.000 | 5% | 0,65% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,65% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,65% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,65% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,65% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,65% | 0% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD X | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| CHF X (Reparto) | CHF | Ninguna | 0% | 0% | 0% |
| JPY X (Acum.) | JPY | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El objetivo del Subfondo es conseguir una rentabilidad total superior, invirtiendo en una cartera de obligaciones y otros instrumentos de deuda, incluidos derivados sobre los mismos, en los mercados emergentes de todo el mundo.

##### Política de inversión
El Subfondo invertirá principalmente en una cartera de obligaciones de mercados emergentes y otros valores de deuda denominados en la moneda local de la emisión, como deuda soberana internacional, valores de deuda emitidos por Gobiernos y sus agencias, deuda de organismos supranacionales, deuda de empresas, pagarés y bonos estructurados (a tipo fijo o flotante), títulos respaldados por hipotecas y otros activos, o en Derivados de estos.
El Subfondo también podrá invertir en otras obligaciones denominadas en cualquier moneda fuerte. Entre estos mercados emergentes se incluyen, a título meramente enunciativo y no limitativo, Argentina, Brasil, Chile, China, Colombia, República Checa, Egipto, Hungría, India, Indonesia, Israel, Jordania, Corea, Malasia, México, Marruecos, Pakistán, Perú, Filipinas, Polonia, Rusia, Sudáfrica, Taiwán, Tailandia, Turquía y Venezuela.
El Subfondo invertirá, al menos, dos terceras partes de su Valor de inventario neto total en obligaciones y otros valores de deuda, o sus Derivados, de emisores que tengan su domicilio social o que desarrollen una parte
predominante de su actividad económica en mercados emergentes, y hasta una tercera parte de su Valor de inventario neto en instrumentos del mercado monetario con vencimientos inferiores a 12 meses.
El Subfondo podrá invertir hasta un 25% de su Valor de inventario neto en bonos convertibles.
Además, el Subfondo no invertirá, en total, más del 10% de su Valor de inventario neto en organismos de inversión colectiva.
Estos valores estarán admitidos a cotización o se negociarán en Mercados admisibles situados en todo el mundo.
El Subfondo no invertirá en valores de renta variable o asimilados a la renta variable.
La Gestora de inversiones no tendrá que reparar en la calidad crediticia ni en el vencimiento de los valores a la hora de tomar sus decisiones de inversión. Por tanto, las inversiones del Subfondo no tendrán que presentar una calificación de solvencia mínima y podrán tener asignada una calificación de solvencia inferior al grado de inversión.
El Subfondo podrá invertir más del 10% y hasta un máximo del 35% de su Valor de inventario neto en valores de deuda emitidos y / o garantizados por un único emisor soberano (incluido su gobierno, entidades públicas o autoridades locales), con una calificación inferior al grado de inversión (es decir, BB+ o inferior) otorgada por una agencia de calificación crediticia reconocida. Algunos ejemplos de este tipo de emisores soberanos son Turquía, Rusia, Sudáfrica y Brasil. Estas inversiones se basarán en (i) un «Índice de referencia» (tal como se
define posteriormente) y / o (ii) en el criterio profesional de la Gestora de inversiones, entre cuyos motivos de inversión podrán incluirse una perspectiva favorable o positiva sobre el emisor soberano, el potencial de una mejora de la calificación y los cambios previstos en el valor de las inversiones debido a los cambios en sus calificaciones. Debe tenerse en cuenta que las calificaciones de los emisores soberanos pueden cambiar ocasionalmente y que los Estados soberanos antes mencionados solo se incluyen como referencia y están sujetos a modificaciones en función de los cambios en sus calificaciones.
El Subfondo puede invertir hasta un 20% de su Valor de inventario neto en valores cotizados o negociados en mercados rusos.
El Subfondo podrá invertir también hasta el 20% de su Valor de inventario neto en valores de deuda de la República Popular de China («RPC») negociados en el mercado de bonos interbancario de China («CIBM») a través del Mecanismo de acceso al mercado de bonos de Hong Kong y China (tal y como se describe en el Apéndice VI del Folleto).

##### Índice de referencia
JP Morgan GBI-EM Global Diversified TR Index (el «Índice de referencia»).
El Índice de referencia es un índice exhaustivo de deuda de mercados emergentes que replica las obligaciones en divisa local emitidas por Gobiernos de mercados emergentes. El Índice de referencia se presentó en junio de 2005 y es el primer índice global exhaustivo de Mercados Emergentes locales.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien se espera que la mayoría de las posiciones del Subfondo formen parte del Índice de referencia, y tengan ponderaciones similares a las de este, la estrategia de inversión no restringe el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
El Subfondo es un fondo de renta fija de gestión activa diseñado para maximizar la rentabilidad total de una cartera compuesta por bonos y otros instrumentos de deuda emitidos en su mayoría por gobiernos, agencias y empresas de economías de mercados emergentes, incluyendo el uso limitado de Derivados.
El proceso de inversión es básicamente un proceso «de arriba abajo» (top-down), de carácter fundamental, aunque también aplica modelos cuantitativos. La Gestora de inversiones se propone sobreponderar aquellos países que atraviesan cambios profundos, positivos y fundamentales, e infraponderar o evitar directamente aquellos países cuyas divisas y / o bonos se apoyan esencialmente en flujos de capital a corto plazo, y que podrían sufrir un vuelco rápido en el futuro. La estrategia de inversión se basa en el análisis de fundamentales soberanos a medio plazo (a 12 meses o más), con el objetivo de detectar los cambios producidos en los fundamentales de un país unos meses antes de se reflejen en su precio en el mercado.
Al menos dos terceras partes del Valor de inventario neto del Subfondo se invertirán en valores de emisores establecidos (y / o que desarrollen la mayor parte de su actividad económica) en países de mercados emergentes de todo el mundo.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La gestión del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
Como parte del proceso de análisis ascendente de valores, la Gestora de inversiones evalúa los factores ambientales, sociales y de gobernanza de cada inversión en cartera en busca de posibles riesgos asociados a la sostenibilidad. Estos factores pueden incluir, entre otros, el impacto sobre el medioambiente de un emisor, incluidas las emisiones, el uso de la tierra y las prácticas en materia de residuos, así como las políticas y prácticas sociales de un emisor, incluidas las cuestiones relacionadas con los empleados, las prácticas de la cadena de suministro y las políticas de derechos humanos. El análisis crediticio interno de la Gestora de inversiones incluye recursos como la puntuación ASG interna de la propia Gestora de inversiones, que se complementa con recursos de terceros, incluidos los datos y calificaciones ASG de MSCI, los datos ASG de Bloomberg, la Guía de diálogo activo (Engagement Guide) de la Junta de Normas de Contabilidad Sostenible (SASB), análisis de agencias de calificación crediticia, análisis de la parte vendedora y eventos del sector. Esta investigación sobre los riesgos de sostenibilidad se tiene en cuenta, junto con el estudio macroeconómico y el análisis crediticio de la Gestora de inversiones, en el proceso de selección de valores.
La Gestora de inversiones también evalúa las prácticas de gobierno corporativo de los emisores mediante su investigación fundamental, complementada con metodologías de calificación de gobierno corporativo de terceros, con el fin de establecer de manera fehaciente si los emisores correspondientes siguen unas buenas prácticas de gobierno, en particular con respecto a estructuras de gestión sólidas, relaciones con los empleados, remuneración del personal y conformidad fiscal.
La Gestora de inversiones supervisa periódicamente los factores de sostenibilidad y las exposiciones al riesgo evaluando los informes periódicos sobre las puntuaciones ASG propios de la Gestora de inversiones y procedentes de terceros.
Como se ha explicado anteriormente, la gestión y la evaluación de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora
respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros de deuda pública Futuros sobre divisas Futuros del mercado monetario |
| --- | --- |
| Opciones | Opciones sobre futuros de deuda pública Opciones de futuros sobre divisas Opciones sobre divisas (incluidas las opciones de tipos de cambio) Opciones sobre bonos |
| Contratos a plazo (entre- gables y no entregables) | Contratos a plazo sobre divisas |
| Swaps | Swaps de incumplimiento de crédito (denominación única, índice y cesta personalizada) Swaps de tipos de interés Swaps de rentabilidad total (denominación única, índice y cesta personalizada) |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

##### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit CDX American Investment Grade High Volatility Índice Markit CDX North American Investment Grade Índice Markit CDX North American High Yield Índice Markit CDX North American High Yield Beta Índice Markit CDX Emerging Markets Índice Markit CDX Emerging Markets Diversified Índice Markit iTraxx Europe Índice Markit iTraxx Crossover Índice Markit iTraxx Financial Índice Markit iTraxx Subordinated Financial |
| Índices de tipos de interés para proporcionar exposición a mercados de tipos de interés y expresar que los gestores consideran que la curva de rendimiento se moverá en una dirección concreta más rentable o eficiente que si se compraran valores físicos. | EURIBOR LIBOR SOFR SONIA |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular.
Normalmente, todos los índices financieros restantes se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Relativo
Límite de VaR Relativo: la cartera del Subfondo no superará en dos veces el VaR en una cartera con un índice de referencia representativo (con un periodo de tenencia de 20 Días hábiles)
Índice de referencia de VaR Relativo: JP Morgan GBI-EM Global Diversified Index
Se espera que el apalancamiento bruto varíe entre: el 0% y el 300% del Valor de inventario neto. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Relativo y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 10% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 10% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 15% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF o 100 JPY, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Brazil Equity Fund

### SUPLEMENTO 13 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
ARX Investimentos Ltda.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y Brasil.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro A | EUR | 5.000 | 5% | 2,00% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 2,00% | 0% |
| USD A | USD | 5.000 | 5% | 2,00% | 0% |
| Sterling A (Acum.) | GBP | 5.000 | 5% | 2,00% | 0% |
| Sterling A (Reparto) | GBP | 5.000 | 5% | 2,00% | 0% |
| DKK A (Acum.) | DKK | 50.000 | 5% | 2,00% | 0% |
| NOK A (Acum.) | NOK | 50.000 | 5% | 2,00% | 0% |
| SEK A (Acum.) | SEK | 50.000 | 5% | 2,00% | 0% |
| Euro H (con cobertura) | EUR | 5.000 | 5% | 2,00% | 0% |

| Acciones «B» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro B | EUR | 10.000 | 5% | 1,50% | 0% |
| USD B | USD | 10.000 | 5% | 1,50% | 0% |
| Sterling B (Acum.) | GBP | 10.000 | 5% | 1,50% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Acum.) | GBP | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Reparto) | GBP | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro C | EUR | 5.000.000 | 5% | 1,00% | 0% |
| USD C | USD | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |

| Acciones «W» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro W | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| USD W | USD | 15.000.000 | 5% | 0,75% | 0% |
| DKK W (Acum.) | DKK | 150.000.000 | 5% | 0,75% | 0% |
| NOK W (Acum.) | NOK | 150.000.000 | 5% | 0,75% | 0% |
| SEK W (Acum.) | SEK | 150.000.000 | 5% | 0,75% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El objetivo del Subfondo consiste en lograr una revalorización del capital a largo plazo invirtiendo principalmente (esto es, al menos tres cuartas partes de su patrimonio total) en una cartera de valores de renta variable y asimilados a la renta variable de empresas con domicilio social en Brasil o que desarrollen una parte mayoritaria de su actividad en Brasil.

##### Política de inversión
El Subfondo invertirá, al menos, tres cuartas partes de su Valor de inventario neto en una cartera de valores de renta variable y asimilados a la renta variable (como acciones preferentes, acciones preferentes convertibles y Resguardos Estadounidenses de Depósito (de acciones cotizadas en Estados Unidos) de empresas localizadas en Brasil o que desarrollen una parte mayoritaria de su actividad en Brasil.
Hasta una cuarta parte del Valor de inventario neto del Subfondo podrá invertirse en valores de renta variable y asimilados a la renta variable de empresas que no estén domiciliadas en Brasil ni desarrollen una parte mayoritaria de su actividad en Brasil.
Hasta una cuarta parte del Valor de inventario neto del Subfondo podrá invertirse también en Bonos convertibles (tanto a tipo de interés fijo como variable, empresariales y no empresariales, con o sin calificación crediticia), obligaciones semiestatales y empresariales a tipo de interés fijo o variable (con calidad crediticia de grado de inversión o inferior), efectivo, instrumentos del mercado monetario (entre ellos, pero sin limitarse a éstos, el papel comercial, las obligaciones estatales y los certificados de depósito) y en organismos de inversión colectiva («OIC»).
El Subfondo podrá utilizar Derivados, de acuerdo con lo descrito más adelante en el apartado «Uso de Derivados». El Subfondo podrá poseer ocasionalmente warrants o derechos de adquisición de acciones cuando el mismo Subfondo los haya adquirido como consecuencia de operaciones societarias.
La mayor parte de las inversiones del Subfondo estarán admitidas a cotización o se negociarán en Mercados admisibles de Brasil y Estados Unidos. El resto de las inversiones del Subfondo estarán admitidas a cotización o se negociarán en Mercados admisibles ubicados fuera de Brasil y Estados Unidos.
Además, el Subfondo no invertirá, en total, más del 10% de su Valor de inventario neto en OIC.

##### Índice de referencia
MSCI Brazil 10/40 NR Index (el «Índice de referencia»).
El Índice de referencia está diseñado para medir la rentabilidad de los segmentos de capitalización bursátil alta y media del mercado brasileño. Los índices de renta variable MSCI 10/40 están diseñados y se mantienen diariamente para tener en cuenta las limitaciones de concentración del 10% y del 40% para fondos sometidos a la Directiva sobre OICVM III. Con 55 componentes, el Índice de referencia cubre aproximadamente el 85% de la capitalización bursátil ajustada a flotación libre en Brasil.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Sin embargo, dado que el Índice de referencia abarca una considerable proporción del universo de inversión, la mayoría de las posiciones del Subfondo serán componentes del Índice de referencia, aunque las ponderaciones en la cartera no se verán influidas por las del Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
La Gestora de inversiones aplicará una estrategia orientada al valor, para invertir en empresas que tengan ratios elevados de rentabilidad por dividendo y al mismo tiempo la capacidad de preservar los ingresos, que refleja una combinación de análisis fundamental y selección de acciones de tipo ascendente en el enfoque utilizado para la composición de la cartera.
Además, se evaluarán factores macroeconómicos y las condiciones del sector empresarial. La aplicación de una estrategia orientada al valor/los rendimientos garantiza que solo aquellas empresas con unos fundamentales empresariales sólidos, unas atractivas valoraciones y unos dividendos altos son incluidas en la cartera. Los dividendos son una parte importante de la decisión de inversión, como también lo es el atractivo de la valoración en relación con las futuras ganancias de capital.
El proceso de constitución de la cartera se basa en modelos de optimización cuantitativa, «caps» de liquidez, límites de diversificación por empresas y sectores y pretende minimizar los riesgos del mercado y aumentar la rentabilidad ajustada al riesgo.
Si bien los inversores podrían beneficiarse de ganancias
a corto plazo, la Gestora de inversiones no las buscará de forma específica. La Gestora de inversiones aplicará una estrategia orientada al valor, para invertir en empresas que tengan ratios elevados de rentabilidad por dividendo y al mismo tiempo la capacidad de preservar los ingresos y el capital a largo plazo. Debido al carácter a largo plazo de este Subfondo, la Gestora de inversiones compra
valores de renta variable y asimilados a la renta variable que se mantendrán con un horizonte a largo plazo de entre 3 y 5 años.
La filosofía de la Gestora de inversiones se basa en un proceso de inversión cuantitativo sin índice de referencia y basado en la investigación.
La selección de valores se dirige a empresas con ingresos sostenibles (nivel de la empresa), un elevado nivel de dividendos (nivel del accionista) y valoraciones atractivas.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La gestión del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
Utilizando procesos cuantitativos y cualitativos, la Gestora de inversiones identifica, supervisa y gestiona el riesgo asociado a la sostenibilidad de la siguiente manera:
- Antes de adquirir inversiones por cuenta del Subfondo, la Gestora de inversiones tiene en cuenta los factores ASG para evaluar la inversión pertinente frente al riesgo asociado a la sostenibilidad e identificar si es vulnerable a dicho riesgo. Este proceso incorpora la aplicación tanto de una política de exclusión (mediante la cual se pueden eliminar las inversiones potenciales del universo de inversión sobre la base de que supongan un riesgo de sostenibilidad demasiado grande para el Subfondo) como de un cribado positivo, en el que se incluyan aquellas inversiones que se considere que tienen un riesgo de sostenibilidad bajo, así como una rentabilidad financiera sólida. La Gestora de inversiones también lleva a cabo análisis fundamentales sobre cada inversión potencial, utilizando los datos ASG publicados por el emisor (si fuera el caso) o una investigación propia para evaluar la idoneidad de las prácticas ASG de un emisor para gestionar el riesgo asociado a la sostenibilidad al que se enfrenta. La información recopilada a partir del análisis fundamental llevado a cabo será tenida en cuenta por la Gestora de inversiones a la hora de decidir si adquirir una posición en un emisor y, en determinadas circunstancias, puede dar lugar a que la Gestora de inversiones invierta en un emisor que aparentemente tenga un mayor riesgo ASG asociado cuando considere que la percepción del mercado en relación con sus prácticas ASG no refleja plenamente los cambios positivos recientes relacionados con la sostenibilidad implementados por el emisor correspondiente.
- Durante la vida útil de la inversión, el riesgo asociado a la sostenibilidad se supervisa mediante la revisión de los datos ASG publicados por el emisor (si fuera el caso) o mediante una investigación propia para determinar si el nivel de riesgo asociado a la sostenibilidad ha cambiado desde que se llevó a cabo la evaluación inicial. Cuando el riesgo de sostenibilidad asociado a una inversión concreta haya aumentado más allá del nivel de riesgo ASG aceptable para el Subfondo, la Gestora deinversiones considerará vender o reducir la exposición del Subfondo a la inversión correspondiente, teniendo en cuenta los intereses de los Accionistas del Subfondo.

Como se ha explicado anteriormente, la gestión y la evaluación de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor de un Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros sobre divisas |
| --- | --- |
| Opciones | Opciones de futuros sobre divisas Opciones sobre divisas (incluidas las opciones de tipos de cambio) |
| Contratos a plazo (entre- gables y no entregables) | Contratos a plazo sobre divisas |
| Valores con Derivados/apa- lancamiento integrados | bonos convertibles Warrants Derechos de compra de acciones |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de
forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.

#### Periodo de liquidación
Los importes de suscripción deberán abonarse normalmente en fondos de inmediata disposición, expresados en la moneda de cuenta de la correspondiente clase, mediante transferencia telegráfica dirigida a la cuenta bancaria que se indique en el correspondiente impreso de solicitud, dentro de los dos Días hábiles siguientes al correspondiente Día de valoración («T+2»).
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 15% de su Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las
primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de Oferta Iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 10 DKK, 10 NOK o 10 SEK, en función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Long-Term Global Equity Fund

### SUPLEMENTO 14 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado«Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.


#### La Gestora de inversiones
Walter Scott & Partners Limited

#### Divisa Base
Euro

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro A | EUR | 5.000 | 5% | 2,00% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 2,00% | 0% |
| USD A | USD | 5.000 | 5% | 2,00% | 0% |
| Sterling A (Reparto) | GBP | 5.000 | 5% | 2,00% | 0% |
| Sterling A (Acum.) | GBP | 5.000 | 5% | 2,00% | 0% |
| USD H (Acum.) (con cobertura) | USD | 5.000 | 5% | 2,00% | 0% |
| DKK H (Acum.) (con cobertura) | DKK | 50.000 | 5% | 2,00% | 0% |
| NOK H (Acum.) (con cobertura) | NOK | 50.000 | 5% | 2,00% | 0% |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 2,00% | 0% |

| Acciones «B» y Acciones «J (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro B | EUR | 10.000 | 5% | 1,50% | 0% |
| Sterling B (Reparto) | GBP | 10.000 | 5% | 1,50% | 0% |
| USD B | USD | 10.000 | 5% | 1,50% | 0% |
| USD B (Reparto) | USD | 10.000 | 5% | 1,50% | 0% |
| CAD B (Acum.) | CAD | 10.000 | 5% | 1,50% | 0% |
| SGD B (Acum.) | SGD | 10.000 | 5% | 1,50% | 0% |
| SGD B (Reparto) | SGD | 10.000 | 5% | 1,50% | 0% |
| CNH B (Acum.) | CNH | 100.000 | 5% | 1,50% | 0% |
| HKD B (Acum.) | HKD | 100.000 | 5% | 1,50% | 0% |
| USD J (Acum.) (con cobertura) | USD | 10.000 | 5% | 1,50% | 0% |
| CAD J (Acum.) (con cobertura) | CAD | 10.000 | 5% | 1,50% | 0% |
| SGD J (Acum.) (con cobertura) | SGD | 10.000 | 5% | 1,50% | 0% |
| CNH J (Acum.) (con cobertura) | CNH | 100.000 | 5% | 1,50% | 0% |
| HKD J (Acum.) (con cobertura) | HKD | 100.000 | 5% | 1,50% | 0% |
| JPY J (Acum.) (con cobertura) | JPY | 1.000.000 | 5% | 1,50% | 0% |
| JPY J (Reparto) (con cobertura) | JPY | 1.000.000 | 5% | 1,50% | 0% |

| Acciones «G» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Acum.) | GBP | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Reparto) | GBP | 5.000 | 5% | 1,00% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro C | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| USD C | USD | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| USD I (Reparto) (con cobertura) | USD | 5.000.000 | 5% | 1,00% | 0% |
| USD I (Acum.) (con cobertura) | USD | 5.000.000 | 5% | 1,00% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro W | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,75% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| CHF W (con cobertura) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| USD W | USD | 15.000.000 | 5% | 0,75% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,75% | 0% |
| USD W (con cobertura) | USD | 15.000.000 | 5% | 0,75% | 0% |
| AUD W (Acum.) (con cobertura) | AUD | 15.000.000 | 5% | 0,75% | 0% |
| CAD W (Acum.) (con cobertura) | CAD | 15.000.000 | 5% | 0,75% | 0% |
| HKD W (Acum.) (con cobertura) | HKD | 150.000.000 | 5% | 0,75% | 0% |
| CNH W (Acum.) (con cobertura) | CNH | 150.000.000 | 5% | 0,75% | 0% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,75% | 0% |
| DKK W (Acum.) (con cobertura) | DKK | 150.000.000 | 5% | 0,75% | 0% |
| NOK W (Acum.) (con cobertura) | NOK | 150.000.000 | 5% | 0,75% | 0% |
| SEK W (Acum.) (con cobertura) | SEK | 150.000.000 | 5% | 0,75% | 0% |

| Acciones «S» y Acciones «T (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso | Comisión de rentabilidad | Hurdle rate |
| Euro S | EUR | 5.000.000 | 5% | 0,50% | 0% | 15% | MSCI World Index (con reinversión de dividendos netos) en euros |
| USD S (Acum.) 1 | USD | 5.000.000 | 5% | 0,50% | 0% | 15% | MSCI World Index (con reinversión de dividendos netos) en USD |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| Sterling X | GBP | Ninguna | 0% | 0% | 0% |


#### Comisión de rentabilidad
Además de la comisión de gestión anual, la Sociedad gestora tiene derecho a percibir una comisión de rentabilidad anual (la «Comisión rentabilidad»), con arreglo a las condiciones que se detallan a continuación. El tipo al que se aplicará la Comisión de rentabilidad se indica en la tabla anterior Las Comisiones de rentabilidad reducen el valor de su inversión y el rendimiento que obtendrá de esta.
La Comisión de rentabilidad respecto de cada Clase de Acciones pertinente se calcula como el porcentaje de comisión de rentabilidad (según se indica en la tabla anterior) de la Rentabilidad de la Clase de Acciones (como se define a continuación) por encima de la Rentabilidad de la Hurdle rate (como se define a continuación).
La Comisión de rentabilidad se calculará con respecto a cada periodo de doce meses finalizado el 31 de diciembre (el «Periodo de Cálculo»). El primer Periodo de cálculo será el periodo que comienza el Día hábil
inmediatamente posterior al cierre del Periodo de oferta inicial y que termina el 31 de diciembre de ese mismo año.
La «Rentabilidad de la Clase de Acciones» se calcula en cada Día de valoración, y es la diferencia porcentual entre el Valor Liquidativo Neto Ajustado en tal Día de valoración y el Valor Liquidativo Neto Ajustado del Día de valoración anterior.
El «Valor liquidativo neto ajustado» es el Valor liquidativo neto de la clase de Acciones correspondiente (que incluye un recargo por todas las comisiones y gastos, incluida la comisión de gestión anual y los gastos operativos y administrativos que se imputarán a dicha clase de acciones, ajustados, en su caso, con las distribuciones de dividendos) pero sin deducir ninguna Comisión de rentabilidad devengada desde el inicio del Periodo de cálculo.
La «Hurdle rate» se recoge en la anterior tabla y es coherente con la política de inversión del Subfondo. Una hurdle rate es un nivel predeterminado de rentabilidad que debe superar un fondo a fin de ganar una comisión de rentabilidad. La rentabilidad histórica del Subfondo con respecto al índice MSCI World NR se recoge en el documento de datos fundamentales para el inversor correspondiente a la Clase de Acciones en cuestión.
La «Rentabilidad de la Hurdle rate» se calcula en cada Día de valoración y es la diferencia porcentual entre la Hurdle rate en ese Día de valoración y la Hurdle rate en el Día de valoración anterior.
En cada Día de valoración, se calcula un Valor liquidativo neto ajustado respecto de cada clase de acciones a la que se aplique la Comisión de rentabilidad. Si la Rentabilidad de la Clase de Acciones supera la Rentabilidad de la Hurdle rate, se devenga una Comisión de rentabilidad.
Si la Rentabilidad de la Clase de Acciones no supera a la Rentabilidad de la Hurdle rate, se reduce el devengo de la Comisión de rentabilidad (no por debajo de cero). La comisión de rentabilidad se reduce en un importe calculado como el porcentaje de la comisión de rentabilidad (establecida en la tabla anterior) del peor comportamiento relativo de la Rentabilidad de la Clase de Acciones en comparación con la Rentabilidad de la Hurdle rate (la «rentabilidad negativa») multiplicado por las Acciones emitidas. Una vez que la Comisión de rentabilidad acumulada se ha reducido a cero, no se devengará ninguna nueva Comisión de rentabilidad hasta
que (i) la Rentabilidad acumulada de la Clase de Acciones supere la Rentabilidad de la Hurdle rate desde el principio del Periodo de Cálculo.
Recuperación – Tras un Periodo de Cálculo en el que no se haya cargado ninguna Comisión de rentabilidad, no se devengará ninguna Comisión de rentabilidad hasta que la Rentabilidad acumulada de la Clase de Acciones (desde el último Día de valoración del último ejercicio contable en que se imputó una Comisión de rentabilidad) supere a la Rentabilidad acumulada de la Hurdle rate (desde el último Día de valoración del último ejercicio contable en que se imputó una Comisión de rentabilidad).
Si no se ha cargado ninguna Comisión de rentabilidad desde el lanzamiento de una clase de acciones, no se devengará ninguna Comisión de rentabilidad hasta que la Rentabilidad acumulada de la Clase de Acciones (desde el lanzamiento de dicha clase de acciones) supere a la Rentabilidad diaria acumulada de la Hurdle rate desde el lanzamiento de esa Clase de Acciones.
La Comisión de rentabilidad acumulada en cada Día de valoración se refleja en el Valor liquidativo neto de la Acción sobre la base de la cual se pueden aceptar las suscripciones, la amortización, los reembolsos o los canjes.
Se deben incluir en el cálculo de la Comisión de rentabilidad las ganancias realizadas y no realizadas netas más las pérdidas de capital realizadas y no realizadas al final de periodo de que se trate. Como consecuencia de ello, cabe la posibilidad de que se paguen comisiones en función de resultados sobre plusvalías latentes que posteriormente nunca se materialicen.
Podrá generarse una rentabilidad positiva a raíz de los movimientos del mercado y de una gestión activa de la cartera; esto puede llevar a circunstancias en que una parte de la Comisión de rentabilidad se pague según los movimientos del mercado.
El cálculo de la Comisión de rentabilidad no es susceptible de manipulación y deberá ser verificado por el Depositario.
La Comisión de rentabilidad se calcula y acumula en cada Día de valoración y se abona a año vencido, con respecto a cada Periodo de cálculo. Por lo general, toda
Comisión de rentabilidad pagadera se abonará en el plazo de 30 Días hábiles una vez finalizado el Periodo de cálculo, la fecha de cualquier reembolso, la fecha de una fusión (sujeta a los requisitos del Banco Central), la fecha de finalización del Contrato de gestión o cualquier otra fecha en la que la Sociedad o el Subfondo puedan ser liquidados o dejen de operar.

##### Ejemplos de cómo se calculará la comisión de rentabilidad
Tenga presente que el modelo de comisión de rentabilidad permite aplicar este tipo de comisiones en caso de que un Subfondo haya superado la Hurdle rate pero su rentabilidad general sea negativa.
| Día de valoración | Valor liquidativo neto ajustado al final del Periodo de cálculo | Rentabilidad de la Hurdle rate expresada en peniques | Rentabilidad superior de la Hurdle rate expresada en peniques* | Comisión de rentabilidad** | Valor liquidativo neto al final del Periodo de cálculo | Descripción del ejemplo |
| --- | --- | --- | --- | --- | --- | --- |
| 31 de diciembre (primer año) | 105p | 102p | 3p | 0,45p | 104,55p | La rentabilidad del Valor liquidativo neto ajustado |
|  |  |  |  |  |  | durante el Periodo de cálculo |
|  |  |  |  |  |  | dio lugar a un Valor |
|  |  |  |  |  |  | liquidativo neto ajustado de |
|  |  |  |  |  |  | 105 p al final del primer año, |
|  |  |  |  |  |  | que es superior a la |
|  |  |  |  |  |  | Rentabilidad de la Hurdle |
|  |  |  |  |  |  | rate de 102 p y la |
|  |  |  |  |  |  | Rentabilidad superior de 3 p |
|  |  |  |  |  |  | es positiva. |
|  |  |  |  |  |  | Por consiguiente, se abonó |
|  |  |  |  |  |  | una Comisión de rentabilidad |
|  |  |  |  |  |  | de 0,45 p. |
| 31 de diciembre (segundo año) | 95p | 106p | 0p | 0p | 95p | La rentabilidad del Valor liquidativo neto ajustado durante el Periodo de cálculo dio lugar a un Valor liquidativo neto ajustado de 95 p al final del segundo año, que es inferior a la Rentabilidad de la Hurdle rate de 106 p. |
|  |  |  |  |  |  | Por tanto, no se abonó ninguna Comisión de rentabilidad. |
| 31 de diciembre (tercer año) | 104p | 105p | 0p | 0p | 104p | La rentabilidad del Valor liquidativo neto ajustado durante el Periodo de cálculo dio lugar a un Valor liquidativo neto ajustado de 104 p al final del tercer año, que es inferior a la Rentabilidad de la Hurdle rate de 105 p. |
|  |  |  |  |  |  | Por tanto, no se abonó ninguna Comisión de rentabilidad. |
| 31 de diciembre (cuarto año) | 110p | 108p | 2p | 0,30p | 109,70p | La rentabilidad del Valor liquidativo neto ajustado durante el Periodo de cálculo dio lugar a un Valor liquidativo neto ajustado de 110 p al final del cuarto año, que es superior a la Hurdle rate de 108 p y la Rentabilidad superior de 2 p es positiva. Por consiguiente, se abonó una Comisión de rentabilidad de 0,30 p. |

* La Rentabilidad superior constituye los resultados superiores de la Rentabilidad de la Clase de Acciones con respecto a la Rentabilidad de la Hurdle rate
**15% de Rentabilidad superior

#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El objetivo del Subfondo consiste en lograr una revalorización del capital a largo plazo invirtiendo principalmente (esto es, al menos tres cuartas partes de su patrimonio total) en una cartera de valores de renta variable y asimilados a la renta variable de empresas de todo el mundo.

##### Política de inversión
El Subfondo invertirá principalmente (esto es, al menos tres cuartas partes de su Valor de inventario neto total) en una cartera de valores de renta variable y asimilados a la renta variable de empresas de todo el mundo, la mayor parte de las cuales estarán admitidas a cotización o se negociarán en Mercados admisibles. Los valores asimilados a renta variable incluirán títulos y acciones ordinarios y preferentes, acciones preferentes convertibles y warrants. La inversión en warrants está sujeta a un límite del 10% del Valor de inventario neto del Subfondo.
El Subfondo podrá también invertir directamente en valores de renta variable globales mediante instrumentos como los Resguardos estadounidenses de depósito de valores y los Resguardos mundiales de depósito de valores (denominados conjuntamente en lo sucesivo
«Resguardos de Depósito de Valores»).
Aunque la Gestora de inversiones podrá distribuir los activos del Subfondo, sin restricción alguna, entre las regiones geográficas y cada uno de los países basándose en su análisis de la situación económica, política y financiera global, el Subfondo podrá tener una exposición significativa a determinados mercados, incluido Estados Unidos. Hasta el 20% del valor del Valor de inventario neto del Subfondo podrá estar invertido en valores de renta variable o relacionados con renta variable de empresas situadas en países de mercados emergentes. A estos efectos, los «países de mercados emergentes» son aquellos países identificados como tales a los efectos del índice Morgan Stanley Capital International Emerging Markets (un índice diseñado para medir el comportamiento de los mercados de renta variable en los mercados emergentes de todo el mundo) (incluidas cualesquiera modificaciones posteriores o cualquier índice que lo sustituya que el proveedor del índice pueda establecer). Al determinar la localización del emisor de un valor, la Gestora de inversiones tiene en cuenta factores como el país en el que está organizado, el mercado en que se negocian principalmente sus valores y la localización de sus activos, personal, ventas e ingresos.
El Subfondo no está sujeto a restricciones relativas a la capitalización bursátil de los valores de renta variable y asimilados a la renta variable en los que puede invertir.
El Subfondo podrá invertir además hasta una cuarta parte de su Valor de inventario neto en bonos de tipo fijo o variable, valores de deuda convertible de gobiernos o empresas e instrumentos del mercado monetario (incluidos, entre otros, el papel comercial, la deuda pública y los certificados de depósito) o efectivo. Los valores de deuda en los que el Subfondo puede invertir tendrán una calificación de categoría de inversión (es decir, BBB-/Baa3) o superior otorgada por una agencia de calificación crediticia reconocida.
El Subfondo no invertirá, en total, más del 10% de su Valor de inventario neto en organismos de inversión colectiva.
El Subfondo podrá invertir en Derivados con fines de cobertura y de gestión eficiente de la cartera
En general, el Subfondo estará expuesto a las oscilaciones de los tipos de cambio que experimente su inversión en valores de renta variable y asimilados a la renta variable. Si bien la Gestora de inversiones no tratará de añadir valor mediante la especulación con divisas, generalmente dejará sin cobertura la exposición del Subfondo a las distintas divisas. No obstante lo anterior, la Gestora de inversiones realizará un seguimiento y revisión periódicos de la exposición a las distintas divisas, y utilizará la cobertura de divisas cuando perciba que la exposición a divisas supone riesgos apreciables. Por lo general, toda cobertura de divisas se llevará a cabo a través de opciones sobre divisas de estilo americano OTC consistentes en opciones sobre divisas que se negocian con bancos y brokers - intermediarios de primera fila. Las opciones de estilo americano OTC pueden ejercitarse en cualquier día hábil hasta la fecha de vencimiento inclusive, a diferencia de
las opciones OTC de estilo europeo, que solo pueden ejercitarse en la fecha de vencimiento. Estas opciones estarán diseñadas para permitir al Subfondo convertir el valor de las valores de renta variable y asimilados a la renta variable a euros, a un tipo de cambio convenido en la fecha de celebración del contrato de opción.

##### Índice de referencia
MSCI World NR Index (el «Índice de referencia»).
El Índice de referencia es un índice de renta variable global amplio diseñado para representar el rendimiento de valores de capitalización bursátil alta y media de
23 mercados de países desarrollados, incluidos: Australia, Austria, Bélgica, Canadá, Dinamarca, Finlandia, Francia, Alemania, Hong Kong, Irlanda, Israel, Italia, Japón, Países Bajos, Nueva Zelanda, Noruega, Portugal, Singapur, España, Suecia, Suiza, el Reino Unido y los Estados Unidos de América. El Índice de referencia cubre aproximadamente el 85% de la capitalización bursátil de flotación ajustada libre en todos los países en los que opera.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del Índice de referencia, la selección de las inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
La estrategia de inversión del Subfondo es conseguir un incremento a largo plazo del capital, invirtiendo principalmente en una cartera de valores de renta variable y asimilados a la renta variable de empresas de todo el mundo (para obtener información más detallada, véase el apartado «Políticas de inversión»).
La filosofía y el proceso de inversión es coherente con el marco conceptual existente de la Gestora de inversiones: un enfoque de inversión a largo plazo basado en un análisis «de abajo arriba» (bottom-up) riguroso de las empresas con el objetivo de identificar aquellas empresas con mayores perspectivas de generación de riqueza. Esto refleja la creencia fundamental de que, con el paso del tiempo, el rendimiento de la inversión de una cartera superará la riqueza creada por las empresas subyacentes. Como resultado de ello, la tarea básica del equipo de investigación de la Gestora de inversiones es identificar aquellas empresas con un potencial de generación de riqueza consistente con el objetivo de inversión de la cartera.
La filosofía de la Gestora de inversiones se basa en una investigación detallada de los fundamentales con la mirada puesta en el potencial de crecimiento de determinados valores sobre un periodo de tiempo. Debido al carácter a largo plazo de este Subfondo se supone que los valores de renta variable y asimilados a la renta variable de la cartera se mantendrán con un horizonte a largo plazo de entre 3 y 5 años, o superior, siendo baja, por consiguiente, la rotación de la cartera del Subfondo por ser fundamental para el proceso de la Gestora de
inversiones descrito anteriormente. En este sentido, si bien los inversores podrían beneficiarse de ganancias a corto plazo, la Gestora de inversiones no las buscará de forma específica.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La gestión del riesgo asociado a la sostenibilidad está totalmente integrada en el proceso de inversión implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
A la hora de investigar cualquier empresa, independientemente de su ubicación geográfica y sector, la Gestora de inversiones aplica el mismo marco analítico. Este marco es cuantitativo y cualitativo, e implica el análisis de los registros financieros históricos junto con la consideración de siete áreas clave de investigación:
- actividades comerciales y huella física
- integridad, sostenibilidad y gobierno corporativo
- características del mercado
- control del destino
- perfil financiero
- dirección y consejo de administración
- valoración y negociaciónEl análisis de integridad, sostenibilidad y prácticas de gobierno de la Gestora de inversiones incluye la evaluación y supervisión de empresas sobre factores relevantes y materiales en cuatro áreas clave:
- consideraciones ambientales
- riesgo climático y cambio climático
- capital humano y social
- gobierno corporativoEste proceso permite a la Gestora de inversiones examinar todos los factores que podrían afectar al éxito a largo plazo de un negocio antes de invertir. Como parte de la evaluación continua de una empresa por parte de la Gestora de inversiones, se actualiza, revisa y analiza anualmente, lo que permite a la Gestora de inversiones supervisar el progreso a lo largo del tiempo.

Aunque toda la investigación es propia de la Gestora de inversiones, se amplía con información y análisis de fuentes externas, incluidos proveedores de investigación externos, académicos y expertos en la materia. El contacto periódico de la Gestora de inversiones con la dirección de la empresa también contribuye a su evaluación general de una empresa.
Como se ha explicado anteriormente, la gestión y la evaluación de los riesgos asociados a la sostenibilidad está totalmente integrada en el proceso de inversión de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo se vea afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.

#### Registro en Hong Kong
El Subfondo está registrado para su venta en Hong Kong.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 50% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central.
Cuando utilice Derivados para lograr una gestión eficiente de la cartera, el Subfondo puede adquirir exposición indirecta a índices financieros.
Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CAD, 1 AUD,
1 CHF, 1 SGD, 10 HKD, 10 CNH, 10 DKK, 10 NOK, 10 SEK o
100 JPY, en función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Global Real Return Fund (USD)

### SUPLEMENTO 15 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.
- El Subfondo podrá mantenerse principalmente invertido en depósitos establecidos en entidades de crédito. Aunque el Subfondo puede invertir en instrumentos del mercado monetario y depósitos a la vista, las Acciones del Subfondo no constituyen depósitos y son de naturaleza diferente de los depósitos, por no estar garantizadas y porque el valor de la inversión es susceptible de fluctuar. Toda inversión en el Subfondo entraña ciertos riesgos de inversión, incluida la posible pérdida del principal invertido.


#### La Gestora de inversiones
Newton Investment Management Limited

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Newton Investment Management North America LLC (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD A | USD | 5.000 | 5% | 1,50% | 0% | SOFR (compuesto a 30 días) + +4% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,50% | 0% | SOFR (compuesto a 30 días) + +4% |
| AUD H (Acum.) (con cobertura) | AUD | 5.000 | 5% | 1,50% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 4% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| --- | --- | --- | --- | --- | --- | --- |
| CAD H (Acum.) (con cobertura) | CAD | 5.000 | 5% | 1,50% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |
| CNH H (Acum.) (con cobertura) | CNH | 50.000 | 5% | 1,50% | 0% | CNH HIBOR a 1 mes + 4% |
| SGD H (Acum.) (con cobertura) | SGD | 5.000 | 5% | 1,50% | 0% | SGD SIBOR a 1 mes + 4% |

| Acciones «G» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD G (Acum.) | USD | 5.000 | 5% | 1,00% | 0% | SOFR (compuesto a 30 días) + +4% |
| USD G (Reparto) | USD | 5.000 | 5% | 1,00% | 0% | SOFR (compuesto a 30 días) + +4% |

| Acciones «C» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD C | USD | 5.000.000 | 5% | 1,00% | 0% | SOFR (compuesto a 30 días) + +4% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 1,00% | 0% | SOFR (compuesto a 30 días) + +4% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD W | USD | 15.000.000 | 5% | 0,75% | 0% | SOFR (compuesto a 30 días) + +4% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,75% | 0% | SOFR (compuesto a 30 días) + +4% |
| AUD W (Acum.) (con cobertura) | AUD | 15.000.000 | 5% | 0,75% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 4% |
| CAD W (Reparto) (con cobertura) | CAD | 15.000.000 | 5% | 0,75% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |
| CAD W (Acum.) (con cobertura) | CAD | 15.000.000 | 5% | 0,75% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |
| CNH W (Acum.) (con cobertura) | CNH | 150.000.000 | 5% | 0,75% | 0% | CNH HIBOR a 1 mes + 4% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,75% | 0% | SGD SIBOR a 1 mes + 4% |

| Acciones «Z (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| CAD Z (Acum.) (con cobertura) | CAD | 200.000.000 | 5% | 0,65% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |
| CAD Z (Reparto) (con cobertura) | CAD | 200.000.000 | 5% | 0,65% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD X | USD | Ninguna | 0% | 0% | 0% | SOFR (compuesto a 30 días) + +4% |
| CAD X (Acum.) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |
| CAD X (Reparto) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El objetivo del Subfondo consiste en alcanzar una rentabilidad total por encima de un índice de referencia basado en el efectivo (tal como se describe más adelante) a lo largo de un horizonte de inversión de 3-5 años.

##### Política de inversión
El Subfondo utilizará su capacidad de invertir libremente en una amplia gama de clases de activos, esforzándose por mantener, en cualquier momento, una exposición al riesgo razonablemente moderada. El Subfondo es una cartera global de activos múltiples. La distribución se realizará según el criterio de la Gestora de inversiones, basándose en su propio enfoque de inversión global, tanto en el interior de cada clase de activos como entre estas clases. No es necesario que el Subfondo esté invertido en todas las clases de activos en cualquier momento.
En general, el Subfondo podrá invertir en valores de renta variable y asimilados a la renta variable, Valores de deuda y relacionados con la deuda, Derivados (incluidos Derivados relacionados con las divisas), organismos de inversión colectiva («OIC»), depósitos, efectivo, instrumentos del mercado monetario y equivalentes a efectivo; cada uno de ellos se detallará más adelante.
Los valores de renta variable y relacionados con la renta variable en los que podrá invertir el Subfondo consistirán principalmente, entre otros, en acciones ordinarias, acciones preferentes, valores convertibles o canjeables en estas acciones, Resguardos estadounidenses de depósito de valores y Resguardos mundiales de depósito de valores cotizados oficialmente o negociados en Mercados admisibles de todo el mundo.
En relación con los Valores de deuda y relacionados con la deuda en los que invierte el Subfondo, estos serán, principalmente, aunque sin limitación alguna, deuda internacional, deuda soberana, pública, de organismos supranacionales, empresarial, bancaria y de otro tipo, y otros Valores de deuda y relacionados con la deuda (como obligaciones simples, pagarés (incluidos pagarés empresariales y soberanos, a tipo variable y fijo, con un plazo de vencimiento mínimo igual o superior a un año)), así como títulos respaldados por hipotecas o títulos respaldados por activos, que podrán ser de tipo fijo o variable.
El Subfondo puede invertir en valores con grado de inversión o con grado inferior al grado de inversión, según lo indicado por una agencia de calificación crediticia reconocida. No está previsto que la inversión en valores de renta fija con grado inferior al de inversión supere el 30% del Valor de inventario neto del Subfondo, y en general será sustancialmente inferior al 30%.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en CoCo. Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado «Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en Pagarés Estructurados.
El Subfondo podrá invertir más del 10% y hasta un máximo del 35% de su Valor de inventario neto en valores de deuda emitidos y / o garantizados por un único emisor soberano (incluido su gobierno, entidades públicas o autoridades locales), con una calificación inferior al grado de inversión (es decir, BB+ o inferior) otorgada por una agencia de calificación crediticia reconocida. Algunos ejemplos de este tipo de emisores soberanos son Brasil, Indonesia o Hungría. Estas inversiones se basarán en el criterio profesional de la Gestora de inversiones, entre cuyos motivos de inversión podrán incluirse una perspectiva favorable o positiva sobre el emisor
soberano, el potencial de una mejora de la calificación y los cambios previstos en el valor de las inversiones debido a los cambios en sus calificaciones. Debe tenerse en cuenta que las calificaciones de los emisores soberanos pueden cambiar ocasionalmente y que los Estados soberanos antes mencionados solo se incluyen como referencia y están sujetos a modificaciones en función de los cambios en sus calificaciones.
Además, el Subfondo no invertirá, en total, más del 10% de su Valor de inventario neto en OIC.
A fin de proporcionar liquidez y cobertura a las exposiciones generadas por el uso de Derivados, podrá invertirse en cualquier momento la mayor parte de los activos del Subfondo en tesorería, instrumentos del mercado monetario, incluidos, sin limitación alguna, papel comercial, deuda pública de tipo fijo o variable, con grado de inversión o grado inferior al grado de inversión (según determine una agencia de calificación crediticia reconocida), certificados de depósito y OIC.
El Subfondo podrá invertir en materias primas, bienes inmuebles, energías renovables e infraestructuras a través de una combinación de OIC (incluidos fondos de capital variable negociados en bolsa), valores de renta variable y asimilados a la renta variable (como sociedades anónimas cotizadas de inversión inmobiliaria (SOCIMI) y otros fondos de capital fijo negociados en bolsa) y valores de renta fija (como pagarés negociados en bolsa (incluidas las materias primas negociadas en bolsa y los certificados negociados en bolsa)). Cualquier inversión en fondos de capital fijo negociados será considerada una inversión en un valor mobiliario de acuerdo con las exigencias del Banco Central.
El Subfondo no está limitado a ninguna región geográfica o sector de mercado.
El Subfondo puede invertir también hasta el 10% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda de la República Popular de China («RPC») negociados en el mercado de bonos interbancario de China («CIBM») a través del Mecanismo de acceso al mercado de bonos de Hong Kong y China (tal y como se describe en el Apéndice VI del Folleto).
entre los métodos para obtener exposición a los valores chinos pueden incluirse la adquisición de acciones A de China a través de Stock Connect. El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en acciones chinas de la clase A a través del canal Stock Connect. En el Apéndice V de este Folleto se incluyen más detalles sobre el canal Stock Connect.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en valores mobiliarios que no coticen o se negocien en los Mercados admisibles.

##### Índice de referencia
SOFR (compuesto a 30 días) + 4% anual (el «Índice de referencia basado en el efectivo»).
El Subfondo utiliza el Índice de referencia basado en el efectivo como el objetivo de rentabilidad del Subfondo que se debe igualar o superar a lo largo de 5 años antes de comisiones.
SOFR (Secured Overnight Financing Rate - Tasa de financiación garantizada a un día) es un indicador general que mide el coste de tomar dinero prestado a un día garantizado por valores del Tesoro de EE. UU. y que es administrado por la Reserva Federal de Nueva York.
El Subfondo se gestiona de forma activa, lo que implica que la Gestora de inversiones tendrá potestad sobre la selección de inversiones, siempre que se respeten el objetivo y la política de inversión.

##### Estrategia de inversión
La filosofía de inversión se basa en la convicción de la Gestora de inversiones de que ninguna sociedad, mercado o economía pueden considerarse de manera aislada; todos ellos deben entenderse en un contexto global. La Gestora de inversiones cree que los acontecimientos que se suceden alrededor del mundo influyen en todos los mercados financieros, y que, por lo tanto, el éxito de las inversiones en valores con una diversificación internacional depende de un conocimiento en profundidad del mundo en su conjunto.
La Gestora de inversiones selecciona temas que abarcan las principales áreas de cambio del mundo, y los utiliza como base de sus ideas de inversión. Este enfoque temático global permite a la Gestora de inversiones tener una perspectiva a largo plazo de los mercados financieros y las economías globales, y tener en cuenta siempre la visión general. La perspectiva es un rasgo definitorio de su proceso de inversión; les ayuda a anticipar la forma en que cambiará el mundo y orienta a los analistas y gestores de cartera hacia oportunidades rentables.
El fondo Global Real Return aplica una estrategia de gestión activa que invierte predominantemente en activos múltiples tradicionales y utiliza Derivados para proteger el capital o generar ingresos. Las carteras de activos múltiples con un objetivo de rentabilidad se estructuran con visión de conjunto y siguen un enfoque de inversión sin restricciones, ni de tipo regional, ni sectorial o respecto de los índices. La Gestora de inversiones adapta las características de inversión que buscan a los cambios que observamos en el entorno de inversión. La asignación de activos del Subfondo podrá cambiar según las opiniones de la Gestora de inversiones acerca de las condiciones económicas y de mercado fundamentales, y de las tendencias de inversión globales, teniendo en consideración factores como la liquidez, los costes, la oportunidad de la ejecución, el atractivo relativo de valores y emisores concretos disponibles en el mercado.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La consideración del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones tiene acceso a una serie de puntos de datos relacionados con los factores ASG proporcionados por datos de terceros que ayudan a identificar posibles problemas relacionados con los factores ASG a los que puede enfrentarse un emisor. Esto incluye, entre otros aspectos, la exposición a actividades que puedan considerarse perjudiciales para el ambiente o la sociedad. Estos datos, junto con los datos procedentes de los recursos propios de investigación sobre inversión responsable de la Gestora de inversiones, constituyen
una parte fundamental de la consideración y evaluación del nivel de riesgo asociado a la sostenibilidad al que puede estar sujeta una inversión.
Esta evaluación está integrada en el proceso de investigación del nivel de seguridad, que se basa en el análisis fundamental de las oportunidades de inversión individuales a través de una serie de factores diversos, entre los que se incluyen:
- Características económicas o financieras fundamentales
- Valoración
- Perfil de riesgo/beneficio
- Las características ASG del emisor, lo que incluye comprender cómo pueden afectar dichas consideraciones a la rentabilidad económica.

La Gestora de inversiones tendrá en cuenta la información recopilada del análisis fundamental llevado a cabo será a la hora de decidir si adquirir o no una posición en un emisor, o de seguir manteniéndola.
Como se ha explicado anteriormente, la evaluación y la gestión de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Opciones | Opciones sobre acciones (denominación única, índice, sector, cesta personalizada) Opciones con un precio de ejercicio bajo (LEPO) y Warrants con un precio de ejercicio bajo (LEPW) Opciones sobre índices Opciones sobre bonos Opciones sobre futuros de divisas Swaptions Opciones sobre índices de volatilidad Opciones sobre divisas (incluidas opciones sobre tipos de cambio) Opciones sobre futuros |
| --- | --- |
| Swaps | Swaps de incumplimiento de crédito (denominación única, índice y cesta personalizada) Swaps de tipos de interés Swaps de renta variable (denominación única, índice, sector y cesta personalizada) Swaps de varianza Swaps de rentabilidad total (denominación única, crédito, índice y cesta personalizada) Contratos por diferencias |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| Valores con Derivados/apa- lancamiento integrados | Bonos convertibles Bonos convertibles contingentes (CoCos) Títulos respaldados por activos (ABS) Títulos respaldados por hipotecas (MBS) Warrants Pagarés estructurados |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit iTraxx CDS |
| Índices de renta variable para proporcionar exposición a mercados regionales y globales de renta variable de una manera más rentable o eficiente que mediante la compra de los valores físicos. | Índice Borsa Istanbul 30 Índice Dax 30 Índice Euro Stoxx 50 Índice FTSE 100 Índice FTSE All Share Índice FTSE World Índice Hang Seng Índice KOSPI Índice MDAX Índice MSCI All Countries World Índice MSCI Emerging Markets Índice Nasdaq Composite Índice Nikkei 225 Índice Russell 2000 Índice S&P/ASX 200 Índice S&P/TSX Composite Índice S&P 500 Índice Stoxx Europe 600 Índice Stoxx Europe Small 200 |

más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Futuros | Futuros de divisas Futuros de deuda pública Futuros de índices de renta variable Futuros de índices de volatilidad Futuros de renta variable |
| --- | --- |

| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Los índices de volatilidad para ofrecer exposición expresan la opinión de la Gestora de inversiones acerca de la volatilidad de un mercado o divisa concretos de una manera más rentable o eficiente que si se compraran valores físicos. | Índice Chicago Board Options Exchange SPX Volatility |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular.
Normalmente, todos los índices financieros restantes se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Apéndice IX – Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga neta total (una vez tenida en cuenta la cobertura) a través de Derivados no superará el 100% del Valor de inventario neto del Subfondo y la exposición corta neta total no superará el 100% del Valor de inventario neto del Subfondo (aplicando el enfoque de compromiso).

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Absoluto
Límite de VaR Absoluto: La cartera del Subfondo no superará el 20% de su Valor de inventario neto (utilizando un periodo de tenencia de 20 Días hábiles).
Se espera que el apalancamiento bruto varíe entre: el 0% y el 1000% del Valor de inventario neto del Subfondo. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Absoluto y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de
préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 100% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 30% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 15% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 EUR, 1 CAD, 1 AUD, 1 SGD, 10 HKD o 10 CNH, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Global Real Return Fund (EUR)

### SUPLEMENTO 16 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.
- El Subfondo podrá mantenerse principalmente invertido en depósitos establecidos en entidades de crédito. Aunque el Subfondo puede invertir en instrumentos del mercado monetario y depósitos a la vista, las Acciones del Subfondo no constituyen depósitos y son de naturaleza diferente de los depósitos, por no estar garantizadas y porque el valor de la inversión es susceptible de fluctuar. Toda inversión en el Subfondo entraña ciertos riesgos de inversión, incluida la posible pérdida del principal invertido.


#### La Gestora de inversiones
Newton Investment Management Limited

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Newton Investment Management North America LLC (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Euro

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Euro A | EUR | 5.000 | 5% | 1,50% | 0% | EURIBOR a 1 mes + 4% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 1,50% | 0% | EURIBOR a 1 mes + 4% |
| Sterling H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,50% | 0% | SONIA (compuesto a 30 días) + 4% |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 1,50% | 0% | SARON (compuesto a 30 días) + 4% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| --- | --- | --- | --- | --- | --- | --- |
| USD H (Acum.) (con cobertura) | USD | 5.000 | 5% | 1,50% | 0% | SOFR (compuesto a 30 días) + 4% |
| AUD H (Acum.) (con cobertura) | AUD | 5.000 | 5% | 1,50% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 4% |
| CAD H (Acum.) (con cobertura) | CAD | 5.000 | 5% | 1,50% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |
| HKD H (Acum.) (con cobertura) | HKD | 50.000 | 5% | 1,50% | 0% | HKD HIBOR a 1 mes + 4% |
| CNH H (Acum.) (con cobertura) | CNH | 50.000 | 5% | 1,50% | 0% | CNH HIBOR a 1 mes + 4% |
| SGD H (Acum.) (con cobertura) | SGD | 5.000 | 5% | 1,50% | 0% | SGD SIBOR a 1 mes + 4% |

| Acciones «G» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Euro G (Acum.) | EUR | 5.000 | 5% | 1,00% | 0% | EURIBOR a 1 mes + 4% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% | EURIBOR a 1 mes + 4% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Euro C | EUR | 5.000.000 | 5% | 1,00% | 0% | EURIBOR a 1 mes + 4% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 1,00% | 0% | EURIBOR a 1 mes + 4% |
| CHF I (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 1,00% | 0% | SARON (compuesto a 30 días) + 4% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Euro W | EUR | 15.000.000 | 5% | 0,75% | 0% | EURIBOR a 1 mes + 4% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,75% | 0% | EURIBOR a 1 mes + 4% |
| USD W (Acum.) (con cobertura) | USD | 15.000.000 | 5% | 0,75% | 0% | SOFR (compuesto a 30 días) + 4% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,75% | 0% | SONIA (compuesto a 30 días) + 4% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,75% | 0% | SARON (compuesto a 30 días) + 4% |
| AUD W (Acum.) (con cobertura) | AUD | 15.000.000 | 5% | 0,75% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 4% |
| CAD W (Acum.) (con cobertura) | CAD | 15.000.000 | 5% | 0,75% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| --- | --- | --- | --- | --- | --- | --- |
| HKD W (Acum.) (con cobertura) | HKD | 150.000.000 | 5% | 0,75% | 0% | HKD HIBOR a 1 mes + 4% |
| CNH W (Acum.) (con cobertura) | CNH | 150.000.000 | 5% | 0,75% | 0% | CNH HIBOR a 1 mes + 4% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,75% | 0% | SGD SIBOR a 1 mes + 4% |

| Acciones «Z» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Euro Z (Reparto) | EUR | 200.000.000 | 5% | 0,65% | 0% | EURIBOR a 1 mes + 4% |
| Euro Z (Acum.) | EUR | 200.000.000 | 5% | 0,65% | 0% | EURIBOR a 1 mes + 4% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Euro X | EUR | Ninguna | 0% | 0% | 0% | EURIBOR a 1 mes + 4% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El objetivo del Subfondo consiste en alcanzar una rentabilidad total por encima de un índice de referencia basado en el efectivo (tal como se describe más adelante) a lo largo de un horizonte de inversión de 3-5 años.

##### Política de inversión
El Subfondo utilizará su capacidad de invertir libremente en una amplia gama de clases de activos, esforzándose por mantener, en cualquier momento, una exposición al riesgo razonablemente moderada. El Subfondo es una cartera global de activos múltiples. La distribución se realizará según el criterio de la Gestora de inversiones, basándose en su propio enfoque de inversión global, tanto en el interior de cada clase de activos como entre estas clases. En ningún momento dado el Subfondo tendrá que permanecer necesariamente invertido en una cualquiera o en todas las clases de activos mencionadas.
En general, el Subfondo podrá invertir en valores de renta variable y asimilados a la renta variable, Valores de deuda y relacionados con la deuda, Derivados (incluidos Derivados relacionados con las divisas), organismos de inversión colectiva («OIC»), depósitos, efectivo, instrumentos del mercado monetario y equivalentes a efectivo; cada uno de ellos se detallará más adelante.
Los valores de renta variable y relacionados con la renta variable en los que podrá invertir el Subfondo consistirán principalmente, entre otros, en acciones ordinarias, acciones preferentes, valores convertibles o canjeables en estas acciones, Resguardos estadounidenses de
depósito de valores y Resguardos mundiales de depósito de valores cotizados oficialmente o negociados en Mercados admisibles de todo el mundo.
En relación con los Valores de deuda y relacionados con la deuda en los que invierte el Subfondo, estos serán, principalmente, aunque sin limitación alguna, deuda internacional, deuda soberana, pública, de organismos supranacionales, empresarial, bancaria y de otro tipo, y otros Valores de deuda y relacionados con la deuda (como obligaciones simples, pagarés (incluidos pagarés empresariales y soberanos, a tipo variable y fijo, con un plazo de vencimiento mínimo igual o superior a un año)), así como títulos respaldados por hipotecas o títulos respaldados por activos, que podrán ser de tipo fijo o variable.
El Subfondo puede invertir en valores con grado de inversión o con grado inferior al grado de inversión, según lo indicado por una agencia de calificación crediticia reconocida. No está previsto que la inversión en valores de renta fija con grado inferior al de inversión supere el 30% del Valor de inventario neto del Subfondo, y en general será sustancialmente inferior al 30%.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en CoCo. Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado «Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en pagarés estructurados.
El Subfondo podrá invertir más del 10% y hasta un máximo del 35% de su Valor de inventario neto en valores de deuda emitidos y / o garantizados por un único emisor soberano (incluido su gobierno, entidades públicas o
autoridades locales), con una calificación inferior al grado de inversión (es decir, BB+ o inferior) otorgada por una agencia de calificación crediticia reconocida. Algunos ejemplos de este tipo de emisores soberanos son Brasil, Indonesia o Hungría. Estas inversiones se basarán en el criterio profesional de la Gestora de inversiones, entre cuyos motivos de inversión podrán incluirse una perspectiva favorable o positiva sobre el emisor soberano, el potencial de una mejora de la calificación y los cambios previstos en el valor de las inversiones debido a los cambios en sus calificaciones. Debe tenerse en cuenta que las calificaciones de los emisores soberanos pueden cambiar ocasionalmente y que los Estados soberanos antes mencionados solo se incluyen como referencia y están sujetos a modificaciones en función de los cambios en sus calificaciones.
Además, el Subfondo no invertirá, en total, más del 10% de su Valor de inventario neto en OIC.
A fin de proporcionar liquidez y cobertura a las exposiciones generadas por el uso de Derivados, podrá invertirse en cualquier momento la mayor parte de los activos del Subfondo en tesorería, instrumentos del mercado monetario, incluidos, sin limitación alguna, papel comercial, deuda pública de tipo fijo o variable, con grado de inversión o grado inferior al grado de inversión (según determine una agencia de calificación crediticia reconocida), certificados de depósito y OIC.
El Subfondo podrá invertir en materias primas, bienes inmuebles, energías renovables e infraestructuras a través de una combinación de OIC (incluidos fondos de capital variable negociados en bolsa), valores de renta variable y asimilados a la renta variable (como sociedades anónimas cotizadas de inversión inmobiliaria (SOCIMI) y otros fondos de capital fijo negociados en bolsa) y valores de renta fija (como pagarés negociados en bolsa (incluidas las materias primas negociadas en bolsa y los certificados negociados en bolsa)). Cualquier inversión en fondos de capital fijo negociados será considerada una inversión en un valor mobiliario de acuerdo con las exigencias del Banco Central. El Subfondo puede invertir también hasta el 10% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda de la República Popular de China («RPC») negociados en el mercado de bonos interbancario de China («CIBM») a través del Mecanismo de acceso al mercado de bonos de Hong Kong y China (tal y como se describe en el Apéndice VI del Folleto).
entre los métodos para obtener exposición a los valores chinos pueden incluirse la adquisición de acciones A de China a través de Stock Connect. El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en acciones chinas de la clase A a través del canal Stock Connect. En el Apéndice V de este Folleto se incluyen más detalles sobre el canal Stock Connect.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en valores mobiliarios que no coticen o se negocien en los Mercados admisibles.

##### Índice de referencia
EURIBOR a 1 mes + 4 % anual (el «Índice de referencia basado en el efectivo»).
El Subfondo utiliza el Índice de referencia basado en el efectivo como el objetivo de rentabilidad del Subfondo que se debe igualar o superar a lo largo de 5 años antes de comisiones.
EURIBOR (Euro Interbank Offer Rate) es el tipo europeo de oferta interbancaria, un tipo de cambio que se calcula como el promedio de los tipos de interés con los que los bancos de la Zona del euro ofrecen préstamos a corto plazo no garantizados en el mercado interbancario.
El Subfondo se gestiona de forma activa, lo que implica que la Gestora de inversiones tendrá potestad sobre la selección de inversiones, siempre que se respeten el objetivo y la política de inversión.

##### Estrategia de inversión
La filosofía de inversión de la Gestora de inversiones se basa en la convicción de que ninguna sociedad, mercado o economía pueden considerarse de manera aislada; todos ellos deben entenderse en un contexto global. La Gestora de inversiones cree que los acontecimientos que se suceden alrededor del mundo influyen en todos los mercados financieros, y que, por lo tanto, el éxito de las inversiones en valores con una diversificación internacional depende de un conocimiento en profundidad del mundo en su conjunto.
La Gestora de inversiones selecciona temas que abarcan las principales áreas de cambio del mundo, y los utiliza como base de sus ideas de inversión. Este enfoque temático global permite a la Gestora de inversiones tener una perspectiva a largo plazo de los mercados financieros y las economías globales, y tener en cuenta siempre la visión general. La perspectiva es un rasgo definitorio de su proceso de inversión; les ayuda a anticipar la forma en que cambiará el mundo y orienta a los analistas y gestores de cartera hacia oportunidades rentables.
El fondo Global Real Return aplica una estrategia de gestión activa que invierte predominantemente en activos múltiples tradicionales y utiliza Derivados para proteger el capital o generar ingresos. Las carteras de activos múltiples con un objetivo de rentabilidad se estructuran con visión de conjunto y siguen un enfoque de inversión sin restricciones, ni de tipo regional, ni sectorial o respecto de los índices. La Gestora de inversiones adapta las características de inversión que buscan a los cambios que observan en el entorno de inversión. La asignación de activos del Subfondo podrá cambiar según las opiniones de la Gestora de inversiones acerca de las condiciones económicas y de mercado fundamentales, y de las tendencias de inversión globales, teniendo en consideración factores como la liquidez, los costes, la oportunidad de la ejecución, el atractivo relativo de valores y emisores concretos disponibles en el mercado.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La consideración del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones tiene acceso a una serie de puntos de datos relacionados con los factores ASG proporcionados por datos de terceros que ayudan a identificar posibles problemas relacionados con los factores ASG a los que puede enfrentarse un emisor. Esto
incluye, entre otros aspectos, la exposición a actividades que puedan considerarse perjudiciales para el ambiente o la sociedad. Estos datos, junto con los datos procedentes de los recursos propios de investigación sobre inversión responsable de la Gestora de inversiones, constituyen una parte fundamental de la consideración y evaluación del nivel de riesgo asociado a la sostenibilidad al que puede estar sujeta una inversión.
Esta evaluación está integrada en el proceso de investigación del nivel de seguridad, que se basa en el análisis fundamental de las oportunidades de inversión individuales a través de una serie de factores diversos, entre los que se incluyen:
- Características económicas o financieras fundamentales
- Valoración
- Perfil de riesgo/beneficio
- Las características ASG del emisor, lo que incluye comprender cómo pueden afectar dichas consideraciones a la rentabilidad económica.

La Gestora de inversiones tendrá en cuenta la información recopilada del análisis fundamental llevado a cabo será a la hora de decidir si adquirir o no una posición en un emisor, o de seguir manteniéndola.
Como se ha explicado anteriormente, la evaluación y la gestión de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros de divisas Futuros de deuda pública Futuros de índices de renta variable Futuros de índices de volatilidad Futuros de renta variable |
| --- | --- |
| Opciones | Opciones sobre acciones (denominación única, índice, sector, cesta personalizada) Opciones con un precio de ejercicio bajo (LEPO) y Warrants con un precio de ejercicio bajo (LEPW) Opciones sobre índices Opciones sobre bonos Opciones sobre futuros de divisas Swaptions Opciones sobre índices de volatilidad Opciones sobre divisas (incluidas opciones sobre tipos de cambio) Opciones sobre futuros |
| Swaps | Swaps de incumplimiento de crédito (denominación única, índice y cesta personalizada) Swaps de tipos de interés Swaps de renta variable (denominación única, índice, sector y cesta personalizada) Swaps de varianza Swaps de rentabilidad total (denominación única, crédito, índice y cesta personalizada) Contratos por diferencias |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| Valores con Derivados/apa- lancamiento integrados | Bonos convertibles Bonos convertibles contingentes (CoCos) Títulos respaldados por activos (ABS) Títulos respaldados por hipotecas (MBS) Warrants Pagarés estructurados |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no pueda acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit iTraxx CDS |

| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de renta variable para proporcionar exposición a mercados regionales y globales de renta variable de una manera más rentable o eficiente que mediante la compra de los valores físicos. | Índice Borsa Istanbul 30 Índice Dax 30 Índice Euro Stoxx 50 Índice FTSE 100 Índice FTSE All Share Índice FTSE World Índice Hang Seng Índice KOSPI Índice MDAX Índice MSCI All Countries World Índice MSCI Emerging Markets Índice Nasdaq Composite Índice Nikkei 225 Índice Russell 2000 Índice S&P/ASX 200 Índice S&P/TSX Composite Índice S&P 500 Índice Stoxx Europe 600 Índice Stoxx Europe Small 200 |
| Los índices de volatilidad para ofrecer exposición expresan la opinión de la Gestora de inversiones acerca de la volatilidad de un mercado o divisa concretos de una manera más rentable o eficiente que si se compraran valores físicos. | Índice Chicago Board Options Exchange SPX Volatility |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular.
Normalmente, todos los índices financieros restantes se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Apéndice IX – Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga neta total (una vez tenida en cuenta la cobertura) a través de Derivados no superará el 100% del Valor de inventario neto del Subfondo y la exposición corta neta total no superará el 100% del Valor de inventario neto del Subfondo (aplicando el enfoque de compromiso).

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Absoluto
Límite de VaR Absoluto: La cartera del Subfondo no superará el 20% de su Valor de inventario neto (utilizando un periodo de tenencia de 20 Días hábiles).
Se espera que el apalancamiento bruto varíe entre: el 0% y el 1000% del Valor de inventario neto del Subfondo. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Absoluto y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 100% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 30% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 15% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción
correspondiente de 1 EUR, 1 USD, 1 GBP, 1 CAD, 1 AUD,
1 CHF, 1 SGD, 10 HKD o 10 CNH, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Global Equity Income Fund

### SUPLEMENTO 17 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. El uso de Derivados con fines de inversión no será amplio. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.
- Está previsto cargar las comisiones y gastos del Subfondo al capital del Subfondo para intentar maximizar los repartos. Consulte el apartado«Comisiones y gastos» del Folleto para obtener información adicional al respecto.


#### La Gestora de inversiones
Newton Investment Management Limited

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro A | EUR | 5.000 | 5% | 2,00% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 2,00% | 0% |
| USD A | USD | 5.000 | 5% | 2,00% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 2,00% | 0% |
| Sterling A (Acum.) | GBP | 5.000 | 5% | 2,00% | 0% |
| Sterling A (Reparto) | GBP | 5.000 | 5% | 2,00% | 0% |
| Euro H (con cobertura) | EUR | 5.000 | 5% | 2,00% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 2,00% | 0% |

| Acciones «B» y Acciones «J (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro B | EUR | 10.000 | 5% | 1,50% | 0% |
| Euro B (Reparto) | EUR | 10.000 | 5% | 1,50% | 0% |
| USD B | USD | 10.000 | 5% | 1,50% | 0% |
| USD B (Reparto) | USD | 10.000 | 5% | 1,50% | 0% |
| Sterling B (Acum.) | GBP | 10.000 | 5% | 1,50% | 0% |
| Sterling B (Reparto) | GBP | 10.000 | 5% | 1,50% | 0% |
| AUD B (Acum.) | AUD | 10.000 | 5% | 1,50% | 0% |
| AUD B (Reparto) | AUD | 10.000 | 5% | 1,50% | 0% |
| CAD B (Acum.) | CAD | 10.000 | 5% | 1,50% | 0% |
| CAD B (Reparto) | CAD | 10.000 | 5% | 1,50% | 0% |
| HKD B (Acum.) | HKD | 100.000 | 5% | 1,50% | 0% |
| HKD B (Reparto) | HKD | 100.000 | 5% | 1,50% | 0% |
| CNH B (Acum.) | CNH | 100.000 | 5% | 1,50% | 0% |
| CNH B (Reparto) | CNH | 100.000 | 5% | 1,50% | 0% |
| SGD B (Acum.) | SGD | 10.000 | 5% | 1,50% | 0% |
| SGD B (Reparto) | SGD | 10.000 | 5% | 1,50% | 0% |
| Euro J (Acum.) (con cobertura) | EUR | 10.000 | 5% | 1,50% | 0% |
| Euro J (Reparto) (con cobertura) | EUR | 10.000 | 5% | 1,50% | 0% |
| SGD J (Acum.) (con cobertura) | SGD | 10.000 | 5% | 1,50% | 0% |
| SGD J (Reparto) (con cobertura) | SGD | 10.000 | 5% | 1,50% | 0% |
| AUD J (Acum.) (con cobertura) | AUD | 10.000 | 5% | 1,50% | 0% |
| AUD J (Reparto) (con cobertura) | AUD | 10.000 | 5% | 1,50% | 0% |
| CAD J (Acum.) (con cobertura) | CAD | 10.000 | 5% | 1,50% | 0% |
| CAD J (Reparto) (con cobertura) | CAD | 10.000 | 5% | 1,50% | 0% |
| CNH J (Acum.) (con cobertura) | CNH | 100.000 | 5% | 1,50% | 0% |
| CNH J (Reparto) (con cobertura) | CNH | 100.000 | 5% | 1,50% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Acum.) | GBP | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Reparto) | GBP | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro C | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| USD C | USD | 5.000.000 | 5% | 1,00% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Sterling I (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling I (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| SGD I (Acum.) (con cobertura) | SGD | 5.000.000 | 5% | 1,00% | 0% |
| SGD I (Reparto) (con cobertura) | SGD | 5.000.000 | 5% | 1,00% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro W | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| USD W | USD | 15.000.000 | 5% | 0,75% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Reparto) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| HKD W (Reparto) | HKD | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,75% | 0% |
| SGD W (Reparto) (con cobertura) | SGD | 15.000.000 | 5% | 0,75% | 0% |
| AUD W (Reparto) (con cobertura) | AUD | 15.000.000 | 5% | 0,75% | 0% |
| CAD W (Reparto) (con cobertura) | CAD | 15.000.000 | 5% | 0,75% | 0% |
| CNH W (Reparto) (con cobertura) | CNH | 150.000.000 | 5% | 0,75% | 0% |

| Acciones «Z» y Acciones «Z (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro Z (Reparto) | EUR | 200.000.000 | 5% | 0,65% | 0% |
| Euro Z (Acum.) | EUR | 200.000.000 | 5% | 0,65% | 0% |
| Euro Z (Acum.) (con cobertura) | EUR | 200.000.000 | 5% | 0,65% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| USD Z (Reparto) | USD | 200.000.000 | 5% | 0,65% | 0% |
| USD Z (Acum.) | USD | 200.000.000 | 5% | 0,65% | 0% |
| Sterling Z (Reparto) | GBP | 200.000.000 | 5% | 0,65% | 0% |
| Sterling Z (Acum.) | GBP | 200.000.000 | 5% | 0,65% | 0% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| CAD X (Acum.) | CAD | Ninguna | 0% | 0% | 0% |
| JPY X (Acum.) | JPY | Ninguna | 0% | 0% | 0% |
| JPY X (Reparto) | JPY | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El objetivo del Subfondo consiste en lograr distribuciones anuales y una revalorización del capital a largo plazo invirtiendo en una cartera de valores de renta variable y asimilados a la renta variable de empresas de todo el mundo.

##### Política de inversión
El Subfondo invertirá principalmente —esto es, al menos tres cuartas partes de su Valor de inventario neto— en una cartera de valores de renta variable y asimilados a la renta variable, que incluye, entre otros, acciones preferentes convertibles, warrants (hasta el 10% del Valor de inventario neto del Subfondo) y Bonos
convertibles (hasta el 10% del Valor de inventario neto del Subfondo y sin calificación de una Agencia de calificación crediticia reconocida) de sociedades ubicadas en cualquier país del mundo, que coticen o se negocien en Mercados admisibles.
La selección de valores se centra en empresas con fundamentales vigorosos y valoraciones atractivas, a la vez que se ajustan al criterio de rentabilidad de la Gestora de inversiones a la luz del objetivo de inversión del Subfondo, consistente en lograr distribuciones anuales junto con una revalorización del capital a largo plazo.
El Subfondo utilizará técnicas e Derivados con los fines de inversión que se indican en el apartado «Uso de Derivados» y como cobertura frente a los riesgos de cambio de divisas que se describen más adelante en el apartado titulado «Gestión eficiente de la cartera».
El Subfondo invierte en todo el mundo y, si bien no se exige que sus inversiones se restrinjan ni circunscriban a una zona geográfica o mercado concreto, puede tener una exposición significativa a determinados mercados, incluido el estadounidense. Además, el Subfondo no está
sujeto a restricciones relativas a la capitalización bursátil de los valores de renta variable y asimilados a la renta variable en los que puede invertir.
entre los métodos para obtener exposición a los valores chinos pueden incluirse la adquisición de acciones A de China a través de Stock Connect. El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en acciones chinas de la clase A a través del canal Stock Connect. En el Apéndice V de este Folleto se incluyen más detalles sobre el canal Stock Connect.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en valores cotizados o negociados en la Bolsa de Moscú.
Además, el Subfondo no invertirá, en total, más del 10% de su Valor de inventario neto en organismos de inversión colectiva («OIC»). La inversión en OIC podrá utilizarse con fines de gestión de efectivo o para obtener exposición a los valores de renta variable y asimilados a la renta variable, señalados anteriormente en la política de inversión.

##### Índice de referencia
FTSE World TR Index (el «Índice de referencia»).
El Índice de referencia es un índice ponderado de capitalización bursátil que representa la rentabilidad de valores con una capitalización bursátil alta y media de los segmentos Desarrollados y Emergentes Avanzados de FTSE Global Equity Index Series, que cubre el 90-95% de la capitalización bursátil apta para inversión. El Índice de referencia es adecuado como base para los productos de inversión, como fondos, Derivados y fondos negociados en bolsa.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del
Índice de referencia, la selección de las inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
La filosofía de inversión se basa en la convicción de la Gestora de inversiones de que ninguna sociedad, mercado o economía pueden considerarse de manera aislada; todos ellos deben entenderse en un contexto global. La Gestora de inversiones cree que los acontecimientos que se suceden alrededor del mundo influyen en todos los mercados financieros y que, por lo tanto, el éxito de las inversiones en renta variable global de mayor rentabilidad depende de un conocimiento en profundidad del mundo en su conjunto.
La Gestora de inversiones selecciona temas que abarcan las principales áreas de cambio del mundo, y los utiliza como base de sus ideas de inversión. Este enfoque temático global permite a la Gestora de inversiones tener una perspectiva a largo plazo de los mercados financieros y las economías globales, y tener en cuenta la visión de conjunto. La perspectiva es un rasgo definitorio de su proceso de inversión, ya que les ayuda a anticipar la forma en que cambiará el mundo y orienta a los analistas y gestores de cartera hacia oportunidades potencialmente rentables.
Las carteras de renta variable global se estructuran con visión de conjunto, aplicando el proceso de inversión basado en la investigación/el análisis «de abajo arriba» (bottom-up) de la Gestora de inversiones. Este enfoque se concentra en invertir en acciones con valoraciones atractivas de sociedades con buenas perspectivas y fundamentales vigorosos. La estrategia de renta variable global tiene un sesgo inherente a su estilo: toda posición de una cartera de renta variable global debe tener una rentabilidad al menos un 25% superior a la del Índice de referencia en el momento de su compra. Cualquier posición cuyas perspectivas de rentabilidad estén por debajo de la del índice de referencia es vendida. Las acciones más atractivas para esta estrategia suelen ser las de empresas de buena calidad, generadoras de efectivo y con dividendos fiables.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La consideración del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones tiene acceso a una serie de puntos de datos relacionados con los factores ASG proporcionados por datos de terceros que ayudan a identificar posibles problemas relacionados con los factores ASG a los que puede enfrentarse un emisor. Esto incluye, entre otros aspectos, la exposición a actividades que puedan considerarse perjudiciales para el ambiente o la sociedad. Estos datos, junto con los datos procedentes de los recursos propios de investigación sobre inversión responsable de la Gestora de inversiones, constituyen
una parte fundamental de la consideración y evaluación del nivel de riesgo asociado a la sostenibilidad al que puede estar sujeta una inversión.
Esta evaluación está integrada en el proceso de investigación del nivel de seguridad, que se basa en el análisis fundamental de las oportunidades de inversión individuales a través de una serie de factores diversos, entre los que se incluyen:
- Características económicas o financieras fundamentales
- Valoración
- Perfil de riesgo/beneficio
- Las características ASG del emisor, lo que incluye comprender cómo pueden afectar dichas consideraciones a la rentabilidad económica.

La Gestora de inversiones tendrá en cuenta la información recopilada del análisis fundamental llevado a cabo será a la hora de decidir si adquirir o no una posición en un emisor, o de seguir manteniéndola.
Como se ha explicado anteriormente, la evaluación y la gestión de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros sobre renta variable Futuros de Índices De Renta Variable Futuros sobre divisas |
| --- | --- |

| Opciones | Opciones de futuros sobre divisas Opciones sobre divisas (incluidas las opciones de tipos de cambio) Warrants Opciones sobre acciones (denominación única, índice, sector, cesta personalizada) Opciones de compra cubiertas Opciones sobre futuros de renta variable (denominación única, índice, sector y cesta personalizada) |
| --- | --- |
| Contratos a plazo (entre- gables y no entregables) | Contratos a plazo sobre divisas |
| Valores con Derivados/apa- lancamiento integrados | bonos convertibles Acciones preferentes convertibles |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de renta variable para | Índice Dax 30 |
| proporcionar exposición a | Índice Euro Stoxx 50 |
| mercados regionales y globales | Índice FTSE 100 |
| de renta variable de una manera | Índice FTSE All Share |
| más rentable o eficiente que | Índice FTSE World |
| mediante la compra de los | Índice Hang Seng |
| valores físicos. | Índice KOSPI |
|  | Índice MSCI All Countries World |
|  | Índice MSCI Emerging Markets |
|  | Índice Nasdaq Composite |
|  | Índice Nikkei 225 |
|  | Índice Russell 2000 |
|  | Índice S&P/ASX 600 |
|  | Índice S&P/TSX Composite |
|  | Índice S&P 500 |
|  | Índice Stoxx Europe 600 |

Normalmente, todos los índices financieros se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.

#### Registro en Hong Kong
El Subfondo está registrado para su venta en Hong Kong.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 50% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener
información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CAD, 1 AUD,
1 SGD, 10 HKD 10 CNH o 100 JPY, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Global Dynamic Bond Fund

### SUPLEMENTO 18 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. El uso de Derivados con fines de inversión no será amplio. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Newton Investment Management Limited

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Newton Investment Management North America LLC (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD A | USD | 5.000 | 5% | 1,25% | 0% | SOFR (compuesto a 30 días) + 2% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,25% | 0% | SOFR (compuesto a 30 días) + 2% |
| Euro A | EUR | 5.000 | 5% | 1,25% | 0% | EURIBOR a 1 mes + 2% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 1,25% | 0% | EURIBOR a 1 mes + 2% |
| Sterling A (Acum.) | GBP | 5.000 | 5% | 1,25% | 0% | SONIA (compuesto a 30 días) + 2% |
| Sterling A (Reparto) | GBP | 5.000 | 5% | 1,25% | 0% | SONIA (compuesto a 30 días) + 2% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| --- | --- | --- | --- | --- | --- | --- |
| CAD A (Acum.) | CAD | 5.000 | 5% | 1,25% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 2% |
| CAD A (Reparto) | CAD | 5.000 | 5% | 1,25% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 2% |
| AUD A (Acum.) | AUD | 5.000 | 5% | 1,25% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 2% |
| AUD A (Reparto) | AUD | 5.000 | 5% | 1,25% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 2% |
| HKD A (Acum.) | HKD | 50.000 | 5% | 1,25% | 0% | HKD HIBOR a 1 mes + 2% |
| HKD A (Reparto) | HKD | 50.000 | 5% | 1,25% | 0% | HKD HIBOR a 1 mes + 2% |
| CNH A (Acum.) | CNH | 50.000 | 5% | 1,25% | 0% | CNH HIBOR a 1 mes + 2% |
| CNH A (Reparto) | CNH | 50.000 | 5% | 1,25% | 0% | CNH HIBOR a 1 mes + 2% |
| SGD A (Acum.) | SGD | 5.000 | 5% | 1,25% | 0% | SGD SIBOR a 1 mes + 2% |
| SGD A (Reparto) | SGD | 5.000 | 5% | 1,25% | 0% | SGD SIBOR a 1 mes + 2% |
| Euro H (con cobertura) | EUR | 5.000 | 5% | 1,25% | 0% | EURIBOR a 1 mes + 2% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,25% | 0% | EURIBOR a 1 mes + 2% |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 1,25% | 0% | SARON (compuesto a 30 días) + 2% |
| CAD H (Acum.) (con cobertura) | CAD | 5.000 | 5% | 1,25% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 2% |
| CAD H (Reparto) (con cobertura) | CAD | 5.000 | 5% | 1,25% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 2% |
| SGD H (Acum.) (con cobertura) | SGD | 5.000 | 5% | 1,25% | 0% | SGD SIBOR a 1 mes + 2% |
| SGD H (Reparto) (con cobertura) | SGD | 5.000 | 5% | 1,25% | 0% | SGD SIBOR a 1 mes + 2% |
| AUD H (Acum.) (con cobertura) | AUD | 5.000 | 5% | 1,25% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 2% |
| AUD H (Reparto) (con cobertura) | AUD | 5.000 | 5% | 1,25% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 2% |
| CNH H (Acum.) (con cobertura) | CNH | 50.000 | 5% | 1,25% | 0% | CNH HIBOR a 1 mes + 2% |
| CNH H (Reparto) (con cobertura) | CNH | 50.000 | 5% | 1,25% | 0% | CNH HIBOR a 1 mes + 2% |
| DKK H (Acum.) (con cobertura) | DKK | 50.000 | 5% | 1,25% | 0% | DKK LIBOR a 1 mes + 2% |
| NOK H (Acum.) (con cobertura) | NOK | 50.000 | 5% | 1,25% | 0% | NOK LIBOR a 1 mes + 2% |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 1,25% | 0% | SEK LIBOR a 1 mes + 2% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD G (Acum.) | USD | 5.000 | 5% | 0,75% | 0% | SOFR (compuesto a 30 días) + 2% |
| USD G (Reparto) | USD | 5.000 | 5% | 0,75% | 0% | SOFR (compuesto a 30 días) + 2% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 0,75% | 0% | EURIBOR a 1 mes + 2% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 0,75% | 0% | EURIBOR a 1 mes + 2% |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,75% | 0% | EURIBOR a 1 mes + 2% |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,75% | 0% | EURIBOR a 1 mes + 2% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD C | USD | 5.000.000 | 5% | 0,75% | 0% | SOFR (compuesto a 30 días) + 2% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,75% | 0% | SOFR (compuesto a 30 días) + 2% |
| Euro C (Acum.) | EUR | 5.000.000 | 5% | 0,75% | 0% | EURIBOR a 1 mes + 2% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 0,75% | 0% | SONIA (compuesto a 30 días) + 2% |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 0,75% | 0% | SONIA (compuesto a 30 días) + 2% |
| CHF C (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 0,75% | 0% | SARON (compuesto a 30 días) + 2% |
| Euro I (con cobertura) | EUR | 5.000.000 | 5% | 0,75% | 0% | EURIBOR a 1 mes + 2% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,75% | 0% | EURIBOR a 1 mes + 2% |
| SGD I (Acum.) (con cobertura) | SGD | 5.000.000 | 5% | 0,75% | 0% | SGD SIBOR a 1 mes + 2% |
| SGD I (Reparto) (con cobertura) | SGD | 5.000.000 | 5% | 0,75% | 0% | SGD SIBOR a 1 mes + 2% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD W | USD | 15.000.000 | 5% | 0,50% | 0% | SOFR (compuesto a 30 días) + 2% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,50% | 0% | SOFR (compuesto a 30 días) + 2% |
| HKD W (Reparto) | HKD | 150.000.000 | 5% | 0,50% | 0% | HKD HIBOR a 1 mes + 2% |
| Euro W (con cobertura) | EUR | 15.000.000 | 5% | 0,50% | 0% | EURIBOR a 1 mes + 2% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,50% | 0% | EURIBOR a 1 mes + 2% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,50% | 0% | SONIA (compuesto a 30 días) + 2% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| --- | --- | --- | --- | --- | --- | --- |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,50% | 0% | SONIA (compuesto a 30 días) + 2% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,50% | 0% | SARON (compuesto a 30 días) + 2% |
| CAD W (Reparto) (con cobertura) | CAD | 15.000.000 | 5% | 0,50% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 2% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,50% | 0% | SGD SIBOR a 1 mes + 2% |
| SGD W (Reparto) (con cobertura) | SGD | 15.000.000 | 5% | 0,50% | 0% | SGD SIBOR a 1 mes + 2% |
| AUD W (Reparto) (con cobertura) | AUD | 15.000.000 | 5% | 0,50% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 2% |
| CNH W (Reparto) (con cobertura) | CNH | 150.000.000 | 5% | 0,50% | 0% | CNH HIBOR a 1 mes + 2% |
| DKK W (Acum.) (con cobertura) | DKK | 150.000.000 | 5% | 0,50% | 0% | DKK LIBOR a 1 mes + 2% |
| NOK W (Acum.) (con cobertura) | NOK | 150.000.000 | 5% | 0,50% | 0% | NOK LIBOR a 1 mes + 2% |
| SEK W (Acum.) (con cobertura) | SEK | 150.000.000 | 5% | 0,50% | 0% | SEK LIBOR a 1 mes + 2% |
| JPY W (Acum.) (con cobertura) | JPY | 1.500.000.000 | 5% | 0,50% | 0% | TONAR (compuesto a 30 días) + 2% |
| JPY W (Reparto) (con cobertura) | JPY | 1.500.000.000 | 5% | 0,50% | 0% | TONAR (compuesto a 30 días) + 2% |

| Acciones «Z» y Acciones «Z (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Sterling Z (Acum.) | GBP | 200.000.000 | 5% | 0,35% | 0% | SONIA (compuesto a 30 días) + 2% |
| Sterling Z (Reparto) | GBP | 200.000.000 | 5% | 0,35% | 0% | SONIA (compuesto a 30 días) + 2% |
| Sterling Z (Acum.) (con cobertura) | GBP | 200.000.000 | 5% | 0,35% | 0% | SONIA (compuesto a 30 días) + 2% |
| Sterling Z (Reparto) (con cobertura) | GBP | 200.000.000 | 5% | 0,35% | 0% | SONIA (compuesto a 30 días) + 2% |
| USD Z (Acum.) | USD | 200.000.000 | 5% | 0,35% | 0% | SOFR (compuesto a 30 días) + 2% |
| USD Z (Reparto) | USD | 200.000.000 | 5% | 0,35% | 0% | SOFR (compuesto a 30 días) + 2% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% | SOFR (compuesto a 30 días) + 2% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% | SOFR (compuesto a 30 días) + 2% |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% | EURIBOR a 1 mes + 2% |
| Sterling X (Acum.) | GBP | Ninguna | 0% | 0% | 0% | SONIA (compuesto a 30 días) + 2% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| --- | --- | --- | --- | --- | --- | --- |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% | SARON (compuesto a 30 días) + 2% |
| JPY X (Acum.) (con cobertura) | JPY | Ninguna | 0% | 0% | 0% | TONAR (compuesto a 30 días) + 2% |
| JPY X (Reparto) (con cobertura) | JPY | Ninguna | 0% | 0% | 0% | TONAR (compuesto a 30 días) + 2% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El objetivo del Subfondo consiste en maximizar la rentabilidad total por rendimientos y revalorización del capital invirtiendo principalmente (esto es, al menos tres cuartas partes de su patrimonio total) en una cartera mundialmente diversificada y mayoritariamente compuesta de valores emitidos por empresas y gobiernos a tipos de interés fijos.

##### Política de inversión
El Subfondo invertirá principalmente (esto es, al menos tres cuartas partes de su Valor de inventario neto) en una cartera de bonos a tipos de interés fijos o variables, internacionales, de mercados emergentes, de deuda soberana, estatales, de organismos supranacionales, de empresas y de bancos (incluidos los bonos hipotecarios y de empresa) y otros Valores de deuda y relacionados con la deuda (incluidos obligaciones, pagarés (entre otros, pagarés de empresa, soberanos, a tipo de interés variable y fijo), títulos respaldados por activos y títulos respaldados por hipotecas, certificados de depósito y papel comercial admitido a cotización o negociado en Mercados admisibles de todo el mundo.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en CoCo. Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado «Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.
La calificación de solvencia mínima de los Valores de deuda y relacionados con la deuda en los que el Subfondo puede invertir en el momento de la compra es CCC-/Caa3 (o su equivalente), según la calificación ofrecida por una agencia de calificación crediticia reconocida. En caso de calificación dividida, se tendrá en cuenta la calificación más alta. Si un instrumento carece de calificación, deberá ser de calidad equivalente a la citada de acuerdo con la Gestora de inversiones.
En consecuencia, el Subfondo podrá invertir en valores de deuda empresarial y estatal con grado inferior al de inversión a tipos de interés fijo. No existen límites en cuanto al plazo máximo de vencimiento de los valores.
El Subfondo también podrá invertir en Derivados tal como se indica más adelante bajo el epígrafe «Uso de Derivados».
El Subfondo podrá invertir además hasta el 10% de su Valor de inventario neto en organismos de inversión colectiva («OIC»). La inversión en OIC podrá utilizarse con fines de gestión de efectivo, invirtiendo en fondos del mercado monetario o para obtener exposiciones a los bonos y otros valores indicados más arriba.
El Subfondo también podrá invertir en fondos negociados en bolsa («ETF») cotizados en Mercados admisibles y tendrá exposición a los mercados de deuda. Toda inversión en ETF de capital variable se realizará con arreglo a los límites de inversión para OIC y toda inversión en ETF de capital fijo se realizará con arreglo a los límites de inversión para valores negociables, tal como se describe bajo el epígrafe «La Sociedad - Límites de inversión y de endeudamiento» del Folleto.
No existe límite formal alguno sobre la duración del Subfondo.
El Subfondo podrá invertir más del 10% y hasta un máximo del 35% de su Valor de inventario neto en valores de deuda emitidos y / o garantizados por un único emisor soberano (incluido su gobierno, entidades públicas o autoridades locales), con una calificación inferior al grado de inversión (es decir, BB+ o inferior) otorgada por una agencia de calificación crediticia reconocida. Algunos ejemplos de este tipo de emisores soberanos son Brasil, Indonesia o Hungría. Estas inversiones se basarán en el criterio profesional de la Gestora de inversiones, entre cuyos motivos de inversión podrán incluirse una perspectiva favorable o positiva sobre el emisor soberano, el potencial de una mejora de la calificación y los cambios previstos en el valor de las inversiones debido a los cambios en sus calificaciones. Debe tenerse en cuenta que las calificaciones de los emisores soberanos pueden cambiar ocasionalmente y que los Estados soberanos antes mencionados solo se incluyen como referencia y están sujetos a modificaciones en función de los cambios en sus calificaciones.
El Subfondo puede invertir hasta un 10% de su Valor de inventario neto en valores cotizados o negociados en mercados rusos. Cualquier inversión de esta clase solo se hará en Mercados admisibles de los incluidos en el Apéndice II del Folleto.
El Subfondo puede invertir también hasta el 10% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda de la República Popular de China («RPC») negociados en el mercado de bonos interbancario de China («CIBM») a través del Mecanismo de acceso al mercado de bonos de Hong Kong y China (tal y como se describe en el Apéndice VI del Folleto).

##### Índice de referencia
SOFR (compuesto a 30 días) + 2% anual (el «Índice de referencia basado en el efectivo»).
SOFR (Secured Overnight Financing Rate - Tasa de financiación garantizada a un día) es un indicador general que mide el coste de tomar dinero prestado a un día garantizado por valores del Tesoro de EE. UU. y que es administrado por la Reserva Federal de Nueva York.
El Subfondo utiliza el Índice de referencia basado en el efectivo como el objetivo de rentabilidad del Subfondo que se debe igualar o superar a lo largo de 5 años antes de comisiones.
El Subfondo se gestiona de forma activa, lo que implica que la Gestora de inversiones tendrá potestad sobre la selección de inversiones, siempre que se respeten el objetivo y la política de inversión.

##### Estrategia de inversión
La filosofía de inversión se basa en la convicción de la Gestora de inversiones de que ninguna sociedad, mercado o economía pueden considerarse de manera aislada; todos ellos deben entenderse en un contexto global. La Gestora de inversiones cree que los acontecimientos que se suceden alrededor del mundo influyen en todos los mercados financieros, y que el éxito de las inversiones en bonos globales depende por lo tanto de un conocimiento en profundidad del mundo en su conjunto.
La Gestora de inversiones selecciona temas que abarcan las principales áreas de cambio del mundo, y los utiliza como base de sus ideas de inversión. Este enfoque temático global permite al Usuario de Inversiones tener una perspectiva a largo plazo de los mercados financieros y las economías globales, y tener en cuenta siempre la visión general. La perspectiva es un rasgo definitorio de su proceso de inversión; les ayuda a anticipar la forma en que cambiará el mundo y orienta a los analistas y gestores de cartera hacia oportunidades rentables.
La estrategia de la Gestora de inversiones de Global Dynamic Bond Fund consiste en invertir en una serie diversificada de títulos a tipo fijo. Los gestores de cartera determinan los temas que influyen en los mercados de obligaciones y de divisas, seleccionan activos que se beneficien de dichos temas e invierten en ellos para generar rendimientos positivos.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La consideración del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones tiene acceso a una serie de puntos de datos relacionados con los factores ASG proporcionados por datos de terceros que ayudan a identificar posibles problemas relacionados con los factores ASG a los que puede enfrentarse un emisor. Esto incluye, entre otros aspectos, la exposición a actividades que puedan considerarse perjudiciales para el ambiente o la sociedad. Estos datos, junto con los datos procedentes de los recursos propios de investigación sobre inversión responsable de la Gestora de inversiones, constituyen una parte fundamental de la consideración y evaluación del nivel de riesgo asociado a la sostenibilidad al que puede estar sujeta una inversión.
Esta evaluación está integrada en el proceso de investigación del nivel de seguridad, que se basa en el análisis fundamental de las oportunidades de inversión individuales a través de una serie de factores diversos, entre los que se incluyen:
- Características económicas o financieras fundamentales
- Valoración
- Perfil de riesgo/beneficio
- Las características ASG del emisor, lo que incluye comprender cómo pueden afectar dichas consideraciones a la rentabilidad económica.

La Gestora de inversiones tendrá en cuenta la información recopilada del análisis fundamental llevado a cabo será a la hora de decidir si adquirir o no una posición en un emisor, o de seguir manteniéndola.
Como se ha explicado anteriormente, la evaluación y la gestión de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
| Futuros | Futuros de deuda pública Futuros del mercado monetario Futuros sobre divisas |
| --- | --- |
| Opciones | Opciones sobre futuros de deuda pública Opciones de futuros sobre divisas Opciones sobre divisas (incluidas las opciones de tipos de cambio) Warrants |

El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Swaps | Swaps de incumplimiento de crédito (denominación única, índice y cesta personalizada) |
| --- | --- |
| Contratos a plazo (entre- gables y no entregables) | Contratos a plazo sobre divisas |
| Valores con Derivados/apa- lancamiento integrados | Bonos convertibles Bonos convertibles contingentes (CoCo) Títulos respaldados por activos (ABS) y Títulos respaldados por hipotecas (MBS) |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no pueda acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit iTraxx CDS |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Apéndice IX – Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga neta total (una vez tenida en cuenta la cobertura) a través de Derivados no superará el 100% del Valor de inventario neto del Subfondo y la exposición corta neta total no superará el 100% del Valor de inventario neto del Subfondo (aplicando el enfoque de compromiso).

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Absoluto
Límite de VaR Absoluto: La cartera del Subfondo no superará el 20% de su Valor de inventario neto (utilizando un periodo de tenencia de 20 Días hábiles).
Se espera que el apalancamiento bruto varíe entre: el 0% y el 1000% del Valor de inventario neto del Subfondo. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Absoluto y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF, 1 CAD,
1 AUD, 1 SGD, 10 HKD, 100 JPY, 10 CNH, 10 DKK, 10 NOK o
10 SEK, en función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Absolute Return Equity Fund

### SUPLEMENTO 19 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá invertir principalmente en Derivados y utilizará tales Derivados con fines de inversión, cobertura y gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado«Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Subfondo podrá mantenerse principalmente invertido en depósitos establecidos en entidades de crédito. Aunque el Subfondo puede invertir en instrumentos del mercado monetario y depósitos a la vista, las Acciones del Subfondo no constituyen depósitos y son de naturaleza diferente de los depósitos, por no estar garantizadas y porque el valor de la inversión es susceptible de fluctuar. Toda inversión en el Subfondo entraña ciertos riesgos de inversión, incluida la posible pérdida del principal invertido.


#### La Gestora de inversiones
Insight Investment Management (Global) Limited

#### Divisa Base
Libra esterlina

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «R» y Acciones «R (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| Sterling R (Acum.) | GBP | 5.000 | 5% | 1,50% | 0% | 15% | SONIA (com- puesto a 30 días) | SONIA (com- puesto a 30 días) + 0,04% |
| USD R (con cobertura) | USD | 5.000 | 5% | 1,50% | 0% | 15% | SOFR (com- puesto a 30 días) | SOFR (com- puesto a 30 días) + 0,12% |
| Euro R (con cobertura) | EUR | 5.000 | 5% | 1,50% | 0% | 15% | EURIBOR a 1 meses | EURIBOR a 1 meses |
| Euro R (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,50% | 0% | 15% | EURIBOR a 1 meses | EURIBOR a 1 meses |
| CHF R (Reparto) (con cobertura) | CHF | 5.000 | 5% | 1,50% | 0% | 15% | SARON (com- puesto a 30 días) | SARON (com- puesto a 30 días) |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CHF R (con cobertura) | CHF | 5.000 | 5% | 1,50% | 0% | 15% | SARON (com- puesto a 30 días) | SARON (com- puesto a 30 días) |

| Acciones «D» y Acciones «D (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| Sterling D (Acum.) | GBP | 5.000 | 5% | 1,00% | 0% | 15% | SONIA (com- puesto a 30 días) | SONIA (com- puesto a 30 días) + 0,04% |
| Sterling D (Reparto) | GBP | 5.000 | 5% | 1,00% | 0% | 15% | SONIA (com- puesto a 30 días) | SONIA (com- puesto a 30 días) + 0,04% |
| USD D (Acum.) (con cobertura) | USD | 5.000 | 5% | 1,00% | 0% | 15% | SOFR (com- puesto a 30 días) | SOFR (com- puesto a 30 días) + 0,12% |
| USD D (Reparto) (con cobertura) | USD | 5.000 | 5% | 1,00% | 0% | 15% | SOFR (com- puesto a 30 días) | SOFR (com- puesto a 30 días) + 0,12% |
| Euro D (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% | 15% | EURIBOR a 1 meses | EURIBOR a 1 meses |
| Euro D (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% | 15% | EURIBOR a 1 meses | EURIBOR a 1 meses |
| CHF D (Acum.) (con cobertura) | CHF | 5.000 | 5% | 1,00% | 0% | 15% | SARON (com- puesto a 30 días) | SARON (com- puesto a 30 días) |
| CHF D (Reparto) (con cobertura) | CHF | 5.000 | 5% | 1,00% | 0% | 15% | SARON (com- puesto a 30 días) | SARON (com- puesto a 30 días) |

| Acciones «S» y Acciones «T (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| Sterling S (Acum.) | GBP | 5.000.000 | 5% | 1,00% | 0% | 15% | SONIA (com- puesto a 30 días) | SONIA (com- puesto a 30 días) + 0,04% |
| USD T (con cobertura) | USD | 5.000.000 | 5% | 1,00% | 0% | 15% | SOFR (com- puesto a 30 días) | SOFR (com- puesto a 30 días) + 0,12% |
| Euro T (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% | 15% | EURIBOR a 1 meses | EURIBOR a 1 meses |
| Euro T (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% | 15% | EURIBOR a 1 meses | EURIBOR a 1 meses |
| CHF T (Reparto) (con cobertura) | CHF | 5.000.000 | 5% | 1,00% | 0% | 15% | SARON (com- puesto a 30 días) | SARON (com- puesto a 30 días) |
| CHF T (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 1,00% | 0% | 15% | SARON (com- puesto a 30 días) | SARON (com- puesto a 30 días) |

| Acciones «U» y Acciones «U (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| Sterling U (Acum.) | GBP | 15.000.000 | 5% | 0,85% | 0% | 15% | SONIA (com- puesto a 30 días) | SONIA (com- puesto a 30 días) + 0,04% |
| Sterling U (Reparto) | GBP | 15.000.000 | 5% | 0,85% | 0% | 15% | SONIA (com- puesto a 30 días) | SONIA (com- puesto a 30 días) + 0,04% |
| USD U (con cobertura) | USD | 15.000.000 | 5% | 0,85% | 0% | 15% | SOFR (com- puesto a 30 días) | SOFR (com- puesto a 30 días) + 0,12% |
| USD U (Reparto) (con cobertura) | USD | 15.000.000 | 5% | 0,85% | 0% | 15% | SOFR (com- puesto a 30 días) | SOFR (com- puesto a 30 días) + 0,12% |
| Euro U (con cobertura) | EUR | 15.000.000 | 5% | 0,85% | 0% | 15% | EURIBOR a 1 meses | EURIBOR a 1 meses |
| Euro U (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,85% | 0% | 15% | EURIBOR a 1 meses | EURIBOR a 1 meses |
| CHF U (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,85% | 0% | 15% | SARON (com- puesto a 30 días) | SARON (com- puesto a 30 días) |
| CHF U (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,85% | 0% | 15% | SARON (com- puesto a 30 días) | SARON (com- puesto a 30 días) |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| Sterling X (Acum.) | GBP | Ninguna | 0% | 0% | 0% | Ninguna | SONIA (com- puesto a 30 días) | Ninguna |
| USD X (Acum.) (con cobertura) | USD | Ninguna | 0% | 0% | 0% | Ninguna | SOFR (com- puesto a 30 días) | Ninguna |
| Euro X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% | Ninguna | EURIBOR a 1 meses | Ninguna |
| CHF X (Reparto) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% | Ninguna | SARON (com- puesto a 30 días) | Ninguna |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% | Ninguna | SARON (com- puesto a 30 días) | Ninguna |


#### Comisión de rentabilidad
Además de la comisión de gestión anual, la Sociedad gestora tiene derecho a percibir una comisión de rentabilidad anual (la «Comisión rentabilidad»), con arreglo a las condiciones que se detallan a continuación. El tipo al que se aplicará la Comisión de rentabilidad se indica en la tabla anterior Las Comisiones de rentabilidad reducen el valor de su inversión y el rendimiento que obtendrá de esta.
La Comisión de rentabilidad respecto de cada Clase de Acciones pertinente se calcula como el porcentaje de comisión de rentabilidad (según se indica en la tabla anterior) de la Rentabilidad de la Clase de Acciones (como se define a continuación) por encima de la Rentabilidad de la Hurdle rate (como se define a continuación) sujeta a una Cota máxima («High Water Mark») (como se define a continuación).
La Comisión de rentabilidad se calculará con respecto a cada periodo de doce meses finalizado el 31 de diciembre (el «Periodo de Cálculo»). El primer Periodo de cálculo será el periodo que comienza el Día hábil
inmediatamente posterior al cierre del Periodo de oferta inicial y que termina el 31 de diciembre de ese mismo año.
La «Rentabilidad de la Clase de Acciones» se calcula en cada Día de valoración, y es la diferencia porcentual entre el Valor Liquidativo Neto Ajustado en tal Día de valoración y el Valor Liquidativo Neto Ajustado del Día de valoración anterior.
El «Valor liquidativo neto ajustado» es el Valor liquidativo neto de la clase de Acciones correspondiente (que incluye un recargo por todas las comisiones y gastos, incluida la comisión de gestión anual y los gastos operativos y administrativos que se imputarán a dicha clase de acciones, ajustados, en su caso, con las distribuciones de dividendos) pero sin deducir ninguna Comisión de rentabilidad devengada desde el inicio del Periodo de cálculo.
La «Hurdle rate» es el porcentaje que se indica en la anterior tabla. Una hurdle rate es un nivel predeterminado de rentabilidad que debe superar un fondo a fin de ganar una comisión de rentabilidad.
La «Rentabilidad de la Hurdle rate» se calcula en cada Día de valoración y se define como la que sea mayor entre (i) la rentabilidad de la Hurdle rate (expresada como porcentaje); o (ii) el cero por ciento (0%). La
«Hurdle rate» se indica en la anterior tabla y se calcula sobre un período de 365 días en el caso del SONIA (compuesto a 30 días) y sobre un período de 360 días en el caso del EURIBOR a 1 mes, el SOFR (compuesto a 30 días), el SARON (compuesto a 30 días) y el TONAR (compuesto a 30 días).
La «Cota máxima» se define como la que sea mayor entre
(i) el Valor liquidativo neto ajustado por Acción sobre el que se abonó una Comisión de rentabilidad en el último día de cualquier Periodo de cálculo anterior; o (ii) el precio de emisión inicial por Acción de cada Clase.
En cada Día de valoración, se calcula un Valor liquidativo neto ajustado respecto de cada clase de acciones a la que se aplique la Comisión de rentabilidad. Si el Valor liquidativo neto ajustado de la clase de acciones correspondiente supera la Cota máxima y la Rentabilidad de la Clase de Acciones supera la Rentabilidad de la Hurdle rate, se devenga una Comisión de rentabilidad.
La utilización de la Cota máxima garantiza que usted no deberá pagar una Comisión de rentabilidad hasta que se haya recuperado cualquier comportamiento relativo inferior de la Rentabilidad de la Clase de Acciones. Por tanto, no se aplicará ninguna Comisión de rentabilidad, salvo que el Valor liquidativo neto ajustado por Acción al final del periodo de cálculo (o en el momento del reembolso, en el caso de una fusión sujeta a los requisitos del Banco Central), la fecha de finalización del Contrato de gestión o cualquier otra fecha en la que la Sociedad o el Subfondo puedan ser liquidados o dejen de operar) sea mayor que la Cota máxima. Debe tener en cuenta que el peor comportamiento relativo de la Rentabilidad de la Clase de Acciones frente a la Rentabilidad de la Hurdle rate de Periodos de cálculo anteriores no será recuperable.
En los casos en que la Hurdle rate fuese inferior al cero por ciento (0%), al calcular cualquier Comisión de rentabilidad se aplicará una Rentabilidad mínima de la Hurdle rate del cero por ciento (0%). Esto significa que usted solo deberá pagar una Comisión de rentabilidad si la Rentabilidad de la Clase de Acciones es superior al cero por ciento (0%) y que las Comisiones de rentabilidad devengadas equivaldrán, como máximo, al exceso de rentabilidad alcanzado por encima del cero por ciento (0%), es decir, no se aplican Comisiones de rentabilidad en los periodos de rentabilidad negativa.
Si la Rentabilidad de la Clase de Acciones no supera a la Rentabilidad de la Hurdle rate, se reduce el devengo de la Comisión de rentabilidad (no por debajo de cero). La comisión de rentabilidad se reduce en un importe calculado como el porcentaje de la comisión de rentabilidad (establecida en la tabla anterior) del peor comportamiento relativo de la Rentabilidad de la Clase de Acciones en comparación con la Rentabilidad de la Hurdle rate (la «rentabilidad negativa») multiplicado por las Acciones emitidas. Una vez que la Comisión de rentabilidad acumulada se ha reducido a cero, no se devengará ninguna nueva Comisión de rentabilidad hasta
que (i) la Rentabilidad acumulada de la Clase de Acciones supere la Rentabilidad acumulada de la Hurdle rate desde el principio del Periodo de Cálculo; y (ii) el Valor Liquidativo Neto Ajustado de la clase de acciones de que se trate exceda de la Cota máxima.
La Comisión de rentabilidad acumulada en cada Día de valoración se refleja en el Valor liquidativo neto de la Acción sobre la base de la cual se pueden aceptar las suscripciones, la amortización, los reembolsos o los canjes.
Se deben incluir en el cálculo de la Comisión de rentabilidad las ganancias realizadas y no realizadas netas más las pérdidas de capital realizadas y no realizadas al final de periodo de que se trate. Como consecuencia de ello, cabe la posibilidad de que se paguen comisiones en función de resultados sobre plusvalías latentes que posteriormente nunca se materialicen.
Podrá generarse una rentabilidad positiva a raíz de los movimientos del mercado y de una gestión activa de la cartera; esto puede llevar a circunstancias en que una parte de la Comisión de rentabilidad se pague según los movimientos del mercado.
El cálculo de la Comisión de rentabilidad no es susceptible de manipulación y deberá ser verificado por el Depositario.
La Comisión de rentabilidad se calcula y acumula en cada Día de valoración y se abona a año vencido, con respecto a cada Periodo de cálculo. Por lo general, toda
Comisión de rentabilidad pagadera se abonará en el plazo de 30 Días hábiles una vez finalizado el Periodo de cálculo, la fecha de cualquier reembolso, la fecha de una fusión (sujeta a los requisitos del Banco Central), la fecha de finalización del Contrato de gestión o cualquier otra fecha en la que la Sociedad o el Subfondo puedan ser liquidados o dejen de operar.

##### Ejemplos de cómo se calculará la comisión de rentabilidad
Tenga presente que el modelo de comisión de rentabilidad no permite aplicar este tipo de comisiones en casos de rentabilidad negativa.
| Día de valoración | Valor liqui- dativo neto ajustado al final del Periodo de cálculo | Cota máxima | Rentabilidad de la Hurdle rate ex- presada en peniques | Rentabilidad superior de la Hurdle rate expresada en peniques* | Comisión de rentabilidad** | Valor liquida- tivo neto al final del Periodo de cálculo | Descripción del ejemplo |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 31 de diciembre (primer año) | 105p | 100p | 102p | 3p | 0,45p | 104,55p | La rentabilidad fue positiva durante el Periodo de cálculo, ya que el Valor liquidativo neto ajustado de 105 p al final del primer año fue superior al precio de emisión inicial de 100 p Además, el Valor liquidativo neto ajustado supera la Cota máxima de 100 p Y la Rentabilidad superior de 3 p es positiva Por consiguiente, se abonó una Comisión de rentabilidad de 0,45 p |
| 31 de diciembre (segundo año) | 95p | 105p | 106p | 0p | 0p | 95p | La rentabilidad fue negativa durante el Periodo de cálculo, ya que el Valor liquidativo neto ajustado de 95 p registrado al final del segundo año fue inferior al Valor de 104,55 p al final del primer año Por tanto, no se abonó ninguna Comisión de rentabilidad |
| 31 de diciembre (tercer año) | 104p | 105p | 97p | 0p | 0p | 104p | La rentabilidad fue positiva durante el Periodo de cálculo, ya que el Valor liquidativo neto ajustado de 104 p al final del tercer año fue superior al Valor liquidativo neto de 95 p al final del segundo año No obstante, el Valor liquidativo neto ajustado de 104 p se situó por debajo de la Cota máxima de 105 p, lo que hizo que la Rentabilidad superior fuese cero Por tanto, no se abonó ninguna Comisión de rentabilidad |
| 31 de diciembre (cuarto año) | 110p | 105p | 108p | 2p | 0,30p | 109,7p | La rentabilidad fue positiva durante el Periodo de cálculo, ya que el Valor liquidativo neto ajustado de 110 p al final del cuarto año fue superior al Valor liquidativo neto de 104 p al final del tercer año Además, el Valor liquidativo neto ajustado es superior a la Cota máxima de 105 p Y la Rentabilidad superior de 2 p es positiva Por consiguiente, se abonó una Comisión de rentabilidad de 0,30 p |

*La Rentabilidad superior constituye los resultados superiores de la Rentabilidad de la Clase de Acciones con respecto a la Rentabilidad de la Hurdle rate en caso de que el Valor liquidativo neto ajustado haya superado la Cota máxima.
**15% de Rentabilidad superior

#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo trata de obtener una rentabilidad absoluta positiva, en cualquier situación del mercado.

##### Política de inversión
El Subfondo trata de lograr su objetivo durante un periodo continuo de doce meses a través de una gestión discrecional de las inversiones, y podrá utilizar una serie de técnicas de cobertura. No obstante, no se garantiza que vaya a obtenerse una rentabilidad positiva y podría producirse una pérdida del capital.
La política general se compone de dos elementos distintos. Primero, el Subfondo trata de generar crecimiento del capital a largo plazo, invirtiendo en una gama de valores de renta variable y asimilados a la renta variable (incluyendo, entre ellos, warrants, acciones preferentes y acciones preferentes convertibles) de empresas ubicadas principalmente en Europa (incluyendo el Reino Unido y países que podrían considerarse mercados emergentes dentro de Europa) admitidos a cotización o negociados en cualquiera de los Mercados admisibles recogidos en el Apéndice II, así como Derivados que estén permitidos por el Reglamento OICVM. El uso de Derivados forma una parte importante de la estrategia de inversión, tal como se describe a continuación. Tal como se indica más adelante, el Subfondo podría definirse como un fondo largo/corto. La Gestora de inversiones utilizará principalmente un análisis de valores fundamental «de abajo arriba» (bottom-up) en su selección de valores de renta variable y asimilados a la renta variable.
En segundo lugar, el Subfondo invertirá en una amplia gama de valores líquidos, próximos a efectivo, o títulos de deuda o valores relacionados con deuda, incluyendo pero sin limitarse a éstos, los depósitos bancarios, instrumentos y obligaciones emitidos o garantizados por cualquier gobierno soberano o sus agencias, así como valores, instrumentos y obligaciones emitidos por organismos públicos internacionales, bancos, empresas y otros emisores comerciales de «Valores líquidos, Valores próximos a efectivo, Títulos de deuda o Valores relacionados con deuda». Se pretende que los emisores y
/ o garantes de tales valores, instrumentos u obligaciones indicados en la frase anterior tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente. Entre los títulos de Valores de deuda y relacionados con la deuda (tal como están recogidos más arriba) estarán los valores, instrumento, obligaciones, letras de tesorería, valores representativos de obligaciones, bonos, valores respaldados por activo y títulos respaldados por hipotecas que no estarán apalancados, certificados de depósito, pagarés a tipo de interés variable, obligaciones a corto y medio plazo y papel comercial, que podrá devengar intereses a tipo de interés fijo o variable, y emitidos o garantizados por cualquier gobierno soberano o sus agencias, autoridades locales, organismos supranacionales u organismos públicos internacionales, bancos, empresas y otros emisores comerciales, y podrán tener plazos de vencimiento por encima de 1 año. Esta clase de activos se mantendrá como una clase de activos para la
generación de rentabilidad absoluta de forma propia y también para ofrecer liquidez y cobertura para las exposiciones generadas a través de los Derivados.
El Subfondo trata de lograr su objetivo mediante una combinación de posiciones largas/cortas. Las posiciones se mantendrán a través de una combinación de inversiones directas y / o instrumentos derivados, principalmente swaps de renta variable, contratos por diferencias, futuros, opciones y contratos a plazo. Las posiciones cortas se mantendrán principalmente a través de Derivados, principalmente swaps de renta variable, contratos por diferencias, futuros, opciones y contratos a plazo que se indican más adelante. Además de mantener una cartera de Valores líquidos, Valores próximos a efectivo, Valores de deuda y relacionados con la deuda (como se indica más arriba), el Subfondo tratará generalmente de alcanzar su objetivo gestionando activamente los riesgos relacionados con el mercado que van habitualmente asociados a la inversión en renta variable (que se conocen también como «beta»), así como aislando las rentabilidades específicas de la renta variable (que se conocen también como «alfa»). Esto se hará normalmente mediante una técnica denominada
«operaciones de pares» («pair trades»).
Cada posición «pair trade» del Subfondo en valores de renta variable o asociados a la renta variable, se compone de dos partes. La idea motriz refleja las opiniones de la Gestora de inversiones acerca de un determinado valor de renta variable, y la unidad de cobertura sirve para focalizar el riesgo del par en los factores específicos de rentabilidad que buscan los gestores. Cuando los gestores están buscando únicamente factores de rentabilidad específicos de la renta variable, pueden escoger la eliminación, mediante cobertura, de los riesgos sectoriales, los de dirección del mercado y otros. Cuando los gestores buscan factores de rentabilidad por dirección del mercado, la idea motriz puede estar cubierta parcialmente, o no cubierta.
O bien la unidad motriz, o bien la de cobertura, será una posición corta sintética. Un posición corta sintética se crea cuando el Subfondo vende un activo que no posee, con intención de recomprarlo en el futuro. Si el activo en posición corta se deprecia, entonces se incrementa el valor de la posición, y viceversa. La otra parte del par será una posición larga, creada mediante la compra de un activo. Por ello, el Subfondo podría definirse como un fondo «largo/corto». La Gestora de inversiones tiene discrecionalidad para determinar si debe tomar posiciones largas o cortas, y el porcentaje del Subfondo mantenido largo o corto variará a lo largo de la vida del Subfondo, a medida que el Gestor de Inversiones realice los ajustes que considere adecuados, teniendo en cuenta el objetivo del Subfondo.
Aunque el Reglamento OICVM prohíbe la venta en descubierto («corta») de valores mobiliarios físicos, permite la creación de posiciones cortas sintéticas (sintético, en este contexto, significa fundamentalmente conseguir el mismo resultado económico sin vender realmente en descubierto) mediante el uso de instrumentos derivados, como los swaps de renta variable, futuros o contratos por diferencias (consulte también el apartado «Uso de Derivados» posterior).
En consecuencia, el Subfondo hará uso frecuente de Derivados para lograr posiciones sintéticas largas y sintéticas largas (incluyendo pero sin limitarse a ellos, los contratos por diferencias y los swaps de renta variable, de subíndices de renta variable y de acciones
individualizadas) relacionadas con índices del mercado de renta variable, sectores, acciones y cestas de acciones, en cada caso dentro de las condiciones y límites fijados en el Reglamento OICVM del Banco Central.
El Subfondo solo realizará inversiones en acciones y en valores asimilados a renta variable cuando se identifiquen oportunidades que, a juicio de la Gestora de inversiones, ofrezcan al Subfondo posibilidades de rentabilidad sustancial ajustada al riesgo. En otro caso, el Subfondo permanecerá invertido en Valores líquidos, Valores próximos a efectivo, Títulos de deuda y Valores relacionados con deuda.
La Gestora de inversiones podrá expresar sus opiniones acerca de la futura volatilidad de mercado relacionada con los índices del mercado de renta variable, sectores, acciones y cestas de acciones en cada caso, dentro de las condiciones y los límites expuestos en el Reglamento OICVM del Banco Central. La inversión en volatilidad se ejecutará generalmente mediante Derivados, como opciones y opciones sobre futuros.
Si la Gestora de inversiones considera que la futura volatilidad será más elevada de lo previsto por otros inversores, incrementará la exposición a la volatilidad mediante la compra de opciones. El Subfondo se beneficiaría de cualquier subida futura de la volatilidad del activo o mercado de que se trate. Si, por otra parte, la Gestora de inversiones considera que la futura volatilidad será más baja de lo previsto por otros inversores, reducirá la exposición a la volatilidad mediante la venta de opciones. El Subfondo se beneficiaría de cualquier caída futura de la volatilidad del activo o mercado de que se trate
El Subfondo puede invertir hasta un 10% de su Valor de inventario neto en organismos de inversión colectiva («OIC»), incluidas otros OIC gestionadas por la Gestora de inversiones o por sus socios. Por ejemplo, la inversión en OIC podrá utilizarse con fines de gestión de efectivo o para obtener exposición a los valores de renta variable y asimilados a la renta variable, señalados anteriormente en la política de inversión.
Los diversos tipos de inversión descritos en estas políticas de inversión pueden incluir productos que a juicio de la Gestora de inversiones sean productos estructurados, en cuanto que permitirán al Subfondo obtener indirectamente exposición de mercado a acciones, índice de mercados de renta variable, sectores y / o cestas de acciones, aunque no está previsto que la inversión en este tipo de instrumentos sea significativa. Estos productos estructurados toman habitualmente la forma de valores mobiliarios y / o instrumentos del mercado monetario (es decir, instrumentos que normalmente se negocian en los mercados monetarios, que son líquidos y tienen un valor que puede determinarse con precisión en cualquier momento) que incorporan un derivado. Los valores mobiliarios tendrán el significado que les atribuye el Reglamento OICVM del Banco Central. Un ejemplo de esta clase de producto estructurado es un bono de cupón cero y capital garantizado, que incorpora un derivado y proporciona una rentabilidad vinculada a un índice de renta variable. En la medida en que estas inversiones exponen al Subfondo al comportamiento de algún índice, este índice deberá estar suficientemente diversificado, representar un índice de referencia adecuado para los mercados a los que aquéllas se refieren, estar publicado de una forma adecuada, y contar con la aprobación previa del Banco
Central. Estos productos estructurados estarán circunscritos principalmente a los activos admitidos a cotización o negociados en los Mercados admisibles que recoge el Apéndice II, o si no cotizan oficialmente, estarán limitados al 10% del Valor de inventario neto del Subfondo y cumplirán los requisitos del Banco Central.
Con la excepción de la inversión permitida en valores no cotizados y en OIC de capital variable, las inversiones se harán en Mercados admisibles recogidos en la lista del Apéndice II del Folleto.
El Subfondo también podrá, con fines de inversión, celebrar acuerdos de préstamo de valores, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central.

##### Índice de referencia
SONIA compuesto a 30 días (el «Índice de referencia basado en el efectivo»).
SONIA (Sterling Over Night Index Average - Promedio de rentabilidades del índice a un día en libras) es un indicador que mide el tipo de interés que se paga en fondos mayoristas a corto plazo denominados en libras esterlinas en los casos en que el riesgo de crédito, de liquidez y otros son mínimos. SONIA se determina cada día hábil en Londres como la media reducida, redondeada a cuatro decimales, de los tipos de interés pagados en operaciones de depósito admisibles denominadas en libras esterlinas. SONIA es un tipo casi sin riesgo, lo que significa que no conlleva ningún riesgo de crédito bancario; puede bajar o subir como consecuencia de las decisiones de política monetaria que adopte el banco central o de cambios en las condiciones económicas.
El Subfondo utiliza el Índice de referencia basado en el efectivo como objetivo respecto del cual medir su rentabilidad en periodos continuos de 12 meses, tras aplicar comisiones.
El Subfondo se gestiona de forma activa, lo que implica que la Gestora de inversiones tendrá potestad sobre la selección de inversiones, siempre que se respeten el objetivo y la política de inversión.

##### Estrategia de inversión
La estrategia de inversión del Subfondo buscar ofrecer exposición a inversiones a largo y corto plazo en valores de renta variable con una exposición neta activa a través del tamaño de la cobertura.
El diseño de la cartera se basa en:
- La responsabilidad del gestor de la cartera individual
	- La compra de posiciones es una función entre el flujo de ideas y un juicio oportuno.

- Los tamaños de las posiciones y la exposición bruta total varía con
	- Los riesgos específicos
	- La liquidez
	- El entorno del mercado (volatilidad y correlación)

- El tamaño de la cobertura al nivel del par para operar es una función entre:
	- La valoración específica y las características fundamentales de la idea principal.

- La evaluación del entorno del mercado en general.
- La composición de la cobertura varía con:
- Los riesgos cambiantes para la idea principal.
- La evaluación del entorno del mercado en general.


##### El Reglamento sobre transparencia en materia de finanzas sostenibles
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes del Subfondo, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un evento o condición ASG («Evento ASG»). Los riesgos asociados a la sostenibilidad se gestionan garantizando que los responsables principales de la toma de decisiones estén informados e incluidos en el programa de inversión responsable de la Gestora de inversiones, y estableciendo procedimientos eficaces de responsabilidad, transparencia e implementación. Cuando el riesgo asociado a la sostenibilidad se considere importante para los resultados de la inversión, se incorporará a los procesos de diligencia debida. Esto puede incluir la evaluación de valores individuales y / o la interacción con emisores o participantes en el mercado. Los controles internos garantizan que los criterios de sostenibilidad se apliquen continuamente al Subfondo.
Las restricciones ASG, que incluyen calificaciones ASG
propias y datos de terceros, se establecen para evitar o permitir la inversión en valores que cumplan características relacionadas con la sostenibilidad. Estos controles están codificados con respecto al Subfondo y se actualizan a medida que se obtiene nueva información.
El gobierno corporativo es un factor de riesgo clave asociado a la sostenibilidad que forma parte de las calificaciones de riesgo ASG propias para todos los emisores. La evaluación del gobierno corporativo por parte de la Gestora de inversiones incluye la evaluación de las prácticas y el comportamiento del consejo de administración, la remuneración, el control y la responsabilidad, y la ética o las controversias. La Gestora de inversiones aplica los conocimientos de las calificaciones ASG junto con su propio conocimiento de las estructuras de gobierno de los emisores para establecer prioridades de interacción con los emisores. La Gestora de inversiones tiene en cuenta estos riesgos conjuntamente para decidir si una inversión compensa razonablemente al fondo por los riesgos asociados a la sostenibilidad a largo y corto plazo.
En términos de factores sociales y ambientales, la metodología de calificación ASG propia de la Gestora de inversiones proporciona información específica del sector y de los emisores sobre cuestiones clave. Este modelo ayuda a la Gestora de inversiones a identificar los riesgos clave a los que se puede enfrentar un sector o emisor específico.
El Subfondo puede tener un rendimiento inferior o distinto en relación con otros fondos comparables que no integren los riesgos asociados a la sostenibilidad en sus decisiones de inversión y existe el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros sobre renta variable Futuros de indices de renta variable |
| --- | --- |
| Opciones | Warrants Opciones sobre acciones (denominación única, índice, sector, cesta personalizada) Opciones sobre futuros Swaptions |
| Swaps | Swaps de renta variable (denominación única, índice, sector y cesta personalizada) Contratos por diferencias |
| Contratos a plazo (entre- gables y no entregables) | Contratos a plazo sobre divisas |
| Valores con Derivados/apa- lancamiento integrados | bonos convertibles Acciones preferentes convertibles |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de renta variable para | Índice Dax 30 |
| proporcionar exposición a | Índice Euro Stoxx 50 |
| mercados regionales y globales | Índice FTSE 100 |
| de renta variable de una | Índice FTSE 250 |
| manera más rentable o | Índice FTSE 350 |
| eficiente que mediante la | Índices FTSE 350 Supersectors |
| compra de los valores físicos. | Índice FTSE All Share |
|  | Índice FTSE MIB |
|  | Índice FTSE World |
|  | Índice Hang Seng |
|  | Índice IBEX 35 |
|  | Índice KOSPI |
|  | Índice MDAX |
|  | Índice MSCI All Countries World |
|  | Índice MSCI Emerging Markets |
|  | Índice MSCI World Developed ex |
|  | Europe |
|  | Índice Nasdaq Composite |
|  | Índice Nikkei 225 |
|  | Índice Russell 2000 |
|  | Índice S&P/ASX 200 |
|  | Índice S&P/TSX Composite |
|  | Índice S&P 500 |
|  | Índice Stoxx Europe 600 |

Normalmente, todos los índices financieros se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga neta total (una vez tenida en cuenta la cobertura) a través de Derivados no superará el 200% del Valor de inventario neto del Subfondo y la exposición corta neta total no superará el 200% del Valor de inventario neto del Subfondo (aplicando el enfoque de compromiso).

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Absoluto
Límite de VaR Absoluto: 10% del Valor de inventario neto del Subfondo (utilizando un periodo de tenencia de 5 Día hábil)
Se espera que el apalancamiento bruto varíe entre: el 0% y el 500% del Valor de inventario neto. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Absoluto y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en contratos por diferencias y swaps de renta variable con efectos de financiación de valores similares a los swaps de rentabilidad total («swaps de financiación de valores» o «SFV»), como se describe bajo el epígrafe «Uso de Derivados», y podrá participar en OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los SFV será del 400% de su Valor de inventario neto, y en relación con las OFV, será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a los SFV supere el 350% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 15% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de SFV se ajustarán a las políticas de inversión del Subfondo.
Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción
correspondiente de 1 GBP, 1 USD, 1 EUR o 1 CHF, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos particularmente la atención de los inversores sobre el apartado «Factores de riesgo» incluido en el Folleto.

## BNY Mellon Emerging Markets Corporate Debt Fund

### SUPLEMENTO 20 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. El uso de Derivados con fines de inversión no será amplio. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debe representar una parte significativa de una cartera de inversiones y podría no resultar conveniente para todos los inversores.


#### La Gestora de inversiones
Insight Investment Management (Global) Limited
La Gestora de inversiones podrá delegar sus funciones de gestión de inversiones en una Gestora delegada de inversiones y nombrar a un asesor delegado para que le preste asesoramiento en materia de inversión de conformidad con los requisitos del Banco Central. En la fecha del presente Suplemento, la Gestora de inversiones ha nombrado a la Gestora delegada de inversiones que se detalla a continuación.

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Insight North America LLC (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro A | EUR | 5.000 | 5% | 1,50% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 1,50% | 0% |
| Euro A (Reparto) (M) | EUR | 5.000 | 5% | 1,50% | 0% |
| USD A | USD | 5.000 | 5% | 1,50% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,50% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| AUD A (Acum.) | AUD | 5.000 | 5% | 1,50% | 0% |
| AUD A (Reparto) (M) | AUD | 5.000 | 5% | 1,50% | 0% |
| HKD A (Acum.) | HKD | 50.000 | 5% | 1,50% | 0% |
| HKD A (Reparto) (M) | HKD | 50.000 | 5% | 1,50% | 0% |
| CNH A (Acum.) | CNH | 50.000 | 5% | 1,50% | 0% |
| CNH A (Reparto) (M) | CNH | 50.000 | 5% | 1,50% | 0% |
| SGD A (Acum.) | SGD | 5.000 | 5% | 1,50% | 0% |
| SGD A (Reparto) (M) | SGD | 5.000 | 5% | 1,50% | 0% |
| Euro H (con cobertura) | EUR | 5.000 | 5% | 1,50% | 0% |
| Euro H (Reparto) (con cobertura) (M) | EUR | 5.000 | 5% | 1,50% | 0% |
| AUD H (Acum.) (con cobertura) | AUD | 5.000 | 5% | 1,50% | 0% |
| AUD H (Reparto) (con cobertura) (M) | AUD | 5.000 | 5% | 1,50% | 0% |
| CNH H (Acum.) (con cobertura) | CNH | 50.000 | 5% | 1,50% | 0% |
| CNH H (Reparto) (con cobertura) (M) | CNH | 50.000 | 5% | 1,50% | 0% |
| SGD H (Acum.) (con cobertura) | SGD | 5.000 | 5% | 1,50% | 0% |
| SGD H (Reparto) (con cobertura) (M) | SGD | 5.000 | 5% | 1,50% | 0% |
| DKK H (Acum.) (con cobertura) | DKK | 50.000 | 5% | 1,50% | 0% |
| NOK H (Acum.) (con cobertura) | NOK | 50.000 | 5% | 1,50% | 0% |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 1,50% | 0% |

| Acciones «B» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD B | USD | 10.000 | 5% | 1,25% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 0,85% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 0,85% | 0% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 0,85% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 0,85% | 0% |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,85% | 0% |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,85% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro C | EUR | 5.000.000 | 5% | 0,85% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 0,85% | 0% |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 0,85% | 0% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 0,85% | 0% |
| CHF C (Acum.) | CHF | 5.000.000 | 5% | 0,85% | 0% |
| USD C | USD | 5.000.000 | 5% | 0,85% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,85% | 0% |
| Euro I (con cobertura) | EUR | 5.000.000 | 5% | 0,85% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,85% | 0% |
| Sterling I (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 0,85% | 0% |
| Sterling I (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 0,85% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro W | EUR | 15.000.000 | 5% | 0,65% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,65% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,65% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,65% | 0% |
| Euro W (Reparto) (con cobertura) (M) | EUR | 15.000.000 | 5% | 0,65% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,65% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,65% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,65% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,65% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,65% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,65% | 0% |
| CHF W (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,65% | 0% |
| USD W | USD | 15.000.000 | 5% | 0,65% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,65% | 0% |
| USD W (Reparto) (M) | USD | 15.000.000 | 5% | 0,65% | 0% |
| HKD W (Reparto) (M) | HKD | 150.000.000 | 5% | 0,65% | 0% |
| AUD W (Reparto) (con cobertura) (M) | AUD | 15.000.000 | 5% | 0,65% | 0% |
| CAD W (Reparto) (con cobertura) (M) | CAD | 15.000.000 | 5% | 0,65% | 0% |
| CNH W (Reparto) (con cobertura) (M) | CNH | 150.000.000 | 5% | 0,65% | 0% |
| SGD W (Reparto) (con cobertura) (M) | SGD | 15.000.000 | 5% | 0,65% | 0% |
| DKK W (Acum.) (con cobertura) | DKK | 150.000.000 | 5% | 0,65% | 0% |
| NOK W (Acum.) (con cobertura) | NOK | 150.000.000 | 5% | 0,65% | 0% |
| SEK W (Acum.) (con cobertura) | SEK | 150.000.000 | 5% | 0,65% | 0% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) | CHF | Ninguna | 0% | 0% | 0% |
| USD X | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |

| Acciones «Y» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD Y (Acum.) | USD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo trata de generar una rentabilidad total, compuesta de rendimiento y crecimiento del capital, invirtiendo principalmente en deuda de empresa e instrumentos de deuda de empresa emitidos por emisores de mercados emergentes del mundo entero, y en instrumentos financieros derivados relacionados con estos instrumentos.

##### Política de inversión
El Subfondo invertirá principalmente (es decir, al menos tres cuartas partes del Valor de inventario neto del Subfondo) en una amplia gama de bonos de empresa, otros bonos e instrumentos e inversiones relacionados con deuda de empresa o bonos que incluyan títulos respaldados por activos y Bonos convertibles emitidos por emisores corporativos, que tengan lazos o vínculos económicos con países de mercados emergentes y que coticen o se negocien en cualquier Mercado admisible (tal como se establece en el Apéndice II del Folleto). El Subfondo podrá invertir directamente en estos instrumentos, o a través de una amplia gama de Derivados, de entre los permitidos por el Reglamento OICVM y que se detallan más adelante. Los Derivados podrán utilizarse para gestionar los riesgos de tipo de interés, de crédito y / o de tipo de cambio, así como para aplicar criterios direccionales a emisores corporativos.
El Subfondo también podrá invertir en valores de deuda que pueden ser de tipo fijo o variable y pueden ser emitidos o garantizados por gobiernos soberanos o sus agencias u organismos públicos supranacionales o internacionales de países con mercados emergentes. Los Valores de deuda y relacionados con la deuda de mercados emergentes en los que puede invertir el Subfondo incluyen bonos Brady, eurobonos soberanos (como participaciones en préstamos no garantizados y / o
asignaciones de préstamos), préstamos soberanos, letras del tesoro locales, pagarés y bonos, certificados de depósito, papel comercial y obligaciones estructuradas.
El Subfondo podrá invertir hasta el 15% de su Valor de inventario neto en títulos respaldados por activos y hasta el 30% de su Valor de inventario neto en instrumentos de deuda subordinada, incluidos bonos convertibles contingentes («CoCo»). El Subfondo no invertirá, en total, más del 10% de su Valor de inventario neto en CoCo.
Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado «Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.
El Subfondo podrá invertir en bonos de empresa que sean deuda subordinada, entre ellos, bonos no garantizados, bonos híbridos de empresa y CoCos, así como en bonos de capital adicional/restringido de nivel 1, nivel 2 y nivel 3 emitidos por empresas financieras, como bancos y compañías de seguros.
El Subfondo podrá invertir hasta un 10% en organismos de inversión colectiva («OIC») de tipo abierto. La inversión en OIC podrá utilizarse con fines de gestión de efectivo (como a través de fondos del mercado monetario) o para obtener exposición a instrumentos de deuda o relacionados con la deuda señalados en la política de inversión. El Subfondo también podrá poseer instrumentos del mercado monetario y activos líquidos con carácter accesorio como depósitos bancarios.
Por mercados emergentes se entienden los países que no son economías avanzadas, aunque pueden incluirse algunas economías avanzadas que muestren una situación financiera /económica característica de países en desarrollo, por ejemplo un bajo producto interior bruto (PIB). El Subfondo invertirá probablemente, sin estar limitado a estas regiones, en: Asia (como Azerbaiyán y Tailandia), Latinoamérica (como El Salvador y Panamá), Oriente Medio (como Iraq y Arabia Saudí), África (como Costa de Marfil y la República Unida de Tanzania) y países europeos emergentes o en vías de desarrollo (como República Checa y Hungría).
El Subfondo también podrá invertir hasta el 15% de su Valor de inventario neto en valores de deuda o relacionados con la deuda cotizados o negociados en la Bolsa de Moscú.
Muchos de los valores de mercados emergentes en los que podrá invertir el Subfondo tienen, por definición, una calificación de solvencia inferior al grado de inversión (BB
+ o inferior) (o su equivalente), o no han recibido ninguna calificación por parte de una agencia de calificación crediticia reconocida. Los emisores y / o garantes de cualquier inversión del Subfondo pueden tener una calificación de solvencia inferior al grado de inversión o no estar calificados por una agencia de calificación crediticia reconocida. Los emisores que tengan una calificación inferior al grado de inversión serán de calidad inferior a aquellos con calificación de grado de inversión, y las inversiones en valores de estos emisores presentarán un riesgo elevado.
El Subfondo no invertirá más del 10% de su Valor de inventario neto en valores emitidos y / o garantizados por un solo emisor soberano con una calificación de solvencia inferior a grado de inversión. Con el fin de despejar cualquier duda, por un «solo emisor soberano» se entenderá su gobierno, sus agencias o alguna autoridad pública o local.
El Subfondo podrá invertir en instrumentos denominados en las divisas principales, o en monedas locales. Las divisas principales generalmente son emitidas por países desarrollados y tienen un tipo de cambio estable durante un periodo de tiempo más largo. Las monedas locales generalmente son emitidas por países en vías de desarrollo y, ocasionalmente, tienen un tipo de cambio fluctuante.

##### Índice de referencia
JP Morgan Corporate Emerging Market Bond Index Broad Diversified (CEMBI - BD) TR Index (el «Índice de referencia»).
El Índice de referencia es un índice ponderado por la capitalización bursátil de los bonos de empresa de mercados emergentes denominados en USD.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del Índice de referencia, la selección de las inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
La estrategia de inversión del Subfondo se basa en:
- bonos de empresa de mercados emergentes con una rentabilidad superior a la de los mercados desarrollados, que suponen una oportunidad de inversión estructural;
- un mercado imperfecto que no siempre se conoce o se valora de forma apropiada;y
- las siguientes fuentes de alfa:
	- composición geográfica;
	- análisis crediticio y jurídico;
	- gestión de liquidez;
	- selección de instrumentos.


En el modelo de cobertura geográfica de los mercados emergentes, se llevan a cabo un análisis crediticio fundamental, un examen cuantitativo y una evaluación de la valoración, a partir de los cuales la Gestora de inversiones selecciona a los emisores de deuda (en términos de la valoración riesgo/rentabilidad) y los instrumentos de deuda (en términos de vencimiento, condiciones y tamaño de la posición).

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes del Subfondo, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un evento o condición ASG («Evento ASG»). Los riesgos asociados a la sostenibilidad se gestionan garantizando que los responsables principales de la toma de decisiones estén informados e incluidos en el programa de inversión responsable de la Gestora de inversiones, y estableciendo procedimientos eficaces de responsabilidad, transparencia e implementación. Cuando el riesgo asociado a la sostenibilidad se considere importante para los resultados de la inversión, se incorporará a los procesos de diligencia debida. Esto puede incluir la evaluación de valores individuales y / o la interacción con emisores o participantes en el mercado. Los controles internos garantizan que los criterios de sostenibilidad se apliquen continuamente al Subfondo.
Las restricciones ASG, que incluyen calificaciones ASG
propias y datos de terceros, se establecen para evitar o permitir la inversión en valores que cumplan características relacionadas con la sostenibilidad. Estos controles están codificados con respecto al Subfondo y se actualizan a medida que se obtiene nueva información.
El gobierno corporativo es un factor de riesgo clave asociado a la sostenibilidad que forma parte de las calificaciones de riesgo ASG propias para todos los emisores. La evaluación del gobierno corporativo por parte de la Gestora de inversiones incluye la evaluación de las prácticas y el comportamiento del consejo de administración, la remuneración, el control y la responsabilidad, y la ética o las controversias. La Gestora de inversiones aplica los conocimientos de las calificaciones ASG junto con su propio conocimiento de las estructuras de gobierno de los emisores para establecer prioridades de interacción con los emisores. La Gestora de inversiones tiene en cuenta estos riesgos conjuntamente para decidir si una inversión compensa razonablemente al fondo por los riesgos asociados a la sostenibilidad a largo y corto plazo.
En términos de factores sociales y ambientales, la metodología de calificación ASG propia de la Gestora de inversiones proporciona información específica del sector y de los emisores sobre cuestiones clave. Este modelo ayuda a la Gestora de inversiones a identificar los riesgos clave a los que se puede enfrentar un sector o emisor específico.
El Subfondo puede tener un rendimiento inferior o distinto en relación con otros fondos comparables que no integren los riesgos asociados a la sostenibilidad en sus decisiones de inversión y existe el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros sobre bonos Futuros de tipos de interés |
| --- | --- |
| Opciones | Opciones sobre divisas (incluidas las opciones de tipos de cambio) Opciones sobre bonos |
| Swaps | Swaps de incumplimiento de crédito (denominación única, índice y cesta personalizada) Swaps de inflación Swaps de tipos de interés Swaps de rentabilidad total denominación única, índice y cesta personalizada) Swaps de divisas |
| Contratos a plazo (entre- gables y no entregables) | Contratos a plazo sobre divisas |
| Valores con Derivados/apa- lancamiento integrados | Bonos convertibles contingentes (CoCo) Bonos convertibles Valores respaldados por activos |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

##### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit CDX Emerging Markets |
| Índices de swaps de rentabilidad total (TRS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit iBoxx GEMX |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular.
Normalmente, todos los índices financieros restantes se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga neta total (una vez tenida en cuenta la cobertura) a través de Derivados no superará el 50% del Valor de inventario neto del Subfondo y la exposición corta neta total no superará el 50% del Valor de inventario neto del Subfondo (aplicando el enfoque de compromiso).

#### Registro en Hong Kong
El Subfondo está registrado para su venta en Hong Kong.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 50% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 30% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 20% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 30% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 100 USD, 100 GBP, 100 EUR, 100 CHF,
100 AUD, 100 CAD, 1000 HKD, 1000 CNH, 100 SGD,
1000 DKK, 1000 NOK o 1000 SEK, en función de la
moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de Suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes de suscripción de Acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las Acciones que generan rendimientos (Reparto) con el sufijo «(M)», normalmente se declararán dividendos mensualmente, el último Día Hábil del mes. En lo que respecta a los titulares de Acciones que generan rendimientos y reparten dividendos mensualmente, los dividendos declarados se pagarán normalmente el día 20 del mes siguiente, o en una fecha anterior. En el caso del resto de clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Absolute Return Bond Fund

### SUPLEMENTO 21 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá invertir principalmente en Derivados y utilizará tales Derivados con fines de inversión, cobertura y gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado«Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.
- El Subfondo podrá invertir periódicamente sustancialmente en instrumentos del mercado monetario y / o en depósitos con entidades de crédito. Aunque el Subfondo puede invertir en instrumentos del mercado monetario y depósitos a la vista, las Acciones del Subfondo no constituyen depósitos y son de naturaleza diferente de los depósitos, por no estar garantizadas y porque el valor de la inversión es susceptible de fluctuar. Toda inversión en el Subfondo entraña ciertos riesgos de inversión, incluida la posible pérdida del principal invertido.


#### La Gestora de inversiones
Insight Investment Management (Global) Limited
La Gestora de inversiones podrá delegar sus funciones de gestión de inversiones en una Gestora delegada de inversiones y nombrar a un asesor delegado para que le preste asesoramiento en materia de inversión de conformidad con los requisitos del Banco Central. En la fecha del presente Suplemento, la Gestora de inversiones ha nombrado a la Gestora delegada de inversiones que se detalla a continuación.

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Insight North America LLC (la «Gestora delegada de inversiones»). En el apartado
del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Euro

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,75% | 0% | Ninguna | EURIBOR a 3 meses | Ninguna |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,75% | 0% | Ninguna | EURIBOR a 3 meses | Ninguna |
| USD W (Acum.) (con cobertura) | USD | 15.000.000 | 5% | 0,75% | 0% | Ninguna | SOFR (com- puesto a 90 días) | Ninguna |
| USD W (Reparto) (con cobertura) | USD | 15.000.000 | 5% | 0,75% | 0% | Ninguna | SOFR (com- puesto a 90 días) | Ninguna |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,75% | 0% | Ninguna | SONIA (com- puesto a 90 días) | Ninguna |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,75% | 0% | Ninguna | SONIA (com- puesto a 90 días) | Ninguna |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,75% | 0% | Ninguna | SARON (com- puesto a 90 días) | Ninguna |
| CHF W (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,75% | 0% | Ninguna | SARON (com- puesto a 90 días) | Ninguna |
| JPY W (Acum.) (con cobertura) | JPY | 1.500.000.000 | 5% | 0,75% | 0% | Ninguna | TONAR (com- puesto a 90 días) | Ninguna |
| JPY W (Reparto) (con cobertura) | JPY | 1.500.000.000 | 5% | 0,75% | 0% | Ninguna | TONAR (com- puesto a 90 días) | Ninguna |

| Acciones «Z» y Acciones «Z (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| Euro Z (Acum.) | EUR | 200.000.000 | 5% | 0,65% | 0% | Ninguna | EURIBOR a 3 meses | Ninguna |
| Euro Z (Reparto) | EUR | 200.000.000 | 5% | 0,65% | 0% | Ninguna | EURIBOR a 3 meses | Ninguna |
| Sterling Z (Acum.) (con cobertura) | GBP | 200.000.000 | 5% | 0,65% | 0% | Ninguna | SONIA (com- puesto a 90 días) | Ninguna |
| Sterling Z (Reparto) (con cobertura) | GBP | 200.000.000 | 5% | 0,65% | 0% | Ninguna | SONIA (com- puesto a 90 días) | Ninguna |

| Acciones «R» y Acciones «R (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| Euro R | EUR | 5.000 | 5% | 1,00% | 0% | 10% | EURIBOR a 3 meses | EURIBOR a 3 meses |
| Euro R (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% | 10% | EURIBOR a 3 meses | EURIBOR a 3 meses |
| USD R (con cobertura) | USD | 5.000 | 5% | 1,00% | 0% | 10% | SOFR (com- puesto a 90 días) | SOFR (com- puesto a 90 días) + 0,27% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| USD R (Reparto) (con cobertura) | USD | 5.000 | 5% | 1,00% | 0% | 10% | SOFR (com- puesto a 90 días) | SOFR (com- puesto a 90 días) + 0,27% |
| CHF R (Acum.) (con cobertura) | CHF | 5.000 | 5% | 1,00% | 0% | 10% | SARON (com- puesto a 90 días) | SARON (com- puesto a 90 días) + 0,01% |
| CHF R (Reparto) (con cobertura) | CHF | 5.000 | 5% | 1,00% | 0% | 10% | SARON (com- puesto a 90 días) | SARON (com- puesto a 90 días) + 0,01% |

| Acciones «D» y Acciones «D (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| Euro D (Acum.) | EUR | 5.000 | 5% | 0,50% | 0% | 10% | EURIBOR a 3 meses | EURIBOR a 3 meses |
| Euro D (Reparto) | EUR | 5.000 | 5% | 0,50% | 0% | 10% | EURIBOR a 3 meses | EURIBOR a 3 meses |
| USD D (Acum.) (con cobertura) | USD | 5.000 | 5% | 0,50% | 0% | 10% | SOFR (com- puesto a 90 días) | SOFR (com- puesto a 90 días) + +0,27% |
| USD D (Reparto) (con cobertura) | USD | 5.000 | 5% | 0,50% | 0% | 10% | SOFR (com- puesto a 90 días) | SOFR (com- puesto a 90 días) + 0,27% |
| Sterling D (Acum.) (con cobertura) | GBP | 5.000 | 5% | 0,50% | 0% | 10% | SONIA (com- puesto a 90 días) | SONIA (com- puesto a 90 días) + 0,12% |
| Sterling D (Reparto) (con cobertura) | GBP | 5.000 | 5% | 0,50% | 0% | 10% | SONIA (com- puesto a 90 días) | SONIA (com- puesto a 90 días) + 0,12% |
| CHF D (Acum.) (con cobertura) | CHF | 5.000 | 5% | 0,50% | 0% | 10% | SARON (com- puesto a 90 días) | SARON (com- puesto a 90 días) + 0,01% |
| CHF D (Reparto) (con cobertura) | CHF | 5.000 | 5% | 0,50% | 0% | 10% | SARON (com- puesto a 90 días) | SARON (com- puesto a 90 días) + 0,01% |

| Acciones «S» y Acciones «T (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| Euro S | EUR | 5.000.000 | 5% | 0,50% | 0% | 10% | EURIBOR a 3 meses | EURIBOR a 3 meses |
| Euro S (Reparto) | EUR | 5.000.000 | 5% | 0,50% | 0% | 10% | EURIBOR a 3 meses | EURIBOR a 3 meses |
| USD T (con cobertura) | USD | 5.000.000 | 5% | 0,50% | 0% | 10% | SOFR (com- puesto a 90 días) | SOFR (com- puesto a 90 días) + 0,27% |
| USD T (Reparto) (con cobertura) | USD | 5.000.000 | 5% | 0,50% | 0% | 10% | SOFR (com- puesto a 90 días) | SOFR (com- puesto a 90 días) + 0,27% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sterling T (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 0,50% | 0% | 10% | SONIA (com- puesto a 90 días) | SONIA (com- puesto a 90 días) + 0,12% |
| Sterling T (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 0,50% | 0% | 10% | SONIA (com- puesto a 90 días) | SONIA (com- puesto a 90 días) + 0,12% |
| CHF T (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 0,50% | 0% | 10% | SARON (com- puesto a 90 días) | SARON (com- puesto a 90 días) + 0,01% |
| CHF T (Reparto) (con cobertura) | CHF | 5.000.000 | 5% | 0,50% | 0% | 10% | SARON (com- puesto a 90 días) | SARON (com- puesto a 90 días) + 0,01% |
| JPY T (Acum.) (con cobertura) | JPY | 500.000.000 | 5% | 0,50% | 0% | 10% | TONAR (com- puesto a 90 días) | TONAR (com- puesto a 90 días) + 0,01% |
| JPY T (Reparto) (con cobertura) | JPY | 500.000.000 | 5% | 0,50% | 0% | 10% | TONAR (com- puesto a 90 días) | TONAR (com- puesto a 90 días) + 0,01% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| Euro X | EUR | Ninguna | 0% | 0% | 0% | Ninguna | EURIBOR a 3 meses | Ninguna |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% | Ninguna | EURIBOR a 3 meses | Ninguna |
| USD X (Acum.) (con cobertura) | USD | Ninguna | 0% | 0% | 0% | Ninguna | SOFR (com- puesto a 90 días) | Ninguna |
| USD X (Reparto) (con cobertura) | USD | Ninguna | 0% | 0% | 0% | Ninguna | SOFR (com- puesto a 90 días) | Ninguna |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% | Ninguna | SONIA (com- puesto a 90 días) | Ninguna |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% | Ninguna | SONIA (com- puesto a 90 días) | Ninguna |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% | Ninguna | SARON (com- puesto a 90 días) | Ninguna |
| CHF X (Reparto) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% | Ninguna | SARON (com- puesto a 90 días) | Ninguna |
| JPY X (Acum.) (con cobertura) | JPY | Ninguna | 0% | 0% | 0% | Ninguna | TONAR (com- puesto a 90 días) | Ninguna |
| JPY X (Reparto) (con cobertura) | JPY | Ninguna | 0% | 0% | 0% | Ninguna | TONAR (com- puesto a 90 días) | Ninguna |


#### Comisión de rentabilidad
Además de la comisión de gestión anual, la Sociedad gestora tiene derecho a percibir una comisión de rentabilidad anual (la «Comisión rentabilidad»), con arreglo a las condiciones que se detallan a continuación.
El tipo al que se aplicará la Comisión de rentabilidad se indica en la tabla anterior Las Comisiones de rentabilidad reducen el valor de su inversión y el rendimiento que obtendrá de esta.
La Comisión de rentabilidad respecto de cada Clase de Acciones pertinente se calcula como el porcentaje de comisión de rentabilidad (según se indica en la tabla anterior) de la Rentabilidad de la Clase de Acciones (como se define a continuación) por encima de la Rentabilidad de la Hurdle rate (como se define a continuación) sujeta a una Cota máxima («High Water Mark») (como se define a continuación).
La Comisión de rentabilidad se calculará con respecto a cada periodo de doce meses finalizado el 31 de diciembre (el «Periodo de Cálculo»). El primer Periodo de cálculo será el periodo que comienza el Día hábil inmediatamente posterior al cierre del Periodo de oferta inicial y que termina el 31 de diciembre de ese mismo año.
La «Rentabilidad de la Clase de Acciones» se calcula en cada Día de valoración, y es la diferencia porcentual entre el Valor Liquidativo Neto Ajustado en tal Día de valoración y el Valor Liquidativo Neto Ajustado del Día de valoración anterior.
El «Valor liquidativo neto ajustado» es el Valor liquidativo neto de la clase de Acciones correspondiente (que incluye un recargo por todas las comisiones y gastos, incluida la comisión de gestión anual y los gastos operativos y administrativos que se imputarán a dicha clase de acciones, ajustados, en su caso, con las distribuciones de dividendos) pero sin deducir ninguna Comisión de rentabilidad devengada desde el inicio del Periodo de cálculo.
La «Hurdle rate» es el porcentaje que se indica en la anterior tabla. Una hurdle rate es un nivel predeterminado de rentabilidad que debe superar un fondo a fin de ganar una comisión de rentabilidad.
La «Rentabilidad de la Hurdle rate» se calcula en cada Día de valoración y se define como la que sea mayor entre (i) la rentabilidad de la Hurdle rate (expresada como porcentaje); o (ii) el cero por ciento (0). La «Hurdle rate» se indica en la anterior tabla y se calcula sobre un período de 365 días en el caso del SONIA (compuesto a 90 días) y sobre un período de 360 días en el caso del EURIBOR a 3 mes, el SOFR (compuesto a 90 días), el SARON (compuesto a 90 días) y el TONAR (compuesto a 90 días).
La «Cota máxima» se define como la que sea mayor entre
(i) el Valor liquidativo neto ajustado por Acción sobre el que se abonó una Comisión de rentabilidad en el último día de cualquier Periodo de cálculo anterior; o (ii) el precio de emisión inicial por Acción de cada Clase.
En cada Día de valoración, se calcula un Valor liquidativo neto ajustado respecto de cada clase de acciones a la que se aplique la Comisión de rentabilidad. Si el Valor liquidativo neto ajustado de la clase de acciones correspondiente supera la Cota máxima y la Rentabilidad de la Clase de Acciones supera la Rentabilidad de la Hurdle rate, se devenga una Comisión de rentabilidad.
La utilización de la Cota máxima garantiza que usted no deberá pagar una Comisión de rentabilidad hasta que se haya recuperado cualquier comportamiento relativo inferior de la Rentabilidad de la Clase de Acciones. Por tanto, no se aplicará ninguna Comisión de rentabilidad, salvo que el Valor liquidativo neto ajustado por Acción al final del periodo de cálculo (o en el momento del reembolso, en el caso de una fusión sujeta a los requisitos del Banco Central), la fecha de finalización del Contrato de gestión o cualquier otra fecha en la que la
Sociedad o el Subfondo puedan ser liquidados o dejen de operar) sea mayor que la Cota máxima. Debe tener en cuenta que el peor comportamiento relativo de la Rentabilidad de la Clase de Acciones frente a la Rentabilidad de la Hurdle rate de Periodos de cálculo anteriores no será recuperable.
En los casos en que la Hurdle rate fuese inferior al cero por ciento (0%), al calcular cualquier Comisión de rentabilidad se aplicará una Rentabilidad mínima de la Hurdle rate del cero por ciento (0%). Esto significa que usted solo deberá pagar una Comisión de rentabilidad si la Rentabilidad de la Clase de Acciones es superior al cero por ciento (0%) y que las Comisiones de rentabilidad devengadas equivaldrán, como máximo, al exceso de rentabilidad alcanzado por encima del cero por ciento (0%), es decir, no se aplican Comisiones de rentabilidad en los periodos de rentabilidad negativa.
Si la Rentabilidad de la Clase de Acciones no supera a la Rentabilidad de la Hurdle rate, se reduce el devengo de la Comisión de rentabilidad (no por debajo de cero). La comisión de rentabilidad se reduce en un importe calculado como el porcentaje de la comisión de rentabilidad (establecida en la tabla anterior) del peor comportamiento relativo de la Rentabilidad de la Clase de Acciones en comparación con la Rentabilidad de la Hurdle rate (la «rentabilidad negativa») multiplicado por las Acciones emitidas. Una vez que la Comisión de rentabilidad acumulada se ha reducido a cero, no se devengará ninguna nueva Comisión de rentabilidad hasta
que (i) la Rentabilidad acumulada de la Clase de Acciones supere la Rentabilidad acumulada de la Hurdle rate desde el principio del Periodo de Cálculo; y (ii) el Valor Liquidativo Neto Ajustado de la clase de acciones de que se trate exceda de la Cota máxima.
La Comisión de rentabilidad acumulada en cada Día de valoración se refleja en el Valor liquidativo neto de la Acción sobre la base de la cual se pueden aceptar las suscripciones, la amortización, los reembolsos o los canjes.
Se deben incluir en el cálculo de la Comisión de rentabilidad las ganancias realizadas y no realizadas netas más las pérdidas de capital realizadas y no realizadas al final de periodo de que se trate. Como consecuencia de ello, cabe la posibilidad de que se paguen comisiones en función de resultados sobre plusvalías latentes que posteriormente nunca se materialicen.
Podrá generarse una rentabilidad positiva a raíz de los movimientos del mercado y de una gestión activa de la cartera; esto puede llevar a circunstancias en que una parte de la Comisión de rentabilidad se pague según los movimientos del mercado.
El cálculo de la Comisión de rentabilidad no es susceptible de manipulación y deberá ser verificado por el Depositario.
La Comisión de rentabilidad se calcula y acumula en cada Día de valoración y se abona a año vencido, con respecto a cada Periodo de cálculo. Por lo general, toda
Comisión de rentabilidad pagadera se abonará en el plazo de 30 Días hábiles una vez finalizado el Periodo de cálculo, la fecha de cualquier reembolso, la fecha de una fusión (sujeta a los requisitos del Banco Central), la fecha de finalización del Contrato de gestión o cualquier otra fecha en la que la Sociedad o el Subfondo puedan ser liquidados o dejen de operar.

##### Ejemplos de cómo se calculará la comisión de rentabilidad
Tenga presente que el modelo de comisión de rentabilidad no permite aplicar este tipo de comisiones en casos de rentabilidad negativa.
| Día de valoración | Valor liqui- dativo neto ajustado al final del Periodo de cálculo | Cota máxima | Rentabilidad de la Hurdle rate ex- presada en peniques | Rentabilidad superior de la Hurdle rate expresada en peniques* | Comisión de rentabilidad** | Valor liquida- tivo neto al final del Periodo de cálculo | Descripción del ejemplo |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 31 de diciembre (primer año) | 105p | 100p | 102p | 3p | 0.3p | 104.7p | La rentabilidad fue positiva durante el Periodo de cálculo, ya que el Valor liquidativo neto ajustado de 105 p al final del primer año fue superior al precio de emisión inicial de 100 p Además, el Valor liquidativo neto ajustado supera la Cota máxima de 100 p Y la Rentabilidad superior de 3 p es positiva. Por consiguiente, se abonó una Comisión de rentabilidad de 0,30 p |
| 31 de diciembre (segundo año) | 95p | 105p | 106p | 0p | 0p | 95p | La rentabilidad fue negativa durante el Periodo de cálculo, ya que el Valor liquidativo neto ajustado de 95 p registrado al final del segundo año fue inferior al Valor de 104,7 p al final del primer año Por tanto, no se abonó ninguna Comisión de rentabilidad |
| 31 de diciembre (tercer año) | 104p | 105p | 97p | 0p | 0p | 104p | La rentabilidad fue positiva durante el Periodo de cálculo, ya que el Valor liquidativo neto ajustado de 104 p al final del tercer año fue superior al Valor liquidativo neto de 95 p al final del segundo año No obstante, el Valor liquidativo neto ajustado de 104 p se situó por debajo de la Cota máxima de 105 p, lo que hizo que la Rentabilidad superior fuese cero Por tanto, no se abonó ninguna Comisión de rentabilidad |

| Día de valoración | Valor liqui- dativo neto ajustado al final del Periodo de cálculo | Cota máxima | Rentabilidad de la Hurdle rate ex- presada en peniques | Rentabilidad superior de la Hurdle rate expresada en peniques* | Comisión de rentabilidad** | Valor liquida- tivo neto al final del Periodo de cálculo | Descripción del ejemplo |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 31 de diciembre (cuarto año) | 110p | 105p | 108p | 2p | 0,20p | 109,8p | La rentabilidad fue positiva durante el Periodo de cálculo, ya que el Valor liquidativo neto ajustado de 110 p al final del cuarto año fue superior al Valor liquidativo neto de 104 p al final del tercer año Además, el Valor liquidativo neto ajustado es superior a la Cota máxima de 105 p Y la Rentabilidad superior de 2 p es positiva Por consiguiente, se abonó una Comisión de rentabilidad de 0,20 p |

* La Rentabilidad superior constituye los resultados superiores de la Rentabilidad de la Clase de Acciones con respecto a la Rentabilidad de la Hurdle rate en caso de que el Valor liquidativo neto ajustado haya superado la Cota máxima
** 10% de Rentabilidad superior

#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo trata de generar una rentabilidad absoluta positiva en cualquier condición de mercado sobre un periodo rotatorio de 12 meses, invirtiendo principalmente en deuda de empresa y valores e instrumentos de deuda, localizados en el mundo entero, y en instrumentos derivados financieros relacionados con estos valores e instrumentos.

##### Política de inversión
El Subfondo tratará de alcanzar su objetivo de inversión invirtiendo principalmente en bonos e instrumentos relacionados con la renta fija, y otros tipos de valores cotizados o negociados en cualquier Mercado admisible, así como Derivados de los permitidos por el Reglamento sobre OICVM, como se indica a continuación.
El Subfondo utilizará una gama de estrategias de renta fija que implican la toma de posiciones largas y cortas respecto de tipos de interés, bonos e inflación. Las decisiones de inversión se orientarán por las opiniones de la Gestora de inversiones acerca de una gama de fuentes de rentabilidad globales, que incluirán, pero sin limitarse a ellas, la estrategia de deuda, la selección de valores, la asignación de mercados, la duración y la curva de rentabilidades, así como la selección de divisas. Las posiciones largas se mantendrán a través de una combinación de inversiones directas y / o Derivados, que se detallan más adelante. Las posiciones cortas se mantendrán de forma sintética, mediante la utilización de Derivados. La proporción entre posiciones largas y cortas del Subfondo variará con el tiempo, en función de las estrategias que desee utilizar la Gestora de inversiones.
La Gestora de inversiones utilizará principalmente, al seleccionar los valores la investigación y análisis crediticio «de abajo arriba» (bottom-up), que trata de
identificar, a escala mundial y sin un énfasis geográfico específico, las inversiones con un buen potencial de generación de rentabilidad total.
Si bien la moneda de cuenta del Subfondo es el euro, podrá invertir en activos no denominados en euros, sin que exista la necesidad de cobertura respecto de esta moneda.
El Subfondo podrá efectuar una amplia gama de inversiones en deuda, que podrán ser a tipos de interés fijo o variable, entre ellos títulos de deuda, instrumentos y obligaciones que podrán estar emitidos o garantizados por gobiernos soberanos o sus agencias, así como valores de deuda, instrumentos y obligaciones emitidos por organismos públicos supranacionales o internacionales, bancos, empresas y otros emisores comerciales.
Se pretende que los emisores y / o garantes de tales valores, instrumentos u obligaciones indicados en la frase anterior tengan una calificación de solvencia en el momento de la compra de al menos BBB- (o su equivalente) otorgada por una agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.
Estos tipos de inversiones de deuda en que invertirá el Subfondo incluyen, sin limitarse a ellos, los bonos y letras del tesoro soberanos, bonos supranacionales, bonos de empresa, obligaciones, pagarés (que son valores mobiliarios) y otros instrumentos de deuda de empresa similares, incluyendo los bonos convertibles, (como bonos convertibles contingentes (CoCo)), los títulos respaldados por activos, los certificados de depósito, los pagarés de tipo variable, los bonos a corto y medio plazo, el papel comercial y otros instrumentos del mercado monetario.
El Subfondo podrá invertir en deuda de mercados emergentes y en valores relacionados con deuda. Estos incluyen los bonos Brady, eurobonos soberanos, bonos de empresa, préstamos y préstamos soberanos, letras, bonos de Tesoros locales, pagarés y obligaciones, certificados de depósito, papel comercial, bonos
estructurados y valores del mercado monetario. Muchos de los valores de mercados emergentes en los que podrá invertir el Subfondo tienen, por definición, una calificación de solvencia inferior al grado de inversión (BBB-); los emisores que tienen una calificación inferior a (BBB-) tienen calidad inferior a aquellos con calificación de grado de inversión, y las inversiones en valores de estos emisores presentan un riesgo elevado.
Los valores de deuda pueden adquirirse con «warrants» vinculados. Los valores de empresa generadores de rendimientos pueden incluir acciones preferidas o preferentes. El tipo de interés de un valor de deuda de empresa puede ser fijo, flotante o variable, y puede variar en sentido inverso al de un tipo de cambio.
El Subfondo puede invertir en una gran variedad de valores con grado inferior al de inversión que tengan una calificación de solvencia en el momento de la compra de al menos Ba1/BB+ o inferior (o su equivalente), otorgada por una agencia de calificación crediticia reconocida.
Estos incluyen los bonos soberanos, bonos supranacionales, bonos de empresa, obligaciones, pagarés (que son valores mobiliarios) y otros instrumentos de deuda de empresa similares, incluyendo los bonos convertibles (como bonos convertibles contingentes (CoCo)), los pagarés de tipo variable, los certificados de depósito, los bonos a tipo de interés variable, los bonos a corto y medio plazo, el papel comercial y otros instrumentos del mercado monetario.
El Subfondo también podrá invertir hasta el 10% de su Valor de inventario neto en préstamos, participaciones en préstamos o asignaciones de préstamos a prestatarios (que podrán ser empresas, gobiernos soberanos, organismos públicos u otros) y que serán o bien valores mobiliarios, o instrumentos del mercado monetario.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en CoCo. Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado «Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.
El Subfondo podrá invertir hasta el 10% en otras organismos de inversión colectiva («OIC») de tipo abierto, incluidos los fondos del mercado monetario, y podrá también poseer activos líquidos con carácter accesorio, como los depósitos bancarios. La inversión en OIC podrá utilizarse con fines de gestión de tesorería o para obtener exposición a los Valores de deuda y relacionados con la deuda, señalados anteriormente en la política de inversión.
El Subfondo puede invertir hasta un 10% de su Valor de inventario neto en valores cotizados o negociados en mercados rusos. Cualquier inversión de esta clase solo se hará en Mercados admisibles de los incluidos en el Apéndice II del Folleto.
El Subfondo puede invertir también hasta el 10% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda de la República Popular de China («RPC») negociados en el mercado de bonos interbancario de China («CIBM») a través del Mecanismo de acceso al mercado de bonos de Hong Kong y China (tal y como se describe en el Apéndice VI del Folleto).

##### Índice de referencia
EURIBOR a 3 mes (el «Índice de referencia basado en el efectivo»).
EURIBOR (Euro Interbank Offer Rate) es el tipo europeo de oferta interbancaria, un tipo de cambio que se calcula como el promedio de los tipos de interés con los que los bancos de la Zona del euro ofrecen préstamos a corto plazo no garantizados en el mercado interbancario.
El Subfondo utiliza el Índice de referencia basado en el efectivo como objetivo respecto del cual medir su rentabilidad en periodos continuos de 12 meses, tras aplicar comisiones. El Subfondo utiliza el Índice de referencia basado en el efectivo + 3% anual como objetivo respecto del cual medir su rentabilidad en periodos continuos anualizados de 3 años, antes de comisiones.
El Subfondo se gestiona de forma activa, lo que implica que la Gestora de inversiones tendrá potestad sobre la selección de inversiones, siempre que se respeten el objetivo y la política de inversión.

##### Estrategia de inversión
En la estrategia de inversión del Subfondo intervienen los siguientes elementos:
Estrategia crediticia: La estrategia crediticia de la Gestora de inversiones, basada en un enfoque «de arriba abajo» (top-down) que combina previsiones estratégicas a largo plazo, visiones tácticas a más corto plazo y observaciones de las tendencias del mercado, así como un análisis «de abajo arriba» (bottom-up) para identificar las oportunidades de inversión más atractivas.
la selección de valores: La Gestora de inversiones estudia el universo crediticio, filtrando aquellas empresas cuya información financiera considera inadecuada o que no facilitan el acceso a su gestión. Las empresas se evalúan teniendo en cuenta sus fundamentales crediticios y otros riesgos que podrían dar lugar a un deterioro acusado de su calidad crediticia. Solo se seleccionan para su inclusión en el Subfondo aquellas oportunidades que la Gestora de inversiones considera atractivas, y con una valoración adecuada.
Duración y curva de rendimiento: A la hora de gestionar la duración de la cartera, la Gestora de inversiones tiene en cuenta la dirección de las curvas de rentabilidad de la deuda y de los tipos de interés.
Asignación de mercados: Las evaluaciones de la Gestora de inversiones se basan en fundamentales macroeconómicos. La Gestora de inversiones cuenta con la experiencia de sus equipos de deuda pública y de su equipo estratégico. Sus gestores de cartera de deuda pública son responsables de todos los aspectos de la investigación económica y en otros ámbitos en sus mercados. A la hora de realizar sus análisis, los gestores de cartera tienen en cuenta una amplia gama de variables, tanto económicas como relativas a los mercados.
Selección de divisas: El Subfondo pretende generar un nivel modesto de alfa (valor añadido) a partir de la selección y gestión activa de divisas. El universo de inversión incluye toda la gama de divisas mundiales.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes del Subfondo, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado
negativamente por un evento o condición ASG («Evento ASG»). Los riesgos asociados a la sostenibilidad se gestionan garantizando que los responsables principales de la toma de decisiones estén informados e incluidos en el programa de inversión responsable de la Gestora de inversiones, y estableciendo procedimientos eficaces de responsabilidad, transparencia e implementación. Cuando el riesgo asociado a la sostenibilidad se considere importante para los resultados de la inversión, se incorporará a los procesos de diligencia debida. Esto puede incluir la evaluación de valores individuales y / o la interacción con emisores o participantes en el mercado. Los controles internos garantizan que los criterios de sostenibilidad se apliquen continuamente al Subfondo.
Las restricciones ASG, que incluyen calificaciones ASG propias y datos de terceros, se establecen para evitar o permitir la inversión en valores que cumplan características relacionadas con la sostenibilidad. Estos controles están codificados con respecto al Subfondo y se actualizan a medida que se obtiene nueva información.
El gobierno corporativo es un factor de riesgo clave asociado a la sostenibilidad que forma parte de las calificaciones de riesgo ASG propias para todos los emisores. La evaluación del gobierno corporativo por parte de la Gestora de inversiones incluye la evaluación de las prácticas y el comportamiento del consejo de administración, la remuneración, el control y la responsabilidad, y la ética o las controversias. La Gestora de inversiones aplica los conocimientos de las calificaciones ASG junto con su propio conocimiento de las estructuras de gobierno de los emisores para establecer prioridades de interacción con los emisores. La Gestora de inversiones tiene en cuenta estos riesgos conjuntamente para decidir si una inversión compensa razonablemente al fondo por los riesgos asociados a la sostenibilidad a largo y corto plazo.
En términos de factores sociales y ambientales, la metodología de calificación ASG propia de la Gestora de inversiones proporciona información específica del sector y de los emisores sobre cuestiones clave. Este modelo ayuda a la Gestora de inversiones a identificar los riesgos clave a los que se puede enfrentar un sector o emisor específico.
El Subfondo puede tener un rendimiento inferior o distinto en relación con otros fondos comparables que no integren los riesgos asociados a la sostenibilidad en sus decisiones de inversión y existe el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos
disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros sobre bonos Futuros de Tipos de Interés Futuros sobre divisas |
| --- | --- |
| Opciones | Opciones sobre futuros de tipos de interés Opciones de futuros sobre divisas Opciones sobre divisas (incluidas las opciones de tipos de cambio) Opciones sobre bonos Opciones sobre swaps de incumplimiento de crédito (denominación única, índice y cesta personalizada) Warrants |
| Swaps | Swaps de incumplimiento de crédito (denominación única, índice y cesta personalizada) Swaps de tipos de interés Swaps de inflación Swaps de divisas Swaps de rentabilidad total denominación única, índice y cesta personalizada) |
| Contratos a plazo (entre- gables y no entregables) | Contratos a plazo sobre divisas |
| Valores con Derivados/apa- lancamiento integrados | Bonos convertibles Bonos convertibles contingentes (CoCo) Títulos respaldados por activos (ABS) y Títulos respaldados por hipotecas (MBS) |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

##### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice iTraxx Europe Índice Markit CDX North American Investment Grade |

| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de rentabilidad total (TRS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit iBoxx USD Liquid Investment Grade Total Return Índice Markit iBoxx EUR Corporates Índice Markit iBoxx USD Liquid High Yield Índice Markit iBoxx EUR Liquid High Yield |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular.
Normalmente, todos los índices financieros restantes se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga neta total (una vez tenida en cuenta la cobertura) a través de Derivados no superará el 500% del Valor de inventario neto del Subfondo y la exposición corta neta total no superará el 150% del Valor de inventario neto del Subfondo (aplicando el enfoque de compromiso).

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Absoluto
Límite de VaR Absoluto: 5% del Valor de inventario neto del Subfondo (utilizando un periodo de tenencia de 5 Día hábil)
Se espera que el apalancamiento bruto varíe entre: el 50% y el 1500% del Valor de inventario neto. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Absoluto y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.
El Reglamento OICVM del Banco Central dispone que cuando el VaR se utiliza como enfoque de gestión del riesgo, puede también complementarse con un cálculo del apalancamiento utilizando el enfoque de compromiso.
Apalancamiento máximo: 300% del Valor de inventario neto (mediante el uso del enfoque de compromiso)
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 30% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 20% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 30% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas se emitirán durante sus Periodos de oferta iniciales correspondientes, con su precio de oferta inicial por Acción correspondiente de 100 USD, 100 GBP, 100 EUR, 100 CHF o 10.000 JPY, en función de la moneda de la clase que se trate (más la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de Suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes de suscripción de Acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon European Credit Fund

### SUPLEMENTO 22 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.


#### La Gestora de inversiones
Insight Investment Management (Global) Limited

#### Divisa Base
Euro

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro A | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% |

| Acciones «G» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro G (Acum.) | EUR | 5.000 | 5% | 0,50% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 0,50% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro C | EUR | 5.000.000 | 5% | 0,50% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 0,50% | 0% |
| USD I (Acum.) (con cobertura) | USD | 5.000.000 | 5% | 0,50% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| USD I (Reparto) (con cobertura) | USD | 5.000.000 | 5% | 0,50% | 0% |
| Sterling I (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 0,50% | 0% |
| Sterling I (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 0,50% | 0% |
| CHF I (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 0,50% | 0% |
| JPY I (Acum.) (con cobertura) | JPY | 500.000.000 | 5% | 0,50% | 0% |
| JPY I (Reparto) (con cobertura) | JPY | 500.000.000 | 5% | 0,50% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR W (Acum.) | EUR | 15.000.000 | 5% | 0,40% | 0% |
| EUR W (Reparto) | EUR | 15.000.000 | 5% | 0,40% | 0% |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,40% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,40% | 0% |
| CHF W (Reparto) | CHF | 15.000.000 | 5% | 0,40% | 0% |
| USD W (Acum.) (con cobertura) | USD | 15.000.000 | 5% | 0,40% | 0% |
| USD W (Reparto) (con cobertura) | USD | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,40% | 0% |
| CHF W (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,40% | 0% |
| JPY W (Acum.) (con cobertura) | JPY | 1.500.000.000 | 5% | 0,40% | 0% |
| JPY W (Reparto) (con cobertura) | JPY | 1.500.000.000 | 5% | 0,40% | 0% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro X | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) | GBP | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) | CHF | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| JPY X (Acum.) (con cobertura) | JPY | Ninguna | 0% | 0% | 0% |
| JPY X (Reparto) (con cobertura) | JPY | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo trata de generar una rentabilidad total, compuesta de rendimiento y crecimiento del capital, invirtiendo principalmente en una amplia gama de deuda e inversiones relacionadas con deuda denominados en euros, y en instrumentos financieros derivados relacionados con estas inversiones.

##### Política de inversión
El Subfondo invertirá la mayor parte de sus activos en bonos de empresa calificados con grado de inversión e instrumentos relacionados con deuda de empresa, de tipo de interés fijo o variable, denominados en euros y cotizados o negociados en Mercados admisibles, pero podrá también invertir en instrumentos de deuda emitidos por entidades gubernamentales y supranacionales, así como en préstamos y préstamos soberanos.
El Subfondo podrá invertir directamente en estos instrumentos, o a través de una amplia gama de Derivados (de entre los permitidos por el Reglamento OICVM y que se detallan más adelante).
Cada cierto tiempo la exposición del Subfondo a emisores gubernamentales y supranacionales podrá ser significativa, pero la exposición a bonos de empresa e inversiones relacionadas con deuda de empresa siempre excederá del 50% de su Valor de inventario neto.
La Gestora de inversiones utilizará principalmente, al seleccionar los valores la investigación y análisis crediticio «de abajo arriba» (bottom-up), que trata de identificar las inversiones con un buen potencial de generación de rentabilidad total.
El Subfondo podrá invertir hasta un 25% en instrumentos con grado inferior al de inversión, y hasta un 10% en deuda de mercados emergentes.
El Subfondo también podrá invertir en otros valores transferibles, de forma directa o a través de una amplia gama de Derivados, es decir, valores de renta fija (como bonos, obligaciones y pagarés) emitidos por empresas (además de los indicados anteriormente) y gobiernos, que pueden ser de tipo fijo o variable.
El Subfondo podrá invertir en valores con grado de inversión (con una calificación de solvencia en el momento de la compra de al menos BBB- (o su equivalente)) o en valores con una calificación inferior a grado de inversión (una calificación de solvencia en el momento de la compra de al menos Ba1/BB+ o inferior (o su equivalente)) según lo establecido por una agencia de calificación crediticia reconocida, así como en bonos convertibles (incluidos Bonos convertibles contingentes), organismos de inversión colectiva («OIC»), activos disponibles, casi disponibles e instrumentos del mercado monetario (incluidos papel comercial y certificados de depósito).
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en CoCo. Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado «Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en préstamos, participaciones en préstamos o asignaciones de préstamos a prestatarios (que podrán ser empresas, gobiernos soberanos, organismos públicos u otros) y que serán o bien valores mobiliarios, o instrumentos del mercado monetario.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en otros OIC de capital variable, incluidos los fondos del mercado monetario, y podrá también poseer activos líquidos con carácter accesorio, como los depósitos bancarios. La inversión en OIC podrá utilizarse con fines de gestión de tesorería o para obtener exposición a los Valores de deuda y relacionados con la deuda, señalados anteriormente en la política de inversión.
El Subfondo puede invertir hasta un 10% de su Valor de inventario neto en valores cotizados o negociados en mercados rusos. Cualquier inversión de esta clase solo se hará en Mercados admisibles de los incluidos en el Apéndice II del Folleto.

##### Índice de referencia
Markit iBoxx Euro Corporates TR Index (el «Índice de referencia»).
El Índice de referencia representa los bonos de renta fija con categoría de inversión emitidos por corporaciones públicas o privadas. Los índices Markit iBoxx Corporates cubren la deuda principal y subordinada, y se dividen en Deuda financiera y Deuda no financiera. La Deuda financiera se divide a su vez en cuatro sectores, mientras que la Deuda no financiera ofrece nueve sectores, en función del ámbito de negocio del emisor. iBoxx EUR Financials y EUR Non-Financials incluyen aproximadamente 700 y 1300 bonos respectivamente.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de manera activa, lo que implica que la Gestora de inversiones tiene la facultad de invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Sin embargo, dado que el Índice de referencia abarca una proporción considerable del universo de inversión, la mayoría de las posiciones del Subfondo serán componentes del Índice de referencia y las ponderaciones en la cartera podrán ser similares a las del Índice de referencia. La estrategia de inversión limitará el grado en el que las posiciones de la cartera pueden desviarse del Índice de referencia y, por consiguiente, el grado en el que el Subfondo puede superar la rentabilidad del Índice de referencia.

##### Estrategia de inversión
En la estrategia de inversión del Subfondo intervienen los siguientes elementos:
- comprensión del entorno macroeconómico actual y futuro en materia de nivel de empleo, inflación y tipos de interés, y las consecuencias de dichos factores sobre las divisas y los Valores de Deuda y relacionados con la Deuda. Dicha comprensión se obtiene a través de diversas fuentes, incluidas publicaciones de datos económicos, declaraciones de políticas de bancos centrales y revisiones de datos históricos;y
- análisis de las diferentes clases de activos que conforman las inversiones del Subfondo, es decir, deuda crediticia, deuda de mercados emergentes, deuda pública y divisas, para evaluar su potencial de generación de rendimiento.

Una vez finalizado el análisis, la Gestora de inversiones puede decidir la asignación de activos del Subfondo, es decir, qué porcentaje de los activos invertir en las clases de activos. La Gestora de inversiones puede tener en cuenta factores como el gasto y la facilidad de implantación al decidir cómo aplicar la estrategia de inversión y obtener exposición a la clase de activos, por ejemplo, utilizando Derivados o OIC en lugar de comprando activos directamente.
La selección de los títulos individuales que contiene cada clase de activos se realiza con el asesoramiento de los equipos de crédito especializados en sectores o industrias concretas, como telecomunicaciones, automoción, tecnología, fabricación y deuda pública.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes del Subfondo, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un evento o condición ASG («Evento ASG»). Los riesgos asociados a la sostenibilidad se gestionan garantizando que los responsables principales de la toma de decisiones estén informados e incluidos en el programa de inversión responsable de la Gestora de inversiones, y estableciendo procedimientos eficaces de responsabilidad, transparencia e implementación. Cuando el riesgo asociado a la sostenibilidad se considere importante para los resultados de la inversión, se incorporará a los procesos de diligencia debida. Esto puede incluir la evaluación de valores individuales y / o la interacción con emisores o participantes en el mercado. Los controles internos garantizan que los criterios de sostenibilidad se apliquen continuamente al Subfondo.
Las restricciones ASG, que incluyen calificaciones ASG
propias y datos de terceros, se establecen para evitar o permitir la inversión en valores que cumplan características relacionadas con la sostenibilidad. Estos controles están codificados con respecto al Subfondo y se actualizan a medida que se obtiene nueva información.
El gobierno corporativo es un factor de riesgo clave asociado a la sostenibilidad que forma parte de las calificaciones de riesgo ASG propias para todos los emisores. La evaluación del gobierno corporativo por parte de la Gestora de inversiones incluye la evaluación
de las prácticas y el comportamiento del consejo de administración, la remuneración, el control y la responsabilidad, y la ética o las controversias. La Gestora de inversiones aplica los conocimientos de las calificaciones ASG junto con su propio conocimiento de las estructuras de gobierno de los emisores para establecer prioridades de interacción con los emisores. La Gestora de inversiones tiene en cuenta estos riesgos conjuntamente para decidir si una inversión compensa razonablemente al fondo por los riesgos asociados a la sostenibilidad a largo y corto plazo.
En términos de factores sociales y ambientales, la metodología de calificación ASG propia de la Gestora de inversiones proporciona información específica del sector y de los emisores sobre cuestiones clave. Este modelo ayuda a la Gestora de inversiones a identificar los riesgos clave a los que se puede enfrentar un sector o emisor específico.
El Subfondo puede tener un rendimiento inferior o distinto en relación con otros fondos comparables que no integren los riesgos asociados a la sostenibilidad en sus decisiones de inversión y existe el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros sobre divisas |
| --- | --- |
| Opciones | Opciones sobre divisas (incluidas las opciones de tipos de cambio) Opciones sobre bonos |

| Swaps | Swaps de incumplimiento de crédito (denominación única, índice y cesta personalizada) Swaps de tipos de interés Swaps de inflación Swaps de divisas Cross Swaps de divisas Swaps de rentabilidad total denominación única, índice y cesta personalizada) |
| --- | --- |
| Contratos a plazo (entre- gables y no entregables) | Contratos a plazo sobre divisas |
| Valores con Derivados/apa- lancamiento integrados | Bonos convertibles Bonos convertibles contingentes (CoCo) |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice iTraxx Europe |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga neta
total (una vez tenida en cuenta la cobertura) a través de Derivados no superará el 100% del Valor de inventario neto del Subfondo y la exposición corta neta total no superará el 100% del Valor de inventario neto del Subfondo (aplicando el enfoque de compromiso).

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Relativo
Límite de VaR Relativo: la cartera del Subfondo no superará en dos veces el VaR en una cartera con un índice de referencia representativo (con un periodo de tenencia de 5 Días hábiles)
Índice de referencia de VaR Relativo: Markit iBoxx Euro Corporates Index
Se espera que el apalancamiento bruto varíe entre: el 0% y el 500% del Valor de inventario neto. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Relativo y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.
El Reglamento OICVM del Banco Central dispone que cuando el VaR se utiliza como enfoque de gestión del riesgo, puede también complementarse con un cálculo del apalancamiento utilizando el enfoque de compromiso.
Apalancamiento máximo: 200% del Valor de inventario neto (mediante el uso del enfoque de compromiso)
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 30% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 20% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 30% de dicho Valor de inventario
neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas se emitirán durante sus Periodos de oferta iniciales correspondientes, con su precio de oferta inicial por Acción correspondiente de 100 USD, 100 GBP, 100 EUR, 100 CHF o 10 000 JPY, en función de la moneda de la clase que se trate (más la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de Suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes de suscripción de Acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad –
Comisiones y gastos» del Folleto. La Comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Global Real Return Fund (GBP)

### SUPLEMENTO 23 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.
- El Subfondo podrá mantenerse principalmente invertido en depósitos establecidos en entidades de crédito. Aunque el Subfondo puede invertir en instrumentos del mercado monetario y depósitos a la vista, las Acciones del Subfondo no constituyen depósitos y son de naturaleza diferente de los depósitos, por no estar garantizadas y porque el valor de la inversión es susceptible de fluctuar. Toda inversión en el Subfondo entraña ciertos riesgos de inversión, incluida la posible pérdida del principal invertido.


#### La Gestora de inversiones
Newton Investment Management Limited

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Newton Investment Management North America LLC (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Libra esterlina

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Sterling A (Acum.) | GBP | 5.000 | 5% | 1,50% | 0% | SONIA (compuesto a 30 días) + 4% |
| Sterling A (Reparto) | GBP | 5.000 | 5% | 1,50% | 0% | SONIA (compuesto a 30 días) + 4% |

| Acciones «B» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Sterling B (Acum.)* | GBP | 10.000 | 5% | 1,50% | 0% | SONIA (compuesto a 30 días) + 4% |
| Sterling B (Reparto)* | GBP | 10.000 | 5% | 1,50% | 0% | SONIA (compuesto a 30 días) + 4% |

*	Esta clase de acciones está cerrada a nuevos inversores.
| Acciones «G» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Sterling G (Acum.) | GBP | 5.000 | 5% | 1,00% | 0% | SONIA (compuesto a 30 días) + 4% |
| Sterling G (Reparto) | GBP | 5.000 | 5% | 1,00% | 0% | SONIA (compuesto a 30 días) + 4% |

| Acciones «C» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 1,00% | 0% | SONIA (compuesto a 30 días) + 4% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 1,00% | 0% | SONIA (compuesto a 30 días) + 4% |

| Acciones «W» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,75% | 0% | SONIA (compuesto a 30 días) + 4% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,75% | 0% | SONIA (compuesto a 30 días) + 4% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Sterling X (Acum.) | GBP | Ninguna | 0% | 0% | 0% | SONIA (compuesto a 30 días) + 4% |
| Sterling X (Reparto) | GBP | Ninguna | 0% | 0% | 0% | SONIA (compuesto a 30 días) + 4% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El objetivo del Subfondo consiste en alcanzar una rentabilidad total por encima de un índice de referencia basado en el efectivo (tal como se describe más adelante) a lo largo de un horizonte de inversión de 3-5 años.

##### Política de inversión
El Subfondo utilizará su capacidad de invertir libremente en una amplia gama de clases de activos, esforzándose por mantener, en cualquier momento, una exposición al riesgo razonablemente moderada. El Subfondo es una cartera global de activos múltiples. La distribución se realizará según el criterio de la Gestora de inversiones, aplicando su metodología propia de inversión basada en temáticas globales, tanto dentro de cada clase de activos como entre estas clases. No es necesario que el Subfondo esté invertido en todas las clases de activos en cualquier momento.
En general, el Subfondo podrá invertir en valores de renta variable y asimilados a la renta variable, Valores de deuda y relacionados con la deuda, Derivados (incluidos Derivados relacionados con las divisas), organismos de inversión colectiva («OIC»), depósitos, efectivo, instrumentos del mercado monetario y equivalentes a efectivo; cada uno de ellos se detallará más adelante.
Los valores de renta variable y relacionados con la renta variable en los que podrá invertir el Subfondo consistirán principalmente, entre otros, en acciones ordinarias, acciones preferentes, valores convertibles o canjeables en estas acciones, Resguardos estadounidenses de depósito de valores y Resguardos mundiales de depósito de valores cotizados oficialmente o negociados en Mercados admisibles de todo el mundo.
En relación con los Valores de deuda y relacionados con la deuda en los que puede invertir el Subfondo, estos serán, principalmente, aunque sin limitación alguna, deuda internacional, deuda soberana de mercados emergentes, pública, de organismos supranacionales, empresarial, bancaria y de otro tipo, y otros Valores de deuda y relacionados con la deuda, como obligaciones simples, pagarés (incluidos pagarés empresariales y soberanos, a tipo variable y fijo, con un plazo de vencimiento mínimo igual o superior a un año), así como títulos respaldados por hipotecas o títulos respaldados por activos, que podrán ser de tipo fijo o variable.
El Subfondo puede invertir en valores con grado de inversión o con grado inferior al grado de inversión, según lo indicado por una agencia de calificación crediticia reconocida. No está previsto que la inversión en valores de renta fija con grado inferior al de inversión supere el 30% del Valor de inventario neto del Subfondo, y en general será sustancialmente inferior al 30%.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en CoCo. Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado «Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en Pagarés Estructurados.
El Subfondo no invertirá, en total, más del 10% de su Valor de inventario neto en OIC.
A fin de proporcionar liquidez y cobertura a las exposiciones generadas por el uso de Derivados, podrá invertirse en cualquier momento la mayor parte de los activos del Subfondo en tesorería, instrumentos del mercado monetario, incluidos, sin limitación alguna, papel comercial, deuda pública de tipo fijo o variable, y con grado de inversión o grado inferior al grado de inversión (según determine una agencia de calificación crediticia reconocida), certificados de depósito y OIC.
El Subfondo podrá invertir en materias primas, bienes inmuebles, energías renovables e infraestructuras a través de una combinación de OIC (incluidos fondos de capital variable negociados en bolsa), valores de renta variable y asimilados a la renta variable (como sociedades anónimas cotizadas de inversión inmobiliaria (SOCIMI) y otros fondos de capital fijo negociados en bolsa) y valores de renta fija (como pagarés negociados en bolsa (incluidas las materias primas negociadas en bolsa y los certificados negociados en bolsa)). Cualquier inversión en fondos de capital fijo negociados será considerada una inversión en un valor mobiliario de acuerdo con las exigencias del Banco Central.
El Subfondo no está limitado a ninguna región geográfica o sector de mercado.
El Subfondo puede invertir hasta un 10% de su Valor de inventario neto en valores cotizados o negociados en mercados rusos. Cualquier inversión de esta clase solo se hará en Mercados admisibles de los incluidos en el Apéndice II del Folleto. Cuando el Subfondo invierte en valores de renta variable y asimilados a la renta variable de países emergentes, estos corresponderán a empresas cuyo domicilio social, o la parte principal de su actividad económica, estén en países de mercados emergentes.
El Subfondo puede invertir también hasta el 10% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda de la República Popular de China («RPC») negociados en el mercado de bonos interbancario de China («CIBM») a través del Mecanismo de acceso al mercado de bonos de Hong Kong y China (tal y como se describe en el Apéndice VI del Folleto).
entre los métodos para obtener exposición a los valores chinos pueden incluirse la adquisición de acciones A de China a través de Stock Connect. El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en acciones chinas de la clase A a través del canal Stock Connect. En el Apéndice V de este Folleto se incluyen más detalles sobre el canal Stock Connect.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en valores mobiliarios que no coticen o se negocien en los Mercados admisibles.

##### Índice de referencia
SONIA (compuesto a 30 días) + 4% anual (el «Índice de referencia basado en el efectivo»).
El Subfondo utiliza el Índice de referencia basado en el efectivo como el objetivo de rentabilidad del Subfondo que se debe igualar o superar a lo largo de 5 años antes de comisiones.
SONIA (Sterling Overnight Index Average) es un índice de referencia para tipos de interés. Este índice se basa en transacciones reales y refleja el promedio de tipos de
interés que los bancos pagan para obtener libras a un día en préstamo de otras entidades financieras y otros inversores institucionales.
El Subfondo se gestiona de forma activa, lo que implica que la Gestora de inversiones tendrá potestad sobre la selección de inversiones, siempre que se respeten el objetivo y la política de inversión.

##### Estrategia de inversión
La filosofía de inversión se basa en la convicción de la Gestora de inversiones de que ninguna sociedad, mercado o economía pueden considerarse de manera aislada; todos ellos deben entenderse en un contexto global. La Gestora de inversiones cree que los acontecimientos que se suceden alrededor del mundo influyen en todos los mercados financieros, y que, por lo tanto, el éxito de las inversiones en valores con una diversificación internacional depende de un conocimiento en profundidad del mundo en su conjunto.
La Gestora de inversiones selecciona temas que abarcan las principales áreas de cambio del mundo, y los utiliza como base de sus ideas de inversión. Este enfoque temático global permite a la Gestora de inversiones tener una perspectiva a largo plazo de los mercados financieros y las economías globales, y tener en cuenta siempre la visión general. La perspectiva es un rasgo definitorio de su proceso de inversión; les ayuda a anticipar la forma en que cambiará el mundo y orienta a los analistas y gestores de cartera hacia oportunidades rentables.
El fondo Global Real Return aplica una estrategia de gestión activa que invierte predominantemente en activos múltiples tradicionales y utiliza Derivados para proteger el capital o generar ingresos. Las carteras de activos múltiples con un objetivo de rentabilidad se estructuran con visión de conjunto y siguen un enfoque de inversión sin restricciones, ni de tipo regional, ni sectorial o respecto de los índices. La Gestora de inversiones adapta las características de inversión que buscamos a los cambios que observamos en el entorno de inversión. La asignación de activos del Subfondo podrá cambiar según las opiniones de la Gestora de inversiones acerca de las condiciones económicas y de mercado fundamentales, y de las tendencias de inversión globales, teniendo en consideración factores como la liquidez, los costes, la oportunidad de la ejecución, el atractivo relativo de valores y emisores concretos disponibles en el mercado.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La consideración del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones tiene acceso a una serie de puntos de datos relacionados con los factores ASG proporcionados por datos de terceros que ayudan a identificar posibles problemas relacionados con los factores ASG a los que puede enfrentarse un emisor. Esto incluye, entre otros aspectos, la exposición a actividades que puedan considerarse perjudiciales para el ambiente o
la sociedad. Estos datos, junto con los datos procedentes de los recursos propios de investigación sobre inversión responsable de la Gestora de inversiones, constituyen una parte fundamental de la consideración y evaluación del nivel de riesgo asociado a la sostenibilidad al que puede estar sujeta una inversión.
Esta evaluación está integrada en el proceso de investigación del nivel de seguridad, que se basa en el análisis fundamental de las oportunidades de inversión individuales a través de una serie de factores diversos, entre los que se incluyen:
- Características económicas o financieras fundamentales
- Valoración
- Perfil de riesgo/beneficio
- Las características ASG del emisor, lo que incluye comprender cómo pueden afectar dichas consideraciones a la rentabilidad económica.

La Gestora de inversiones tendrá en cuenta la información recopilada del análisis fundamental llevado a cabo será a la hora de decidir si adquirir o no una posición en un emisor, o de seguir manteniéndola.
Como se ha explicado anteriormente, la evaluación y la gestión de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de renta variable para proporcionar exposición a mercados regionales y globales de renta variable de una manera más rentable o eficiente que mediante la compra de los valores físicos. | Índice Borsa Istanbul 30 Índice Dax 30 Índice Euro Stoxx 50 Índice FTSE 100 Índice FTSE All Share Índice FTSE World Índice Hang Seng Índice KOSPI Índice MDAX Índice MSCI All Countries World Índice MSCI Emerging Markets Índice Nasdaq Composite Índice Nikkei 225 Índice Russell 2000 Índice S&P/ASX 200 Índice S&P/TSX Composite Índice S&P 500 Índice Stoxx Europe 600 Índice Stoxx Europe Small 200 |
| Los índices de volatilidad para ofrecer exposición expresan la opinión de la Gestora de inversiones acerca de la volatilidad de un mercado o divisa concretos de una manera más rentable o eficiente que si se compraran valores físicos. | Índice Chicago Board Options Exchange SPX Volatility |


#### Uso de Derivados
| Futuros | Futuros de divisas Futuros de deuda pública Futuros de índices de renta variable Futuros de índices de volatilidad Futuros de renta variable |
| --- | --- |
| Opciones | Opciones sobre acciones (denominación única, índice, sector, cesta personalizada) Opciones con un precio de ejercicio bajo (LEPO) y Warrants con un precio de ejercicio bajo (LEPW) Opciones sobre índices Opciones sobre bonos Opciones sobre futuros de divisas Swaptions Opciones sobre índices de volatilidad Opciones sobre divisas (incluidas opciones sobre tipos de cambio) Opciones sobre futuros |
| Swaps | Swaps de incumplimiento de crédito (denominación única, índice y cesta personalizada) Swaps de tipos de interés Swaps de renta variable (denominación única, índice, sector y cesta personalizada) Swaps de varianza Swaps de rentabilidad total (denominación única, crédito, índice y cesta personalizada) Contratos por diferencias |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| Valores con Derivados/apa- lancamiento integrados | Bonos convertibles Bonos convertibles contingentes (CoCos) Títulos respaldados por activos (ABS) Títulos respaldados por hipotecas (MBS) Warrants Pagarés estructurados |

El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no pueda acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit iTraxx CDS |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular.
Normalmente, todos los índices financieros restantes se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Apéndice IX – Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga neta total (una vez tenida en cuenta la cobertura) a través de Derivados no superará el 100% del Valor de inventario neto del Subfondo y la exposición corta neta total no superará el 100% del Valor de inventario neto del Subfondo (aplicando el enfoque de compromiso).

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Absoluto
Límite de VaR Absoluto: La cartera del Subfondo no superará el 20% de su Valor de inventario neto (utilizando un periodo de tenencia de 20 Días hábiles).
Se espera que el apalancamiento bruto varíe entre: el 0% y el 1000% del Valor de inventario neto del Subfondo. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Absoluto y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 100% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 30% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 15% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción
correspondiente de 1 GBP, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Global Emerging Markets Fund

### SUPLEMENTO 24 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado«Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Newton Investment Management Limited

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Sterling A (Acum.) | GBP | 5.000 | 5% | 2,00% | 0% |
| Sterling A (Reparto) | GBP | 5.000 | 5% | 2,00% | 0% |
| Euro A | EUR | 5.000 | 5% | 2,00% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 2,00% | 0% |
| USD A | USD | 5.000 | 5% | 2,00% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 2,00% | 0% |
| CHF A (Acum.) | CHF | 5.000 | 5% | 2,00% | 0% |
| CHF A (Reparto) | CHF | 5.000 | 5% | 2,00% | 0% |
| DKK A (Acum.) | DKK | 50.000 | 5% | 2,00% | 0% |
| NOK A (Acum.) | NOK | 50.000 | 5% | 2,00% | 0% |
| SEK A (Acum.) | SEK | 50.000 | 5% | 2,00% | 0% |
| Euro H (con cobertura) | EUR | 5.000 | 5% | 2,00% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 2,00% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 2,00% | 0% |
| Sterling H (Reparto) (con cobertura) | GBP | 5.000 | 5% | 2,00% | 0% |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 2,00% | 0% |
| CHF H (Reparto) (con cobertura) | CHF | 5.000 | 5% | 2,00% | 0% |

| Acciones «B» y Acciones «J (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro B (Acum.) | EUR | 10.000 | 5% | 1,50% | 0% |
| Euro B (Reparto) | EUR | 10.000 | 5% | 1,50% | 0% |
| USD B (Acum.) | USD | 10.000 | 5% | 1,50% | 0% |
| USD B (Reparto) | USD | 10.000 | 5% | 1,50% | 0% |
| CAD B (Acum.) | CAD | 10.000 | 5% | 1,50% | 0% |
| SGD B (Acum.) | SGD | 10.000 | 5% | 1,50% | 0% |
| SGD B (Reparto) | SGD | 10.000 | 5% | 1,50% | 0% |
| AUD B (Acum.) | AUD | 10.000 | 5% | 1,50% | 0% |
| CNH B (Acum.) | CNH | 100.000 | 5% | 1,50% | 0% |
| HKD B (Acum.) | HKD | 100.000 | 5% | 1,50% | 0% |
| Euro J (Acum.) (con cobertura) | EUR | 10.000 | 5% | 1,50% | 0% |
| CAD J (Acum.) (con cobertura) | CAD | 10.000 | 5% | 1,50% | 0% |
| SGD J (Acum.) (con cobertura) | SGD | 10.000 | 5% | 1,50% | 0% |
| SGD J (Reparto) (con cobertura) | SGD | 10.000 | 5% | 1,50% | 0% |
| AUD J (Acum.) (con cobertura) | AUD | 10.000 | 5% | 1,50% | 0% |
| CNH J (Acum.) (con cobertura) | CNH | 100.000 | 5% | 1,50% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% |
| CHF G (Acum.) | CHF | 5.000 | 5% | 1,00% | 0% |
| CHF G (Reparto) | CHF | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Euro C (Acum.) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| USD C | USD | 5.000.000 | 5% | 1,00% | 0% |
| USD C (Acum.) | USD | 5.000.000 | 5% | 1,00% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 1,00% | 0% |
| CHF C (Acum.) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| CHF C (Reparto) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| Sterling I (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling I (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| CHF I (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| CHF I (Reparto) (con cobertura) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| SGD I (Acum.) (con cobertura) | SGD | 5.000.000 | 5% | 1,00% | 0% |
| SGD I (Reparto) (con cobertura) | SGD | 5.000.000 | 5% | 1,00% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,75% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Reparto) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| CAD W (Acum.) | CAD | 15.000.000 | 5% | 0,75% | 0% |
| AUD W (Acum.) | AUD | 15.000.000 | 5% | 0,75% | 0% |
| HKD W (Acum.) | HKD | 150.000.000 | 5% | 0,75% | 0% |
| SGD W (Acum.) | SGD | 15.000.000 | 5% | 0,75% | 0% |
| CNH W (Acum.) | CNH | 150.000.000 | 5% | 0,75% | 0% |
| DKK W (Acum.) | DKK | 150.000.000 | 5% | 0,75% | 0% |
| NOK W (Acum.) | NOK | 150.000.000 | 5% | 0,75% | 0% |
| SEK W (Acum.) | SEK | 150.000.000 | 5% | 0,75% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,75% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| CAD W (Acum.) (con cobertura) | CAD | 15.000.000 | 5% | 0,75% | 0% |
| AUD W (Acum.) (con cobertura) | AUD | 15.000.000 | 5% | 0,75% | 0% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,75% | 0% |
| SGD W (Reparto) (con cobertura) | SGD | 15.000.000 | 5% | 0,75% | 0% |
| CNH W (Acum.) (con cobertura) | CNH | 150.000.000 | 5% | 0,75% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro E (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Euro E (Reparto) | EUR | Tal y como se ha acordado | 5% | 0,45% | 0% |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,45% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Sterling E (Acum.) | GBP | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Sterling E (Reparto) | GBP | Tal y como se ha acordado | 5% | 0,45% | 0% |
| CHF E (Acum.) | CHF | Tal y como se ha acordado | 5% | 0,45% | 0% |
| CHF E (Reparto) | CHF | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Euro E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Euro E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,45% | 0% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,45% | 0% |
| CHF E (Reparto) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,45% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Sterling X (Acum.) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) | GBP | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) | CHF | Ninguna | 0% | 0% | 0% |
| CHF X (Reparto) | CHF | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El objetivo del Subfondo es alcanzar un incremento a largo plazo del capital.

##### Política de inversión
El Subfondo invierte principalmente (es decir, al menos tres cuartas partes de su Valor de inventario neto) en valores de renta variable y asimilados a la renta variable de empresas cotizadas, negociadas, ubicadas o que obtengan la mayoría de sus beneficios o ingresos en países de mercados emergentes (incluidos, entre otros, Brasil, Chile, China, India, Indonesia, Corea, México, Filipinas, Taiwán y Sudáfrica).
Las posiciones del Subfondo se admiten a cotización o se negocian en Mercados admisibles.
Entre los valores de renta variable en que invertirá el Subfondo, estarán principalmente, pero sin limitarse a estos, las acciones ordinarias, acciones preferentes, valores convertibles en esas acciones o canjeables por ellas (como acciones preferentes convertibles), Resguardos estadounidenses de depósito de valores y Resguardos mundiales de depósito de valores.
El Subfondo podrá también invertir en fondos cotizados («ETF») y pagarés cotizados («ETN») que cotizan o se negocian en Mercados admisibles del mundo entero con el fin de proporcionar exposición a los mercados de renta variable. Cualquier inversión en ETF de capital variable deberá ajustarse a los límites de inversión aplicables a los organismos de inversión colectiva («OIC») (hasta el 10% del Valor de inventario neto del Subfondo) y cualquier inversión en ETF de capital fijo se limitará al 5% del Valor de inventario neto del Subfondo. Las inversiones en ETN no superarán el 20% del Valor de inventario neto del Subfondo.
El Subfondo podrá también invertir hasta el 30% en total de su Valor de inventario neto en valores de renta variable de sociedades anónimas cotizadas de inversión inmobiliaria (SOCIMI), sociedades de gestión inmobiliaria (REOC) y valores de renta variable de empresas cuya actividad principal es la propiedad, la gestión y / o la promoción inmobiliaria con fines de rendimientos o de venta en economías de mercados emergentes, con el fin de ofrecer exposición a mercados de renta variable. Las SOCIMI son un tipo de vehículo de inversión colectiva que invierte en propiedad inmobiliaria o en préstamos o participaciones relacionados con ella, que coticen oficialmente o se negocien en Mercados admisibles. Está constituidos, de hecho, como entidades transparentes, cuyo efecto consiste en transferir los ingresos y las plusvalías desde la empresa exentos de impuestos, a los inversores, quienes asumirán entonces la deuda impositiva. El tratamiento fiscal no es idéntico en todos los países. Las REOC son sociedades dedicadas al desarrollo, la promoción la financiación de la propiedad
inmobiliaria. Suelen proporcionar servicios como la gestión inmobiliaria, el desarrollo inmobiliario, la gestión de instalaciones, la financiación de inmuebles y negocios relacionados. Las REOC son empresas inmobiliarias cotizadas que han optado por no estar sujetas imposición como SOCIMI.
Los tres motivos principales para seleccionar estos valores son:
- la posibilidad de traslado fiscal de pérdidas a ejercicios posteriores;
- operar en líneas de negocio que no permiten la calificación como SOCIMIy
- la capacidad de conservar los ingresos.

La Gestora de inversiones pretende que el Subfondo tenga una amplia exposición al sector. Además, el Subfondo no está sujeto a restricciones relativas a la capitalización bursátil de los valores de renta variable y asimilados a renta variable en los que puede invertir. La selección de valores se centra en empresas con fundamentos vigorosos y valoraciones atractivas, con el objetivo de lograr una revalorización del capital a largo plazo. El Subfondo es principalmente una cartera de renta variable. Las asignaciones se efectúan según el criterio de la Gestora de inversiones, que se basa en su propio enfoque global temático de inversión. El proceso de la Gestora de inversiones se caracteriza por un método activo de selección de valores «de abajo arriba», en el que los analistas dedicados globales y los gestores de fondos circunscriben el universo de valores utilizando temas globales basados en factores políticos, culturales y demográficos para el cambio, lo que permite al Subfondo identificar las fuerzas del cambio a más largo plazo. Entre estos temas globales destacan la
«concentración financiera», la cual evalúa las
implicaciones del sector bancario posterior a la crisis, la
«intervención estatal», que subraya el papel acrecentado de los países del mundo entero en la evolución de las economías y los mercados financieros, y el «mundo conectado a redes», que observa cómo las redes permiten actualmente que la información fluya entre unas entidades que antes podrían haber estado desconectadas, y cómo esto ofrece oportunidades y riesgos sin precedentes para los modelos de negocio, tanto los basados en la web como los tradicionales.
El Subfondo podrá utilizar títulos de participación en deuda (P-Notes) (hasta el 30% de su Valor de inventario neto) cotizados o negociados en Mercados admisibles de todo el mundo. El emisor de dichos P-Notes deberá estar regulado. Los P-Notes se usan con fines de gestión eficiente de la cartera y proporcionan al Subfondo la oportunidad de obtener una exposición económica a valores de renta variable específicos en mercados en que la posesión de acciones locales pudiera ser menos eficiente que la inversión en P-Notes. Los tipos de
P-Notes que podrá utilizar el Subfondo son opciones con un precio de ejercicio bajo (LEPO) y warrants con un
precio de ejercicio bajo (LEPW). Los OPEB/WPEB permiten a los inversores beneficiarse de los movimientos del valor subyacente.
entre los métodos para obtener exposición a los valores chinos pueden incluirse la adquisición de acciones A de China a través de Stock Connect. El Subfondo podrá invertir hasta el 30% de su Valor de inventario neto en acciones chinas de la clase A a través del canal Stock Connect. En el Apéndice V de este Folleto se incluyen más detalles sobre el canal Stock Connect.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en valores cotizados o negociados en la Bolsa de Moscú y hasta el 10% de su Valor de inventario neto en valores mobiliarios que no coticen o se negocien en los Mercados admisibles.
El Subfondo podrá invertir además, de manera adicional, en una amplia gama de valores líquidos, próximos a efectivo, o títulos de deuda o valores relacionados con la deuda que hayan sido emitidos o estén garantizados por cualquier gobierno soberano o sus agencias, por alguna autoridad local, por organismos supranacionales o internacionales públicos, bancos, empresas u otros emisores comerciales. Se pretende que los emisores y / o garantes de tales valores de deuda o relacionados con la deuda tengan una calificación de solvencia mínima en el momento de la compra con grado de inversión de A1/P1 (o su equivalente) otorgada por una agencia de calificación crediticia reconocida, o que, si no cuentan con calificación, a juicio de la Gestora de inversiones, sean de calidad equivalente. Los valores de deuda y relacionados incluirán depósitos bancarios, letras y pagarés del tesoro, empréstitos titulizados, bonos, títulos respaldados por hipotecas y títulos respaldados por activos que no estén apalancados, así como certificados de depósito, pagarés de interés variable y papel comercial. Estos valores de deuda pueden ser de tipo fijo o variable, con una calificación mínima de grado de inversión de AA (o su equivalente) según una agencia de calificación crediticia reconocida (o, en caso de no tener calificación, considerados por la Gestora de inversiones como de una calidad equivalente) y con vencimientos a más de un año. A los efectos de lo establecido en este párrafo, con el fin de determinar si un emisor, garante o valor de deuda que carezca de calificación de solvencia tiene una calidad equivalente, la Gestora de inversiones aplica una metodología establecida internamente que incorpora características financieras y no financieras del emisor y, si se dispone de ellas, las calificaciones de solvencia del emisor, así como una evaluación comparativa con otros emisores, garantes o valores de deuda similares que sí tengan calificación.

##### Índice de referencia
Índice MSCI Emerging Markets NR (el «Índice de referencia»).
Se trata de un Índice de referencia capitalización bursátil de flotación ajustada diseñado para medir el comportamiento de los valores cotizados de capitalización bursátil alta y media en los mercados emergentes mundiales. El Índice de referencia comprende aproximadamente el 85% de la capitalización bursátil de flotación ajustada libre en todos los países en los que opera, incluidos: Brasil, Chile, China, Colombia, República Checa, Egipto, Grecia, Hungría, India, Indonesia, Corea, Malasia, México, Perú, Filipinas, Polonia, Rusia, Qatar, Sudáfrica, Taiwán, Tailandia, Turquía y los Emiratos Árabes Unidos.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del Índice de referencia, la selección de las inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
La filosofía de inversión se basa en la convicción de la Gestora de inversiones de que ninguna sociedad, mercado o economía pueden considerarse de manera aislada; todos ellos deben entenderse en un contexto global. La Gestora de inversiones cree que los acontecimientos que se suceden alrededor del mundo influyen en todos los mercados financieros, y que el éxito de las inversiones en renta variable de los mercados emergentes depende por lo tanto de un conocimiento en profundidad del mundo en su conjunto.
Los temas globales de inversión de la Gestora de inversiones tratan de encontrar lo que consideran tendencias importantes, incluyendo las principales áreas de cambio del mundo. La Gestora de inversiones utiliza dichos temas como base de sus ideas de inversión. Este enfoque temático global permite a la Gestora de inversiones tener una perspectiva a largo plazo de los mercados financieros y las economías globales, y tener en cuenta la visión de conjunto. La perspectiva es un rasgo definitorio de su proceso de inversión, ya que les ayuda a anticipar la forma en que cambiará el mundo y orienta a los analistas y gestores de cartera hacia oportunidades potencialmente rentables.
Las carteras de renta variable de mercados emergentes de la Gestora de inversiones se estructuran con visión de conjunto, aplicando un proceso de inversión basado en la investigación/el análisis «de abajo arriba» (bottom-up).
Su enfoque se concentra en tratar de invertir en acciones con valoraciones atractivas de sociedades con buenas perspectivas y fundamentales vigorosos. La Gestora de inversiones busca particularmente unos balances sólidos, unos rendimientos del capital sostenibles y unos equipos gestores que insistan en los intereses de los accionistas.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La consideración del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones tiene acceso a una serie de puntos de datos relacionados con los factores ASG proporcionados por datos de terceros que ayudan a identificar posibles problemas relacionados con los factores ASG a los que puede enfrentarse un emisor. Esto incluye, entre otros aspectos, la exposición a actividades que puedan considerarse perjudiciales para el ambiente o
la sociedad. Estos datos, junto con los datos procedentes de los recursos propios de investigación sobre inversión responsable de la Gestora de inversiones, constituyen una parte fundamental de la consideración y evaluación del nivel de riesgo asociado a la sostenibilidad al que puede estar sujeta una inversión.
Esta evaluación está integrada en el proceso de investigación del nivel de seguridad, que se basa en el análisis fundamental de las oportunidades de inversión individuales a través de una serie de factores diversos, entre los que se incluyen:
- Características económicas o financieras fundamentales
- Valoración
- Perfil de riesgo/beneficio
- Las características ASG del emisor, lo que incluye comprender cómo pueden afectar dichas consideraciones a la rentabilidad económica.

La Gestora de inversiones tendrá en cuenta la información recopilada del análisis fundamental llevado a cabo será a la hora de decidir si adquirir o no una posición en un emisor, o de seguir manteniéndola.
Como se ha explicado anteriormente, la evaluación y la gestión de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de
forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.

#### Registro en Hong Kong
El Subfondo está registrado para su venta en Hong Kong.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 50% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central.
Cuando utilice Derivados para lograr una gestión eficiente de la cartera, el Subfondo puede adquirir exposición indirecta a índices financieros.
Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a la política de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener
información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF, 1 CAD,
1 AUD, 1 SGD, 10 HKD, 10 CNH, 10 DKK, 10 NOK o 10 SEK,
en función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos asimismo la atención de los inversores sobre el apartado «Factores de riesgo» incluido en el Folleto.

## BNY Mellon Emerging Markets Debt Opportunistic Fund

### SUPLEMENTO 25 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- Las comisiones de gestión y demás gastos del Subfondo se cargarán al capital del mismo para intentar maximizar los repartos. Consulte el apartado «Comisiones y gastos» del Folleto para obtener información adicional al respecto.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Insight Investment Management (Global) Limited
La Gestora de inversiones podrá delegar sus funciones de gestión de inversiones en una Gestora delegada de inversiones y nombrar a un asesor delegado para que le preste asesoramiento en materia de inversión de conformidad con los requisitos del Banco Central. En la fecha del presente Suplemento, la Gestora de inversiones ha nombrado a la Gestora delegada de inversiones que se detalla a continuación.

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Insight North America LLC (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro A | EUR | 5.000 | 5% | 1,50% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 1,50% | 0% |
| USD A | USD | 5.000 | 5% | 1,50% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,50% | 0% |
| Sterling A (Acum.) | GBP | 5.000 | 5% | 1,50% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling A (Reparto) | GBP | 5.000 | 5% | 1,50% | 0% |
| CHF A (Acum.) | CHF | 5.000 | 5% | 1,50% | 0% |
| Euro H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,50% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,50% | 0% |
| Sterling H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,50% | 0% |
| Sterling H (Reparto) (con cobertura) | GBP | 5.000 | 5% | 1,50% | 0% |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 1,50% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro C | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| USD C | USD | 5.000.000 | 5% | 1,00% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| CHF C (Acum.) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Sterling I (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling I (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| CHF I (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 1,00% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,65% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,65% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,65% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,65% | 0% |
| Euro W | EUR | 15.000.000 | 5% | 0,65% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,65% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,65% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,65% | 0% |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,65% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,65% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,65% | 0% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) | GBP | Ninguna | 0% | 0% | 0% |
| USD X | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| JPY X (Acum.) | JPY | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) | CHF | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El objetivo del Subfondo es maximizar la rentabilidad total, compuesta de rendimientos y revalorización del capital, de una cartera de renta fija compuesta por bonos y otros instrumentos de deuda, incluyendo los derivados sobre estos, emitidos por gobiernos, agencias y empresas de las economías de mercados emergentes.

##### Política de inversión
El Subfondo invertirá principalmente en una cartera de obligaciones de mercados emergentes y otros valores de deuda, o en Derivados de estos, tal como se establece posteriormente (incluidos contratos de divisas a plazo) denominados en dólares estadounidenses o en la divisa local de emisión.
Los valores de mercados emergentes en los que el Subfondo puede invertir podrán ser bonos de tipo fijo o variable de emisores soberanos internacionales, gubernamentales, supranacionales, agencias y sociedades, así como instrumentos relacionados con el crédito (incluidos pagarés vinculados a créditos y swaps de incumplimiento de crédito), títulos respaldados por hipotecas y títulos respaldados por activos, o Derivados de estos.
Estos valores estarán admitidos a cotización o se negociarán en Mercados admisibles situados en todo el mundo. La Gestora de inversiones no tendrá que reparar en la calidad crediticia ni en el vencimiento de los
valores a la hora de tomar sus decisiones de inversión. Por tanto, las inversiones del Subfondo no tendrán que presentar una calificación de solvencia mínima asignada.
Por mercados emergentes se entiende aquellos países cuyo producto interior bruto (PIB) per cápita es inferior al cuartil superior según la clasificación del Banco Mundial, o los países incluidos en índices de renta fija o de renta variable de mercados emergentes como, por ejemplo, JPM EMBI Global, JPM GBI-EM Broad, JPM CEMBI Broad, JPM ELMI+, MSCI EM, o las nuevas economías industrializadas de Asia según la clasificación del Banco Mundial/FMI, o los países de Oriente Medio, o los países que muestren un alto nivel de riesgo soberano (debido a la situación financiera o económica o a factores políticos o geopolíticos). La Gestora de inversiones tiene amplia potestad para determinar, dentro de los parámetros anteriores, qué es lo que caracteriza a un país de mercado emergente. El Subfondo invertirá probablemente, sin limitación, en países de Asia, Latinoamérica, Oriente Medio, África, Europa Central y del Este y la antigua Unión Soviética.
El Subfondo puede invertir hasta un 10% de su Valor de inventario neto en préstamos (incluidas participaciones de préstamos/pagarés de participaciones de préstamos y asignaciones de préstamos), que serán valores transferibles o instrumentos del mercado monetario.
El Subfondo también podrá invertir hasta el 10% en otros organismos de inversión colectiva («OIC») de capital variable, incluidos los fondos del mercado monetario, y podrá también poseer activos líquidos con carácter accesorio, como los depósitos bancarios. La inversión en
OIC podrá utilizarse con fines de gestión de tesorería o para obtener exposición a los instrumentos enumerados anteriormente en la política de inversión.
El Subfondo puede invertir hasta un 20% de su Valor de inventario neto en valores cotizados o negociados en mercados rusos. A los efectos de este Subfondo, no se aplicará la estipulación del Folleto recogida en su Apéndice II, «Mercados admisibles», por la que la inversión en valores negociados en la Bolsa de Moscú se limita a los valores de renta variable, y la inversión en valores rusos en la Bolsa de Moscú se considerará que incluye tanto los valores de deuda como los de renta variable.
El Subfondo podrá invertir también hasta el 10% de su Valor de inventario neto en valores de deuda de la República Popular de China («RPC») negociados en el mercado de bonos interbancario de China («CIBM») a través del Mecanismo de acceso al mercado de bonos de Hong Kong y China (tal y como se describe en el Apéndice VI del Folleto).

##### Índice de referencia
50% índice JP Morgan Government Bond – índice Emerging Markets Global Diversified TR, 25% índice JP Morgan Emerging Markets Bond Index Global TR, 25% índice JP Morgan Corporate Emerging Markets Bond Index Diversified TR (el «Índice de referencia combinado»).
El JPM GBI-EM proporciona una medida exhaustiva de la deuda pública denominada en divisas locales, a tipo de interés fijo, emitida en los Mercados Emergentes. El índice incluye valores del Estado del tipo bonos con vencimiento único, de tipo de interés fijo, líquidos y con un plazo de al menos 13 meses hasta el vencimiento.
El JPM EMBI es un índice de referencia exhaustivo de la deuda de los mercados emergentes denominada en dólares estadounidenses. El índice de referencia puede incluir bonos Brady denominados en dólares estadounidenses, Eurobonos y préstamos cotizados emitidos por Estados y entidades cuasisoberanas de los mercados emergentes. El JPM CEMBI es un índice de referencia de deuda empresarial líquida de los mercados emergentes mundiales que incluye bonos denominados en dólares estadounidenses emitidos por entidades empresariales de los mercados emergentes.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia combinado.
El Subfondo se gestiona de manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia combinado en función del objetivo y la política de inversión. Si bien se espera que la mayoría de las posiciones del Subfondo formen parte del Índice de referencia combinado, y tengan ponderaciones similares a las de este, la estrategia de inversión no restringe el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia combinado.

##### Estrategia de inversión
El Subfondo es un fondo de renta fija de gestión activa diseñado para maximizar la rentabilidad total de una cartera compuesta por bonos y otros instrumentos de deuda emitidos en moneda fuerte o local por gobiernos, agencias y empresas de economías de mercados emergentes, incluyendo el uso limitado de Derivados. El
Subfondo pretende asignar sus activos tanto estratégica como tácticamente entre bonos denominados en dólares estadounidenses y bonos de mercados emergentes denominados en moneda local.
La Gestora de inversiones aplica un riguroso proceso de inversión basado en un análisis fundamental y en profundidad del país y las empresas, que cuenta con el apoyo de la disciplina de modelos cuantitativos.
Los gestores utilizan análisis «de arriba abajo» (top- down) de variables macroeconómicas, financieras y políticas para orientar la composición geográfica.
Además, se presta especial atención al contexto de riesgos general.
Al menos dos terceras partes del Valor de inventario neto del Subfondo se invertirán en valores de emisores establecidos (y / o que desarrollen la mayor parte de su actividad económica) en países de mercados emergentes de todo el mundo.
El Subfondo puede invertir hasta un 20% de su Valor de inventario neto en valores cotizados o negociados en mercados rusos. (Estos valores estarán admitidos a cotización o se negociarán en Mercados admisibles situados en todo el mundo).

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La gestión del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
Como parte del proceso de análisis ascendente de valores, la Gestora de inversiones evalúa los factores ambientales, sociales y de gobernanza de cada inversión en cartera en busca de posibles riesgos asociados a la sostenibilidad. Estos factores pueden incluir, entre otros, el impacto sobre el medioambiente de un emisor, incluidas las emisiones, el uso de la tierra y las prácticas en materia de residuos, así como las políticas y prácticas sociales de un emisor, incluidas las cuestiones relacionadas con los empleados, las prácticas de la cadena de suministro y las políticas de derechos humanos. El análisis crediticio interno de la Gestora de inversiones incluye recursos como la puntuación ASG interna de la propia Gestora de inversiones, que se complementa con recursos de terceros, incluidos los datos y calificaciones ASG de MSCI, los datos ASG de Bloomberg, la Guía de diálogo activo (Engagement Guide) de la Junta de Normas de Contabilidad Sostenible (SASB), análisis de agencias de calificación crediticia, análisis de la parte vendedora y eventos del sector. Esta investigación sobre los riesgos de sostenibilidad se tiene en cuenta, junto con el estudio macroeconómico y el análisis crediticio de la Gestora de inversiones, en el proceso de selección de valores.
La Gestora de inversiones también evalúa las prácticas de gobierno corporativo de los emisores mediante su investigación fundamental, complementada con metodologías de calificación de gobierno corporativo de terceros, con el fin de establecer de manera fehaciente si los emisores correspondientes siguen unas buenas prácticas de gobierno, en particular con respecto a
estructuras de gestión sólidas, relaciones con los empleados, remuneración del personal y conformidad fiscal.
La Gestora de inversiones supervisa periódicamente los factores de sostenibilidad y las exposiciones al riesgo evaluando los informes periódicos sobre las puntuaciones ASG propios de la Gestora de inversiones y procedentes de terceros.
Como se ha explicado anteriormente, la gestión y la evaluación de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros de deuda pública Futuros del mercado monetario Futuros sobre divisas |
| --- | --- |
| Opciones | Opciones sobre futuros de deuda pública Opciones de futuros sobre divisas Opciones sobre divisas (incluidas las opciones de tipos de cambio) Opciones sobre bonos |
| Swaps | Swaps de incumplimiento de crédito (denominación única, índice y cesta personalizada) Swaps de tipos de interés Swaps de rentabilidad total (denominación única, índice y cesta personalizada) |
| Contratos a plazo (entre- gables y no entregables) | Contratos a plazo sobre divisas |

| Valores con | Pagarés vinculados a créditos |
| --- | --- |
| Derivados/apa- | Títulos respaldados por activos (ABS) y Títulos |
| lancamiento integrados | respaldados por hipotecas (MBS) |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit CDX American Investment Grade High Volatility Índice Markit CDX North American Investment Grade Índice Markit CDX North American High Yield Índice Markit CDX North American High Yield Beta Índice Markit CDX Emerging Markets Índice Markit CDX Emerging Markets Diversified Índice Markit iTraxx Europe Índice Markit iTraxx Crossover Índice Markit iTraxx Financial Índice Markit iTraxx Subordinated Financial |
| Índices de tipos de interés para proporcionar exposición a mercados de tipos de interés y expresar que los gestores consideran que la curva de rendimiento se moverá en una dirección concreta más rentable o eficiente que si se compraran valores físicos. | EURIBOR LIBOR SOFR SONIA |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular.
Normalmente, todos los índices financieros restantes se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Relativo
Límite de VaR Relativo: la cartera del Subfondo no superará en dos veces el VaR en una cartera con un índice de referencia representativo (con un periodo de tenencia de 20 Días hábiles)
Índice de referencia de VaR Relativo: Un índice de referencia combinado formado en un 50% por el JP Morgan Government Bond Index – Emerging Markets Global Diversified Index, en un 25% por el JP Morgan Emerging Markets Bond Index Global Index y en un 25% por el JP Morgan Corporate Emerging Markets Bond Index Diversified Index.
Se espera que el apalancamiento bruto varíe entre: el 50% y el 500% del Valor de inventario neto. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Relativo y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 10% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 10% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 15% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF o 100 JPY, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Japan Small Cap Equity Focus Fund

### SUPLEMENTO 26 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado«Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.


#### La Gestora de inversiones
BNY Mellon Investment Management Japan Limited

#### Divisa Base
Yen japonés

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y Japón.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro A (Acum.) | EUR | 5.000 | 5% | 2,00% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 2,00% | 0% |
| USD A (Acum.) | USD | 5.000 | 5% | 2,00% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 2,00% | 0% |
| Sterling A (Acum.) | GBP | 5.000 | 5% | 2,00% | 0% |
| Sterling A (Reparto) | GBP | 5.000 | 5% | 2,00% | 0% |
| CHF A (Acum.) | CHF | 5.000 | 5% | 2,00% | 0% |
| CHF A (Reparto) | CHF | 5.000 | 5% | 2,00% | 0% |
| JPY A (Acum.) | JPY | 500.000 | 5% | 2,00% | 0% |
| JPY A (Reparto) | JPY | 500.000 | 5% | 2,00% | 0% |
| Euro H (con cobertura) | EUR | 5.000 | 5% | 2,00% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 2,00% | 0% |
| USD H (con cobertura) | USD | 5.000 | 5% | 2,00% | 0% |
| USD H (Reparto) (con cobertura) | USD | 5.000 | 5% | 2,00% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 2,00% | 0% |
| Sterling H (Reparto) (con cobertura) | GBP | 5.000 | 5% | 2,00% | 0% |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 2,00% | 0% |
| CHF H (Reparto) (con cobertura) | CHF | 5.000 | 5% | 2,00% | 0% |
| SGD H (Acum.) (con cobertura) | SGD | 5.000 | 5% | 2,00% | 0% |
| SGD H (Reparto) (con cobertura) | SGD | 5.000 | 5% | 2,00% | 0% |
| DKK H (Acum.) (con cobertura) | DKK | 50.000 | 5% | 2,00% | 0% |
| NOK H (Acum.) (con cobertura) | NOK | 50.000 | 5% | 2,00% | 0% |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 2,00% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| JPY G (Acum.) | JPY | 500.000 | 5% | 1,00% | 0% |
| JPY G (Reparto) | JPY | 500.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% |
| USD G (Acum.) (con cobertura) | USD | 5.000 | 5% | 1,00% | 0% |
| USD G (Reparto) (con cobertura) | USD | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| SGD G (Acum.) (con cobertura) | SGD | 5.000 | 5% | 1,00% | 0% |
| SGD G (Reparto) (con cobertura) | SGD | 5.000 | 5% | 1,00% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro C (Acum.) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| USD C | USD | 5.000.000 | 5% | 1,00% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| CHF C (Acum.) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| CHF C (Reparto) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| JPY C | JPY | 500.000.000 | 5% | 1,00% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| JPY C (Reparto) | JPY | 500.000.000 | 5% | 1,00% | 0% |
| Euro I (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| USD I (con cobertura) | USD | 5.000.000 | 5% | 1,00% | 0% |
| USD I (Reparto) (con cobertura) | USD | 5.000.000 | 5% | 1,00% | 0% |
| Sterling I (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling I (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| CHF I (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| CHF I (Reparto) (con cobertura) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| SGD I (Acum.) (con cobertura) | SGD | 5.000.000 | 5% | 1,00% | 0% |
| SGD I (Reparto) (con cobertura) | SGD | 5.000.000 | 5% | 1,00% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,75% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Reparto) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| JPY W | JPY | 1.500.000.000 | 5% | 0,75% | 0% |
| JPY W (Reparto) | JPY | 1.500.000.000 | 5% | 0,75% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| USD W (Acum.) (con cobertura) | USD | 15.000.000 | 5% | 0,75% | 0% |
| USD W (Reparto) (con cobertura) | USD | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,75% | 0% |
| SGD W (Reparto) (con cobertura) | SGD | 15.000.000 | 5% | 0,75% | 0% |
| DKK W (Acum.) (con cobertura) | DKK | 150.000.000 | 5% | 0,75% | 0% |
| NOK W (Acum.) (con cobertura) | NOK | 150.000.000 | 5% | 0,75% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| SEK W (Acum.) (con cobertura) | SEK | 150.000.000 | 5% | 0,75% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro E (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,55% | 0% |
| Euro E (Reparto) | EUR | Tal y como se ha acordado | 5% | 0,55% | 0% |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,55% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,55% | 0% |
| Sterling E (Acum.) | GBP | Tal y como se ha acordado | 5% | 0,55% | 0% |
| Sterling E (Reparto) | GBP | Tal y como se ha acordado | 5% | 0,55% | 0% |
| CHF E (Acum.) | CHF | Tal y como se ha acordado | 5% | 0,55% | 0% |
| CHF E (Reparto) | CHF | Tal y como se ha acordado | 5% | 0,55% | 0% |
| JPY E (Acum.) | JPY | Tal y como se ha acordado | 5% | 0,55% | 0% |
| JPY E (Reparto) | JPY | Tal y como se ha acordado | 5% | 0,55% | 0% |
| Euro E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,55% | 0% |
| Euro E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,55% | 0% |
| USD E (Acum.) (con cobertura) | USD | Tal y como se ha acordado | 5% | 0,55% | 0% |
| USD E (Reparto) (con cobertura) | USD | Tal y como se ha acordado | 5% | 0,55% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,55% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,55% | 0% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,55% | 0% |
| CHF E (Reparto) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,55% | 0% |
| SGD E (Acum.) (con cobertura) | SGD | Tal y como se ha acordado | 5% | 0,55% | 0% |
| SGD E (Reparto) (con cobertura) | SGD | Tal y como se ha acordado | 5% | 0,55% | 0% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) | GBP | Ninguna | 0% | 0% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling X (Reparto) | GBP | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) | CHF | Ninguna | 0% | 0% | 0% |
| CHF X (Reparto) | CHF | Ninguna | 0% | 0% | 0% |
| JPY X (Acum.) | JPY | Ninguna | 0% | 0% | 0% |
| JPY X (Reparto) | JPY | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo tiene por objetivo conseguir una revalorización a largo plazo del capital, invirtiendo en una cartera de valores de renta variable de pequeña capitalización cotizadas en uno o más de los mercados bursátiles oficiales de Japón.

##### Política de inversión
El Subfondo trata de alcanzar su objetivo de inversión invirtiendo al menos el 80% del Valor de inventario neto del Subfondo en valores de renta variable de sociedades de pequeña capitalización (acciones mayoritariamente por debajo de los 500.000 millones de yenes) cotizados o negociados habitualmente en un Mercado admisible de Japón.
El Subfondo podrá invertir asimismo en sociedades anónimas cotizadas de inversión inmobiliaria («SOCIMI») o negociadas en la Bolsa de Tokio.
El Subfondo podrá mantener además hasta el 20% en efectivo o, con sujeción a las restricciones que figuran en el Folleto, invertir en efectivo, fondos del mercado monetario o fondos del mercado monetario con fines de gestión de efectivo. El Subfondo podrá utilizar futuros de índices de renta variable con fines de gestión eficiente de efectivo. Por ejemplo, cuando se produzcan pequeñas entradas o salidas de efectivo, la Gestora de inversiones podrá optar por utilizar futuros de índices de renta variable para incrementar o reducir (respectivamente) la exposición a los valores de renta variable japonesa anteriormente indicados. En dichas circunstancias, la inversión en futuros de índices de renta variable podría ser menos costosa rentable que invertir directamente en los valores.
El Subfondo estará diversificado normalmente en muchos de los sectores del Tokyo Stock Price Index (TOPIX). El TOPIX incluye 33 sectores, como por ejemplo equipos de transporte, información y comunicación, electrodomésticos, productos farmacéuticos, bienes inmuebles, construcción y maquinaria. El Subfondo tendrá exposición en muchos de estos 33 sectores. El Subfondo podrá utilizar contratos de divisas a plazo con fines de cobertura como se describe en el apartado
«Gestión eficiente de cartera» del Folleto.
El Subfondo no invertirá, en total, más del 10% de su Valor de inventario neto en organismos de inversión colectiva (OIC). La inversión en OIC podrá utilizarse con fines de gestión de tesorería o para obtener exposición a los valores de renta variable señalados anteriormente en la política de inversión.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en valores mobiliarios (acciones) recientemente emitidos no admitidos a cotización ni negociados en Mercados admisibles en el plazo de un año.

##### Índice de referencia
Índice Russell Nomura Small Cap (el «Índice de referencia»).
The Índice de referencia representa aproximadamente al 15% de los valores más pequeños en términos de capitalización bursátil ajustada a flotación del índice Russell Nomura Total Market.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de manera activa, lo que implica que la Gestora de inversiones tiene la facultad de invertir fuera del Índice de referencia en función del objetivo y la política de inversión.
Sin embargo, dado que el Índice de referencia abarca una considerable proporción del universo de inversión, la mayoría de las posiciones del Subfondo serán componentes del Índice de referencia, aunque las ponderaciones en la cartera no se verán influidas por las del Índice de referencia. La estrategia de inversión limitará el grado en el que las posiciones de la cartera pueden desviarse del Índice de referencia y, por consiguiente, el grado en el que el Subfondo puede superar la rentabilidad del Índice de referencia.

##### Estrategia de inversión
La estrategia de la Gestora de inversiones consiste en invertir en una cartera concentrada de valores de renta variable de sociedades de pequeña capitalización establecidas en Japón, cotizados o negociados habitualmente en un mercado de valores organizado de Japón. El Subfondo es un fondo dedicado exclusivamente a Japón y no buscará exposición en ningún otro país. La Gestora de inversiones elegirá las acciones para la carpeta basándose en una investigación fundamental sobre la perspectiva de beneficios a medio y a largo plazo, generalmente a tres años vista, con el fin de generar una rentabilidad superior a la del índice de referencia, especialmente a través de la selección de valores. El proceso de inversión se centra en encontrar sociedades que tienen cualidades como potencial de crecimiento, capacidad para generar unos beneficios a largo plazo superiores a las expectativas, así como una valoración atractiva. La cartera se invertirá principalmente en acciones con una capitalización bursátil de hasta 500.000 millones de yenes, y normalmente mantendrá menos de 40 valores.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La gestión del riesgo asociado a la sostenibilidad es una parte relevante del proceso de diligencia debida implementado por la Gestora de inversiones. A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones identifica, supervisa y gestiona el riesgo asociado a la sostenibilidad de la siguiente manera:
- Antes de adquirir inversiones por cuenta del Subfondo, la Gestora de inversiones utilizará datos ASG divulgados por el emisor e interactuará directamente con este para evaluar la inversión pertinente frente al riesgo asociado a la sostenibilidad e identificar si es vulnerable a dicho riesgo. Este proceso incorpora la aplicación de una política de exclusión (mediante la cual se pueden eliminar las inversiones potenciales del universo de inversión sobre la base de que supongan un riesgo de sostenibilidad demasiado grande para el Subfondo). La Gestora de inversiones también lleva a cabo análisis fundamentales sobre cada inversión potencial con el fin de evaluar la idoneidad de los programas y prácticas ASG de un emisor a la hora de gestionar el riesgo asociado a la sostenibilidad al que se enfrenta. La información recopilada del análisis fundamental llevado a cabo será tenida en cuenta por la Gestora de inversiones a la hora de decidir si adquirir o no una posición en un emisor.
- Durante la vida útil de la inversión, el riesgo asociado a la sostenibilidad se supervisa mediante una revisión de los datos ASG publicados por el emisor para determinar si el nivel de riesgo asociado a lasostenibilidad ha cambiado desde que se llevó a cabo la evaluación inicial. Esta revisión se realiza al menos una vez al año. Cuando el riesgo de sostenibilidad asociado a una inversión concreta haya aumentado más allá del nivel de riesgo ASG aceptable para el Subfondo relevante, la Gestora de inversiones considerará vender o reducir la exposición del Subfondo a la inversión correspondiente, teniendo en cuenta los intereses de los Accionistas del Subfondo.

Como se ha explicado anteriormente, la gestión y la evaluación de los riesgos asociados a la sostenibilidad forman una parte relevante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen
PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
Además de utilizar Derivados con fines de cobertura, el Subfondo también podrá emplear futuros de índices de renta variable con fines de gestión de efectivo, para reducir costes y para generar capital o ingresos adicionales con un nivel bajo de riesgo aceptable, que se ajuste al perfil de riesgo del Subfondo (en relación con la rentabilidad esperada) y los requisitos de diversificación de riesgos con arreglo al Reglamento OICVM del Banco Central y la Guía del Banco Central sobre «Activos elegibles para OICVM», como se indica bajo el epígrafe
«La Sociedad – Límites de inversión y de endeudamiento» del Folleto.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Cuando utilice Derivados para lograr una gestión eficiente de la cartera, el Subfondo puede adquirir exposición indirecta a índices financieros.
Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF, 1 SGD,
100 JPY, 10 DKK, 10 NOK o 10 SEK, en función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta
fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Asian Income Fund

### SUPLEMENTO 27 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Las comisiones de gestión y demás gastos del Subfondo se cargarán al capital del mismo para intentar maximizar los repartos. Consulte el apartado «Comisiones y gastos» del Folleto para obtener información adicional al respecto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Newton Investment Management Limited

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Newton Investment Management North America LLC (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro A (Acum.) | EUR | 5.000 | 5% | 2,00% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 2,00% | 0% |
| USD A (Acum.) | USD | 5.000 | 5% | 2,00% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 2,00% | 0% |
| Sterling A (Acum.) | GBP | 5.000 | 5% | 2,00% | 0% |
| Sterling A (Reparto) | GBP | 5.000 | 5% | 2,00% | 0% |
| CHF A (Acum.) | CHF | 5.000 | 5% | 2,00% | 0% |
| CHF A (Reparto) | CHF | 5.000 | 5% | 2,00% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Euro H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 2,00% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 2,00% | 0% |
| SGD H (Acum.) (con cobertura) | SGD | 5.000 | 5% | 2,00% | 0% |
| SGD H (Reparto) (con cobertura) | SGD | 5.000 | 5% | 2,00% | 0% |

| Acciones «B» y Acciones «J (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD B (Acum.) | USD | 10.000 | 5% | 1,50% | 0% |
| Euro J (Reparto) (con cobertura) | EUR | 10.000 | 5% | 1,50% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Acum.) | GBP | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Reparto) | GBP | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Euro C (Acum.) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| CHF C (Acum.) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| CHF C (Reparto) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| USD C (Acum.) | USD | 5.000.000 | 5% | 1,00% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| SGD I (Acum.) (con cobertura) | SGD | 5.000.000 | 5% | 1,00% | 0% |
| SGD I (Reparto) (con cobertura) | SGD | 5.000.000 | 5% | 1,00% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Reparto) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,75% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,75% | 0% |
| SGD W (Reparto) (con cobertura) | SGD | 15.000.000 | 5% | 0,75% | 0% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Sterling X (Acum.) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) | GBP | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) | CHF | Ninguna | 0% | 0% | 0% |
| CHF X (Reparto) | CHF | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo persigue ofrecer ingresos y un potencial de incremento a largo plazo del capital.

##### Política de inversión
El Subfondo pretende lograr su objetivo de inversión invirtiendo principalmente (esto es, al menos dos tercios del Valor de inventario neto del Subfondo) en una cartera de valores de renta variable y asimilados a la renta variable de la región de Asia Pacífico, incluidas Australia y Nueva Zelanda (excepto Japón).
Los valores de renta variable y asimilados a la renta variable en los que el Subfondo podrá invertir directamente, o indirectamente a través de Derivados, incluyen valores de renta variable, warrants, acciones preferentes, resguardos estadounidenses de depósito («REDV»), resguardos mundiales de depósito de valores («RMDV») (en conjunto, «resguardos de depósito»), híbridos (como Bonos convertibles (incluidas obligaciones de conversión obligatoria)), SOCIMI (sociedades anónimas
cotizadas de inversión inmobiliaria) y acciones preferentes convertibles (en lo sucesivo, «valores de renta variable y asimilados a la renta variable»).
El Subfondo podrá invertir en total hasta el 10% de su Valor de inventario neto en organismos de inversión colectiva («OIC»), incluidos fondos del mercado monetario. Los OIC en los que podrá invertir el Subfondo pueden incluir ETF. Cualquier inversión en ETF se hará de acuerdo con los límites de inversión aplicables a los OIC. Inicialmente, los OIC se emplearán únicamente con fines de gestión de efectivo. Sin embargo, también podrán utilizarse para obtener exposición a la renta variable regional.
El Subfondo tiene previsto invertir en valores de renta variable y asimilados a la renta variable de empresas ubicadas la región de Asia Pacífico, incluidas Australia y Nueva Zelanda (excepto Japón), o que consigan una parte importante de dichos ingresos en esa región, sin centrarse en ningún sector o industria en particular; no obstante, en ocasiones, el Subfondo podrá concentrarse en industrias o sectores geográficos concretos, en función de donde vea una oportunidad de inversión la Gestora de inversiones. El Subfondo podrá invertir más del 20% de su Valor de inventario neto en países de mercados emergentes, incluidos China e India, aunque no
tendrá exposición a Rusia. El Subfondo podrá obtener exposición a China comprando acciones chinas de la clase H cotizadas o negociadas en la Bolsa de Valores de Hong Kong, acciones chinas de la clase B cotizadas o negociadas en la Bolsa de Valores de Shanghái o la Bolsa de Valores de Shenzhen, o acciones chinas de la clase A a través del canal Stock Connect. El Subfondo podrá invertir hasta el 20% de su Valor de inventario neto en acciones chinas de la clase A a través del canal Stock Connect. En el Apéndice V de este Folleto se incluyen más detalles sobre el canal Stock Connect. El Subfondo podrá obtener exposición a India directamente o a través de Resguardos de depósito. En la actualidad están vigentes todas las licencias locales y acuerdos de subdepositario necesarios para obtener exposición directa al mercado indio.
Con la excepción de la inversión permitida en valores no cotizados y OIC distintos de ETF, las inversiones del Subfondo serán valores cotizados o negociados en los Mercados admisibles incluidos en el Apéndice II del Folleto.

##### Gestión de tesorería y de las garantías
En determinadas circunstancias, el Subfondo también podrá mantener niveles elevados de activos disponibles, realizables o prácticamente disponibles. Dichas circunstancias incluyen los casos en los que las condiciones de mercado exijan una estrategia de inversión defensiva, la tenencia de efectivo en depósito a la espera de la reinversión, la tenencia de efectivo para atender los reembolsos y el pago de dividendos y gastos, o para respaldar la exposición a Derivados. Los activos líquidos asimilables a tesorería podrán incluir instrumentos del mercado monetario (como deuda pública con vencimientos cortos, certificados de depósito, papel comercial y depósitos a plazo) y depósitos bancarios. Podrá tratarse de valores de deuda pública o privada, de tipo fijo o variable, y se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
Índice FTSE Asia Pacific ex Japan TR (el «Índice de referencia»).
El Índice de referencia incluye valores de capitalización bursátil alta y media, y ofrece cobertura a los mercados desarrollados y emergentes avanzados de la región de Asia-Pacífico, excepto Japón.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del Índice de referencia, la selección de las inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
La filosofía de inversión se basa en la convicción de la Gestora de inversiones de que ninguna sociedad, mercado o economía pueden considerarse de manera aislada; todos ellos deben entenderse en un contexto global. La Gestora de inversiones cree que los acontecimientos que se suceden alrededor del mundo influyen en todos los mercados financieros, y que el éxito de las inversiones en renta variable asiática depende por lo tanto de un conocimiento en profundidad del mundo en su conjunto.
La Gestora de inversiones selecciona temas que abarcan las principales áreas de cambio del mundo, y los utiliza como base de sus ideas de inversión. Un enfoque temático global permite a la Gestora de inversiones tener una perspectiva a largo plazo de los mercados financieros y las economías globales, y tener en cuenta siempre la visión general. La perspectiva es un rasgo definitorio de su proceso de inversión; les ayuda a anticipar la forma en que cambiará el mundo y orienta a los analistas y gestores de cartera hacia oportunidades rentables. El análisis de los temas pretende identificar las principales áreas de cambios estructurales del mundo, con el fin de ofrecer un contexto al análisis de inversiones y la toma de decisiones, lo que ayuda a la Gestora de inversiones a determinar las áreas con oportunidades de inversión potenciales y los riesgos.
Algunos de los temas a largo plazo de la Gestora de
inversiones actualmente incluyen, entre otros,
«dinámicas de población» (por ejemplo, el impacto del envejecimiento de la población), «cuestiones del planeta» (por ejemplo, desarrollo de energías limpias y soluciones de gestión de residuos), «intervención del Estado» (por ejemplo el impacto en los precios de los activos derivado de los cambios en las políticas de los bancos centrales y en cuestiones políticas) y la «revolución inteligente» (por ejemplo, el avance de la inteligencia artificial y la automatización).
El Subfondo persigue invertir en empresas que distribuyen dividendos con perspectivas de generar ingresos. Las perspectivas de ingresos y el rendimiento de la empresa se evaluarán en relación con el rendimiento del Índice de referencia en el momento de la compra. La selección de valores se centra en empresas con fundamentos vigorosos y valoraciones atractivas, a la vez que se ajustan al criterio de rentabilidad de la Gestora de inversiones a la luz del objetivo de inversión del Subfondo, que consiste en lograr rendimientos anuales junto con una revalorización del capital a largo plazo. Esto significa que la Gestora de inversiones evalúa una acción en relación con su grupo de iguales, el índice de referencia, los datos históricos y el potencial de beneficios, intentando al mismo tiempo detectar oportunidades y evitar riesgos. La Gestora de inversiones tiene además en cuenta el historial de dividendos de una empresa.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La consideración del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones tiene acceso a una serie de puntos de datos relacionados con los factores ASG proporcionados por datos de terceros que ayudan a identificar posibles problemas relacionados con los factores ASG a los que puede enfrentarse un emisor. Esto incluye, entre otros aspectos, la exposición a actividades que puedan considerarse perjudiciales para el ambiente o la sociedad. Estos datos, junto con los datos procedentes de los recursos propios de investigación sobre inversión responsable de la Gestora de inversiones, constituyen una parte fundamental de la consideración y evaluación del nivel de riesgo asociado a la sostenibilidad al que puede estar sujeta una inversión.
Esta evaluación está integrada en el proceso de investigación del nivel de seguridad, que se basa en el análisis fundamental de las oportunidades de inversión individuales a través de una serie de factores diversos, entre los que se incluyen:
- Características económicas o financieras fundamentales
- Valoración
- Perfil de riesgo/beneficio
- Las características ASG del emisor, lo que incluye comprender cómo pueden afectar dichas consideraciones a la rentabilidad económica.

La Gestora de inversiones tendrá en cuenta la información recopilada del análisis fundamental llevado a cabo será a la hora de decidir si adquirir o no una posición en un emisor, o de seguir manteniéndola.
Como se ha explicado anteriormente, la evaluación y la gestión de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Opciones | Opciones sobre acciones (denominación única, índice, sector, cesta personalizada, incluidas opciones de compra cubiertas) Opciones sobre índices Opciones sobre futuros de renta variable Opciones sobre ETF Opciones sobre futuros de renta variable Opciones sobre divisas (incluidas opciones de tipos de cambio) Opciones de tipos de interés Opciones de futuros sobre divisas |
| --- | --- |
| Futuros | Futuros de indices de renta variable Futuros del mercado monetario Futuros sobre divisas |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| Valores con Derivados/ apalanca- miento inte- grados | Warrants Bonos convertibles Acciones preferentes convertibles |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de renta variable para proporcionar exposición a mercados regionales y globales de renta variable de una manera más rentable o eficiente que mediante la compra de los valores físicos. | Índice ASX 200 Índice Hang Seng Índice KOSPI |

Normalmente, todos los índices financieros se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga neta total (una vez tenida en cuenta la cobertura) a través de Derivados no superará el 100% del Valor de inventario neto del Subfondo y la exposición corta neta total no superará el 100% del Valor de inventario neto del Subfondo (aplicando el enfoque de compromiso).

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF o 1 SGD, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 15% de su Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de cartera» y «Factores de riesgo».

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Dynamic Total Return Fund

### SUPLEMENTO 28 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
Este Subfondo se clausuró mediante reembolso obligatorio por el cual todas las Acciones en emisión en el Subfondo a 26 de febrero de 2021 se reembolsaron obligatoriamente. Las Acciones del Subfondo ya no están disponibles para la inversión. La Sociedad tiene previsto solicitar al Banco Central que revoque la autorización del Subfondo tras la elaboración de los estados financieros auditados correspondientes al ejercicio cerrado a 31 de diciembre de 2021. La Sociedad tratará de obtener la autorización del Banco Central para eliminar el Subfondo del Folleto una vez se apruebe dicha revocación.
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá invertir principalmente en instrumentos financieros derivados («Derivados»), y utilizará también tales Derivados con fines de inversión, cobertura y gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado«Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Subfondo podrá invertir periódicamente sustancialmente en instrumentos del mercado monetario y / o en depósitos con entidades de crédito. Aunque el Subfondo puede invertir en instrumentos del mercado monetario y depósitos a la vista, las Acciones del Subfondo no constituyen depósitos y son de naturaleza diferente de los depósitos, por no estar garantizadas y porque el valor de la inversión es susceptible de fluctuar. Toda inversión en el Subfondo entraña ciertos riesgos de inversión, incluida la posible pérdida del principal invertido.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 17:00 horas (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| USD A (Acum.) | USD | Hasta el 5% | 5.000 USD | 2,00% | Ninguna |
| USD A (Reparto) | USD | Hasta el 5% | 5.000 USD | 2,00% | Ninguna |
| Euro A (Acum.) | EUR | Hasta el 5% | 5.000 EUR | 2,00% | Ninguna |
| Euro A (Reparto) | EUR | Hasta el 5% | 5.000 EUR | 2,00% | Ninguna |
| Sterling A (Acum.) | GBP | Hasta el 5% | 5.000 GBP | 2,00% | Ninguna |
| Sterling A (Reparto) | GBP | Hasta el 5% | 5.000 GBP | 2,00% | Ninguna |
| CHF A (Acum.) | CHF | Hasta el 5% | 5.000 CHF | 2,00% | Ninguna |

| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| CHF A (Reparto) | CHF | Hasta el 5% | 5.000 CHF | 2,00% | Ninguna |
| Euro H (Acum.) (con cobertura) | EUR | Hasta el 5% | 5.000 EUR | 2,00% | Ninguna |
| Euro H (Reparto) (con cobertura) | EUR | Hasta el 5% | 5.000 EUR | 2,00% | Ninguna |
| Sterling H (Acum.) (con cobertura) | GBP | Hasta el 5% | 5.000 GBP | 2,00% | Ninguna |
| Sterling H (Reparto) (con cobertura) | GBP | Hasta el 5% | 5.000 GBP | 2,00% | Ninguna |
| CHF H (Acum.) (con cobertura) | CHF | Hasta el 5% | 5.000 CHF | 2,00% | Ninguna |
| CHF H (Reparto) (con cobertura) | CHF | Hasta el 5% | 5.000 CHF | 2,00% | Ninguna |
| SGD H (Acum.) (con cobertura) | SGD | Hasta el 5% | 5.000 SGD | 2,00% | Ninguna |
| SGD H (Reparto) (con cobertura) | SGD | Hasta el 5% | 5.000 SGD | 2,00% | Ninguna |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| Euro C (Acum.) | EUR | Hasta el 5% | 5.000.000 EUR | 1,00% | Ninguna |
| Euro C (Reparto) | EUR | Hasta el 5% | 5.000.000 EUR | 1,00% | Ninguna |
| USD C (Acum.) | USD | Hasta el 5% | 5.000.000 USD | 1,00% | Ninguna |
| USD C (Reparto) | USD | Hasta el 5% | 5.000.000 USD | 1,00% | Ninguna |
| Sterling C (Acum.) | GBP | Hasta el 5% | 5.000.000 GBP | 1,00% | Ninguna |
| Sterling C (Reparto) | GBP | Hasta el 5% | 5.000.000 GBP | 1,00% | Ninguna |
| CHF C (Acum.) | CHF | Hasta el 5% | 5.000.000 CHF | 1,00% | Ninguna |
| CHF C (Reparto) | CHF | Hasta el 5% | 5.000.000 CHF | 1,00% | Ninguna |
| CAD C (Acum.) | CAD | Hasta el 5% | 5.000.000 CAD | 1,00% | Ninguna |
| CAD C (Reparto) | CAD | Hasta el 5% | 5.000.000 CAD | 1,00% | Ninguna |
| Euro I (Acum.) (con cobertura) | EUR | Hasta el 5% | 5.000.000 EUR | 1,00% | Ninguna |
| Euro I (Reparto) (con cobertura) | EUR | Hasta el 5% | 5.000.000 EUR | 1,00% | Ninguna |
| Sterling I (Acum.) (con cobertura) | GBP | Hasta el 5% | 5.000.000 GBP | 1,00% | Ninguna |
| Sterling I (Reparto) (con cobertura) | GBP | Hasta el 5% | 5.000.000 GBP | 1,00% | Ninguna |
| CHF I (Acum.) (con cobertura) | CHF | Hasta el 5% | 5.000.000 CHF | 1,00% | Ninguna |
| CHF I (Reparto) (con cobertura) | CHF | Hasta el 5% | 5.000.000 CHF | 1,00% | Ninguna |
| CAD I (Acum.) (con cobertura) | CAD | Hasta el 5% | 5.000.000 CAD | 1,00% | Ninguna |
| CAD I (Reparto) (con cobertura) | CAD | Hasta el 5% | 5.000.000 CAD | 1,00% | Ninguna |
| SGD I (Acum.) (con cobertura) | SGD | Hasta el 5% | 5.000.000 SGD | 1,00% | Ninguna |
| SGD I (Reparto) (con cobertura) | SGD | Hasta el 5% | 5.000.000 SGD | 1,00% | Ninguna |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | Hasta el 5% | 5.000 USD | 1,00% | Ninguna |
| USD G (Reparto) | USD | Hasta el 5% | 5.000 USD | 1,00% | Ninguna |
| Euro G (Acum.) | EUR | Hasta el 5% | 5.000 EUR | 1,00% | Ninguna |

| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Euro G (Reparto) | EUR | Hasta el 5% | 5.000 EUR | 1,00% | Ninguna |
| Euro G (Acum.) (con cobertura) | EUR | Hasta el 5% | 5.000 EUR | 1,00% | Ninguna |
| Euro G (Reparto) (con cobertura) | EUR | Hasta el 5% | 5.000 EUR | 1,00% | Ninguna |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | Hasta el 5% | 15.000.000 USD | 0,75% | Ninguna |
| USD W (Reparto) | USD | Hasta el 5% | 15.000.000 USD | 0,75% | Ninguna |
| Euro W (Acum.) | EUR | Hasta el 5% | 15.000.000 EUR | 0,75% | Ninguna |
| Euro W (Reparto) | EUR | Hasta el 5% | 15.000.000 EUR | 0,75% | Ninguna |
| Sterling W (Acum.) | GBP | Hasta el 5% | 15.000.000 GBP | 0,75% | Ninguna |
| Sterling W (Reparto) | GBP | Hasta el 5% | 15.000.000 GBP | 0,75% | Ninguna |
| CHF W (Acum.) | CHF | Hasta el 5% | 15.000.000 CHF | 0,75% | Ninguna |
| CHF W (Reparto) | CHF | Hasta el 5% | 15.000.000 CHF | 0,75% | Ninguna |
| CAD W (Acum.) | CAD | Hasta el 5% | 15.000.000 CAD | 0,75% | Ninguna |
| CAD W (Reparto) | CAD | Hasta el 5% | 15.000.000 CAD | 0,75% | Ninguna |
| Euro W (Acum.) (con cobertura) | EUR | Hasta el 5% | 15.000.000 EUR | 0,75% | Ninguna |
| Euro W (Reparto) (con cobertura) | EUR | Hasta el 5% | 15.000.000 EUR | 0,75% | Ninguna |
| Sterling W (Acum.) (con cobertura) | GBP | Hasta el 5% | 15.000.000 GBP | 0,75% | Ninguna |
| Sterling W (Reparto) (con cobertura) | GBP | Hasta el 5% | 15.000.000 GBP | 0,75% | Ninguna |
| CHF W (Acum.) (con cobertura) | CHF | Hasta el 5% | 15.000.000 CHF | 0,75% | Ninguna |
| CHF W (Reparto) (con cobertura) | CHF | Hasta el 5% | 15.000.000 CHF | 0,75% | Ninguna |
| CAD W (Acum.) (con cobertura) | CAD | Hasta el 5% | 15.000.000 CAD | 0,75% | Ninguna |
| CAD W (Reparto) (con cobertura) | CAD | Hasta el 5% | 15.000.000 CAD | 0,75% | Ninguna |
| SGD W (Acum.) (con cobertura) | SGD | Hasta el 5% | 15.000.000 SGD | 0,75% | Ninguna |
| SGD W (Reparto) (con cobertura) | SGD | Hasta el 5% | 15.000.000 SGD | 0,75% | Ninguna |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| USD E (Acum.) | USD | Hasta el 5% | Tal y como se ha acordado | 0,50% | Ninguna |
| USD E (Reparto) | USD | Hasta el 5% | Tal y como se ha acordado | 0,50% | Ninguna |
| Euro E (Acum.) | EUR | Hasta el 5% | Tal y como se ha acordado | 0,50% | Ninguna |
| Euro E (Reparto) | EUR | Hasta el 5% | Tal y como se ha acordado | 0,50% | Ninguna |
| Sterling E (Acum.) | GBP | Hasta el 5% | Tal y como se ha acordado | 0,50% | Ninguna |
| Sterling E (Reparto) | GBP | Hasta el 5% | Tal y como se ha acordado | 0,50% | Ninguna |
| CHF E (Acum.) | CHF | Hasta el 5% | Tal y como se ha acordado | 0,50% | Ninguna |

| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| CHF E (Reparto) | CHF | Hasta el 5% | Tal y como se ha acordado | 0,50% | Ninguna |
| CAD E (Acum.) | CAD | Hasta el 5% | Tal y como se ha acordado | 0,50% | Ninguna |
| CAD E (Reparto) | CAD | Hasta el 5% | Tal y como se ha acordado | 0,50% | Ninguna |
| Euro E (Acum.) (con cobertura) | EUR | Hasta el 5% | Tal y como se ha acordado | 0,50% | Ninguna |
| Euro E (Reparto) (con cobertura) | EUR | Hasta el 5% | Tal y como se ha acordado | 0,50% | Ninguna |
| Sterling E (Acum.) (con cobertura) | GBP | Hasta el 5% | Tal y como se ha acordado | 0,50% | Ninguna |
| Sterling E (Reparto) (con cobertura) | GBP | Hasta el 5% | Tal y como se ha acordado | 0,50% | Ninguna |
| CHF E (Acum.) (con cobertura) | CHF | Hasta el 5% | Tal y como se ha acordado | 0,50% | Ninguna |
| CHF E (Reparto) (con cobertura) | CHF | Hasta el 5% | Tal y como se ha acordado | 0,50% | Ninguna |
| CAD E (Acum.) (con cobertura) | CAD | Hasta el 5% | Tal y como se ha acordado | 0,50% | Ninguna |
| CAD E (Reparto) (con cobertura) | CAD | Hasta el 5% | Tal y como se ha acordado | 0,50% | Ninguna |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) | GBP | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) | CHF | Ninguna | 0% | 0% | 0% |
| CHF X (Reparto) | CHF | Ninguna | 0% | 0% | 0% |
| CAD X (Acum.) | CAD | Ninguna | 0% | 0% | 0% |
| CAD X (Reparto) | CAD | Ninguna | 0% | 0% | 0% |
| CAD X (Acum.) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |
| CAD X (Reparto) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo persigue alcanzar una rentabilidad total que incluya ingresos y un incremento a largo plazo del capital.

##### Política de inversión
El Subfondo es un fondo global multiactivos que pretende lograr su objetivo a través de la asignación dinámica de activos. El Subfondo podrá invertir en valores de renta variable, Valores de deuda y relacionados con la deuda (obligaciones, letras del tesoro, empréstitos, bonos, valores de titulización de activos y valores de titulización de hipotecas, certificados de depósito, pagarés de tipo variable, obligaciones a corto y a medio plazo, bonos
vinculados a la inflación y papel comercial), que podrán ser de tipo fijo o variable y estar emitidos o garantizados por cualquier Gobierno soberano o sus agencias, autoridades locales, organismos públicos internacionales o supranacionales, bancos, empresas u otros emisores comerciales (en adelante «Deuda y Valores relacionados con la Deuda»), monedas (contratos de divisas a plazo, permutas financieras (swaps) de divisas y opciones sobre divisas), préstamos no titulizados a través de la inversión directa, Bonos convertibles y warrants (según se describe más detalladamente a continuación), Derivados (según se describe más adelante en el apartado «Uso de Derivados») e organismos de inversión colectiva («OIC») (incluidos los fondos negociados en bolsa («ETF») y los fondos del mercado monetario). En ocasiones, el Subfondo podrá invertir por encima del 30% de su Valor
de inventario neto en valores con con grado inferior al de inversión y valores sin calificación según lo indicado por una agencia de calificación crediticia reconocida.
El Subfondo también podrá invertir indirectamente en activos reales, como bienes inmuebles y materias primas. La exposición a bienes inmuebles se obtendrá a través Derivados y OIC, incluidas sociedades anónimas cotizadas de inversión inmobiliaria («SOCIMI»). La exposición a materias primas se obtendrá indirectamente a través de ETF e Derivados (como swaps de rentabilidad total sobre un índice de materias primas). El Subfondo solo podrá obtener exposición a índices de materias primas que cumplan con las Orientaciones de la ESMA
sobre fondos negociados en bolsa (ETF) y otras Emisiones de OICVM (con sus oportunas modificaciones), así como con el Reglamento OICVM del Banco Central (con sus oportunas modificaciones o sustituciones) y la Guía del Banco Central sobre «Índices financieros de OICVM». No se realizará ninguna inversión directa en materias primas o bienes inmuebles.
En relación con los ETF (según se describen más detalladamente bajo el epígrafe «Organismos de inversión colectiva», más adelante), dichos fondos cotizarán en Mercados admisibles y ofrecerán exposición a índices de materias primas.
El Subfondo podrá invertir en todo el mundo y no está enfocado a ninguna región geográfica, industria o sector en relación con las acciones u otras clases de activos a los que puede obtener exposición. El Subfondo podrá invertir más del 30% de su Valor de inventario neto en países con mercados emergentes.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en valores mobiliarios o instrumentos del mercado monetario no cotizados o negociados en un Mercado admisible, de conformidad con el Reglamento OICVM, incluidos, entre otros, valores de renta variable y Valores de deuda y relacionados con la deuda no cotizados.
Si bien la moneda de cuenta del Subfondo es el dólar estadounidense (USD), podrá invertir en activos no denominados en USD, sin que exista la necesidad de cobertura respecto de esta moneda.
Con la excepción de las inversiones autorizadas en valores no cotizados y OIC de capital variable, el Subfondo invertirá normalmente en una gama diversificada y amplia de estas clases de activos que coticen o se negocien en Mercados admisibles de todo el mundo. El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en valores admitidos a cotización o negociados en los mercados rusos incluidos en la lista del Apéndice II del Folleto.
En determinadas circunstancias, el Subfondo podrá mantener niveles elevados de efectivo. Dichas circunstancias incluyen los casos en los que las condiciones de mercado exijan una estrategia de inversión defensiva, la tenencia de efectivo en depósito a la espera de la reinversión, para atender los reembolsos, facilitar el pago de gastos o para respaldar la exposición a Derivados.

##### Bienes inmuebles
El Subfondo puede obtener exposición a bienes inmuebles a través de valores inmobiliarios relacionados, incluidas las SOCIMI cotizadas, los valores de renta variable de empresas cuya actividad principal sea la
propiedad, gestión y / o promoción de inmuebles o Derivados (incluidos futuros y swaps) sobre la base de los índices de SOCIMI u otros índices relacionados con el sector inmobiliario descritos anteriormente, que cumplan con los requisitos del Banco Central.

##### Gestión de tesorería y de las garantías
A efectos de la gestión del efectivo y de las garantías, el Subfondo puede invertir ocasionalmente en una amplia gama de activos realizables o prácticamente disponibles, que pueden mantenerse para proporcionar liquidez y cobertura para las exposiciones generadas por la utilización de Derivados.
Los activos líquidos o equivalentes a efectivo pueden incluir Valores de deuda y relacionados con la deuda, depósitos bancarios y obligaciones emitidos o garantizados por cualquier gobierno soberano o sus agencias y títulos, instrumentos y obligaciones emitidos por organismos públicos supranacionales o internacionales, bancos, empresas u otros emisores comerciales. Se pretende que los emisores y / o garantes de tales valores, instrumentos u obligaciones tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.
El Subfondo también podrá invertir en fondos del mercado monetario, incluidos los OICVM irlandeses.

##### Organismos de inversión colectiva
El Subfondo también puede perseguir sus objetivos y políticas asumiendo posiciones en OIC, con sujeción a un máximo del 10% de su Valor de inventario neto. Cualquier inversión en ETF de capital variable estará sujeta al límite máximo del 10% indicado anteriormente y cualquier inversión en ETF de capital fijo se considerará una inversión en valores mobiliarios, de acuerdo con las exigencias del Banco Central.

##### Índice de referencia
El Subfondo se gestiona de forma activa y no se utiliza ningún índice de referencia para su gestión.

##### Estrategia de inversión
El Subfondo utiliza una estrategia global de activos múltiples, que invierte directa e indirectamente en renta variable, deuda, divisas e instrumentos alternativos (como índices de materias primas, SOCIMI y Derivados, tal como se establece en el epígrafe «Uso de Derivados» posterior), principalmente mediante la adopción de posiciones largas y cortas sintéticas en Derivados. Las posiciones cortas sintéticas representan aproximadamente 1/3 (un tercio) de la exposición total del Subfondo, mientras que las posiciones largas representan aproximadamente 2/3 (dos tercios) de la misma, pero esta división podrá variar oportunamente. El Subfondo podrá adoptar posiciones cortas sintéticas en cualquiera de las clases de activos que se indican en este Suplemento (según se describe detalladamente más adelante).
A partir de este amplio conjunto de oportunidades, la cartera se construye mediante una evaluación macro global «de arriba abajo» (top down) y un valoración fundamental «de abajo arriba» (bottom-up) de las clases
de activos. La asignación de activos no tiene limitaciones y no hace especial hincapié en ninguna clase de activos concreta. La Gestora de inversiones asigna posiciones largas a clases de activos relativamente baratas con respecto a su valoración fundamental y posiciones cortas sintéticas a clases de activos relativamente caras con respecto a su valoración fundamental.
El Subfondo tiene como objetivo ofrecer rentabilidades totales similares a las de los valores de renta variable con una menor correlación con los valores de renta variable tradicionales y con un menor riesgo que estos. Además, el Subfondo tiene como objetivo minimizar sus rentabilidades negativas en relación con los valores de renta variable tradicionales durante un ciclo económico completo a través de la gestión del riesgo y el reequilibrio dinámico de la cartera.
El Subfondo podrá utilizar posiciones cortas sintéticas, apalancamiento y opciones principalmente como herramientas defensivas de gestión del riesgo, pero también para generar rentabilidades positivas cuando los precios caen. De acuerdo con la estrategia multiactivos del Subfondo, la Gestora de inversiones podrá utilizar posiciones cortas sintéticas para invertir en descubierto en cualquier clase de activos de las que se describen en el Suplemento, incluyendo, sin limitación, activos de crecimiento, como los índices de renta variable; activos de cobertura, como los bonos soberanos; o activos reales. El Subfondo pretende invertir en descubierto en empresas, emisores o mercados en que la Gestora de inversiones aprecie una debilidad relativa en empresas con respecto a otras empresas, mercados o emisores más sólidos. También puede emplearse apalancamiento con fines de gestión de riesgos;un ejemplo de esto sería emplear apalancamiento para adoptar posiciones cortas en activos de cobertura, como los bonos soberanos, a fin de proteger al Subfondo frente a un activo de riesgo con una correlación negativa. Pueden emplearse opciones como herramienta defensiva de gestión de riesgos al limitar los riesgos bajistas. Un ejemplo del uso de opciones de esta manera sería la compra de opciones de venta sobre índices de renta variable o activos de riesgo.
Según se ha descrito anteriormente, el Subfondo puede tratar de mantener posiciones largas y cortas sintéticas. Las posiciones cortas se generan cuando un fondo vende un activo. El Subfondo podrá utilizar un futuro, por ejemplo, para adoptar una posición corta o podría desear vender un valor individual en descubierto que no posee, con la intención de recomprarlo en el futuro. Si el precio del activo disminuye, el valor de la posición aumenta y viceversa. A este último tipo de inversión en descubierto se le denomina ventas cortas de valores físicos, y el Reglamento OICVM lo prohíbe. Para evitar cualquier duda, el Subfondo no realizará ventas cortas de valores físicos. Sin embargo, el Reglamento OICVM permite la creación de posiciones cortas sintéticas (sintético, en este contexto, significa fundamentalmente conseguir el mismo resultado económico sin vender realmente en descubierto) mediante el uso de Derivados. Al adoptar una estrategia de inversión en descubierto, el Subfondo podrá utilizar cualquiera de los instrumentos que figuran más adelante bajo el epígrafe «Uso de Derivados». La inversión corta puede utilizarse para cubrir y controlar el riesgo del Subfondo, o expresar una opinión sobre la dirección del mercado. Por lo tanto, el nivel de inversión corta aplicado dentro del Subfondo dependerá de la opinión de la Gestora de inversiones sobre la dirección del mercado o sobre el nivel de riesgo que la Gestora de
inversiones desea cubrir. El nivel de inversión corta se tendrá en cuenta para el control de los límites de riesgo del Subfondo.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros Sobre Divisas Futuros de indices de renta variable Futuros de dividendos Futuros de tipos de interés (incluidos Futuros de tipos de interés a corto plazo) Futuros sobre bonos Futuros sobre índices de volatilidad Futuros sobre índices inmobiliarios Futuros sobre índices de materias primas Futuros del mercado monetario |
| --- | --- |
| Opciones | Opciones sobre divisas (incluidas las opciones con barrera) Opciones sobre acciones (denominación única, índice, sector, cesta personalizada) Opciones sobre índices Opciones sobre dividendos Opciones sobre futuros de tipos de interés Opciones sobre bonos Opciones sobre futuros de dividendos Opciones sobre swaps de incumplimiento de crédito Swaptions (incluidos los swaptions de tipos de interés) Opciones de futuros sobre divisas Warrants Opciones sobre futuros de renta variable |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| Swaps | Swaps de varianza Swaps de renta variable (denominación única, índice y sector) Swaps de incumplimiento de crédito (denominación única e índice) Swaps de dividendos Swaps de tipos de interés Swaps de tasas de inflación Swaps de divisas Swaps de activos Swaps de rentabilidad total (incluido crédito de denominación única) Swaps de índices inmobiliarios Swaps de índices de infraestructuras Swaps de índices de materias primas Contratos por diferencias (renta variable de denominación única y sector) |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

##### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de materias primas para proporcionar exposición a sectores de materias primas, como la energía, los metales industriales, los productos agrícolas, los productos ganaderos y los metales preciosos, ya que el Subfondo no invertirá directamente en materias primas. | Índice Bloomberg Commodity Índice S&P GSCI |
| Índices de renta variable para proporcionar exposición a mercados regionales y globales de renta variable de una manera más rentable o eficiente que mediante la compra de los valores físicos. | Índice AEX Índice ASX 200 Índice CAC- 40 Índice DAX 30 Índice Hang Seng Índice IBEX 35 Índice FTSE 100 Índice FTSE MIB Índice S&P 500 Índice S&P/TSX 60 Índice S&P Emerging Markets Índice Swiss Markit TOPIX |

Normalmente, todos los índices financieros se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga bruta total a través de Derivados no superará el 1000% del Valor de inventario neto del Subfondo y la exposición corta bruta total no superará el 1000% del Valor de inventario neto del Subfondo.

#### Emisión de Acciones
La oferta inicial (el «Periodo de oferta inicial») para todas las clases de Acciones ofrecidas por el Subfondo se ha cerrado. El Periodo de oferta inicial de las clases de Acciones no emitidas se mantendrá abierto hasta el 30 de abril de 2021, o hasta cualquier fecha anterior o posterior a la citada en que se emitan las primeras Acciones de la clase de Acciones correspondiente, momento en el cual finalizará automáticamente el Periodo de Oferta Inicial de dicha clase de Acciones. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www.bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF, 1 CAD o 1 SGD, en función de la moneda de la clase que se trate
(incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Reembolso de Acciones
Las Acciones de cada clase se reembolsarán en cada Día de valoración en el Momento de valoración a elección del correspondiente Accionista. El Precio de recompra será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración, minorado en la comisión de reembolso aplicable.
Todas las solicitudes de reembolso de Acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Límites de inversión y de endeudamiento
Los límites de inversión y de endeudamiento del Subfondo se exponen bajo el epígrafe «La Sociedad – Límites de inversión y de endeudamiento» del Folleto.

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Absoluto
Límite de VaR Absoluto: 10% del Valor de inventario neto del Subfondo (utilizando un periodo de tenencia de 5 Día hábil)
Se espera que el apalancamiento bruto varíe entre: el 100% y el 2000% del Valor de inventario neto. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Absoluto y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central.
Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar operaciones de financiación de valores («OFV»), es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 30% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 20% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 60% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS se ajustarán a las políticas de inversión del Subfondo.
Los tipos de activos que podrán ser objeto de operaciones de préstamo de valores y contratos de recompra o de recompra inversa respectivamente serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto.

#### Cobertura de la Clase de Acciones
Este Subfondo ofrece clases de acciones con cobertura. Estas se identifican con la indicación «(con cobertura)». Véase el apartado «Cobertura de las clases de Acciones» del Folleto para obtener información adicional sobre el funcionamiento y el impacto de las clases de acciones clases de acciones con cobertura.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Global Leaders Fund

### SUPLEMENTO 29 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado«Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Walter Scott & Partners Limited

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR A (Acum.) | EUR | 5.000 | 5% | 2,00% | 0% |
| EUR A (Reparto) | EUR | 5.000 | 5% | 2,00% | 0% |
| USD A (Acum.) | USD | 5.000 | 5% | 2,00% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 2,00% | 0% |
| Sterling A (Acum.) | GBP | 5.000 | 5% | 2,00% | 0% |
| Sterling A (Reparto) | GBP | 5.000 | 5% | 2,00% | 0% |
| CHF A (Acum.) | CHF | 5.000 | 5% | 2,00% | 0% |
| CHF A (Reparto) | CHF | 5.000 | 5% | 2,00% | 0% |
| EUR H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 2,00% | 0% |
| EUR H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 2,00% | 0% |
| Sterling H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 2,00% | 0% |
| Sterling H (Reparto) (con cobertura) | GBP | 5.000 | 5% | 2,00% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 2,00% | 0% |
| CHF H (Reparto) (con cobertura) | CHF | 5.000 | 5% | 2,00% | 0% |
| DKK H (Acum.) (con cobertura) | DKK | 50.000 | 5% | 2,00% | 0% |
| NOK H (Acum.) (con cobertura) | NOK | 50.000 | 5% | 2,00% | 0% |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 2,00% | 0% |

| Acciones «B» y Acciones «J (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR B (Acum.) | EUR | 10.000 | 5% | 1,50% | 0% |
| EUR B (Reparto) | EUR | 10.000 | 5% | 1,50% | 0% |
| USD B (Acum.) | USD | 10.000 | 5% | 1,50% | 0% |
| USD B (Reparto) | USD | 10.000 | 5% | 1,50% | 0% |
| AUD B (Acum.) | AUD | 10.000 | 5% | 1,50% | 0% |
| CAD B (Acum.) | CAD | 10.000 | 5% | 1,50% | 0% |
| CNH B (Acum.) | CNH | 100.000 | 5% | 1,50% | 0% |
| HKD B (Acum.) | HKD | 100.000 | 5% | 1,50% | 0% |
| SGD B (Acum.) | SGD | 10.000 | 5% | 1,50% | 0% |
| SGD B (Reparto) | SGD | 10.000 | 5% | 1,50% | 0% |
| SGD J (Acum.) (con cobertura) | SGD | 10.000 | 5% | 1,50% | 0% |
| EUR J (Acum.) (con cobertura) | EUR | 10.000 | 5% | 1,50% | 0% |
| AUD J (Acum.) (con cobertura) | AUD | 10.000 | 5% | 1,50% | 0% |
| CAD J (Acum.) (con cobertura) | CAD | 10.000 | 5% | 1,50% | 0% |
| CNH J (Acum.) (con cobertura) | CNH | 100.000 | 5% | 1,50% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Acum.) | GBP | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Reparto) | GBP | 5.000 | 5% | 1,00% | 0% |
| EUR G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| EUR G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR C (Acum.) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| EUR C (Reparto) | EUR | 5.000.000 | 5% | 1,00% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| USD C (Acum.) | USD | 5.000.000 | 5% | 1,00% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| CHF C (Acum.) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| CHF C (Reparto) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| EUR I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| EUR I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Sterling I (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling I (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| CHF I (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| CHF I (Reparto) (con cobertura) | CHF | 5.000.000 | 5% | 1,00% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR W (Acum.) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| EUR W (Reparto) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,75% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Reparto) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| EUR W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| EUR W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| AUD W (Acum.) (con cobertura) | AUD | 15.000.000 | 5% | 0,75% | 0% |
| CAD W (Acum.) (con cobertura) | CAD | 15.000.000 | 5% | 0,75% | 0% |
| HKD W (Acum.) | HKD | 150.000.000 | 5% | 0,75% | 0% |
| CNH W (Acum.) (con cobertura) | CNH | 150.000.000 | 5% | 0,75% | 0% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,75% | 0% |
| DKK W (Acum.) (con cobertura) | DKK | 150.000.000 | 5% | 0,75% | 0% |
| NOK W (Acum.) (con cobertura) | NOK | 150.000.000 | 5% | 0,75% | 0% |
| SEK W (Acum.) (con cobertura) | SEK | 150.000.000 | 5% | 0,75% | 0% |

| Acciones «U» y Acciones «U (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso | Comisión de rentabilidad | Hurdle rate |
| USD U (Acum.) | USD | 15.000.000 | 5% | 0,20% | 0% | 20% | MSCI World Index (con reinversión de dividendos netos) en USD |
| USD U (Reparto) | USD | 15.000.000 | 5% | 0,20% | 0% | 20% | MSCI World Index (con reinversión de dividendos netos) en USD |
| EUR U (Acum.) | EUR | 15.000.000 | 5% | 0,20% | 0% | 20% | MSCI World Index (con reinversión de dividendos netos) en euros |
| EUR U (Reparto) | EUR | 15.000.000 | 5% | 0,20% | 0% | 20% | MSCI World Index (con reinversión de dividendos netos) en euros |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR E (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,50% | 0% |
| EUR E (Reparto) | EUR | Tal y como se ha acordado | 5% | 0,50% | 0% |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,50% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,50% | 0% |
| Sterling E (Acum.) | GBP | Tal y como se ha acordado | 5% | 0,50% | 0% |
| Sterling E (Reparto) | GBP | Tal y como se ha acordado | 5% | 0,50% | 0% |
| CHF E (Acum.) | CHF | Tal y como se ha acordado | 5% | 0,50% | 0% |
| CHF E (Reparto) | CHF | Tal y como se ha acordado | 5% | 0,50% | 0% |
| EUR E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,50% | 0% |
| EUR E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,50% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,50% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,50% | 0% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,50% | 0% |
| CHF E (Reparto) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,50% | 0% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| EUR X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) | GBP | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) | CHF | Ninguna | 0% | 0% | 0% |
| CHF X (Reparto) | CHF | Ninguna | 0% | 0% | 0% |


#### Comisión de rentabilidad
Además de la comisión de gestión anual, la Sociedad gestora tiene derecho a percibir una comisión de rentabilidad anual (la «Comisión rentabilidad»), con arreglo a las condiciones que se detallan a continuación. El tipo al que se aplicará la Comisión de rentabilidad se indica en la tabla anterior Las Comisiones de rentabilidad reducen el valor de su inversión y el rendimiento que obtendrá de esta.
La Comisión de rentabilidad respecto de cada Clase de Acciones pertinente se calcula como el porcentaje de comisión de rentabilidad (según se indica en la tabla anterior) de la Rentabilidad de la Clase de Acciones (como se define a continuación) por encima de la Rentabilidad de la Hurdle rate (como se define a continuación).
La Comisión de rentabilidad se calculará con respecto a cada periodo de doce meses finalizado el 31 de diciembre (el «Periodo de Cálculo»). El primer Periodo de cálculo será el periodo que comienza el Día hábil inmediatamente posterior al cierre del Periodo de oferta inicial y que termina el 31 de diciembre de ese mismo año.
La «Rentabilidad de la Clase de Acciones» se calcula en cada Día de valoración, y es la diferencia porcentual entre el Valor Liquidativo Neto Ajustado en tal Día de valoración y el Valor Liquidativo Neto Ajustado del Día de valoración anterior.
El «Valor liquidativo neto ajustado» es el Valor liquidativo neto de la clase de Acciones correspondiente (que incluye un recargo por todas las comisiones y gastos, incluida la comisión de gestión anual y los gastos operativos y administrativos que se imputarán a dicha clase de acciones, ajustados, en su caso, con las distribuciones de dividendos) pero sin deducir ninguna Comisión de rentabilidad devengada desde el inicio del Periodo de cálculo.
La «Hurdle rate» se recoge en la anterior tabla y es coherente con la política de inversión del Subfondo. Una hurdle rate es un nivel predeterminado de rentabilidad que debe superar un fondo a fin de ganar una comisión de rentabilidad. La rentabilidad histórica del Subfondo con respecto al índice MSCI World NR se recoge en el documento de datos fundamentales para el inversor correspondiente a la Clase de Acciones en cuestión.
La «Rentabilidad de la Hurdle rate» se calcula en cada Día de valoración y es la diferencia porcentual entre la Hurdle rate en ese Día de valoración y la Hurdle rate en el Día de valoración anterior.
En cada Día de valoración, se calcula un Valor liquidativo neto ajustado respecto de cada clase de acciones a la que se aplique la Comisión de rentabilidad. Si la
Rentabilidad de la Clase de Acciones supera la Rentabilidad de la Hurdle rate, se devenga una Comisión de rentabilidad.
Si la Rentabilidad de la Clase de Acciones no supera a la Rentabilidad de la Hurdle rate, se reduce el devengo de la Comisión de rentabilidad (no por debajo de cero). La comisión de rentabilidad se reduce en un importe calculado como el porcentaje de la comisión de rentabilidad (establecida en la tabla anterior) del peor comportamiento relativo de la Rentabilidad de la Clase de Acciones en comparación con la Rentabilidad de la Hurdle rate (la «rentabilidad negativa») multiplicado por las Acciones emitidas. Una vez que la Comisión de rentabilidad acumulada se ha reducido a cero, no se devengará ninguna nueva Comisión de rentabilidad hasta
que (i) la Rentabilidad acumulada de la Clase de Acciones supere la Rentabilidad de la Hurdle rate desde el principio del Periodo de Cálculo.
Recuperación – Tras un Periodo de Cálculo en el que no se haya cargado ninguna Comisión de rentabilidad, no se devengará ninguna Comisión de rentabilidad hasta que la Rentabilidad acumulada de la Clase de Acciones (desde el último Día de valoración del último ejercicio contable en que se imputó una Comisión de rentabilidad) supere a la Rentabilidad acumulada de la Hurdle rate (desde el último Día de valoración del último ejercicio contable en que se imputó una Comisión de rentabilidad).
Si no se ha cargado ninguna Comisión de rentabilidad desde el lanzamiento de una clase de acciones, no se devengará ninguna Comisión de rentabilidad hasta que la Rentabilidad acumulada de la Clase de Acciones (desde el lanzamiento de dicha clase de acciones) supere a la Rentabilidad diaria acumulada de la Hurdle rate desde el lanzamiento de esa Clase de Acciones.
La Comisión de rentabilidad acumulada en cada Día de valoración se refleja en el Valor liquidativo neto de la Acción sobre la base de la cual se pueden aceptar las suscripciones, la amortización, los reembolsos o los canjes.
Se deben incluir en el cálculo de la Comisión de rentabilidad las ganancias realizadas y no realizadas netas más las pérdidas de capital realizadas y no realizadas al final de periodo de que se trate. Como consecuencia de ello, cabe la posibilidad de que se paguen comisiones en función de resultados sobre plusvalías latentes que posteriormente nunca se materialicen.
Podrá generarse una rentabilidad positiva a raíz de los movimientos del mercado y de una gestión activa de la cartera; esto puede llevar a circunstancias en que una parte de la Comisión de rentabilidad se pague según los movimientos del mercado.
El cálculo de la Comisión de rentabilidad no es susceptible de manipulación y deberá ser verificado por el Depositario.
La Comisión de rentabilidad se calcula y acumula en cada Día de valoración y se abona a año vencido, con respecto a cada Periodo de cálculo. Por lo general, toda
Comisión de rentabilidad pagadera se abonará en el plazo
de 30 Días hábiles una vez finalizado el Periodo de cálculo, la fecha de cualquier reembolso, la fecha de una fusión (sujeta a los requisitos del Banco Central), la fecha de finalización del Contrato de gestión o cualquier otra fecha en la que la Sociedad o el Subfondo puedan ser liquidados o dejen de operar.

##### Ejemplos de cómo se calculará la comisión de rentabilidad
Tenga presente que el modelo de comisión de rentabilidad permite aplicar este tipo de comisiones en caso de que un Subfondo haya superado la Hurdle rate pero su rentabilidad general sea negativa.
| Día de valoración | Valor liquidativo neto ajustado al final del Periodo de cálculo | Rentabilidad de la Hurdle rate expresada en peniques | Rentabilidad superior de la Hurdle rate expresada en peniques* | Comisión de rentabilidad** | Valor liquidativo neto al final del Periodo de cálculo | Descripción del ejemplo |
| --- | --- | --- | --- | --- | --- | --- |
| 31 de diciembre (primer año) | 105p | 102p | 3p | 0.6p | 104.4p | La rentabilidad del Valor liquidativo neto ajustado durante el Periodo de cálculo dio lugar a un Valor liquidativo neto ajustado de 105 p al final del primer año, que es superior a la Rentabilidad de la Hurdle rate de 102 p y la Rentabilidad superior de 3 p es positiva. Por consiguiente, se abonó una Comisión de rentabilidad de 0,60 p. |
| 31 de diciembre (segundo año) | 95p | 106p | 0p | 0p | 95p | La rentabilidad del Valor liquidativo neto ajustado durante el Periodo de cálculo dio lugar a un Valor liquidativo neto ajustado de 95 p al final del segundo año, que es inferior a la Rentabilidad de la Hurdle rate de 106 p. |
|  |  |  |  |  |  | Por tanto, no se abonó ninguna Comisión de rentabilidad. |
| 31 de diciembre (tercer año) | 104p | 105p | 0p | 0p | 104p | La rentabilidad del Valor liquidativo neto ajustado durante el Periodo de cálculo dio lugar a un Valor liquidativo neto ajustado de 104 p al final del tercer año, que es inferior a la Rentabilidad de la Hurdle rate de 105 p. |
|  |  |  |  |  |  | Por tanto, no se abonó ninguna Comisión de rentabilidad. |
| 31 de diciembre (cuarto año) | 110p | 108p | 2p | 0.40p | 109.6p | La rentabilidad del Valor liquidativo neto ajustado durante el Periodo de cálculo dio lugar a un Valor liquidativo neto ajustado de 110 p al final del cuarto año, que es superior a la Hurdle rate de 108 p y la Rentabilidad superior de 2 p es positiva. Por consiguiente, se abonó una Comisión de rentabilidad de 0,40 p. |

* La Rentabilidad superior constituye los resultados superiores de la Rentabilidad de la Clase de Acciones con respecto a la Rentabilidad de la Hurdle rate
**20% de Rentabilidad superior

#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El objetivo del Subfondo es alcanzar un incremento a largo plazo del capital.

##### Política de inversión
El Subfondo invierte principalmente (lo cual significa al menos tres cuartas partes del Valor de inventario neto del Subfondo) en valores de renta variable y asimilados a la renta variable (acciones ordinarias y preferentes, Resguardos Estadounidenses de Depósito y resguardos de depósito de otros países, valores convertibles o intercambiables por dichos títulos de renta variable) emitidos por empresas de capitalización bursátil alta de todo el mundo. Por «empresas de capitalización bursátil alta» normalmente se entiende aquellas empresas con un valor de capitalización bursátil superior a 10 000 millones USD en el momento de la compra. Sin embargo, el
umbral de capitalización bursátil mínimo del Subfondo depende del criterio de la Gestora de inversiones.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto total en organismos de inversión colectiva («OIC») de tipo abierto. La inversión en OIC podrá utilizarse con fines de gestión de efectivo (como a través de fondos del mercado monetario) o para obtener exposición a los valores de renta variable y asimilados a la renta variable enumerados anteriormente en la política de inversión. El Subfondo podrá poseer activos líquidos con carácter accesorio como depósitos bancarios.
El Subfondo invierte en todo el mundo y, si bien no está enfocado a ninguna región geográfica, industria o sector, en ocasiones podrá concentrarse en industrias o sectores concretos, entre los que figuran países de mercados emergentes y Estados Unidos. El Subfondo podrá invertir más del 20% de su Valor de inventario neto en países de mercados emergentes, sin que se establezcan limitaciones en relación con dichas inversiones. Entre estos mercados emergentes se incluyen, a título meramente enunciativo y no limitativo, Brasil, Chile, Colombia, México, Perú, República Checa, Egipto, Grecia, Hungría, Polonia, Catar, Rusia, Sudáfrica, Turquía, Emiratos Árabes Unidos, China, India, Indonesia, Corea, Malasia, Pakistán, Filipinas, Taiwán y Tailandia.
El Subfondo podrá utilizar Derivados, de acuerdo con lo descrito en el apartado «Gestión eficiente de la cartera» del Folleto, con fines de cobertura y de gestión eficiente de la cartera únicamente.
En general, el Subfondo estará expuesto a las oscilaciones de los tipos de cambio que experimente su inversión en valores de renta variable y asimilados a la renta variable. Si bien la Gestora de inversiones no tratará de añadir valor mediante la especulación con divisas, generalmente dejará sin cobertura la exposición del Subfondo a las distintas divisas. No obstante lo anterior, la Gestora de inversiones realizará un seguimiento y revisión periódicos de la exposición a las distintas divisas, y utilizará la cobertura de divisas cuando perciba que la exposición a divisas supone riesgos apreciables.

##### Índice de referencia
MSCI World NR Index (el «Índice de referencia»).
El Índice de referencia es un índice de renta variable global amplio diseñado para representar el rendimiento de valores de capitalización bursátil alta y media de
23 mercados de países desarrollados, incluidos: Australia, Austria, Bélgica, Canadá, Dinamarca, Finlandia, Francia, Alemania, Hong Kong, Irlanda, Israel, Italia, Japón, Países Bajos, Nueva Zelanda, Noruega, Portugal, Singapur, España, Suecia, Suiza, el Reino Unido y los Estados Unidos de América. El Índice de referencia cubre aproximadamente el 85% de la capitalización bursátil de flotación ajustada libre en todos los países en los que opera.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del Índice de referencia, la selección de las inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
La Estrategia de inversión del Subfondo es conseguir un incremento a largo plazo del capital, invirtiendo principalmente en una cartera concentrada de valores de renta variable y asimilados a la renta variable, centrada en empresas de capitalización bursátil alta de todo el mundo.
La filosofía y el proceso de inversión es consistente con el marco conceptual existente de la Gestora de inversiones: un enfoque de inversión a largo plazo basado en un análisis «de abajo arriba» (bottom-up) riguroso de las empresas con el objetivo de identificar aquellas empresas con mayores perspectivas de generación de riqueza. Esto refleja la creencia fundamental de que, con el paso del tiempo, el rendimiento de la inversión de una cartera superará la riqueza creada por las empresas subyacentes. Como resultado de ello, la tarea básica del equipo de investigación de la Gestora de inversiones es identificar aquellas empresas con un potencial de generación de riqueza consistente con el objetivo de inversión de la cartera.
Teniendo en cuenta la naturaleza concentrada de la Estrategia de inversión, se requiere un elevado nivel de confianza en las empresas de capitalización bursátil alta que están incluidas en la cartera. En concreto, a la hora de determinar si a una empresa se la considera un «líder global», son dos los criterios clave que influyen en el proceso de creación de la cartera. En primer lugar, la Gestora de inversiones espera centrarse en aquellas empresas de capitalización bursátil alta con una posición fuerte o de liderazgo en los mercados en los que opera dicha empresa, con un modelo de negocio orientado hacia el mantenimiento de esa posición mediante la obtención de ventajas competitivas. En segundo lugar, la Gestora de inversiones pretende identificar sectores de la industria de la economía mundial con perspectivas atractivas de expansión y seleccionar una empresa o empresas dentro de dichos sectores de la industria con una posición fuerte o de liderazgo en los mercados. Por lo tanto, el proceso de creación de la cartera de la Estrategia de inversión no solo se centra en seleccionar empresas líderes en sus sectores y que cuenten con una
ventaja competitiva sostenible, sino también aquellas empresas que operan en sectores de la industria con perspectivas de expansión mundial atractivas.
Debido al carácter a largo plazo de este Subfondo se supone que los valores de renta variable y asimilados a renta variable de la cartera se mantendrán con un horizonte a largo plazo de entre 3 y 5 años. siendo baja, por consiguiente, la rotación de la cartera del Subfondo por ser fundamental para el proceso de la Gestora de inversiones descrito anteriormente. En este sentido, si bien los inversores podrían beneficiarse de ganancias a corto plazo, la Gestora de inversiones no las buscará de forma específica.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La gestión del riesgo asociado a la sostenibilidad está totalmente integrada en el proceso de inversión implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
A la hora de investigar cualquier empresa, independientemente de su ubicación geográfica y sector, la Gestora de inversiones aplica el mismo marco analítico. Este marco es cuantitativo y cualitativo, e implica el análisis de los registros financieros históricos junto con la consideración de siete áreas clave de investigación:
- actividades comerciales y huella física
- integridad, sostenibilidad y gobierno corporativo
- características del mercado
- control del destino
- perfil financiero
- dirección y consejo de administración
- valoración y negociaciónEl análisis de integridad, sostenibilidad y prácticas de gobierno de la Gestora de inversiones incluye la evaluación y supervisión de empresas sobre factores relevantes y materiales en cuatro áreas clave:
- consideraciones ambientales
- riesgo climático y cambio climático
- capital humano y social
- gobierno corporativoEste proceso permite a la Gestora de inversiones examinar todos los factores que podrían afectar al éxito a largo plazo de un negocio antes de invertir. Como parte de la evaluación continua de una empresa por parte de la Gestora de inversiones, se actualiza, revisa y analiza anualmente, lo que permite a la Gestora de inversiones supervisar el progreso a lo largo del tiempo.

Aunque toda la investigación es propia de la Gestora de inversiones, se amplía con información y análisis de fuentes externas, incluidos proveedores de investigación externos, académicos y expertos en la materia. El contacto periódico de la Gestora de inversiones con la dirección de la empresa también contribuye a su evaluación general de una empresa.
Como se ha explicado anteriormente, la gestión y la evaluación de los riesgos asociados a la sostenibilidad está totalmente integrada en el proceso de inversión de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo se vea afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.

#### Registro en Hong Kong
El Subfondo está registrado para su venta en Hong Kong.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 50% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central.
Cuando utilice Derivados para lograr una gestión eficiente de la cartera, el Subfondo puede adquirir exposición indirecta a índices financieros.
Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CAD, 1 AUD,
1 CHF, 10 HKD, 10 CNH, 10 DKK, 10 NOK o 10 SEK, en
función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos particularmente la atención de los inversores sobre el apartado «Factores de riesgo» incluida en el Folleto.

## BNY Mellon Targeted Return Bond Fund

### SUPLEMENTO 30 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Insight North America LLC

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR A (Acum.) | EUR | 5.000 | 5% | 1,50% | 0% |
| EUR A (Reparto) | EUR | 5.000 | 5% | 1,50% | 0% |
| USD A (Acum.) | USD | 5.000 | 5% | 1,50% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,50% | 0% |
| Sterling A (Acum.) | GBP | 5.000 | 5% | 1,50% | 0% |
| Sterling A (Reparto) | GBP | 5.000 | 5% | 1,50% | 0% |
| CHF A (Acum.) | CHF | 5.000 | 5% | 1,50% | 0% |
| CHF A (Reparto) | CHF | 5.000 | 5% | 1,50% | 0% |
| EUR H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,50% | 0% |
| EUR H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,50% | 0% |
| Sterling H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,50% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling H (Reparto) (con cobertura) | GBP | 5.000 | 5% | 1,50% | 0% |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 1,50% | 0% |
| CHF H (Reparto) (con cobertura) | CHF | 5.000 | 5% | 1,50% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR C (Acum.) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| EUR C (Reparto) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| USD C (Acum.) | USD | 5.000.000 | 5% | 1,00% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| CHF C (Acum.) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| CHF C (Reparto) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| EUR I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| EUR I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Sterling I (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling I (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| CHF I (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| CHF I (Reparto) (con cobertura) | CHF | 5.000.000 | 5% | 1,00% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR W (Acum.) | EUR | 15.000.000 | 5% | 0,65% | 0% |
| EUR W (Reparto) | EUR | 15.000.000 | 5% | 0,65% | 0% |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,65% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,65% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,65% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,65% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,65% | 0% |
| CHF W (Reparto) | CHF | 15.000.000 | 5% | 0,65% | 0% |
| EUR W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,65% | 0% |
| EUR W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,65% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,65% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,65% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,65% | 0% |
| CHF W (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,65% | 0% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| EUR X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) | GBP | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) | CHF | Ninguna | 0% | 0% | 0% |
| CHF X (Reparto) | CHF | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo persigue alcanzar una rentabilidad total de los ingresos y el incremento del capital.

##### Política de inversión
El Subfondo es un fondo multisectorial, globalmente diversificado, que pretende alcanzar su objetivo de inversión invirtiendo en una cartera de bonos internacionales, soberanos, gubernamentales, de agencias supranacionales, corporativos, bancarios y otros bonos de tipo fijo y / o variable (incluidos bonos respaldados por hipotecas y bonos de empresas), y en otros Valores de deuda y relacionados con la deuda (como obligaciones, pagarés (incluidos pagares corporativos, soberanos, de tipo fijo y variable, de cupón cero, bonos solo con intereses y bonos solo con capital), deuda titulizada (incluidos activos y valores respaldados por hipotecas, bonos garantizados, deuda garantizada y obligaciones hipotecarias), pagos en especie, bonos alternativos, bonos ascendentes, participaciones en préstamos y pagarés de excedente, bonos híbridos (incluidos obligaciones perpetuas, bonos acumulativos, bonos no acumulativos y valores fiduciarios preferentes), certificados de inversión garantizados e intereses diferidos), en lo sucesivo, «Valores de deuda y relacionados con la deuda», y en Derivados relacionados con estos instrumentos, tal como se establece en el epígrafe «Uso de Derivados» posterior, instrumentos del mercado monetario (papel comercial y depósitos bancarios), colocaciones privadas (como bonos Reg S y bonos 144A) y bonos convertibles en o intercambiables por valores de renta variable que integren Derivados o apalancamiento (bonos convertibles y bonos convertibles contingentes (CoCo)), la mayor parte de los cuales cotizarán o se negociarán en Mercados admisibles de todo el mundo.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en CoCo. Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado «Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en participaciones en préstamos no titulizados, siempre que dichos instrumentos constituyan instrumentos del mercado monetario habitualmente
negociados en el mercado monetario, sean líquidos y su valor pueda determinarse con precisión en cualquier momento.
El Subfondo invierte en todo el mundo y, si bien no está enfocado a ninguna región geográfica, industria o sector, en ocasiones podrá concentrarse en industrias o sectores concretos, incluidos países de mercados emergentes y Estados Unidos. El Subfondo podrá invertir hasta el 40% de su Valor de inventario neto en países con mercados emergentes.
El Subfondo puede invertir también hasta el 10% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda de la República Popular de China («RPC») negociados en el mercado de bonos interbancario de China («CIBM») a través del Mecanismo de acceso al mercado de bonos de Hong Kong y China (tal y como se describe en el Apéndice VI del Folleto).
La Gestora de inversiones no estará limitada por la calidad crediticia o los vencimientos; por lo tanto no se aplicará ninguna calificación de solvencia mínima a las inversiones del Subfondo, que pueden tener una calificación inferior a grado de inversión (hasta un límite del 75%) según lo indicado por una Agencia de calificación crediticia reconocida. El Subfondo podrá tener hasta el 10% de su Valor de inventario neto en valores sin calificación, siempre que sean de calidad equivalente de acuerdo con la Gestora de inversiones.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en valores mobiliarios o instrumentos del mercado monetario no cotizados o negociados en un Mercado admisible, de conformidad con el Reglamento OICVM, incluidos, entre otros, valores de renta variable y Valores de deuda y relacionados con la deuda no cotizados.
El Subfondo persigue proporcionar una rentabilidad total de los ingresos y un crecimiento del capital del 6% anual en un ciclo de mercado completo (generalmente, de tres a cinco años) antes de las comisiones. No obstante,
no se garantiza que vaya a obtenerse una rentabilidad positiva y podría producirse una pérdida del capital.

##### Organismos de inversión colectiva
El Subfondo podrá invertir además hasta el 10% de su Valor de inventario neto en OIC, incluidos fondos de capital variable negociados en bolsa. Los organismos en los que invierte el Subfondo también podrán estar gestionados por la Gestora delegada de inversiones, la Gestora de inversiones o por entidades afiliadas a las mismas.

##### Índice de referencia
El Subfondo se gestiona de forma activa y no se utiliza ningún índice de referencia para su gestión.

##### Estrategia de inversión
La Gestora de inversiones aplica un enfoque dinámico y activo a la gestión de carteras, mediante la inversión en una amplia variedad de instrumentos de renta fija, divisas e Derivados (como se detalla anteriormente en el apartado «Políticas de inversión» y, más abajo, en el apartado «Uso de Derivados»), con objeto de reducir el riesgo a través de la diversificación y de incrementar el rendimiento potencial. El proceso de inversiones combina la investigación macroeconómica «de arriba abajo» (top- down) con la selección «de abajo arriba» (bottom-up) de sectores y valores. La Gestora de inversiones utiliza técnicas propias de investigación fundamental, complementadas por modelos cuantitativos, para identificar oportunidades de inversión atractivas. La construcción de la cartera se realiza por gestores de fondos, dentro de un presupuesto de riesgo propuesto para cada categoría de riesgo.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La gestión del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
Como parte del proceso de análisis ascendente de valores, la Gestora de inversiones evalúa los factores ambientales, sociales y de gobernanza de cada inversión en cartera en busca de posibles riesgos asociados a la sostenibilidad. Estos factores pueden incluir, entre otros, el impacto sobre el medioambiente de un emisor, incluidas las emisiones, el uso de la tierra y las prácticas en materia de residuos, así como las políticas y prácticas sociales de un emisor, incluidas las cuestiones relacionadas con los empleados, las prácticas de la cadena de suministro y las políticas de derechos humanos. El análisis crediticio interno de la Gestora de inversiones incluye recursos como la puntuación ASG interna de la propia Gestora de inversiones, que se complementa con recursos de terceros, incluidos los datos y calificaciones ASG de MSCI, los datos ASG de Bloomberg, la Guía de diálogo activo (Engagement Guide) de la Junta de Normas de Contabilidad Sostenible (SASB), análisis de agencias de calificación crediticia, análisis de la parte vendedora y eventos del sector. Esta investigación sobre los riesgos de sostenibilidad se tiene en cuenta, junto con el estudio macroeconómico y el análisis crediticio de la Gestora de inversiones, en el proceso de selección de valores.
La Gestora de inversiones también evalúa las prácticas de gobierno corporativo de los emisores mediante su investigación fundamental, complementada con metodologías de calificación de gobierno corporativo de terceros, con el fin de establecer de manera fehaciente si los emisores correspondientes siguen unas buenas prácticas de gobierno, en particular con respecto a
estructuras de gestión sólidas, relaciones con los empleados, remuneración del personal y conformidad fiscal.
La Gestora de inversiones supervisa periódicamente los factores de sostenibilidad y las exposiciones al riesgo evaluando los informes periódicos sobre las puntuaciones ASG propios de la Gestora de inversiones y procedentes de terceros.
Como se ha explicado anteriormente, la gestión y la evaluación de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros sobre bonos Futuros de tipos de interés (incluidos Futuros de tipos de interés a corto plazo) |
| --- | --- |
| Opciones | Opciones sobre divisas (incluidas las opciones con barrera) Opciones sobre futuros de tipos de interés Swaptions (incluidos los swaptions de tipos de interés) Opciones sobre bonos |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |

| Swaps | Swaps de incumplimiento de crédito (denominación única e índice) Swaps de tipos de interés Swaps de tasas de inflación Swaps de divisas Swaps de rentabilidad total (renta variable de denominación única, crédito, índice y cesta (en el caso de esta última opción, sus componentes subyacentes se pueden agrupar por sector, área geográfica o por otras características)) |
| --- | --- |
| Valores con Derivados/apalan- camiento inte- grados | Pagarés vinculados a créditos Bonos convertibles (obligaciones convertibles) Bonos convertibles contingentes (CoCo) |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit CDX American Investment Grade High Volatility Índice Markit CDX North American Investment Grade Índice Markit CDX North American High Yield Índice Markit CDX North American High Yield Beta Índice Markit CDX Emerging Markets Índice Markit CDX Emerging Markets Diversified Índice Markit iTraxx Europe Índice Markit iTraxx Crossover Índice Markit iTraxx Financial Índice Markit iTraxx Subordinated Financial |
| Índices de tipos de interés para proporcionar exposición a mercados de tipos de interés y expresar que los gestores consideran que la curva de rendimiento se moverá en una dirección concreta más rentable o eficiente que si se compraran valores físicos. | EURIBOR LIBOR SOFR SONIA |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular.
Normalmente, todos los índices financieros restantes se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Absoluto
Límite de VaR Absoluto: 20% del Valor de inventario neto del Subfondo (utilizando un periodo de tenencia de
20 Día hábil)
Se espera que el apalancamiento bruto varíe entre: el 100% y el 2000% del Valor de inventario neto. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Absoluto y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 10% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 10% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 15% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de
recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR o 1 CHF, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Global Credit Fund

### SUPLEMENTO 31 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debe representar una parte significativa de una cartera de inversiones y podría no resultar conveniente para todos los inversores.
- El Subfondo podrá, en circunstancias excepcionales, invertir principalmente en depósitos establecidos en entidades de crédito. Aunque el Subfondo puede invertir en instrumentos del mercado monetario y depósitos a la vista, las Acciones del Subfondo no constituyen depósitos y son de naturaleza diferente de los depósitos, por no estar garantizadas y porque el valor de la inversión es susceptible de fluctuar. Toda inversión en el Subfondo entraña ciertos riesgos de inversión, incluida la posible pérdida del principal invertido.


#### La Gestora de inversiones
Insight Investment Management (Global) Limited
La Gestora de inversiones podrá delegar sus funciones de gestión de inversiones en una Gestora delegada de inversiones y nombrar a un asesor delegado para que le preste asesoramiento en materia de inversión de conformidad con los requisitos del Banco Central. En la fecha del presente Suplemento, la Gestora de inversiones ha nombrado a la Gestora delegada de inversiones que se detalla a continuación.

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Insight North America LLC (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de
inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD A (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| USD A (Reparto) (Q) | USD | 5.000 | 5% | 1,00% | 0% |
| EUR H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| EUR H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| EUR H (Reparto) (con cobertura) (Q) | EUR | 5.000 | 5% | 1,00% | 0% |
| Sterling H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,00% | 0% |
| Sterling H (Reparto) (con cobertura) | GBP | 5.000 | 5% | 1,00% | 0% |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 1,00% | 0% |
| CHF H (Reparto) (con cobertura) | CHF | 5.000 | 5% | 1,00% | 0% |
| AUD H (Acum.) (con cobertura) | AUD | 5.000 | 5% | 1,00% | 0% |
| AUD H (Reparto) (con cobertura) (Q) | AUD | 5.000 | 5% | 1,00% | 0% |
| CAD H (Acum.) (con cobertura) | CAD | 5.000 | 5% | 1,00% | 0% |
| CAD H (Reparto) (con cobertura) (Q) | CAD | 5.000 | 5% | 1,00% | 0% |
| CNH H (Acum.) (con cobertura) | CNH | 50.000 | 5% | 1,00% | 0% |
| CNH H (Reparto) (con cobertura) (Q) | CNH | 50.000 | 5% | 1,00% | 0% |
| SGD H (Acum.) (con cobertura) | SGD | 5.000 | 5% | 1,00% | 0% |
| SGD H (Reparto) (con cobertura) (Q) | SGD | 5.000 | 5% | 1,00% | 0% |

| Acciones «B» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD B (Acum.) | USD | 10.000 | 5% | 0,75% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 0,50% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 0,50% | 0% |
| EUR G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,50% | 0% |
| EUR G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,50% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,50% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,50% | 0% |
| EUR I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 0,50% | 0% |
| EUR I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,50% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling I (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 0,50% | 0% |
| Sterling I (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 0,50% | 0% |
| CHF I (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 0,50% | 0% |
| CHF I (Reparto) (con cobertura) | CHF | 5.000.000 | 5% | 0,50% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,40% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,40% | 0% |
| USD W (Reparto) (Q) | USD | 15.000.000 | 5% | 0,40% | 0% |
| EUR W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,40% | 0% |
| EUR W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| CAD W (Acum.) (con cobertura) | CAD | 15.000.000 | 5% | 0,40% | 0% |
| CAD W (Reparto) (con cobertura) | CAD | 15.000.000 | 5% | 0,40% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,40% | 0% |
| CHF W (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,40% | 0% |
| AUD W (Reparto) (con cobertura) (Q) | AUD | 15.000.000 | 5% | 0,40% | 0% |
| CAD W (Reparto) (con cobertura) (Q) | CAD | 15.000.000 | 5% | 0,40% | 0% |
| HKD W (Reparto) (con cobertura) (Q) | HKD | 150.000.000 | 5% | 0,40% | 0% |
| CNH W (Reparto) (con cobertura) (Q) | CNH | 150.000.000 | 5% | 0,40% | 0% |
| SGD W (Reparto) (con cobertura) (Q) | SGD | 15.000.000 | 5% | 0,40% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| EUR X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| CAD X (Acum.) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |
| CAD X (Reparto) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |
| CHF X (Reparto) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |
| JPY X (Acum.) | JPY | Ninguna | 0% | 0% | 0% |
| JPY X (Reparto) | JPY | Ninguna | 0% | 0% | 0% |
| JPY X (Acum.) (con cobertura) | JPY | Ninguna | 0% | 0% | 0% |
| JPY X (Reparto) (con cobertura) | JPY | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo persigue alcanzar una rentabilidad total de los ingresos y el incremento del capital.

##### Política de inversión
El Subfondo trata de lograr su objetivo de inversión invirtiendo la mayoría de su Valor de inventario neto —es decir, más del 50%— en mercados crediticios de todo el mundo. El resto de su patrimonio se invertirá en deuda no crediticia y títulos relacionados con la deuda (Valores de deuda y relacionados con la deuda emitidos por Gobiernos y organismos internacionales públicos y supranacionales), divisas y activos monetarios y cuasimonetarios, como se describe a continuación.
El Subfondo podrá invertir en Valores de deuda y relacionados con la deuda (obligaciones, letras del tesoro, empréstitos, bonos, préstamos, títulos respaldados por hipotecas y títulos respaldados por activos, certificados de depósito, pagarés de tipo flotante, obligaciones a corto y medio plazo y papel comercial, que podrán ser de tipo fijo, flotante o variable, variar en sentido inverso al de un tipo de cambio y estar emitidos o garantizados por cualquier Gobierno soberano o sus agencias, autoridades locales, organismos públicos internacionales o supranacionales, bancos, empresas u otros emisores comerciales, y bonos convertibles contingentes («CoCo»), en adelante, «Deuda y valores relacionados con la deuda»).
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en CoCo. Los CoCo en los que el Subfondo podrá invertir no incluirán Derivados ni apalancamiento. Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado «Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.
El Subfondo también podrá invertir en divisas para ofrecer cobertura a la cartera con respecto a USD o generar rentabilidad, como se describe en el apartado titulado «Estrategia de inversión», más adelante.
El Subfondo obtendrá exposición a divisas mediante el uso de Derivados y podrá obtener exposición a Valores de deuda y relacionados con la deuda mediante el uso de Derivados, tal como se establece en el epígrafe «Uso de Derivados» posterior.
Los Derivados se emplean para adoptar posiciones largas sintéticas o posiciones cortas sintéticas. Pueden ofrecer protección o beneficios a partir de los impagos y las expectativas de impago de los emisores de deuda, además de utilizarse para expresar el punto de vista sobre la dirección y la volatilidad de la Valores de deuda y relacionados con la deuda y las divisas.
De acuerdo con el análisis descrito en el apartado
«Estrategia de inversión», a continuación, se pueden adoptar posiciones cortas sintéticas para:
- cobertura frente a exposiciones prolongadas, es decir, proteger el nivel de pérdidas que puede sufrir el Subfondo si un título o un mercado al que está expuesto pierde valor;
- expresar un punto de vista negativo sobre la dirección de un mercado, una clase de activos o un emisor individual. Por ejemplo, la Gestora de inversiones puede creer que el valor de un mercado, una clase de activos o un emisor individual puede perder valor, y la posición corta sintética implica que el Subfondo se beneficiará de este movimiento. Esto puede lograrse, por ejemplo, vendiendo futuros de deuda pública, comprando swaps de incumplimiento de crédito o comprando opciones de venta;y
- expresar puntos de vista sobre la volatilidad de un mercado, una clase de activos o un emisor individual. Por ejemplo, la Gestora de inversiones puede creer que el nivel de volatilidad de un mercado, una clase de activos o un emisor individual puede perder valor, y la posición corta sintética implica que el Subfondo se beneficiará de este movimiento. Esto puede lograrse mediante la venta de opciones.

Pese a que el alcance de las exposiciones cortas sintéticas del Subfondo puede variar con el tiempo, generalmente el Subfondo tratará de mantener una exposición positiva significativa a mercados crediticios de todo el mundo.
El Subfondo podrá invertir en todo el mundo y no está enfocado a ninguna región geográfica, industria o sector en relación con los títulos (es decir, que puede incluir todos los tipos de títulos mencionados) a los que puede obtener exposición. No obstante, puede haber momentos en los que esta cartera se concentre en bonos de emisores situados en un número limitado de países o regiones. Esto podría deberse a que el Índice de
referencia del Subfondo tenga una posición concentrada y el rendimiento del Subfondo se mida en relación con ese Índice de referencia, o a que la Gestora de inversiones crea que una posición concentrada puede resultar beneficiosa para el Subfondo. Aunque la evolución del Subfondo no sea igual a la del «Índice de referencia» (tal como se define posteriormente), sí se restringe la medida en la que el Subfondo se desvía de dicho Índice de referencia.
El Subfondo podrá invertir más del 20% de su Valor de inventario neto en valores de deuda de mercados emergentes, incluidos bonos Brady, eurobonos soberanos, bonos de empresa, préstamos y préstamos soberanos, letras del tesoro locales, pagarés y bonos, certificados de depósito, papel comercial, obligaciones estructuradas y valores del mercado monetario. La exposición a la deuda de mercados emergentes también deberá serlo a valores de deuda con calificación de categoría de inversión.
La calificación de solvencia mínima de los Valores de deuda y relacionados con la deuda en los que el Subfondo puede invertir en el momento de la compra es B- (o su equivalente) o, en caso de que se trate de títulos respaldados por activos, títulos respaldados por hipotecas u obligaciones estructuradas, de BBB-, según la calificación ofrecida por una Agencia de calificación crediticia reconocida. En el caso de que existan tres calificaciones, será decisiva la calificación más baja de entre las dos mejores. En el caso de que haya dos calificaciones, será decisiva la más baja. Si solamente hay una calificación, esa será la decisiva. Si un instrumento carece de calificación, deberá ser de calidad equivalente a la citada de acuerdo con la Gestora de inversiones. Todos los títulos cuya calificación descienda por debajo de la mínima requerida tras su adquisición se venderán en el plazo de seis meses desde dicho descenso, salvo que la calificación vuelva a mejorar dentro de ese periodo.
El Subfondo podrá invertir hasta el 25% de su Valor de inventario neto total en Valores de deuda y relacionados con la deuda con grado inferior al de inversión (BB+ o inferior (pero B- o superior) (o equivalente)), de acuerdo con la calificación ofrecida por una Agencia de calificación crediticia reconocida.
El Subfondo no invertirá más del 10% de su Valor de inventario neto en valores emitidos y / o garantizados por un solo emisor soberano con una calificación de solvencia inferior a grado de inversión. Con el fin de despejar cualquier duda, por un «solo emisor soberano»,
se entenderá su Gobierno o una autoridad pública o local.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en valores mobiliarios o instrumentos del mercado monetario no cotizados o negociados en un Mercado admisible, de conformidad con el Reglamento OICVM, incluidos, entre otros, valores de renta variable y Valores de deuda y relacionados con la deuda no cotizados.
El Subfondo también podrá invertir en activos líquidos, monetarios o cuasimonetarios y hasta un 10% en organismos de inversión colectiva («OIC») (incluidos fondos negociados en bolsa («ETF») y fondos del mercado monetario) para obtener liquidez (como se describe a continuación) o con fines de inversión, siempre que dichos OIC proporcionen una exposición acorde con la política de inversión del Subfondo.
Si bien la moneda de cuenta del Subfondo es el dólar estadounidense (USD), podrá invertir en activos no denominados en USD sin que exista la necesidad de cobertura respecto de esta moneda.
El Subfondo puede invertir también hasta el 10% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda de la República Popular de China («RPC») negociados en el mercado de bonos interbancario de China («CIBM») a través del Mecanismo de acceso al mercado de bonos de Hong Kong y China (tal y como se describe en el Apéndice VI del Folleto).

##### Inversiones en préstamos
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en participaciones de préstamos no titulizados y / o asignaciones de préstamos, siempre que dichos instrumentos constituyan instrumentos del mercado monetario habitualmente negociados en el mercado monetario, sean líquidos y su valor pueda determinarse con precisión en cualquier momento.

##### Gestión de tesorería y de las garantías
A efectos de la gestión del efectivo y de las garantías, el Subfondo puede invertir ocasionalmente en una amplia gama de activos realizables o prácticamente disponibles, que pueden mantenerse para proporcionar liquidez y cobertura para las exposiciones generadas a través de Derivados. En circunstancias excepcionales (como un colapso bursátil o una gran crisis), el Subfondo podrá invertir temporalmente hasta el 100% en activos líquidos o equivalentes a efectivo con fines de gestión de tesorería.
Los activos líquidos o equivalentes a efectivo pueden incluir Valores de deuda y relacionados con la deuda, depósitos bancarios y obligaciones emitidos o garantizados por cualquier gobierno soberano o sus agencias y títulos, instrumentos y obligaciones emitidos por organismos públicos supranacionales o internacionales, bancos, empresas u otros emisores comerciales. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.
El Subfondo también podrá invertir en fondos del mercado monetario, incluido otro OICVM irlandés gestionado por Insight Investment Funds Management Limited y asesorado por la Gestora de inversiones.

##### Organismos de inversión colectiva
El Subfondo también puede perseguir su objetivo y su política de inversión asumiendo posiciones en OIC, con sujeción a un máximo del 10% del Valor de inventario neto del Subfondo.
Cualquier inversión en ETF de capital variable estará sujeta al límite máximo del 10% indicado anteriormente y cualquier inversión en ETF de capital fijo se considerará una inversión en valores mobiliarios, de acuerdo con las exigencias del Banco Central.
La calificación de solvencia mínima de los Valores de deuda y relacionados con la deuda en los que pueden invertir dichos organismos de inversión colectiva en el momento de la compra es B- (o su equivalente), o, en caso de que se trate de títulos respaldados por activos,
títulos respaldados por hipotecas y otras inversiones vinculadas al riesgo crediticio, BBB- (o su equivalente), según la calificación ofrecida por una Agencia de calificación crediticia reconocida. En caso de calificación dual, se tendrá en cuenta la más baja de las dos calificaciones más altas.

##### Índice de referencia
Índice Bloomberg Barclays Global Aggregate Credit TR (hedged to U.S. Dollars) (el «Índice de referencia»).
El Índice de referencia se puede describir como el componente de crédito del índice Barclays Global Aggregate Index que proporciona una medida general de los mercados de renta fija con categoría de inversión de todo el mundo. El componente de crédito excluye la deuda pública y la deuda titulizada.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de manera activa, lo que implica que la Gestora de inversiones tiene la facultad de invertir fuera del Índice de referencia en función del objetivo y la política de inversión.
Sin embargo, dado que el Índice de referencia abarca una proporción considerable del universo de inversión, la mayoría de las posiciones del Subfondo serán componentes del Índice de referencia y las ponderaciones en la cartera podrán ser similares a las del Índice de referencia. La estrategia de inversión limitará el grado en el que las posiciones de la cartera pueden desviarse del Índice de referencia y, por consiguiente, el grado en el que el Subfondo puede superar la rentabilidad del Índice de referencia.

##### Estrategia de inversión
En la estrategia de inversión del Subfondo intervienen los siguientes elementos:
- comprensión del entorno macroeconómico actual y futuro en materia de nivel de empleo, inflación y tipos de interés, y las consecuencias de dichos factores sobre las divisas y los Valores de Deuda y relacionados con la Deuda. Dicha comprensión se obtiene a través de diversas fuentes, incluidas publicaciones de datos económicos, declaraciones de políticas de bancos centrales y revisiones de datos históricos;y
- análisis de las diferentes clases de activos que conforman las inversiones del Subfondo, es decir, deuda crediticia, deuda de mercados emergentes, deuda pública y divisas, para evaluar su potencial de generación de rendimiento.

Una vez finalizado el análisis, la Gestora de inversiones puede decidir la asignación de activos del Subfondo, es decir, qué porcentaje de los activos invertir en las clases de activos. La Gestora de inversiones puede tener en cuenta factores como el gasto y la facilidad de implantación al decidir cómo aplicar la estrategia de inversión y obtener exposición a la clase de activos, por ejemplo, utilizando Derivados o OIC en lugar de comprando activos directamente.
La selección de los títulos individuales que contiene cada clase de activos se realiza con el asesoramiento de los equipos de crédito especializados en sectores o industrias concretas, como telecomunicaciones, automoción, tecnología, fabricación y deuda pública.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes del Subfondo, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un evento o condición ASG («Evento ASG»). Los riesgos asociados a la sostenibilidad se gestionan garantizando que los responsables principales de la toma de decisiones estén informados e incluidos en el programa de inversión responsable de la Gestora de inversiones, y estableciendo procedimientos eficaces de responsabilidad, transparencia e implementación. Cuando el riesgo asociado a la sostenibilidad se considere importante para los resultados de la inversión, se incorporará a los procesos de diligencia debida. Esto puede incluir la evaluación de valores individuales y / o la interacción con emisores o participantes en el mercado. Los controles internos garantizan que los criterios de sostenibilidad se apliquen continuamente al Subfondo.
Las restricciones ASG, que incluyen calificaciones ASG
propias y datos de terceros, se establecen para evitar o permitir la inversión en valores que cumplan características relacionadas con la sostenibilidad. Estos controles están codificados con respecto al Subfondo y se actualizan a medida que se obtiene nueva información.
El gobierno corporativo es un factor de riesgo clave asociado a la sostenibilidad que forma parte de las calificaciones de riesgo ASG propias para todos los emisores. La evaluación del gobierno corporativo por parte de la Gestora de inversiones incluye la evaluación de las prácticas y el comportamiento del consejo de administración, la remuneración, el control y la responsabilidad, y la ética o las controversias. La Gestora de inversiones aplica los conocimientos de las calificaciones ASG junto con su propio conocimiento de las estructuras de gobierno de los emisores para establecer prioridades de interacción con los emisores. La Gestora de inversiones tiene en cuenta estos riesgos conjuntamente para decidir si una inversión compensa razonablemente al fondo por los riesgos asociados a la sostenibilidad a largo y corto plazo. En términos de factores sociales y ambientales, la metodología de calificación ASG propia de la Gestora de inversiones proporciona información específica del sector y de los emisores sobre cuestiones clave. Este modelo ayuda a la Gestora de inversiones a identificar los riesgos clave a los que se puede enfrentar un sector o emisor específico.
El Subfondo puede tener un rendimiento inferior o distinto en relación con otros fondos comparables que no integren los riesgos asociados a la sostenibilidad en sus decisiones de inversión y existe el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit CDX Emerging Markets Índice Markit CDX North American High Yield Índice Markit CDX North American Investment Grade Índice Markit iTraxx Asia Índice Markit iTraxx Europe Índice Markit iTraxx Senior Financials Índice Markit iTraxx Subordinated Financials Índice Markit iTraxx Crossover |
| Índices de tipos de interés para proporcionar exposición a mercados de tipos de interés y para expresar la opinión de la Gestora de inversiones de que la curva de rendimiento se moverá en una dirección concreta que será más rentable o eficiente que si se compraran valores físicos. | EURIBOR LIBOR SOFR SONIA |
| Índices de swaps de rentabilidad total (TRS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit iBoxx EUR Corporates Índice Markit iBoxx EUR Liquid High Yield Índice Markit iBoxx GBP Corporates Índice Markit iBoxx USD Liquid IG Índice Markit iBoxx USD Liquid HY Índice Markit iBoxx USD Domestic Corporates Índice Markit iBoxx USD Liquid Leveraged Loans |

mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
| Futuros | Futuros sobre bonos Futuros de Tipos de Interés Futuros sobre divisas |
| --- | --- |
| Opciones | Opciones sobre divisas Opciones sobre futuros de tipos de interés Opciones sobre bonos Swaptions de incumplimiento de crédito |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| Swaps | Swaps de incumplimiento de crédito («CDS») (denominación única e índice) Swaps de tipos de interés Swaps de inflación Swaps de divisas cruzadas Swaps de activos Swaps de rentabilidad total (denominación única, crédito, índice y cesta (en el caso de esta última opción, sus componentes subyacentes se pueden agrupar por sector, área geográfica u otras características)) |
| Valores con Derivados/apalan- camiento inte- grados | Bonos con warrants vinculados bonos convertibles |

El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular.
Normalmente, todos los índices financieros restantes se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga neta total (una vez tenida en cuenta la cobertura) a través de Derivados no superará el 200% del Valor de inventario neto del Subfondo y la exposición corta neta total no superará el 100% del Valor de inventario neto del Subfondo.

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Relativo
Límite de VaR Relativo: la cartera del Subfondo no superará en dos veces el VaR en una cartera con un índice de referencia representativo (con un periodo de tenencia de 20 Días hábiles)
Índice de referencia de VaR Relativo: Índice Bloomberg Barclays Global Aggregate Credit (hedged to U.S. Dollars)
Se espera que el apalancamiento bruto varíe entre: el 50% y el 800% del Valor de inventario neto. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Relativo y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 30% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 20% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 30% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto.

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o
una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CAD, 1 AUD, 1 CHF, 1 SGD, 10 HKD,
10 CNH o 100 JPY, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») con el sufijo «(Q)», generalmente, se declararán dividendos trimestralmente a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre, y se pagarán el 11 de febrero, el 11 de mayo, el 11 de agosto y el 11 de noviembre respectivamente, o antes de estas fechas. En el caso del resto de clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el día 11 de febrero, o antes de dicha fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Asia Rising Stars Fund

### SUPLEMENTO 32 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
Este Subfondo se clausuró mediante reembolso obligatorio por el cual todas las Acciones en emisión en el Subfondo a 2 de septiembre de 2020 se reembolsaron obligatoriamente. Las Acciones del Subfondo ya no están disponibles para la inversión. La Sociedad tiene previsto solicitar al Banco Central que revoque la autorización del Subfondo tras la elaboración de los estados financieros auditados correspondientes al ejercicio cerrado a 31 de diciembre de 2020. La Sociedad tratará de obtener la autorización del Banco Central para eliminar el Subfondo del Folleto una vez se apruebe dicha revocación.
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar instrumentos financieros derivados («Derivados») para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado«Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
BNY Mellon Asset Management Japan Limited
La Gestora de inversiones podrá delegar sus funciones de gestión de las inversiones en una Gestora delegada de inversiones y / o nombrar a un asesor delegado que le proporcione asesoría en materia de inversión. En la fecha del presente Suplemento, la Gestora de inversiones pretende nombrar a la Gestora delegada de inversiones que se detalla a continuación.

#### Gestora delegada de inversiones
La Gestora de inversiones ha delegado funciones de gestión de inversiones en lo que respecta a la proporción de acciones asiáticas (excepto Japón) del Subfondo en Maybank Asset Management Singapore Pte Limited (la
«Gestora delegada de inversiones»), o en cualquier sucesor nombrado por la Gestora de inversiones de acuerdo con las exigencias del Banco Central.
La Gestora delegada de inversiones forma parte de Maybank Asset Management Group («MAMG»), la división de gestión de activos de Maybank. Con más de 30 años de experiencia, MAMG es pionera en el sector de gestión
de activos de Malasia. MAMG gestiona carteras centradas en mercados asiáticos que van de la renta variable a la renta fija, pasando por los instrumentos del mercado monetario para empresas, instituciones, fondos de pensiones, compañías de seguros y compañías de seguros takaful, así como clientes particulares, a través de mandatos directos, fondos de inversión en régimen fiduciario (unit trusts) y fondos al por mayor.
En el Apéndice A de este Suplemento se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín, Japón y Singapur.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| Euro A (Acum.) | EUR | Hasta el 5% | 5.000 EUR | 1,60% | Ninguna |
| Euro A (Reparto) | EUR | Hasta el 5% | 5.000 EUR | 1,60% | Ninguna |
| USD A (Acum.) | USD | Hasta el 5% | 5.000 USD | 1,60% | Ninguna |
| USD A (Reparto) | USD | Hasta el 5% | 5.000 USD | 1,60% | Ninguna |
| Sterling A (Acum.) | GBP | Hasta el 5% | 5.000 GBP | 1,60% | Ninguna |
| Sterling A (Reparto) | GBP | Hasta el 5% | 5.000 GBP | 1,60% | Ninguna |
| CHF A (Acum.) | CHF | Hasta el 5% | 5.000 CHF | 1,60% | Ninguna |
| CHF A (Reparto) | CHF | Hasta el 5% | 5.000 CHF | 1,60% | Ninguna |
| SGD A (Acum.) | SGD | Hasta el 5% | 5.000 SGD | 1,60% | Ninguna |
| SGD A (Reparto) | SGD | Hasta el 5% | 5.000 SGD | 1,60% | Ninguna |
| JPY A (Acum.) | JPY | Hasta el 5% | 500 000 JPY | 1,60% | Ninguna |
| JPY A (Reparto) | JPY | Hasta el 5% | 500 000 JPY | 1,60% | Ninguna |
| EUR H (Acum.) (con cobertura) | EUR | Hasta el 5% | 5.000 EUR | 1,60% | Ninguna |
| EUR H (Reparto) (con cobertura) | EUR | Hasta el 5% | 5.000 EUR | 1,60% | Ninguna |
| Sterling H (Acum.) (con cobertura) | GBP | Hasta el 5% | 5.000 GBP | 1,60% | Ninguna |
| Sterling H (Reparto) (con cobertura) | GBP | Hasta el 5% | 5.000 GBP | 1,60% | Ninguna |
| CHF H (Acum.) (con cobertura) | CHF | Hasta el 5% | 5.000 CHF | 1,60% | Ninguna |
| CHF H (Reparto) (con cobertura) | CHF | Hasta el 5% | 5.000 CHF | 1,60% | Ninguna |
| SGD H (Acum.) (con cobertura) | SGD | Hasta el 5% | 5.000 SGD | 1,60% | Ninguna |
| SGD H (Reparto) (con cobertura) | SGD | Hasta el 5% | 5.000 SGD | 1,60% | Ninguna |
| JPY H (Acum.) (con cobertura) | JPY | Hasta el 5% | 500 000 JPY | 1,60% | Ninguna |
| JPY H (Reparto) (con cobertura) | JPY | Hasta el 5% | 500 000 JPY | 1,60% | Ninguna |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| Euro W (Acum.) | EUR | Hasta el 5% | 15.000.000 EUR | 0,80% | Ninguna |
| Euro W (Reparto) | EUR | Hasta el 5% | 15.000.000 EUR | 0,80% | Ninguna |
| USD W (Acum.) | USD | Hasta el 5% | 15.000.000 USD | 0,80% | Ninguna |
| USD W (Reparto) | USD | Hasta el 5% | 15.000.000 USD | 0,80% | Ninguna |
| Sterling W (Acum.) | GBP | Hasta el 5% | 15.000.000 GBP | 0,80% | Ninguna |
| Sterling W (Reparto) | GBP | Hasta el 5% | 15.000.000 GBP | 0,80% | Ninguna |
| CHF W (Acum.) | CHF | Hasta el 5% | 15.000.000 CHF | 0,80% | Ninguna |
| CHF W (Reparto) | CHF | Hasta el 5% | 15.000.000 CHF | 0,80% | Ninguna |
| SGD W (Acum.) | SGD | Hasta el 5% | 15.000.000 SGD | 0,80% | Ninguna |
| SGD W (Reparto) | SGD | Hasta el 5% | 15.000.000 SGD | 0,80% | Ninguna |
| JPY W (Acum.) | JPY | Hasta el 5% | 1 500 000 000 JPY | 0,80% | Ninguna |
| JPY W (Reparto) | JPY | Hasta el 5% | 1 500 000 000 JPY | 0,80% | Ninguna |
| EUR W (Acum.) (con cobertura) | EUR | Hasta el 5% | 15.000.000 EUR | 0,80% | Ninguna |
| EUR W (Reparto) (con cobertura) | EUR | Hasta el 5% | 15.000.000 EUR | 0,80% | Ninguna |
| Sterling W (Acum.) (con cobertura) | GBP | Hasta el 5% | 15.000.000 GBP | 0,80% | Ninguna |

| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling W (Reparto) (con cobertura) | GBP | Hasta el 5% | 15.000.000 GBP | 0,80% | Ninguna |
| CHF W (Acum.) (con cobertura) | CHF | Hasta el 5% | 15.000.000 CHF | 0,80% | Ninguna |
| CHF W (Reparto) (con cobertura) | CHF | Hasta el 5% | 15.000.000 CHF | 0,80% | Ninguna |
| SGD W (Acum.) (con cobertura) | SGD | Hasta el 5% | 15.000.000 SGD | 0,80% | Ninguna |
| SGD W (Reparto) (con cobertura) | SGD | Hasta el 5% | 15.000.000 SGD | 0,80% | Ninguna |
| JPY W (Acum.) (con cobertura) | JPY | Hasta el 5% | 1 500 000 000 JPY | 0,80% | Ninguna |
| JPY W (Reparto) (con cobertura) | JPY | Hasta el 5% | 1 500 000 000 JPY | 0,80% | Ninguna |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| EUR X (Acum.) (con cobertura) | EUR | Ninguna | Ninguna | Ninguna | Ninguna |
| EUR X (Reparto) (con cobertura) | EUR | Ninguna | Ninguna | Ninguna | Ninguna |
| USD X (Acum.) | USD | Ninguna | Ninguna | Ninguna | Ninguna |
| USD X (Reparto) | USD | Ninguna | Ninguna | Ninguna | Ninguna |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | Ninguna | Ninguna | Ninguna |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | Ninguna | Ninguna | Ninguna |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | Ninguna | Ninguna | Ninguna |
| CHF X (Reparto) (con cobertura) | CHF | Ninguna | Ninguna | Ninguna | Ninguna |
| SGD X (Acum.) (con cobertura) | SGD | Ninguna | Ninguna | Ninguna | Ninguna |
| SGD X (Reparto) (con cobertura) | SGD | Ninguna | Ninguna | Ninguna | Ninguna |
| JPY X (Acum.) (con cobertura) | JPY | Ninguna | Ninguna | Ninguna | Ninguna |
| JPY X (Reparto) (con cobertura) | JPY | Ninguna | Ninguna | Ninguna | Ninguna |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El objetivo del Subfondo consiste en proporcionar una revalorización del capital a largo plazo invirtiendo principalmente en una cartera de valores de renta variable y asimilados a renta variable (cuya descripción aparece más adelante bajo el epígrafe «Política de inversión») de sociedades asiáticas de pequeña capitalización cotizadas en un Mercado admisible.

##### Política de inversión
El objetivo del Subfondo es lograr su objetivo de inversión invirtiendo al menos el 70% de su Valor de inventario neto directa o indirectamente en valores de renta variable y asimilados a renta variable (es decir, en Resguardos estadounidenses de depósito, «ADR») y Títulos de participación en deuda («P-Notes») (que incluyen opciones con un precio de ejercicio bajo
(«LEPO») y warrants con un precio de ejercicio bajo («WPEB»), cuya descripción aparece más adelante) de sociedades asiáticas de pequeña capitalización (es decir, acciones que estén por debajo de los 5.000 millones de dólares estadounidenses a la venta en países que incluyen, entre otros, Hong Kong, China, India, Corea, Malasia, Singapur, Indonesia, Tailandia, Filipinas, Taiwán, Vietnam, Sri Lanka y Bangladés, con especial interés en Japón, como se detalla más adelante en el epígrafe
«Estrategia de Inversión») cotizadas en Mercados admisibles. El Subfondo podrá también invertir en ADR cotizados o negociados en un Mercado admisible de Estados Unidos con el fin de acceder de manera eficiente a las acciones de dichos mercados asiáticos.
El Subfondo podrá tener acceso a acciones chinas de la clase A cotizadas en la Bolsa de Valores de Shanghái e invertir en ellas a través del canal Shanghai-Hong Kong Stock Connect (como se describe detalladamente en el Apéndice V «Stock Connect» del Folleto). La exposición a
acciones chinas de la clase A a través del canal Shanghai-Hong Kong Stock Connect no será superior al 10% del Valor de inventario neto del Subfondo.
El Subfondo podrá invertir más del 20% de su Valor de inventario neto en países con mercados emergentes.
El Subfondo utilizará Derivados en aras de una gestión eficiente de la cartera y con fines de cobertura de clases de acciones, según se describe con detalle más adelante bajo los epígrafes «Gestión eficiente de la cartera» y
«Cobertura de las clases de Acciones». Estos Derivados se limitan a Pagarés P, contratos a plazo sobre divisas y contratos a plazo sin entrega física a su vencimiento. El Subfondo no invertirá más del 10% de su Valor de inventario neto total en organismos de inversión colectiva («OIC») de tipo abierto, incluyendo fondos del mercado monetario. La inversión en OIC de capital variable podrá utilizarse con fines de gestión de efectivo o para obtener exposición a los valores de renta variable señalados anteriormente en la política de inversión.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en valores mobiliarios (es decir, acciones) recientemente emitidos no admitidos a cotización ni negociados en Mercados admisibles en el plazo de un año.
El Subfondo no tiene previsto tomar posiciones cortas.

##### Índice de referencia
Índice MSCI AC Asia Small Cap NR (el «Índice de referencia»).
El Índice de referencia representa a los valores de pequeña capitalización de países con mercados desarrollados y países con mercados emergentes de Asia. Con 2.391 componentes, el Índice de referencia cubre aproximadamente el 14% de la capitalización bursátil ajustada a flotación libre en todos los países en los que opera.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del Índice de referencia, la selección de las inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
La estrategia de inversión del Subfondo consiste en invertir en sociedades asiáticas de pequeña capitalización cotizadas en Mercados admisibles de países asiáticos mediante un proceso activo de selección de valores.
La Gestora de inversiones gestionará el 50% de la cartera del Subfondo, centrándose principalmente en renta variable de sociedades japonesas de pequeña capitalización, según se describe con mayor detalle más adelante. La Gestora de inversiones encargará la gestión del 50% restante del Subfondo (es decir, la parte restante de valores asiáticos de renta variable de la cartera excepto Japón) a la Gestora delegada de inversiones.
La Gestora de inversiones se concentrará en valores de renta variable y valores asimilados a renta variable (según se describe anteriormente bajo el epígrafe
«Políticas de inversión») de sociedades japonesas de pequeña capitalización que estén por debajo de los
500.000 millones de yenes en el momento de su compra. La estrategia de la Gestora de inversiones consiste en invertir en una cartera de valores de renta variable japonesa de pequeña capitalización a partir de una investigación fundamental sobre las perspectivas de beneficio a medio y a largo plazo, haciendo hincapié en el análisis de sociedades concretas. El proceso de inversión se centra en identificar empresas que convengan a las políticas de inversión del Subfondo (cuya descripción se incluye más adelante), y trata de generar alfa (es decir, un exceso de rentabilidad), principalmente a través de este proceso de selección de acciones. La estrategia de la Gestora de inversiones consiste en invertir en empresas con perspectivas de alto crecimiento a un precio razonable, que la Gestora de inversiones considere que tienen capacidad para proporcionar beneficios a más largo plazo por encima de las expectativas del mercado (como se describe más adelante). La Gestora de inversiones evalúa los beneficios de la empresa en cuestión generalmente a lo largo de tres años, con el fin de determinar sus perspectivas de crecimiento, su valoración y la capacidad de obtener beneficios a más largo plazo por encima de las expectativas del mercado. La mayoría de las posiciones de la parte de la cartera del Subfondo gestionada por la Gestora de inversiones
tendrá una capitalización bursátil igual o inferior a
500 000 millones de yenes. Esta parte de la cartera del Subfondo normalmente estará constituida por menos de 40 valores. La Gestora de inversiones no pretende efectuar asignaciones nacionales o regionales activas, y reajustará periódicamente la cartera combinada hasta conseguir una posición neutral (es decir, hasta que esté invertida a partes iguales en renta variable japonesa y en renta variable no japonesa).
La Gestora delegada de inversiones busca acciones basándose en su pertinencia para las políticas de inversiones, descritas anteriormente, y selecciona dichas acciones con un enfoque «de abajo arriba» (bottom-up). La selección de valores mediante un enfoque de abajo arriba implica considerar los fundamentales de una empresa desde numerosas perspectivas, incluyendo sus estados financieros y la calidad de su gestión (es decir, la estabilidad del equipo directivo de la empresa en cuestión, y su capacidad para lograr el crecimiento de los beneficios que espera el mercado), aplicando una investigación fundamental detallada. Dependiendo de la empresa en cuestión, esta investigación fundamental detallada incluye normalmente entrevistar a los equipos directivos responsables de dichas empresas o una investigación de mercado, y / o un estudio del modelo de negocio de dicha empresa, con el fin de determinar los principales factores que inciden en el precio de la acción (lo que incluye una valoración y una estimación de beneficios de la empresa de que se trate).
Las dos carteras juntas conforman la cartera combinada del Subfondo (es decir, las partes combinadas de la cartera gestionadas respectivamente por la Gestora de inversiones y por la Gestora delegada de inversiones). La Gestora de inversiones supervisa el cumplimiento de los límites de inversión pertinentes aplicables al Subfondo.

#### Emisión de Acciones
La oferta inicial (el «Periodo de oferta inicial») para todas las clases de Acciones ofrecidas por el Subfondo se ha cerrado. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 28 de febrero de 2020 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www.bnymellonim.com.
Las Acciones de cada clase no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF, 1 SGD o 100 JPY, en función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Reembolso de Acciones
Las Acciones de cada clase se reembolsarán en cada Día de valoración en el Momento de valoración a elección del correspondiente Accionista. El Precio de recompra será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración, minorado en la comisión de reembolso aplicable.
Todas las solicitudes de reembolso de Acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Límites de inversión y de endeudamiento
Los límites de inversión y de endeudamiento del Subfondo se exponen bajo el epígrafe «La Sociedad – Límites de inversión y de endeudamiento» del Folleto.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar operaciones de financiación de valores («OFV»), es decir, operaciones de préstamo de valores, en los términos descritos bajo el epígrafe
«Gestión eficiente de la cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de operaciones de préstamo de valores serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto.

#### Cobertura de la Clase de Acciones
Este Subfondo ofrece clases de acciones con cobertura. Estas se identifican con la indicación «(con cobertura)». Véase el apartado «Cobertura de las clases de Acciones» del Folleto para obtener información adicional sobre el funcionamiento y el impacto de las clases de acciones clases de acciones con cobertura.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.
Los inversores deberán asimismo tener en cuenta que invertir en la República Popular de China, en el canal Shanghai-Hong Kong Stock Connect y en sociedades de pequeña capitalización, conlleva un considerable nivel de riesgo. Estos riesgos aparecen detallados en el Folleto.

#### APÉNDICE A
- Contrato de Gestión Delegada de Inversiones –Maybank Asset Management Singapore.
- En virtud de un Contrato de Gestión Delegada de Inversiones formalizado entre la Gestora de inversiones y la Gestora delegada de inversiones con fecha del 5 de septiembre de 2016 (con sus modificaciones), la Gestora delegada de inversiones gestionará los activos del Subfondo que le asigne ocasionalmente la Gestora de inversiones de forma discrecional, y bajo el control y supervisión generales de esta última.
- El Contrato de Gestión Delegada de Inversiones regula el pago por parte de la Gestora de inversiones de las comisiones y gastos de la Gestora delegada de inversiones.


## BNY Mellon U.S. Equity Income Fund

### SUPLEMENTO 33 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. El uso de Derivados con fines de inversión no será amplio. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Está previsto cargar las comisiones de gestión y otras comisiones y gastos del Subfondo al capital del Subfondo para intentar maximizar los repartos. Consulte el apartado «Comisiones y gastos» del Folleto para obtener información adicional al respecto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.


#### La Gestora de inversiones
Newton Investment Management North America LLC

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR A (Acum.) | EUR | 5.000 | 5% | 2,00% | 0% |
| EUR A (Reparto) | EUR | 5.000 | 5% | 2,00% | 0% |
| USD A (Acum.) | USD | 5.000 | 5% | 2,00% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 2,00% | 0% |
| Sterling A (Acum.) | GBP | 5.000 | 5% | 2,00% | 0% |
| Sterling A (Reparto) | GBP | 5.000 | 5% | 2,00% | 0% |
| CHF A (Acum.) | CHF | 5.000 | 5% | 2,00% | 0% |
| CHF A (Reparto) | CHF | 5.000 | 5% | 2,00% | 0% |
| EUR H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 2,00% | 0% |
| EUR H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 2,00% | 0% |
| Sterling H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 2,00% | 0% |
| Sterling H (Reparto) (con cobertura) | GBP | 5.000 | 5% | 2,00% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 2,00% | 0% |
| CHF H (Reparto) (con cobertura) | CHF | 5.000 | 5% | 2,00% | 0% |

| Acciones «B» y Acciones «J (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD B (Acum.) | USD | 10.000 | 5% | 1,50% | 0% |
| USD B (Reparto) | USD | 10.000 | 5% | 1,50% | 0% |
| EUR B (Acum.) | EUR | 10.000 | 5% | 1,50% | 0% |
| EUR B (Reparto) | EUR | 10.000 | 5% | 1,50% | 0% |
| SGD B (Acum.) | SGD | 10.000 | 5% | 1,50% | 0% |
| SGD B (Reparto) | SGD | 10.000 | 5% | 1,50% | 0% |
| AUD B (Acum.) | AUD | 10.000 | 5% | 1,50% | 0% |
| AUD B (Reparto) | AUD | 10.000 | 5% | 1,50% | 0% |
| CAD B (Acum.) | CAD | 10.000 | 5% | 1,50% | 0% |
| CAD B (Reparto) | CAD | 10.000 | 5% | 1,50% | 0% |
| HKD B (Acum.) | HKD | 100.000 | 5% | 1,50% | 0% |
| HKD B (Reparto) | HKD | 100.000 | 5% | 1,50% | 0% |
| CNH B (Acum.) | CNH | 100.000 | 5% | 1,50% | 0% |
| CNH B (Reparto) | CNH | 100.000 | 5% | 1,50% | 0% |
| EUR J (Acum.) (con cobertura) | EUR | 10.000 | 5% | 1,50% | 0% |
| SGD J (Acum.) (con cobertura) | SGD | 10.000 | 5% | 1,50% | 0% |
| SGD J (Reparto) (con cobertura) | SGD | 10.000 | 5% | 1,50% | 0% |
| AUD J (Acum.) (con cobertura) | AUD | 10.000 | 5% | 1,50% | 0% |
| AUD J (Reparto) (con cobertura) | AUD | 10.000 | 5% | 1,50% | 0% |
| CAD J (Acum.) (con cobertura) | CAD | 10.000 | 5% | 1,50% | 0% |
| CAD J (Reparto) (con cobertura) | CAD | 10.000 | 5% | 1,50% | 0% |
| CNH J (Acum.) (con cobertura) | CNH | 100.000 | 5% | 1,50% | 0% |
| CNH J (Reparto) (con cobertura) | CNH | 100.000 | 5% | 1,50% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| EUR G (Acum.) | EUR | 5.000 | 5% | 1,00% | 0% |
| EUR G (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Acum.) | GBP | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Reparto) | GBP | 5.000 | 5% | 1,00% | 0% |
| EUR G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| EUR G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Reparto) (con cobertura) | GBP | 5.000 | 5% | 1,00% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR C (Acum.) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| EUR C (Reparto) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| USD C (Acum.) | USD | 5.000.000 | 5% | 1,00% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| CHF C (Acum.) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| CHF C (Reparto) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| EUR I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| EUR I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Sterling I (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling I (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| CHF I (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| CHF I (Reparto) (con cobertura) | CHF | 5.000.000 | 5% | 1,00% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR W (Acum.) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| EUR W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| EUR W (Reparto) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| EUR W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,75% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Reparto) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,75% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| AUD W (Reparto) (con cobertura) | AUD | 15.000.000 | 5% | 0,75% | 0% |
| CAD W (Reparto) (con cobertura) | CAD | 15.000.000 | 5% | 0,75% | 0% |
| HKD W (Reparto) | HKD | 150.000.000 | 5% | 0,75% | 0% |
| CNH W (Reparto) (con cobertura) | CNH | 150.000.000 | 5% | 0,75% | 0% |
| SGD W (Reparto) (con cobertura) | SGD | 15.000.000 | 5% | 0,75% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR E (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,45% | 0% |
| EUR E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,45% | 0% |
| EUR E (Reparto) | EUR | Tal y como se ha acordado | 5% | 0,45% | 0% |
| EUR E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,45% | 0% |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,45% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Sterling E (Acum.) | GBP | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Sterling E (Reparto) | GBP | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,45% | 0% |
| CHF E (Acum.) | CHF | Tal y como se ha acordado | 5% | 0,45% | 0% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,45% | 0% |
| CHF E (Reparto) | CHF | Tal y como se ha acordado | 5% | 0,45% | 0% |
| CHF E (Reparto) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,45% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| EUR X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| EUR X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| EUR X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) | GBP | Ninguna | 0% | 0% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) | CHF | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |
| CHF X (Reparto) | CHF | Ninguna | 0% | 0% | 0% |
| CHF X (Reparto) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo persigue maximizar la rentabilidad total de los ingresos y el incremento del capital.

##### Política de inversión
El Subfondo invierte principalmente (lo cual significa al menos dos tercios del Valor de inventario neto del Subfondo) en valores de renta variable y asimilados a la renta variable (acciones ordinarias y preferentes, Resguardos estadounidenses de depósito de valores y Resguardos mundiales de depósito de valores (denominados conjuntamente en lo sucesivo «Resguardos de depósito de valores»), sociedades anónimas cotizadas de inversión inmobiliaria («SOCIMI») y sociedades limitadas negociadas públicamente («MLP»)), emitidos por «empresas de capitalización bursátil alta» de los Estados Unidos. El término «empresa de capitalización bursátil alta» incluirá valores de empresas que, en el momento de su compra, tengan una capitalización bursátil igual o superior a 2.000 millones de dólares estadounidenses.
Las inversiones en SOCIMIS no superarán el 5% del Valor de inventario neto del Subfondo. Las inversiones en MLP no superarán el 5% del Valor de inventario neto del Subfondo.
El Subfondo podrá invertir hasta una tercera parte de su Valor de inventario neto en valores de renta variable y asimilados a la renta variable de empresas (que cotizarán o se negociarán en Mercados admisibles) situadas en
EE. UU. de cualquier tamaño, o en valores de renta variable y asimilados a la renta variable de empresas que ni tengan su domicilio social ni desarrollen una parte predominante de su actividad económica en EE.UU.
El Subfondo no invertirá en regiones con mercados emergentes.
La Gestora de inversiones del Subfondo supervisa las inversiones del Subfondo, en particular la capitalización bursátil de los valores del Subfondo, como parte de su gestión de inversiones del Subfondo. La Gestora de inversiones no vende automáticamente un valor al caer la capitalización bursátil de este por debajo de los
2000 millones de dólares estadounidenses tras su compra, sino que tiene en cuenta otros factores adicionales, como la estrategia de inversión y la política de inversión del Subfondo a la hora de tomar tales decisiones.
El Subfondo podrá invertir además hasta el 10% de su Valor de inventario neto total en organismos de inversión colectiva («OIC») de tipo abierto, incluidos los fondos de capital variable negociados en bolsa («ETF»), con el fin de obtener exposición a dichos mercados. La inversión en OIC podrá utilizarse con fines de gestión de efectivo (como a través de fondos del mercado monetario) o para obtener exposición a los valores de renta variable y asimilados a la renta variable enumerados anteriormente. El Subfondo podrá poseer activos líquidos con carácter accesorio como depósitos bancarios.
El Subfondo no invierte en ETF de capital fijo.
El Subfondo también podrá obtener exposición a valores de renta variable y valores asimilados a la renta variable mediante el uso de Derivados, hasta un límite del 5% del Valor de inventario neto del Subfondo en el caso de que se utilicen warrants, tal como se establece en el epígrafe
«Uso de Derivados» posterior.
El Subfondo no tiene previsto tomar posiciones cortas.
La mayor parte de las inversiones del Subfondo estarán admitidas a cotización o se negociarán en Mercados admisibles. En el Apéndice II del Folleto se recoge una lista de los Mercados admisibles.

##### Índice de referencia
S&P 500 NR Index (el «Índice de referencia»).
El Índice de referencia está ampliamente considerado como el mejor indicador de los valores estadounidenses de alta capitalización bursátil. Hay más de 9,9 billones de USD indexados o referenciados al índice, mientras que los activos indexados alcanzan aproximadamente los 3,4 billones de USD. El índice incluye a las 500 empresas más importantes y cubre aproximadamente el 80% de la capitalización bursátil disponible.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Sin embargo, dado que el Índice de referencia abarca una considerable proporción del universo de inversión, la mayoría de las posiciones del Subfondo serán componentes del Índice de referencia, aunque las ponderaciones en la cartera no se verán influidas por las
del Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
La Gestora de inversiones cree que el éxito en la inversión se logra aplicando una filosofía orientada al valor, basada en la investigación y que controle los riesgos, como se explica a continuación.
Orientada al valor
- Centrada en valores de renta variable con valoraciones atractivas en relación con el mercado, el sector y la trayectoria de la acción (a través de la búsqueda de acciones cuyo valor es considerado por la Gestora de inversiones mayor que el precio al que se pagan actualmente en el mercado).
- Evita la compra de valores cuyo precio no deja de caer, combinando medidas de valoración tradicionales (como la relación precio-acción, la relación precio-valor contable, y la relación precio- flujo de tesorería), centrándose en empresas que den muestras de dinamismo empresarial y con unos fundamentales vigorosos.

Basada en la investigación
- Considera que el análisis fundamental es la mejor forma de asegurar la gestión de la capacidad y voluntad de la empresa en cuestión para mantener e, idealmente, aumentar los dividendos.

De riesgos controlados
- Aplica controles de riesgos en todos los niveles del proceso de diseño de la cartera del Subfondo con el fin de minimizar los riesgos no deseados.
- Establece los objetivos de precios máximos y mínimos antes de invertir en nuevas posiciones (es decir, los niveles de precios en el mejor y en el peor de los casos, respecto de los cuales es posible comparar los movimientos de precios ahora y en el futuro).

Con el fin de aplicar la política de inversión del Subfondo, la Gestora de inversiones se centra en un proceso en tres fases.

##### Fase 1: Examen de todas las opciones de inversión
El objetivo en esta fase es examinar todos los posibles valores de renta variable estadounidense, prestando atención a la sostenibilidad de los dividendos y a su potencial de crecimiento, a la valoración (buscando acciones cuyo valor es considerado por la Gestora de inversiones mayor que el precio al que se pagan actualmente en el mercado) y a los fundamentales (características básicas e información publicada necesarios para analizar la solidez y estabilidad de un negocio) del valor de renta variable en cuestión. La Gestora de inversiones aplica también en esta fase exámenes cuantitativos (mediciones de valoración, situación de los beneficios, y otras variables cuantitativas de una acción en relación con otras). Tanto el análisis fundamental como el cuantitativo permiten identificar un valor que merece la pena ser tenido en cuenta. En última instancia, este paso permite concentrarse en la investigación fundamental en mayor profundidad en la segunda fase.

##### Fase 2: Investigación fundamental
Una vez elaborada una lista de valores con la que trabajar, el gestor de la cartera en cuestión de la Gestora de inversiones realiza una investigación fundamental en colaboración con un equipo de investigación especializado perteneciente a la Gestora de inversiones. Sin embargo, no hay un enfoque único en este trabajo. La investigación fundamental incluye conversaciones con la dirección de una empresa, la elaboración de modelos financieros (que contribuyan a pronosticar de manera precisa el precio o el rendimiento futuro de una empresa en términos de beneficios), y la evaluación de las declaraciones obligatorias presentadas (documentación presentada por la empresa a las autoridades competentes con arreglo a la ley). A continuación, el analista designado formula una recomendación positiva o negativa de compra basada en los objetivos de precio máximo y mínimo (expectativas sobre el precio futuro de un valor), los factores en los que se basa la tesis de inversión (es decir, valoración, fundamentales, dinamismo empresarial y perspectivas de dividendos) y los riesgos potenciales.

##### Fase 3: Diseño de la cartera
La Gestora de inversiones toma la decisión final respecto a la inclusión o no de un valor en la cartera del Subfondo y a cuál debería ser su ponderación específica. Cabe destacar que, durante esta fase final, las decisiones se toman en el contexto del perfil general de riesgos de la cartera del Subfondo.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La gestión del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones aplica análisis fundamentales respaldados por recursos de datos cuantitativos para evaluar los factores ambientales, sociales y de gobernanza de cada inversión en cartera en busca de posibles riesgos asociados a la sostenibilidad. Estos factores pueden incluir, entre otros, el impacto sobre el medioambiente de un emisor, incluidas las emisiones, el uso de la tierra y las prácticas en materia de residuos, así como las políticas y prácticas sociales de un emisor, incluidas las cuestiones relacionadas con los empleados, las prácticas de la cadena de suministro y las políticas de derechos humanos. La Gestora de inversiones identifica e incorpora en su proceso de toma de decisiones de inversión aquellas consideraciones que influirán en el comportamiento de un emisor o afectarán a los entornos económicos, normativos, políticos, sociales o físicos en los que opera. La Gestora de inversiones aprovecha el análisis fundamental junto con los datos cuantitativos para obtener una puntuación ASG propia con el fin de mejorar aún más la gestión de los factores de sostenibilidad dentro del Subfondo. El análisis interno de la Gestora de inversiones se complementa con recursos de terceros, entre los que se incluyen datos y calificaciones ASG de MSCI, datos ASG de Bloomberg, la Guía de diálogo activo (Engagement Guide) de la Junta de Normas de Contabilidad Sostenible
(SASB), análisis de la parte vendedora y eventos del sector. El resultado es un proceso de toma de decisiones de inversión que pretende minimizar la exposición del Subfondo a emisores rezagados en materia ambiental, social y de gobierno corporativo, a la vez que tiene en cuenta cualquier otro riesgo asociados a la sostenibilidad vinculado a las inversiones del Subfondo.
La Gestora de inversiones también evalúa las prácticas de gobierno corporativo de los emisores mediante su investigación fundamental, complementada con metodologías de calificación de gobierno corporativo propias y de terceros, con el fin de establecer de manera fehaciente si los emisores correspondientes siguen unas buenas prácticas de gobierno, en particular con respecto a estructuras de gestión sólidas, relaciones con los empleados, remuneración del personal y conformidad fiscal.
La Gestora de inversiones supervisa periódicamente los factores de sostenibilidad y las exposiciones al riesgo evaluando los informes periódicos sobre las puntuaciones ASG propios de la Gestora de inversiones y procedentes de terceros.
Como se ha explicado anteriormente, la gestión y la evaluación de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Opciones | Opciones de compra |
| --- | --- |

| Valores con | Warrants |
| --- | --- |
| Derivados/apa- | Derechos de compra de acciones |
| lancamiento |  |
| integrados |  |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de renta variable para proporcionar exposición a mercados regionales y globales de renta variable de una manera más rentable o eficiente que mediante la compra de los valores físicos. | S&P 500 NR Index |

Normalmente, todos los índices financieros se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.

#### Registro en Hong Kong
El Subfondo está registrado para su venta en Hong Kong.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 50% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CAD, 1 AUD,
1 CHF, 1 SGD, 10 HKD o 10 CNH, en función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Global Short-Dated High Yield Bond Fund

### SUPLEMENTO 34 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. El uso de Derivados con fines de inversión no será amplio. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debe representar una parte significativa de una cartera de inversiones y podría no resultar conveniente para todos los inversores.
- El Subfondo podrá, en circunstancias excepcionales, invertir principalmente en depósitos establecidos en entidades de crédito. Aunque el Subfondo puede invertir en instrumentos del mercado monetario y depósitos a la vista, las Acciones del Subfondo no constituyen depósitos y son de naturaleza diferente de los depósitos, por no estar garantizadas y porque el valor de la inversión es susceptible de fluctuar. Toda inversión en el Subfondo entraña ciertos riesgos de inversión, incluida la posible pérdida del principal invertido.


#### La Gestora de inversiones
Insight Investment Management (Global) Limited
La Gestora de inversiones podrá delegar sus funciones de gestión de inversiones en una Gestora delegada de inversiones y nombrar a un asesor delegado para que le preste asesoramiento en materia de inversión de conformidad con los requisitos del Banco Central. En la fecha del presente Suplemento, la Gestora de inversiones ha nombrado a la Gestora delegada de inversiones que se detalla a continuación.

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Insight North America LLC (la «Gestora delegada de inversiones»). En el apartado
del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD A (Acum.) | USD | 5.000 | 5% | 1,25% | 0% | SOFR (compuesto a 90 días) |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| --- | --- | --- | --- | --- | --- | --- |
| USD A (Reparto) | USD | 5.000 | 5% | 1,25% | 0% | SOFR (compuesto a 90 días) |
| EUR H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,25% | 0% | EURIBOR a 3 meses |
| EUR H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,25% | 0% | EURIBOR a 3 meses |
| Sterling H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,25% | 0% | SONIA (compuesto a 90 días) |
| Sterling H (Reparto) (con cobertura) | GBP | 5.000 | 5% | 1,25% | 0% | SONIA (compuesto a 90 días) |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 1,25% | 0% | SARON (compuesto a 90 días) |
| CHF H (Reparto) (con cobertura) | CHF | 5.000 | 5% | 1,25% | 0% | SARON (compuesto a 90 días) |
| JPY H (Acum.) (con cobertura) | JPY | 500.000 | 5% | 1,25% | 0% | TONAR (compuesto a 90 días) |
| JPY H (Reparto) (con cobertura) | JPY | 500.000 | 5% | 1,25% | 0% | TONAR (compuesto a 90 días) |
| AUD H (Acum.) (con cobertura) | AUD | 5.000 | 5% | 1,25% | 0% | BofA Merrill Lynch AUD LIBOR 3 M Cons Maturity TR |
| AUD H (Reparto) (con cobertura) (M) | AUD | 5.000 | 5% | 1,25% | 0% | BofA Merrill Lynch AUD LIBOR 3 M Cons Maturity TR |
| CAD H (Acum.) (con cobertura) | CAD | 5.000 | 5% | 1,25% | 0% | BofA Merrill Lynch CAD LIBOR 3 M Cons Maturity TR |
| CAD H (Reparto) (con cobertura) (M) | CAD | 5.000 | 5% | 1,25% | 0% | BofA Merrill Lynch CAD LIBOR 3 M Cons Maturity TR |
| CNH H (Acum.) (con cobertura) | CNH | 50.000 | 5% | 1,25% | 0% | CNH HIBOR a 3 mes |
| CNH H (Reparto) (con cobertura) (M) | CNH | 50.000 | 5% | 1,25% | 0% | CNH HIBOR a 3 mes |
| SGD H (Acum.) (con cobertura) | SGD | 5.000 | 5% | 1,25% | 0% | SGD SIBOR a 3 mes |
| SGD H (Reparto) (con cobertura) (M) | SGD | 5.000 | 5% | 1,25% | 0% | SGD SIBOR a 3 mes |
| DKK H (Acum.) (con cobertura) | DKK | 50.000 | 5% | 1,25% | 0% | DKK LIBOR a 3 mes |
| NOK H (Acum.) (con cobertura) | NOK | 50.000 | 5% | 1,25% | 0% | NOK LIBOR a 3 mes |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 1,25% | 0% | SEK LIBOR a 3 mes |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD G (Acum.) | USD | 5.000 | 5% | 0,75% | 0% | SOFR (compuesto a 90 días) |
| USD G (Reparto) | USD | 5.000 | 5% | 0,75% | 0% | SOFR (compuesto a 90 días) |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,75% | 0% | EURIBOR a 3 meses |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,75% | 0% | EURIBOR a 3 meses |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,75% | 0% | SOFR (compuesto a 90 días) |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,75% | 0% | SOFR (compuesto a 90 días) |
| EUR I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 0,75% | 0% | EURIBOR a 3 meses |
| EUR I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,75% | 0% | EURIBOR a 3 meses |
| Sterling I (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 0,75% | 0% | SONIA (compuesto a 90 días) |
| Sterling I (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 0,75% | 0% | SONIA (compuesto a 90 días) |
| CHF I (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 0,75% | 0% | SARON (compuesto a 90 días) |
| CHF I (Reparto) (con cobertura) | CHF | 5.000.000 | 5% | 0,75% | 0% | SARON (compuesto a 90 días) |
| JPY I (Acum.) (con cobertura) | JPY | 500.000.000 | 5% | 0,75% | 0% | TONAR (compuesto a 90 días) |
| JPY I (Reparto) (con cobertura) | JPY | 500.000.000 | 5% | 0,75% | 0% | TONAR (compuesto a 90 días) |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,50% | 0% | SOFR (compuesto a 90 días) |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,50% | 0% | SOFR (compuesto a 90 días) |
| EUR W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,50% | 0% | EURIBOR a 3 meses |
| EUR W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,50% | 0% | EURIBOR a 3 meses |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,50% | 0% | SONIA (compuesto a 90 días) |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,50% | 0% | SONIA (compuesto a 90 días) |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,50% | 0% | SARON (compuesto a 90 días) |
| CHF W (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,50% | 0% | SARON (compuesto a 90 días) |
| JPY W (Acum.) (con cobertura) | JPY | 1.500.000.000 | 5% | 0,50% | 0% | TONAR (compuesto a 90 días) |
| JPY W (Reparto) (con cobertura) | JPY | 1.500.000.000 | 5% | 0,50% | 0% | TONAR (compuesto a 90 días) |
| AUD W (Reparto) (con cobertura) (M) | AUD | 15.000.000 | 5% | 0,50% | 0% | BofA Merrill Lynch AUD LIBOR 3 M Cons Maturity TR |
| CAD W (Reparto) (con cobertura) (M) | CAD | 15.000.000 | 5% | 0,50% | 0% | BofA Merrill Lynch CAD LIBOR 3 M Cons Maturity TR |
| HKD W (Reparto) (con cobertura) (M) | HKD | 150.000.000 | 5% | 0,50% | 0% | HKD HIBOR a 3 mes |
| CNH W (Reparto) (con cobertura) (M) | CNH | 150.000.000 | 5% | 0,50% | 0% | CNH HIBOR a 3 mes |
| SGD W (Reparto) (con cobertura) (M) | SGD | 15.000.000 | 5% | 0,50% | 0% | SGD SIBOR a 3 mes |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| --- | --- | --- | --- | --- | --- | --- |
| DKK W (Acum.) (con cobertura) | DKK | 150.000.000 | 5% | 0,50% | 0% | DKK LIBOR a 3 mes |
| NOK W (Acum.) (con cobertura) | NOK | 150.000.000 | 5% | 0,50% | 0% | NOK LIBOR a 3 mes |
| SEK W (Acum.) (con cobertura) | SEK | 150.000.000 | 5% | 0,50% | 0% | SEK LIBOR a 3 mes |

| Acciones «Z» y Acciones «Z (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Sterling Z (Acum.) (con cobertura) | GBP | 200.000.000 | 5% | 0,40% | 0% | SONIA (compuesto a 90 días) |
| Sterling Z (Reparto) (con cobertura) | GBP | 200.000.000 | 5% | 0,40% | 0% | SONIA (compuesto a 90 días) |
| USD Z (Acum.) | USD | 200.000.000 | 5% | 0,40% | 0% | SOFR (compuesto a 90 días) |
| USD Z (Reparto) | USD | 200.000.000 | 5% | 0,40% | 0% | SOFR (compuesto a 90 días) |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| EUR X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% | EURIBOR a 3 meses |
| EUR X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% | EURIBOR a 3 meses |
| JPY X (Acum.) | JPY | Ninguna | 0% | 0% | 0% | TONAR (compuesto a 90 días) |
| JPY X (Reparto) (M) | JPY | Ninguna | 0% | 0% | 0% | TONAR (compuesto a 90 días) |
| JPY X (Acum.) (con cobertura) | JPY | Ninguna | 0% | 0% | 0% | TONAR (compuesto a 90 días) |
| JPY X (Reparto) (con cobertura) | JPY | Ninguna | 0% | 0% | 0% | TONAR (compuesto a 90 días) |
| JPY X (Reparto) (con cobertura) (M) | JPY | Ninguna | 0% | 0% | 0% | TONAR (compuesto a 90 días) |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% | SOFR (compuesto a 90 días) |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% | SOFR (compuesto a 90 días) |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% | SONIA (compuesto a 90 días) |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% | SONIA (compuesto a 90 días) |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% | SARON (compuesto a 90 días) |
| CHF X (Reparto) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% | SARON (compuesto a 90 días) |
| CAD X (Acum.) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% | BofA Merrill Lynch CAD LIBOR 3 M Cons Maturity TR |
| CAD X (Reparto) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% | BofA Merrill Lynch CAD LIBOR 3 M Cons Maturity TR |

| Acciones «Y» y Acciones «Y (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD Y (Acum.)* | USD | Ninguna | 5% | 0% | 0% | SOFR (compuesto a 90 días) |
| Sterling Y (Acum.) (con cobertura)* | GBP | Ninguna | 5% | 0% | 0% | SONIA (compuesto a 90 días) |

*	Esta clase de acciones está cerrada a nuevos inversores.

#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo tiene como objetivo ofrecer rentabilidades positivas mayores que el Índice de referencia basado en el efectivo a lo largo de un periodo continuo de 3 años.

##### Política de inversión
El Subfondo trata de alcanzar su objetivo de inversión invirtiendo la mayoría de su Valor de inventario neto (es decir, más del 50%) en una cartera de bonos de alto rendimiento (es decir, bonos que la Gestora de inversiones considere por debajo de su valor) que, por lo general, venzan o se espere que venzan en el plazo de 3 años.
El resto de los activos se podrán invertir en una amplia variedad de activos disponibles, realizables o prácticamente disponibles (tal y como se explica bajo el epígrafe «Gestión del efectivo y de las garantías», más adelante). No obstante, en periodos de incertidumbre en el mercado, el Subfondo podrá reducir su asignación a bonos de alto rendimiento e invertir la mayoría de sus activos en activos disponibles, realizables o prácticamente disponibles con el fin de proteger el valor del Subfondo.
El Subfondo podrá invertir en Valores de deuda y relacionados con la deuda (obligaciones, letras del tesoro, empréstitos, bonos, préstamos, títulos respaldados por hipotecas y títulos respaldados por activos, certificados de depósito, pagarés de tipo flotante, obligaciones a corto y medio plazo y papel comercial, que podrán ser de tipo fijo, flotante o variable, variar en sentido inverso al de un tipo de cambio y haber sido emitidos o estar garantizados por cualquier Gobierno soberano o sus agencias, autoridades locales,
organismos públicos internacionales o supranacionales, bancos, empresas u otros emisores comerciales, en adelante, «Valores de deuda y relacionados con la deuda»).
Los valores de deuda emitidos por sociedades pueden adquirirse con «warrants» vinculados. Si una operación societaria incluye una conversión o una reestructuración de un emisor subyacente, el Subfondo podrá recibir valores de renta variable. La Gestora de inversiones podrá optar por conservar o liquidar dichas inversiones cuando considere que hacerlo beneficia al Subfondo, teniendo en cuenta las condiciones dominantes en el mercado.
El Subfondo invertirá directamente en Valores de deuda y relacionados con la deuda, y también podrá obtener exposición a Valores de deuda y relacionados con la deuda mediante el uso de Derivados, tal como se
establece en el epígrafe «Uso de Derivados» posterior. Consulte el apartado «Uso de Derivados», más adelante, para ver la lista de valores o instrumentos que pueden incluir Derivados y / o apalancamiento.
Los Derivados se emplean para adoptar posiciones largas sintéticas o posiciones cortas sintéticas. Pueden ofrecer protección o beneficios a partir de los impagos y las expectativas de impago de los emisores de deuda, además de utilizarse para expresar el punto de vista sobre la dirección y la volatilidad de la Deuda y los Valores relacionados con la Deuda.
De acuerdo con el análisis descrito en el apartado
«Estrategia de inversión», a continuación, se pueden adoptar posiciones cortas sintéticas para:
- cobertura frente a exposiciones prolongadas, es decir, proteger el nivel de pérdidas que puede sufrir el Subfondo si un título o un mercado al que está expuesto pierde valor;y
- expresar un punto de vista negativo sobre la dirección de un mercado, una clase de activos (por ejemplo, alto rendimiento o deuda pública, como se ha especificado anteriormente en la política de inversión), los tipos de interés o un emisor individual. Por ejemplo, la Gestora de inversiones puede creer que el valor de un mercado, una clase de activos (como se ha descrito anteriormente) o un emisor individual puede perder valor, y la posición corta sintética implica que el Subfondo se beneficiará de este movimiento. Esto puede lograrse, por ejemplo, vendiendo futuros de deuda, comprando swaps de incumplimiento de crédito o comprando opciones de venta.

Pese a que el alcance de las exposiciones cortas sintéticas del Subfondo puede variar con el tiempo, generalmente el Subfondo tratará de mantener una exposición positiva significativa a Valores de Deuda y relacionados con la Deuda.
El Subfondo podrá invertir en todo el mundo y no está enfocado a ninguna región geográfica, industria o sector en relación con los títulos (es decir, que puede incluir todos los tipos de títulos mencionados) a los que puede obtener exposición. No obstante, puede haber momentos en los que esta cartera se concentre en bonos de emisores situados en un número limitado de países o regiones. Esto puede deberse a que la Gestora de inversiones considere que una posición concentrada beneficiará al Subfondo. El Subfondo podrá invertir más del 20% de su Valor de inventario neto en valores de deuda de mercados emergentes, incluidos bonos Brady, eurobonos soberanos, bonos de empresa, préstamos y préstamos soberanos, letras del tesoro locales, pagarés y bonos, certificados de depósito, papel comercial y
valores del mercado monetario. La exposición a la deuda de mercados emergentes también deberá serlo a valores de deuda con calificación de categoría de inversión. El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda cotizados o negociados en mercados rusos. El Subfondo puede invertir también hasta el 10% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda de la República Popular de China («RPC») negociados en el mercado de bonos interbancario de China («CIBM») a través del Mecanismo de acceso al mercado de bonos de Hong Kong y China (tal y como se describe en el Apéndice VI del Folleto).
Cualquier inversión de esta clase solo se hará en Mercados admisibles de los incluidos en el Apéndice II del Folleto.
Las inversiones del Subfondo podrán tener la calificación de categoría de inversión, tener otra calificación inferior o no estar calificadas. La Gestora de inversiones considera que los valores con una calificación inferior a la de categoría de inversión son aquellos que tienen una calificación de solvencia inferior a BBB- en la fecha de la compra otorgada por una Agencia de calificación crediticia reconocida. El Subfondo podrá invertir el 100% en valores con grado inferior al de inversión o valores sin calificar (que pueden considerarse equivalentes a los valores con categoría inferior a la de inversión). El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en valores mobiliarios o instrumentos del mercado monetario no cotizados o negociados en un Mercado admisible, de conformidad con el Reglamento OICVM, incluidos, entre otros, valores de renta variable y Valores de deuda y relacionados con la deuda no cotizados. Los demás valores en los que invertirá el Subfondo estarán cotizados o negociados en los Mercados admisibles que se indican en el Anexo II del Folleto.
El Subfondo también podrá invertir en activos líquidos, monetarios o cuasimonetarios y hasta un 10% del Valor de inventario neto del Subfondo en organismos de inversión colectiva («OIC») (incluidos fondos negociados en bolsa («ETF» y fondos del mercado monetario) para obtener liquidez (como se describe a continuación) o con fines de inversión, siempre que dichos OIC proporcionen una exposición acorde con la política de inversión del Subfondo.
El Subfondo no invertirá más del 10% de su Valor de inventario neto en valores emitidos y / o garantizados por un solo emisor soberano con una calificación de solvencia inferior a grado de inversión. Con el fin de despejar cualquier duda, por un «solo emisor soberano»,
se entenderá su Gobierno o una autoridad pública o local.
Si bien la moneda de cuenta del Subfondo es el dólar estadounidense (USD), podrá invertir en activos no denominados en USD sin que exista la necesidad de cobertura respecto de esta moneda.

##### Inversiones en préstamos
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en participaciones de préstamos no titulizados y / o asignaciones de préstamos, siempre que dichos instrumentos constituyan instrumentos del mercado monetario habitualmente negociados en el mercado monetario, sean líquidos y su valor pueda determinarse con precisión en cualquier momento.

##### Gestión de tesorería y de las garantías
A efectos de la gestión del efectivo y de las garantías, el Subfondo puede invertir ocasionalmente en una amplia gama de activos realizables o prácticamente disponibles, que pueden mantenerse para proporcionar liquidez y cobertura para las exposiciones generadas por la utilización de Derivados. En circunstancias excepcionales (como un colapso bursátil o una gran crisis), el Subfondo podrá invertir temporalmente hasta el 100% en activos líquidos o equivalentes a efectivo con fines de gestión de tesorería.
Los activos líquidos o equivalentes a efectivo pueden incluir Valores de deuda y relacionados con la deuda, depósitos bancarios y obligaciones emitidos o garantizados por cualquier gobierno soberano o sus agencias y títulos e instrumentos emitidos por organismos públicos supranacionales o internacionales, bancos, empresas u otros emisores comerciales. Se pretende que los emisores y / o garantes de tales valores, instrumentos u obligaciones tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.
El Subfondo también podrá invertir en fondos del mercado monetario, incluido otro OICVM irlandés gestionado por Insight Investment Funds Management Limited y asesorado por la Gestora de inversiones.

##### Organismos de inversión colectiva
El Subfondo también puede perseguir su objetivo y su política de inversión asumiendo posiciones en OIC, con sujeción a un máximo del 10% del Valor de inventario neto del Subfondo. Cualquier inversión en ETF de capital variable estará sujeta al límite máximo del 10% indicado anteriormente y cualquier inversión en ETF de capital fijo se considerará una inversión en valores mobiliarios, de acuerdo con las exigencias del Banco Central.
Los organismos en los que invierte el Subfondo también podrán estar gestionados por Insight Investment Funds Management Limited, la Gestora de inversiones o por entidades afiliadas a cualquiera de ellas.

##### Índice de referencia
SOFR (compuesto a 90 días) (el «Índice de referencia basado en el efectivo»).
SOFR (Secured Overnight Financing Rate - Tasa de financiación garantizada a un día) es un indicador general que mide el coste de tomar dinero prestado a un día garantizado por valores del Tesoro de EE. UU. y que es administrado por la Reserva Federal de Nueva York.
El Subfondo utiliza el Índice de referencia basado en el efectivo como objetivo respecto del cual medir su rentabilidad en periodos continuos anualizados de 3 años, antes de comisiones.
El Subfondo se gestiona de forma activa, lo que implica que la Gestora de inversiones tendrá potestad sobre la selección de inversiones, siempre que se respeten el objetivo y la política de inversión.

##### Estrategia de inversión
La estrategia de inversión del Subfondo se basa en la perspectiva de la Gestora de inversiones sobre determinadas empresas y no en los sectores en los que operan dichas empresas ni en la economía en su conjunto. La Gestora de inversiones busca empresas cuya deuda considere infravalorada (como se explica más adelante) y de alto rendimiento en comparación con deudas similares. En particular, la Gestora de inversiones busca empresas que:
- generen un nivel positivo de efectivo, de modo que traten de reducir su endeudamiento, pero cuya deuda no lo refleje;
- tengan deuda subordinada pendiente (es decir, deuda con una calificación inferior y, por tanto, que ofrezca un tipo de interés mayor) que venza antes que su deuda prioritaria;
- puedan tener problemas a más largo plazo, pero sean líquidas a corto plazo y puedan cumplir con los pagos de sus deudas a corto plazo.

Se podrán usar activos disponibles, realizables o prácticamente disponibles para proteger el valor del Subfondo; el porcentaje de dichos activos que se mantenga dentro del Subfondo dependerá de la perspectiva de la Gestora de inversiones sobre el estado de la economía, de acuerdo con indicadores económicos clave como las previsiones del producto interior bruto (PIB), la inflación y los tipos de interés, así como los datos de empleo. Por ejemplo, si a la Gestora de inversiones le preocupa que la economía vaya a entrar en recesión, el Subfondo podrá aumentar su posición de liquidez.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes del Subfondo, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un evento o condición ASG («Evento ASG»). Los riesgos asociados a la sostenibilidad se gestionan garantizando que los responsables principales de la toma de decisiones estén informados e incluidos en el programa de inversión responsable de la Gestora de inversiones, y estableciendo procedimientos eficaces de responsabilidad, transparencia e implementación. Cuando el riesgo asociado a la sostenibilidad se considere importante para los resultados de la inversión, se incorporará a los procesos de diligencia debida. Esto puede incluir la evaluación de valores individuales y / o la interacción con emisores o participantes en el mercado. Los controles internos garantizan que los criterios de sostenibilidad se apliquen continuamente al Subfondo.
Las restricciones ASG, que incluyen calificaciones ASG
propias y datos de terceros, se establecen para evitar o permitir la inversión en valores que cumplan características relacionadas con la sostenibilidad. Estos controles están codificados con respecto al Subfondo y se actualizan a medida que se obtiene nueva información.
El gobierno corporativo es un factor de riesgo clave asociado a la sostenibilidad que forma parte de las calificaciones de riesgo ASG propias para todos los emisores. La evaluación del gobierno corporativo por parte de la Gestora de inversiones incluye la evaluación de las prácticas y el comportamiento del consejo de
administración, la remuneración, el control y la responsabilidad, y la ética o las controversias. La Gestora de inversiones aplica los conocimientos de las calificaciones ASG junto con su propio conocimiento de las estructuras de gobierno de los emisores para establecer prioridades de interacción con los emisores. La Gestora de inversiones tiene en cuenta estos riesgos conjuntamente para decidir si una inversión compensa razonablemente al fondo por los riesgos asociados a la sostenibilidad a largo y corto plazo.
En términos de factores sociales y ambientales, la metodología de calificación ASG propia de la Gestora de inversiones proporciona información específica del sector y de los emisores sobre cuestiones clave. Este modelo ayuda a la Gestora de inversiones a identificar los riesgos clave a los que se puede enfrentar un sector o emisor específico.
El Subfondo puede tener un rendimiento inferior o distinto en relación con otros fondos comparables que no integren los riesgos asociados a la sostenibilidad en sus decisiones de inversión y existe el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros de tipos de interés |
| --- | --- |
| Opciones | Opciones de tipos de interés |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |

| Swaps | Swaps de incumplimiento de crédito («CDS») (denominación única e índice) Swaps de tipos de interés Swaps de divisas cruzadas Swaps de rentabilidad total (denominación única, índice, y cesta (en el caso de esta última opción, sus componentes subyacentes se pueden agrupar por sector, área geográfica u otras características)) |
| --- | --- |
| Valores con Derivados/apalan- camiento inte- grados | Bonos con warrants vinculados Bonos Con Opción de Recompra Títulos respaldados por activos (ABS) y Títulos respaldados por hipotecas (MBS) Bonos convertibles |
| Otros | Contratos con pacto de recompra o recompra inversa |

En el Apéndice II del Folleto se recoge una lista de los Mercados admisibles en los que pueden cotizar o negociarse los Derivados.
En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit CDX Emerging Markets Índice Markit CDX North American High Yield Índice Markit iTraxx Asix Índice Markit iTraxxEurope Índice Markit iTraxxSenior Financials Índice Markit iTraxxSubordinated Financials Índice Markit iTraxx Crossover |
| Índices de tipos de interés para proporcionar exposición a mercados de tipos de interés y para expresar la opinión de la Gestora de inversiones de que la curva de rendimiento se moverá en una dirección concreta que será más rentable o eficiente que si se compraran valores físicos. | EURIBOR LIBOR SOFR SONIA |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular.
Normalmente, todos los índices financieros restantes se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad».

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga neta total (una vez tenida en cuenta la cobertura) a través de Derivados no superará el 100% del Valor de inventario neto del Subfondo y la exposición corta neta total no superará el 100% del Valor de inventario neto del Subfondo (aplicando el enfoque de compromiso).
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 30% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 20% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 30% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre los TRS, las OFV y las garantías aceptadas y el procedimiento con contraparte bajo los epígrafes del Folleto «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra (repo)/repo inverso y contratos de préstamo de valores», «Gestión eficiente de cartera» y «Factores de riesgo».

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases de Acciones no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CAD,
1 AUD, 1 CHF, 1 SGD, 10 HKD, 10 CNH, 100 JPY, 10 DKK,
10 NOK o 10 SEK, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las Acciones que generan rendimientos (Reparto) con el sufijo («M»), normalmente se declararán dividendos mensualmente, el último Día Hábil del mes. En lo que respecta a los titulares de Acciones que generan rendimientos y reparten dividendos mensualmente, los dividendos declarados se pagarán normalmente el día 20 del mes siguiente, o en una fecha anterior. En el caso del resto de clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto, y específicamente sobre los riesgos descritos bajo los epígrafes «Riesgos de mercados emergentes», «Riesgo de valores de alto rendimiento/con grado inferior al de inversión» e «Inversiones en Rusia».

## BNY Mellon U.S. Municipal Infrastructure Debt Fund

### SUPLEMENTO 35 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Está previsto cargar las comisiones de gestión y otras comisiones y gastos del Subfondo al capital del Subfondo para intentar maximizar los repartos. Consulte el apartado «Comisiones y gastos» del Folleto para obtener información adicional al respecto.


#### La Gestora de inversiones
Insight North America LLC

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que se puede ofrecer cada clase de Acciones.
| Acciones «P» y Acciones «P (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro P (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,10% | 0% |
| Euro P (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,10% | 0% |
| USD P (Acum.) | USD | 5.000 | 5% | 1,10% | 0% |
| USD P (Reparto) | USD | 5.000 | 5% | 1,10% | 0% |
| AUD P (Acum.) (con cobertura) | AUD | 5.000 | 5% | 1,10% | 0% |
| AUD P (Reparto) (con cobertura) | AUD | 5.000 | 5% | 1,10% | 0% |

| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro A (Acum.) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% |
| USD A (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| USD A (Reparto) (M) | USD | 5.000 | 5% | 1,00% | 0% |
| Sterling A (Acum.) | GBP | 5.000 | 5% | 1,00% | 0% |
| Sterling A (Reparto) | GBP | 5.000 | 5% | 1,00% | 0% |
| CHF A (Acum.) | CHF | 5.000 | 5% | 1,00% | 0% |
| CHF A (Reparto) | CHF | 5.000 | 5% | 1,00% | 0% |
| Euro H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| Sterling H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,00% | 0% |
| Sterling H (Reparto) (con cobertura) | GBP | 5.000 | 5% | 1,00% | 0% |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 1,00% | 0% |
| CHF H (Reparto) (con cobertura) | CHF | 5.000 | 5% | 1,00% | 0% |
| AUD H (Acum.) (con cobertura) | AUD | 5.000 | 5% | 1,00% | 0% |
| AUD H (Reparto) (con cobertura) | AUD | 5.000 | 5% | 1,00% | 0% |
| SGD H (Reparto) (M) (con cobertura) | SGD | 5.000 | 5% | 1,00% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 0,50% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 0,50% | 0% |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,50% | 0% |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,50% | 0% |
| Sterling G (Acum.) (con cobertura) | GBP | 5.000 | 5% | 0,50% | 0% |
| Sterling G (Reparto) (con cobertura) | GBP | 5.000 | 5% | 0,50% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro C (Acum.) | EUR | 5.000.000 | 5% | 0,50% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 0,50% | 0% |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,50% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,50% | 0% |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 0,50% | 0% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 0,50% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| CHF C (Acum.) | CHF | 5.000.000 | 5% | 0,50% | 0% |
| CHF C (Reparto) | CHF | 5.000.000 | 5% | 0,50% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 0,50% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,50% | 0% |
| Sterling I (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 0,50% | 0% |
| Sterling I (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 0,50% | 0% |
| CHF I (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 0,50% | 0% |
| CHF I (Reparto) (con cobertura) | CHF | 5.000.000 | 5% | 0,50% | 0% |
| AUD I (Acum.) (con cobertura) | AUD | 5.000.000 | 5% | 0,50% | 0% |
| AUD I (Reparto) (con cobertura) | AUD | 5.000.000 | 5% | 0,50% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,40% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,40% | 0% |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,40% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,40% | 0% |
| CHF W (Reparto) | CHF | 15.000.000 | 5% | 0,40% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,40% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,40% | 0% |
| CHF W (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,40% | 0% |

| Acciones «Z» y Acciones «Z (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD Z (Acum.) | USD | 200.000.000 | 5% | 0,35% | 0% |
| USD Z (Reparto) | USD | 200.000.000 | 5% | 0,35% | 0% |
| Euro Z (Acum.) (con cobertura) | EUR | 200.000.000 | 5% | 0,35% | 0% |
| Euro Z (Reparto) (con cobertura) | EUR | 200.000.000 | 5% | 0,35% | 0% |
| CHF Z (Acum.) (con cobertura) | CHF | 200.000.000 | 5% | 0,35% | 0% |
| CHF Z (Reparto) (con cobertura) | CHF | 200.000.000 | 5% | 0,35% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling Z (Acum.) (con cobertura) | GBP | 200.000.000 | 5% | 0,35% | 0% |
| Sterling Z (Reparto) (con cobertura) | GBP | 200.000.000 | 5% | 0,35% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro E (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,30% | 0% |
| Euro E (Reparto) | EUR | Tal y como se ha acordado | 5% | 0,30% | 0% |
| USD E (Acc.) | USD | Tal y como se ha acordado | 5% | 0,30% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,30% | 0% |
| Sterling E (Acum.) | GBP | Tal y como se ha acordado | 5% | 0,30% | 0% |
| Sterling E (Reparto) | GBP | Tal y como se ha acordado | 5% | 0,30% | 0% |
| CHF E (Acum.) | CHF | Tal y como se ha acordado | 5% | 0,30% | 0% |
| CHF E (Reparto) | CHF | Tal y como se ha acordado | 5% | 0,30% | 0% |
| Euro E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,30% | 0% |
| Euro E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,30% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,30% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,30% | 0% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,30% | 0% |
| CHF E (Reparto) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,30% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) | GBP | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) | CHF | Ninguna | 0% | 0% | 0% |
| CHF X (Reparto) | CHF | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |
| CHF X (Reparto) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo busca ofrecer el máximo nivel de ingresos que sea posible manteniendo el capital.

##### Política de inversión
Para alcanzar su objetivo de inversión de proporcionar un alto nivel de ingresos, y con el fin de preservar el capital al mismo tiempo, el Subfondo invierte principalmente (esto es, al menos el 75% del Valor de inventario neto del Subfondo) en una cartera de bonos municipales cotizados o negociados en Mercados admisibles. Los bonos municipales son bonos emitidos por un Estado, un municipio, emisores corporativos sin ánimo de lucro o una región con un propósito especial, como autoridades de tránsito (es decir, unidades gubernamentales independientes y con fines especiales independientes de los gobiernos locales) de los Estados Unidos de América para financiar sectores y proyectos relacionados con las infraestructuras llevados a cabo dentro de los Estados Unidos de América, sus territorios y posesiones.
Determinados emisores no gubernamentales, principalmente hospitales, instituciones de enseñanza superior y universidades, emitirán bonos municipales imponibles como emisores corporativos sin ánimo de lucro. Esto puede reducir el coste de la emisión al permitir que dichos emisores vendan los bonos municipales directamente. Además, los bonos municipales emitidos por emisores corporativos sin ánimo de lucro pueden incluirse en los principales índices de bonos globales o agregados estadounidenses, ampliando así la base de inversores potenciales de estos bonos municipales.
Aparte de los bonos municipales, el Subfondo también podrá invertir hasta el 20% de su Valor de inventario neto en otros Valores de deuda y relacionados con la deuda, tanto pública como de empresa, emitidos por el Gobierno federal estadounidense o sus agencias, organismos públicos internacionales, empresas u otros emisores comerciales.
Los Valores de deuda y relacionados con la deuda, ya sea pública o de empresa, en los que el Subfondo podrá invertir pueden ser valores con un tipo fijo o variable (como bonos municipales, pagarés a la vista de tipo variable, bonos con opción venta, pagarés de tipo variable, letras del tesoro, bonos de agencias del gobierno, bonos con cupón cero, títulos respaldados por activos, títulos respaldados por hipotecas, pagarés vinculados a créditos, pagarés estructurados, instrumentos del mercado monetario (como papel comercial y depósitos bancarios), colocaciones privadas (como bonos 144A), en lo sucesivo, «Valores de Deuda y relacionados con la Deuda».
La Gestora de inversiones podrá invertir en pagarés de tipo variable si se prevé un aumento de los tipos de interés. El Subfondo podrá invertir en certificados de participación residual emitidos por el fideicomiso de bonos con opción de venta siempre que suponga una forma más rentable de conseguir exposición a bonos municipales que la inversión directa en los bonos municipales subyacentes.
El Subfondo invertirá directamente en Valores de deuda y relacionados con la deuda, y también podrá obtener exposición a Valores de deuda y relacionados con la deuda mediante el uso de Derivados, tal como se establece en el epígrafe «Uso de Derivados». Los Derivados pueden utilizarse para expresar una postura respecto de la dirección y la volatilidad de los Valores de Deuda y relacionados con la Deuda.
El Subfondo invertirá en Valores de deuda y relacionados con la deuda con grado de inversión o una calificación inferior al grado de inversión (es decir, inferior a BBB- o su equivalente) según lo establecido por una Agencia de calificación crediticia reconocida. Para evitar cualquier duda, el Subfondo no podrá invertir en valores sin calificación. Al menos el 80% de los Valores de deuda y relacionados con la deuda en los que el Subfondo podrá invertir tendrá grado de inversión, y no más del 20% de los Valores de deuda y relacionados con la deuda en los que el Subfondo podrá invertir tendrán grado inferior al de inversión. Dentro de la inversión del Subfondo en valores con grado inferior al de inversión, no podrá invertirse más del 10% del Valor de inventario neto del Subfondo en valores con grado inferior al de inversión, con una calificación inferior a BB- otorgada por una Agencia de calificación crediticia reconocida en el momento de la inversión, y la calificación de solvencia mínima de los Valores de deuda y relacionados con la deuda en los que el Subfondo puede invertir es B- (o su equivalente) en el momento de la inversión, según lo indicado por una Agencia de calificación crediticia reconocida.
En el caso de títulos respaldados por activos, títulos respaldados por hipotecas y otras inversiones vinculadas al riesgo crediticio, el Subfondo no invertirá en Valores de deuda y relacionados con la deuda que en el momento de la compra tengan una calificación inferior a BBB- (o su equivalente), otorgada por una Agencia de calificación crediticia reconocida.
En caso de calificación dividida (es decir, dos o más agencias de calificación otorgan diferentes calificaciones), se tendrá en cuenta la menor de las dos.
En caso de que cualesquiera Valores de deuda y relacionados con la deuda que mantenga el Subfondo vean rebajada posteriormente su calificación por debajo de los límites antes mencionados, la Gestora de inversiones podrá mantener una exposición máxima del 3% del Valor de inventario neto del Subfondo a dichos
valores cuya calificación se ha visto rebajada. Cuando el valor total de esos valores supere el 3% del Patrimonio neto del Subfondo, todos aquellos cuya calificación no haya sido revisada al alza en un plazo de seis meses deberán venderse. Las exposiciones derivadas de los activos subyacentes de organismos de inversión colectiva («OIC») se tendrán en cuenta a la hora de aplicar las restricciones establecidas en este apartado.
El Subfondo podrá invertir hasta un 10% de su Valor de inventario neto en total en valores mobiliarios (es decir, Valores de deuda y relacionados con la deuda) que no estén admitidos o negociados en un Mercado admisible de conformidad con el Reglamento OICVM. Con la excepción de la inversión permitida en valores mobiliarios no cotizados e instrumentos del mercado monetario autorizados, las inversiones del Subfondo serán valores cotizados o negociados en Mercados admisibles. En el Apéndice II del Folleto se recoge una lista de los Mercados admisibles.
El Subfondo podrá invertir igualmente en activos realizables, disponibles o prácticamente disponibles, y hasta el 10% de su Valor de inventario neto en organismos de inversión colectiva («OIC»).
El Subfondo no tiene previsto tomar posiciones cortas.

##### Gestión de tesorería y de las garantías
El Subfondo tendrá efectivo y activos realizables o prácticamente disponibles en ciertas circunstancias como atender los reembolsos, facilitar los pagos, tener efectivo en depósito a la espera de la reinversión y para proporcionar liquidez, así como respaldar la exposición a Derivados.
Los activos prácticamente disponibles pueden incluir instrumentos del mercado monetario, como letras del Tesoro de EE. UU. y otros bonos del Estado y depósitos bancarios. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Organismos de inversión colectiva
El Subfondo podrá invertir hasta un 10% de su Valor de inventario neto total en OIC de capital variable, incluidos los fondos de capital variable negociados en bolsa («ETF») y los fondos del mercado monetario. La calificación de solvencia mínima de los Valores de deuda y relacionados con la deuda en los que puede invertir el organismo de inversión colectiva en el momento de la compra es B- (o su equivalente), o, en caso de que se trate de títulos respaldados por activos, títulos respaldados por hipotecas y otras inversiones vinculadas al riesgo, BBB- (o su equivalente), según la calificación ofrecida por una Agencia de calificación crediticia reconocida. En caso de calificación dual, se tendrá en cuenta la más baja de las dos calificaciones más altas. Los OIC podrán incluir otro Subfondo o Subfondos de la Sociedad u otros fondos recomendados por la Gestora de inversiones. Toda inversión en fondos de capital fijo (incluidos ETF) que constituyan valores mobiliarios se realizará con arreglo a los criterios y los límites de inversión en valores mobiliarios, tal como se describe bajo el epígrafe «La Sociedad - Límites de inversión y de endeudamiento» del Folleto.

##### Índice de referencia
Bloomberg Barclays U.S. Municipal Bond TR Index (al 50%) y Bloomberg Barclays Taxable U.S. Municipal Bond TR Index (al 50%) (el «Índice de referencia Combinado»).
El Bloomberg Barclays U.S. Municipal Bond Index es un índice de referencia general que mide el mercado de bonos con categoría de inversión denominados en dólares estadounidenses a tipo fijo y exentos de gravamen fiscal. El índice incluye obligaciones generales del Estado y locales, bonos de ingresos, bonos asegurados y bonos de prerrefinanciación.
Bloomberg Barclays Taxable U.S. Municipal Bond Index es un índice de referencia general que mide el mercado de bonos municipales con categoría de inversión denominados en dólares estadounidenses, con tipo de interés fijo y sujetos a gravamen.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia combinado.
El Subfondo se gestiona de manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia combinado en función del objetivo y la política de inversión. Si bien se espera que la mayoría de las posiciones del Subfondo formen parte del Índice de referencia combinado, y tengan ponderaciones similares a las de este, la estrategia de inversión no restringe el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia combinado.

##### Estrategia de inversión
La estrategia de inversión del Subfondo se basa en la filosofía del equipo de la Gestora de inversiones, que busca diversificar las exposiciones a riesgos y centrarse en una selección de sectores y valores basados en bonos de infraestructuras municipales estadounidenses de cupones imponibles y exentas de impuestos. Los emisores de deuda municipal podrá emitir, y el Subfondo podrá comprar, tanto bonos de infraestructuras municipales imponibles como exentos de impuestos en los Estados Unidos. El tratamiento fiscal de los cupones percibidos de estos bonos imponibles o exentos de impuestos, sin embargo, es igual para los contribuyentes de fuera de los Estados Unidos, y el Subfondo no pretende beneficiarse (ni se beneficiará necesariamente) de la exención fiscal de ningún bono de infraestructuras municipales que adquiera. Dichas inversiones se seleccionarán teniendo en cuenta sus otras características, aquí detalladas. La Gestora de inversiones selecciona las inversiones propuestas del Subfondo, como se describe más arriba bajo el epígrafe
«Políticas de inversión», a través de un análisis
fundamental y cuantitativo destinado a descubrir sectores y valores infravalorados. El proceso de inversión de la Gestora de inversiones se centra en la búsqueda de sectores y valores infravalorados de los mercados de bonos municipales e imponibles. Concretamente, el objetivo es capitalizar las anomalías de rentabilidad entre los sectores municipales e imponibles, buscando valores infravalorados, y detectando el valor relativo entre bonos concretos. A través de la experiencia en investigación y la perspicacia en negociación de la Gestora de inversiones, el equipo busca invertir en valores cuyo precio sea más alto que el de valores semejantes, en lugar de confiar en las previsiones de los tipos de interés para obtener un rendimiento superior. El equipo de analistas municipales de la Gestora de
inversiones aplica su profunda experiencia para intentar detectar valores de deuda estables y con tendencia a mejorar, mediante el análisis periódico independiente de cientos de emisores. Los analistas de crédito analizan los nuevos mercados y los mercados secundarios, y formulan recomendaciones sobre sectores y valores basadas en un análisis fundamental del crédito, en las condiciones del mercado y en las opiniones de agencias de calificación independientes. A partir de este análisis realizado por la Gestora de inversiones, las decisiones de venta de valores se basan en la previsión de que empeoren las perspectivas de crédito fundamentales de un emisor, y en la búsqueda de valores de valoración injustificadamente elevada.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La gestión del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
Como parte del proceso de análisis ascendente de valores, la Gestora de inversiones evalúa los factores ASG de cada inversión en cartera en busca de posibles riesgos asociados a la sostenibilidad. La investigación crediticia interna de la Gestora de inversiones incluye recursos como la puntuación ASG propia de la Gestora de inversiones, que se complementa con la investigación de las agencias de calificación crediticia, la investigación de la parte vendedora y eventos del sector. Esta investigación sobre los riesgos asociados a la sostenibilidad se tiene en cuenta, junto con un análisis fundamental adicional, en el proceso de selección de valores.
La Gestora de inversiones también evalúa las prácticas de gobierno corporativo de los emisores mediante su investigación fundamental con el fin de establecer de manera fehaciente si los emisores correspondientes siguen unas buenas prácticas de gobierno, en particular con respecto a estructuras de gestión sólidas, prácticas de transparencia financiera, gestión de fondos de pensiones, programas de mejora del capital y políticas de ciberseguridad.
La Gestora de inversiones supervisa periódicamente los factores de riesgo asociados a la sostenibilidad a través de evaluaciones de la cartera.
Como se ha explicado anteriormente, la gestión y la evaluación de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los
factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros de tipos de interés (incluidos futuros de bonos) |
| --- | --- |
| Opciones | Opciones de tipos de interés Swaptions Opciones sobre bonos (incluidos los bonos con opción de venta) |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| Swaps | Swaps de tipos de interés Swaps de incumplimiento de crédito |
| Valores con Derivados/apalan- camiento inte- grados | Valores respaldados por activos (ABS) Títulos respaldados por hipotecas (MBS) Pagarés vinculados a créditos (CLN) Obligaciones estructuradas |

En el Apéndice II del Folleto se recoge una lista de los Mercados admisibles en los que pueden cotizar o negociarse los Derivados.
En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de tipos de interés para proporcionar exposición a mercados de tipos de interés y para expresar la opinión de la Gestora de inversiones de que la curva de rendimiento se moverá en una dirección concreta que será más rentable o eficiente que si se compraran valores físicos. | SOFR SONIA |

Normalmente, todos los índices financieros se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

#### Registro en Hong Kong
El Subfondo está registrado para su venta en Hong Kong.

#### Registro en Taiwán
El Subfondo está registrado para su venta en Taiwán.

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Absoluto
Límite de VaR Absoluto: 20% del Valor de inventario neto del Subfondo (utilizando un periodo de tenencia de
20 Día hábil)
Se espera que el apalancamiento bruto varíe entre: el 0% y el 200% del Valor de inventario neto. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Absoluto y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.
El Reglamento OICVM del Banco Central dispone que cuando el VaR se utiliza como enfoque de gestión del riesgo, puede también complementarse con un cálculo del apalancamiento utilizando el enfoque de compromiso.
Apalancamiento máximo: 40% del Valor de inventario neto (mediante el uso del enfoque de compromiso)
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias,
valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 100% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 10% del Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 15% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las TRS y las OFV, incluidas las garantías aceptadas, bajo los epígrafes
«Apéndice III: Operaciones de financiación de valores»,
«Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra (repo)/repo inverso y contratos de préstamo de valores», «Gestión eficiente de cartera» y «Factores de riesgo» del Folleto.

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de Oferta Iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF, 1 SGD o 1 AUD, en función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la
acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las Acciones que generan rendimientos (Reparto) con el sufijo («M»), normalmente se declararán dividendos mensualmente, el último Día Hábil del mes. En lo que respecta a los titulares de Acciones que generan rendimientos y reparten dividendos mensualmente, los dividendos declarados se pagarán normalmente el día 20 del mes siguiente, o en una fecha anterior. Para el resto de las clases de acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos semestrales el 31 de diciembre y el 30 de junio. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero y 11 de agosto, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Dynamic U.S. Equity Fund

### SUPLEMENTO 36 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá invertir principalmente en Derivados y utilizará tales Derivados con fines de inversión, cobertura y gestión eficiente de la cartera. El uso de Derivados con fines de inversión podrá ser amplio. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.


#### La Gestora de inversiones
Newton Investment Management North America LLC

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Newton Investment Management Limited (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 17:00 horas (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD A (Acum.) | USD | 5.000 | 5% | 0,80% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 0,80% | 0% |
| Euro A (Acum.) | EUR | 5.000 | 5% | 0,80% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 0,80% | 0% |
| Sterling A (Acum.) | GBP | 5.000 | 5% | 0,80% | 0% |
| Sterling A (Reparto) | GBP | 5.000 | 5% | 0,80% | 0% |
| CHF H (Acum.) | CHF | 5.000 | 5% | 0,80% | 0% |
| CHF H (Reparto) | CHF | 5.000 | 5% | 0,80% | 0% |
| Euro H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,80% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,80% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 0,80% | 0% |
| Sterling H (Reparto) (con cobertura) | GBP | 5.000 | 5% | 0,80% | 0% |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 0,80% | 0% |
| CHF H (Reparto) (con cobertura) | CHF | 5.000 | 5% | 0,80% | 0% |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 0,80% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 0,60% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 0,60% | 0% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 0,60% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 0,60% | 0% |
| Sterling G (Acum.) | GBP | 5.000 | 5% | 0,60% | 0% |
| Sterling G (Reparto) | GBP | 5.000 | 5% | 0,60% | 0% |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,60% | 0% |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,60% | 0% |
| Sterling G (Acum.) (con cobertura) | GBP | 5.000 | 5% | 0,60% | 0% |
| Sterling G (Reparto) (con cobertura) | GBP | 5.000 | 5% | 0,60% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,60% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,60% | 0% |
| Euro C (Acum.) | EUR | 5.000.000 | 5% | 0,60% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 0,60% | 0% |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 0,60% | 0% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 0,60% | 0% |
| CHF C (Acum.) | CHF | 5.000.000 | 5% | 0,60% | 0% |
| CHF C (Reparto) | CHF | 5.000.000 | 5% | 0,60% | 0% |
| CAD C (Acum.) | CAD | 5.000.000 | 5% | 0,60% | 0% |
| CAD C (Reparto) | CAD | 5.000.000 | 5% | 0,60% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 0,60% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,60% | 0% |
| Sterling I (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 0,60% | 0% |
| Sterling I (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 0,60% | 0% |
| CHF I (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 0,60% | 0% |
| CHF I (Reparto) (con cobertura) | CHF | 5.000.000 | 5% | 0,60% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| CAD I (Acum.) (con cobertura) | CAD | 5.000.000 | 5% | 0,60% | 0% |
| CAD I (Reparto) (con cobertura) | CAD | 5.000.000 | 5% | 0,60% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,40% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,40% | 0% |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,40% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,40% | 0% |
| CHF W (Reparto) | CHF | 15.000.000 | 5% | 0,40% | 0% |
| CAD W (Acum.) | CAD | 15.000.000 | 5% | 0,40% | 0% |
| CAD W (Reparto) | CAD | 15.000.000 | 5% | 0,40% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,40% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,40% | 0% |
| CHF W (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,40% | 0% |
| CAD W (Acum.) (con cobertura) | CAD | 15.000.000 | 5% | 0,40% | 0% |
| CAD W (Reparto) (con cobertura) | CAD | 15.000.000 | 5% | 0,40% | 0% |
| SEK W (Acum.) (con cobertura) | SEK | 150.000.000 | 5% | 0,40% | 0% |

| Acciones «R» y Acciones «R (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso | Comisión de rentabilidad | Hurdle rate |
| USD R (Acum.) | USD | 5.000 | 5% | 0,60% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| USD R (Reparto) | USD | 5.000 | 5% | 0,60% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| Euro R (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,60% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| Euro R (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,60% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| Sterling R (Acum.) (con cobertura) | GBP | 5.000 | 5% | 0,60% | 0% | 10% | S&P 500 Net Total Return Index en USD |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso | Comisión de rentabilidad | Hurdle rate |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sterling R (Reparto) (con cobertura) | GBP | 5.000 | 5% | 0,60% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| CHF R (Acum.) (con cobertura) | CHF | 5.000 | 5% | 0,60% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| CHF R (Reparto) (con cobertura) | CHF | 5.000 | 5% | 0,60% | 0% | 10% | S&P 500 Net Total Return Index en USD |

| Acciones «D» y Acciones «D (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso | Comisión de rentabilidad | Hurdle rate |
| USD D (Acum.) | USD | 5.000 | 5% | 0,40% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| USD D (Reparto) | USD | 5.000 | 5% | 0,40% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| Euro D (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,40% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| Euro D (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,40% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| Sterling D (Acum.) (con cobertura) | GBP | 5.000 | 5% | 0,40% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| Sterling D (Reparto) (con cobertura) | GBP | 5.000 | 5% | 0,40% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| CHF D (Acum.) (con cobertura) | CHF | 5.000 | 5% | 0,40% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| CHF D (Reparto) (con cobertura) | CHF | 5.000 | 5% | 0,40% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| CAD D (Acum.) (con cobertura) | CAD | 5.000 | 5% | 0,40% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| CAD D (Reparto) (con cobertura) | CAD | 5.000 | 5% | 0,40% | 0% | 10% | S&P 500 Net Total Return Index en USD |

| Acciones «S» y Acciones «T (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso | Comisión de rentabilidad | Hurdle rate |
| USD S (Acum.) | USD | 5.000.000 | 5% | 0,40% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| USD S (Reparto) | USD | 5.000.000 | 5% | 0,40% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| Euro T (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 0,40% | 0% | 10% | S&P 500 Net Total Return Index en USD |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso | Comisión de rentabilidad | Hurdle rate |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Euro T (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,40% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| Sterling T (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 0,40% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| Sterling T (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 0,40% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| CHF T (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 0,40% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| CHF T (Reparto) (con cobertura) | CHF | 5.000.000 | 5% | 0,40% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| CAD T (Acum.) (con cobertura) | CAD | 5.000.000 | 5% | 0,40% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| CAD T (Reparto) (con cobertura) | CAD | 5.000.000 | 5% | 0,40% | 0% | 10% | S&P 500 Net Total Return Index en USD |

| Acciones «U» y Acciones «U (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso | Comisión de rentabilidad | Hurdle rate |
| USD U (Acum.) | USD | 15.000.000 | 5% | 0,20% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| USD U (Reparto) | USD | 15.000.000 | 5% | 0,20% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| Euro U (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,20% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| Euro U (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,20% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| Sterling U (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,20% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| Sterling U (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,20% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| CHF U (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,20% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| CHF U (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,20% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| CAD U (Acum.) (con cobertura) | CAD | 15.000.000 | 5% | 0,20% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| CAD U (Reparto) (con cobertura) | CAD | 15.000.000 | 5% | 0,20% | 0% | 10% | S&P 500 Net Total Return Index en USD |

| Acciones «F» y Acciones «F (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso | Comisión de rentabilidad | Hurdle rate |
| USD F (Acum.) | USD | Tal y como se ha acordado | 5% | 0,10% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| USD F (Reparto) | USD | Tal y como se ha acordado | 5% | 0,10% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| Euro F (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,10% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| Euro F (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,10% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| Sterling F (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,10% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| Sterling F (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,10% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| CHF F (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,10% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| CHF F (Reparto) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,10% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| CAD F (Acum.) (con cobertura) | CAD | Tal y como se ha acordado | 5% | 0,10% | 0% | 10% | S&P 500 Net Total Return Index en USD |
| CAD F (Reparto) (con cobertura) | CAD | Tal y como se ha acordado | 5% | 0,10% | 0% | 10% | S&P 500 Net Total Return Index en USD |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,25% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,25% | 0% |
| Euro E (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,25% | 0% |
| Euro E (Reparto) | EUR | Tal y como se ha acordado | 5% | 0,25% | 0% |
| Sterling E (Acum.) | GBP | Tal y como se ha acordado | 5% | 0,25% | 0% |
| Sterling E (Reparto) | GBP | Tal y como se ha acordado | 5% | 0,25% | 0% |
| CHF E (Acum.) | CHF | Tal y como se ha acordado | 5% | 0,25% | 0% |
| CHF E (Reparto) | CHF | Tal y como se ha acordado | 5% | 0,25% | 0% |
| CAD E (Acum.) | CAD | Tal y como se ha acordado | 5% | 0,25% | 0% |
| CAD E (Reparto) | CAD | Tal y como se ha acordado | 5% | 0,25% | 0% |
| Euro E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,25% | 0% |
| Euro E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,25% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,25% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,25% | 0% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,25% | 0% |
| CHF E (Reparto) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,25% | 0% |
| CAD E (Acum.) (con cobertura) | CAD | Tal y como se ha acordado | 5% | 0,25% | 0% |
| CAD E (Reparto) (con cobertura) | CAD | Tal y como se ha acordado | 5% | 0,25% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) | GBP | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) | CHF | Ninguna | 0% | 0% | 0% |
| CHF X (Reparto) | CHF | Ninguna | 0% | 0% | 0% |
| CAD X (Acum.) | CAD | Ninguna | 0% | 0% | 0% |
| CAD X (Reparto) | CAD | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |
| CHF X (Reparto) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |
| CAD X (Acum.) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |
| CAD X (Reparto) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |


#### Comisión de rentabilidad
Además de la comisión de gestión anual, la Sociedad gestora tiene derecho a percibir una comisión de rentabilidad anual (la «Comisión rentabilidad»), con arreglo a las condiciones que se detallan a continuación. El tipo al que se aplicará la Comisión de rentabilidad se indica en la tabla anterior Las Comisiones de rentabilidad reducen el valor de su inversión y el rendimiento que obtendrá de esta.
La Comisión de rentabilidad respecto de cada Clase de Acciones pertinente se calcula como el porcentaje de comisión de rentabilidad (según se indica en la tabla
anterior) de la Rentabilidad de la Clase de Acciones (como se define a continuación) por encima de la Rentabilidad de la Hurdle rate (como se define a continuación).
La Comisión de rentabilidad se calculará con respecto a cada periodo de doce meses finalizado el 31 de diciembre (el «Periodo de Cálculo»). El primer Periodo de cálculo será el periodo que comienza el Día hábil inmediatamente posterior al cierre del Periodo de oferta inicial y que termina el 31 de diciembre de ese mismo año.
La «Rentabilidad de la Clase de Acciones» se calcula en cada Día de valoración, y es la diferencia porcentual entre el Valor Liquidativo Neto Ajustado en tal Día de valoración y el Valor Liquidativo Neto Ajustado del Día de valoración anterior.
El «Valor liquidativo neto ajustado» es el Valor liquidativo neto de la clase de Acciones correspondiente (que incluye un recargo por todas las comisiones y gastos, incluida la comisión de gestión anual y los gastos operativos y administrativos que se imputarán a dicha clase de acciones, ajustados, en su caso, con las distribuciones de dividendos) pero sin deducir ninguna Comisión de rentabilidad devengada desde el inicio del Periodo de cálculo.
La «Hurdle rate» se recoge en la anterior tabla y es coherente con la política de inversión del Subfondo. Una hurdle rate es un nivel predeterminado de rentabilidad que debe superar un fondo a fin de ganar una comisión de rentabilidad. La rentabilidad histórica del Subfondo con respecto al índice S&P 500
® 
Net Total Return se recoge en el documento de datos fundamentales para el inversor correspondiente a la Clase de Acciones en cuestión.
La «Rentabilidad de la Hurdle rate» se calcula en cada Día de valoración y es la diferencia porcentual entre la Hurdle rate en ese Día de valoración y la Hurdle rate en el Día de valoración anterior.
En cada Día de valoración, se calcula un Valor liquidativo neto ajustado respecto de cada clase de acciones a la que se aplique la Comisión de rentabilidad. Si la Rentabilidad de la Clase de Acciones supera la Rentabilidad de la Hurdle rate, se devenga una Comisión de rentabilidad.
Si la Rentabilidad de la Clase de Acciones no supera a la Rentabilidad de la Hurdle rate, se reduce el devengo de la Comisión de rentabilidad (no por debajo de cero). La comisión de rentabilidad se reduce en un importe calculado como el porcentaje de la comisión de rentabilidad (establecida en la tabla anterior) del peor comportamiento relativo de la Rentabilidad de la Clase de Acciones en comparación con la Rentabilidad de la Hurdle rate (la «rentabilidad negativa») multiplicado por las Acciones emitidas. Una vez que la Comisión de rentabilidad acumulada se ha reducido a cero, no se devengará ninguna nueva Comisión de rentabilidad hasta
que (i) la Rentabilidad acumulada de la Clase de Acciones supere la Rentabilidad de la Hurdle rate desde el principio del Periodo de Cálculo.
Recuperación – Tras un Periodo de Cálculo en el que no se haya cargado ninguna Comisión de rentabilidad, no se devengará ninguna Comisión de rentabilidad hasta que la Rentabilidad acumulada de la Clase de Acciones (desde el último Día de valoración del último ejercicio contable en que se imputó una Comisión de rentabilidad) supere a la Rentabilidad acumulada de la Hurdle rate (desde el último Día de valoración del último ejercicio contable en que se imputó una Comisión de rentabilidad).
Si no se ha cargado ninguna Comisión de rentabilidad desde el lanzamiento de una clase de acciones, no se devengará ninguna Comisión de rentabilidad hasta que la Rentabilidad acumulada de la Clase de Acciones (desde el lanzamiento de dicha clase de acciones) supere a la Rentabilidad diaria acumulada de la Hurdle rate desde el lanzamiento de esa Clase de Acciones.
La Comisión de rentabilidad acumulada en cada Día de valoración se refleja en el Valor liquidativo neto de la Acción sobre la base de la cual se pueden aceptar las suscripciones, la amortización, los reembolsos o los canjes.
Se deben incluir en el cálculo de la Comisión de rentabilidad las ganancias realizadas y no realizadas netas más las pérdidas de capital realizadas y no realizadas al final de periodo de que se trate. Como consecuencia de ello, cabe la posibilidad de que se paguen comisiones en función de resultados sobre plusvalías latentes que posteriormente nunca se materialicen.
Podrá generarse una rentabilidad positiva a raíz de los movimientos del mercado y de una gestión activa de la cartera; esto puede llevar a circunstancias en que una parte de la Comisión de rentabilidad se pague según los movimientos del mercado.
El cálculo de la Comisión de rentabilidad no es susceptible de manipulación y deberá ser verificado por el Depositario.
La Comisión de rentabilidad se calcula y acumula en cada Día de valoración y se abona a año vencido, con respecto a cada Periodo de cálculo. Por lo general, toda
Comisión de rentabilidad pagadera se abonará en el plazo de 30 Días hábiles una vez finalizado el Periodo de cálculo, la fecha de cualquier reembolso, la fecha de una fusión (sujeta a los requisitos del Banco Central), la fecha de finalización del Contrato de gestión o cualquier otra fecha en la que la Sociedad o el Subfondo puedan ser liquidados o dejen de operar.

##### Ejemplos de cómo se calculará la comisión de rentabilidad
Tenga presente que el modelo de comisión de rentabilidad permite aplicar este tipo de comisiones en caso de que un Subfondo haya superado la Hurdle rate pero su rentabilidad general sea negativa.
| Día de valoración | Valor liquidativo neto ajustado al final del Periodo de cálculo | Rentabilidad de la Hurdle rate expresada en peniques | Rentabilidad superior de la Hurdle rate expresada en peniques* | Comisión de rentabilidad** | Valor liquidativo neto al final del Periodo de cálculo | Descripción del ejemplo |
| --- | --- | --- | --- | --- | --- | --- |
| 31 de diciembre (primer año) | 105p | 102p | 3p | 0.3p | 104.7p | La rentabilidad del Valor liquidativo neto ajustado durante el Periodo de cálculo dio lugar a un Valor liquidativo neto ajustado de 105 p al final del primer año, que es superior a la Rentabilidad de la Hurdle rate de 102 p y la Rentabilidad superior de 3 p es positiva. Por consiguiente, se abonó una Comisión de rentabilidad de 0,30 p. |
| 31 de diciembre (segundo año) | 95p | 106p | 0p | 0p | 95p | La rentabilidad del Valor liquidativo neto ajustado durante el Periodo de cálculo dio lugar a un Valor liquidativo neto ajustado de 95 p al final del segundo año, que es inferior a la Rentabilidad de la Hurdle rate de 106 p. Por tanto, no se abonó ninguna Comisión de rentabilidad. |
| 31 de diciembre (tercer año) | 104p | 105p | 0p | 0p | 104p | La rentabilidad del Valor liquidativo neto ajustado durante el Periodo de cálculo dio lugar a un Valor liquidativo neto ajustado de 104 p al final del tercer año, que es inferior a la Rentabilidad de la Hurdle rate de 105 p. Por tanto, no se abonó ninguna Comisión de rentabilidad. |
| 31 de diciembre (cuarto año) | 110p | 108p | 2p | 0,20p | 109,8p | La rentabilidad del Valor liquidativo neto ajustado durante el Periodo de cálculo dio lugar a un Valor liquidativo neto ajustado de 110 p al final del cuarto año, que es superior a la Hurdle rate de 108 p y la Rentabilidad superior de 2 p es positiva. Por consiguiente, se abonó una Comisión de rentabilidad de 0,20 p. |

* La Rentabilidad superior constituye los resultados superiores de la Rentabilidad de la Clase de Acciones con respecto a la Rentabilidad de la Hurdle rate
**10% de Rentabilidad superior

#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo pretende superar la rentabilidad del índice S&P 500
® 
Net Total Return (el «Índice») con un nivel de volatilidad similar al del Índice a lo largo de un periodo de entre tres y cinco años, antes de deducir comisiones y gastos.

##### Política de inversión
El Subfondo trata de alcanzar su objetivo de inversión invirtiendo la mayor parte de su Valor de inventario neto en valores de renta variable de Estados Unidos que componen el Índice. El Subfondo invertirá más del 50% de su Valor de inventario neto directamente en los componentes del Índice y también podrá invertir indirectamente en el Índice a través de Derivados. El Subfondo también puede obtener exposición a valores de deuda estadounidense (tal y como se explica más adelante) e invertir en activos disponibles, realizables o
prácticamente disponibles (tal y como se explica en el apartado «Gestión del efectivo y de las garantías», más adelante).
El Subfondo obtendrá exposición al Índice invirtiendo directamente en los valores de renta variable subyacentes que componen el Índice e indirectamente a través de Derivados (tal como se establece a continuación). El índice representa el mercado estadounidense de renta variable y está formado por una amplia representación de los componentes de la economía del país. El Índice se utiliza como parte de la estrategia de inversión del Subfondo porque representa el mercado de renta variable de Estados Unidos. Su composición se revisa trimestralmente. Sin embargo, dado que el Subfondo no pretende reproducir ni seguir el Índice, no se verá necesariamente afectado por ninguna revisión, por los costes que esta conlleve o por una ponderación de los activos del Índice que supere las restricciones de inversión permitidas. Se pueden encontrar más detalles acerca del Índice en www. standardandpoors.com.
El Subfondo invertirá directamente en Valores de deuda y relacionados con la deuda (letras del tesoro y bonos) de tipo fijo o de tipo variable, emitidos o garantizados por el gobierno de los Estados Unidos o sus agencias, por sociedades u otros emisores comerciales (en lo sucesivo,
«Valores de deuda y relacionados con la deuda»). Los Valores de deuda y relacionados con la deuda en los que invierte el Subfondo serán, valores con categoría de inversión otorgada por una Agencia de calificación crediticia reconocida o sin calificación, pero considerados como de categoría de inversión por parte de la Gestora de inversiones en el momento de la adquisición. El Subfondo también podrá obtener exposición a Valores de deuda y relacionados con la deuda mediante el uso de Derivados, tal como se establece en el epígrafe «Uso de Derivados» posterior.
El Subfondo no invertirá más del 10% de su Valor de inventario neto en valores emitidos o garantizados por un solo país con una calificación de solvencia inferior a grado de inversión. Con el fin de despejar cualquier duda, por «un solo país», se entenderá un país, su Gobierno, una autoridad pública o local o una empresa nacionalizada de dicho país.
El Subfondo podrá utilizar posiciones cortas sintéticas, apalancamiento y opciones como herramientas defensivas de gestión del riesgo, pero también para generar rentabilidades positivas cuando los precios caen. De acuerdo con la estrategia de inversión del Subfondo, la Gestora de inversiones podrá utilizar posiciones cortas sintéticas para invertir a corto en bonos del tesoro estadounidense. Por lo tanto, el nivel de inversión corta aplicado dentro del Subfondo dependerá de las perspectivas de la Gestora de inversiones o del nivel de riesgo del Subfondo. El nivel de inversión corta reflejará los objetivos del Subfondo en términos de riesgo y volatilidad. Consulte el apartado «Posiciones largas y cortas» para obtener más información.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en organismos de inversión colectiva («OIC»), como se describe con más detalle a continuación.
El Subfondo podrá invertir en total hasta el 10% de su Valor de inventario neto en valores mobiliarios o instrumentos del mercado monetario no cotizados o negociados en un Mercado admisible, de conformidad
con el Reglamento OICVM, incluidos, entre otros, valores de renta variable y Valores de deuda y relacionados con la deuda no cotizados.
Con la excepción de las inversiones autorizadas en valores no cotizados e organismos de inversión colectiva de capital variable, el Subfondo invertirá en activos (que incluyen Derivados) que coticen o se negocien en los Mercados admisibles enumerados en el Apéndice II del Folleto.

##### Organismos de inversión colectiva
El Subfondo también puede perseguir sus objetivos y políticas asumiendo posiciones en OIC, con sujeción a un máximo del 10% de su Valor de inventario neto. Cualquier inversión en ETF de capital variable estará sujeta al límite máximo del 10% y cualquier inversión en ETF de capital fijo se considerará una inversión en valores mobiliarios, de acuerdo con las exigencias del Banco Central. Las OIC en las que invierte el Subfondo también podrán estar gestionadas por la Gestora de inversiones o por entidades afiliadas a la misma.

##### Gestión de tesorería y de las garantías
En determinadas circunstancias, el Subfondo también podrá mantener niveles elevados de activos disponibles, realizables o prácticamente disponibles. Dichas circunstancias incluyen los casos en los que las condiciones de mercado exijan una estrategia de inversión defensiva, la tenencia de efectivo en depósito a la espera de la reinversión, la tenencia de efectivo para atender los reembolsos y el pago de gastos, o para respaldar la exposición a Derivados.
Los activos realizables o prácticamente disponibles pueden incluir Valores de deuda y relacionados con la deuda y depósitos bancarios. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
Índice S&P 500
® 
Net Total Return (el «Índice»)
El Índice está ampliamente considerado como el mejor indicador de los valores estadounidenses de alta capitalización bursátil. Hay más de 9,9 billones de USD indexados o referenciados al índice, mientras que los activos indexados alcanzan aproximadamente los 3,4 billones de USD. El Índice incluye a las 500 empresas más importantes y cubre aproximadamente el 80% de la capitalización bursátil disponible.
El Subfondo se gestiona de forma activa, lo que implica que la Gestora de inversiones tendrá potestad sobre la selección de inversiones, siempre que se respeten el objetivo y la política de inversión. Las posiciones de renta variable del Subfondo serán componentes del Índice. La estrategia de inversión da flexibilidad a la Gestora de inversiones para desviarse de las posiciones del Índice, manteniendo una volatilidad similar a la de este a lo largo de 5 años.

##### Estrategia de inversión
La estrategia dinámica de la Gestora de inversiones aplicada a la renta variable estadounidense se basa en sus trabajos pioneros en los campos de la indexación y la valoración de fundamentales. La Gestora de inversiones aplica el siguiente proceso para comparar el atractivo relativo de valores de renta variable, bonos y tesorería, con el fin de seleccionar sus inversiones:
Fase 1: Estimar la rentabilidad futura de los valores de renta variable, los bonos y la tesorería en el marco del universo de inversión del Subfondo, a partir de las previsiones a largo plazo de ganancias de la renta variable, rendimientos de los bonos y tipos de interés de las cuentas bancarias.
Fase 2: Estimar el comportamiento de los valores de renta variable, los bonos y el efectivo, unos respecto a otros, en diversas condiciones de mercado.
Fase 3: Combinar las previsiones de rentabilidad obtenidas en las fases 1 y 2 para obtener un cartera de posiciones con las mejores características en términos de riesgo y rentabilidad.
Fase 4: La Gestora de inversiones buscará los valores más eficientes para constituir la cartera obtenida en la fase 3. Dichos valores podrán incluir valores físicos e Derivados. Para obtener información más detallada, consulte el apartado «Uso de Derivados» a continuación.
Fase 5: A fin de mantener la volatilidad de la cartera en los niveles requeridos, la Gestora de inversiones vigilará los movimientos a corto plazo del mercado y adaptará su perspectiva de inversión en consecuencia. Durante periodos de mayor volatilidad del mercado o de recesión probable, la Gestora de inversiones seleccionará inversiones orientadas a reducir el riesgo del Subfondo.
Fase 6: Supervisar la cartera a diario. La Gestora de inversiones repetirá este proceso cada Día Laborable, a fin de reflejar cualquier cambio en la rentabilidad o los riesgos.
Con la aplicación de este proceso, la Gestora de inversiones pretende identificar los periodos en los que los valores de renta variable parezcan baratos o caros en relación con la exposición a otros valores (como bonos o efectivo), a fin de seleccionar sus activos. Si los valores de renta variable parecen baratos en relación con la exposición a otros valores, entonces la Gestora de inversiones sobreponderará los valores de renta variable recurriendo a una modesta cantidad de apalancamiento. Si los valores de renta variable parecen caros, entonces la Gestora de inversiones reducirá la exposición a valores de renta variable, a la vez que continúa invirtiendo más del 50% del Valor de inventario neto del Subfondo en valores físicos de renta variable o Derivados vinculados a renta variable. El apalancamiento puede utilizarse también con fines de gestión del riesgo. Un ejemplo del uso del apalancamiento con fines de gestión del riesgo sería comprar bonos del tesoro estadounidense con margen. Se prevé que la exposición a bonos del tesoro estadounidense mitigue el impacto de las caídas de precios de la renta variable estadounidense de la cartera. En conclusión, la Gestora de inversiones asigna de manera activa sus activos entre la renta variable estadounidense, los Bonos del Tesoro de EE. UU. y el mercado de efectivo estadounidense, basándose en sus previsiones de rentabilidad, riesgo y correlación.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
Debido al objetivo, la política y la estrategia de inversión del Subfondo, la Gestora de inversiones no integra los riesgos asociados a la sostenibilidad (que se definen como un evento o condición ASG que, de producirse, podría causar un impacto negativo real o potencial en el valor de la inversión correspondiente (un «Evento ASG »)) en sus decisiones de inversión. La asignación del Subfondo a valores de renta variable estadounidenses está obligada a mantener una volatilidad similar a la del Índice a lo largo de 5 años y, en consecuencia, la Gestora de inversiones tiene una flexibilidad limitada a la hora de desviarse de la posición del Índice. El Índice no tiene en cuenta los factores ASG ni los riesgos asociados a la sostenibilidad. No obstante, debido a la naturaleza diversificada del Subfondo, la Gestora de inversiones ha determinado que el riesgo asociado a la sostenibilidad al que se enfrenta el Subfondo es mínimo.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros de indices de renta variable Futuros sobre bonos |
| --- | --- |
| Opciones | Opciones sobre acciones (denominación única, índice, sector, cesta personalizada) Opciones sobre bonos Opciones sobre futuros de renta variable Opciones sobre futuros de bonos |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de renta variable para proporcionar exposición a mercados regionales y globales de renta variable de una manera más rentable o eficiente que mediante la compra de los valores físicos. | S&P 500 NR Index |

Normalmente, todos los índices financieros se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga bruta total a través de Derivados no superará el 200% del Valor de inventario neto del Subfondo y la exposición corta bruta total a través de Derivados no superará el 150% del Valor de inventario neto del Subfondo.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Relativo
Límite de VaR Relativo: la cartera del Subfondo no superará en dos veces el VaR en una cartera con un índice de referencia representativo (con un periodo de tenencia de 5 Días hábiles)
Índice de referencia de VaR Relativo: S&P 500 NR Index
Se espera que el apalancamiento bruto varíe entre: el 100% y el 500% del Valor de inventario neto. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Absoluto y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de Oferta Iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CAD, 1 CHF o 10 SEK, en función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Global Unconstrained Fund

### SUPLEMENTO 37 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Newton Investment Management Limited

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Newton Investment Management North America LLC (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD A (Reparto) | USD | 5.000 | 5% | 1,50% | 0% |
| USD A (Acum.) | USD | 5.000 | 5% | 1,50% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 1,50% | 0% |
| Euro A (Acum.) | EUR | 5.000 | 5% | 1,50% | 0% |
| Sterling A (Reparto) | GBP | 5.000 | 5% | 1,50% | 0% |
| Sterling A (Acum.) | GBP | 5.000 | 5% | 1,50% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,50% | 0% |
| Euro H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,50% | 0% |
| Sterling H (Reparto) (con cobertura) | GBP | 5.000 | 5% | 1,50% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,50% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Reparto) | GBP | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Acum.) | GBP | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Reparto) (con cobertura) | GBP | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,00% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD C (Acum.) | USD | 5.000.000 | 5% | 1,00% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 1,00% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro C (Acum.) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Sterling I (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| Sterling I (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,75% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Reparto) | CHF | 15.000.000 | 5% | 0,75% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| CAD W (Acum.) (con cobertura) | CAD | 15.000.000 | 5% | 0,75% | 0% |
| CAD W (Reparto) (con cobertura) | CAD | 15.000.000 | 5% | 0,75% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,55% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,55% | 0% |
| Euro E (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,55% | 0% |
| Euro E (Reparto) | EUR | Tal y como se ha acordado | 5% | 0,55% | 0% |
| Sterling E (Acum.) | GBP | Tal y como se ha acordado | 5% | 0,55% | 0% |
| Sterling E (Reparto) | GBP | Tal y como se ha acordado | 5% | 0,55% | 0% |
| CHF E (Acum.) | CHF | Tal y como se ha acordado | 5% | 0,55% | 0% |
| CHF E (Reparto) | CHF | Tal y como se ha acordado | 5% | 0,55% | 0% |
| Euro E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,55% | 0% |
| Euro E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,55% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,55% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,55% | 0% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,55% | 0% |
| CHF E (Reparto) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,55% | 0% |
| CAD E (Acum.) (con cobertura) | CAD | Tal y como se ha acordado | 5% | 0,55% | 0% |
| CAD E (Reparto) (con cobertura) | CAD | Tal y como se ha acordado | 5% | 0,55% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) | GBP | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| CAD X (Acum.) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |
| CAD X (Reparto) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo persigue alcanzar una rentabilidad total que incluya ingresos y un incremento a largo plazo del capital, aplicando un enfoque multiactivos dinámico y sin restricciones a la asignación de activos y a la selección de valores.

##### Política de inversión
El Subfondo es un fondo global multiactivos que pretende lograr su objetivo a través de la asignación dinámica y sin restricciones de activos.
El Subfondo puede invertir en valores de renta variable y asimilados a la renta variable (acciones ordinarias y preferentes, Resguardos Estadounidenses de Depósito y resguardos mundiales de depósito de Valores, valores convertibles o intercambiables por dichos títulos de renta variable, warrants y derechos de compra de acciones), así como Derivados relacionados con renta variable de entre los indicados en el apartado posterior «Uso de Derivados».
El Subfondo podrá invertir también en deuda y valores relacionados con deuda (obligaciones, depósitos, pagarés
—incluidos pagarés comerciales, soberanos, de tipo fijo y variable, con un vencimiento mínimo de un año—, valores respaldados por activos (ABS), valores respaldados por hipotecas (MBS) y bonos que podrán ser de tipo fijo o variable y estar emitidos o garantizados por cualquier gobierno soberano o sus agencias, autoridades locales, organismos públicos supranacionales o internacionales,
bancos, empresas u otros emisores comerciales (en lo sucesivo, «Valores de deuda y relacionados con la deuda») y en Derivados de deuda como los indicados en el apartado posterior «Uso de Derivados».
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en CoCo. Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado «Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.
La deuda y los valores relacionados con la deuda en los que invierta el Subfondo podrán tener la calificación de categoría de inversión, tener otra calificación inferior o no estar calificados. La Gestora de inversiones considera que los valores con grado inferior al de inversión son aquellos que tienen una calificación de solvencia inferior a BBB- en la fecha de la compra de acuerdo con lo indicado por una Agencia de calificación crediticia reconocida. El Subfondo podrá invertir hasta el 30% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda grado inferior al grado de inversión.
El Subfondo podrá invertir más del 10% y hasta un máximo del 35% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda emitidos y
/ o garantizados por un único emisor soberano (incluido su gobierno, entidades públicas o autoridades locales), grado inferior al grado de inversión (es decir, BB+ o inferior) según lo establecido por una Agencia de calificación crediticia reconocida. Algunos ejemplos de este tipo de emisores soberanos son Brasil, Indonesia o Hungría. Estas inversiones se basarán en el criterio profesional de la Gestora de inversiones, entre cuyos motivos de inversión podrán incluirse una perspectiva favorable o positiva sobre el emisor soberano, el potencial de una mejora de la calificación y los cambios previstos en el valor de las inversiones debido a los cambios en sus calificaciones. Debe tenerse en cuenta que las calificaciones de los emisores soberanos pueden cambiar ocasionalmente y que los Estados soberanos antes mencionados solo se incluyen como referencia y están sujetos a modificaciones en función de los cambios en sus calificaciones.
El Subfondo también podrá invertir en materias primas, bienes inmuebles e infraestructuras a través de organismos de inversión colectiva («OIC») y valores cotizados o negociados en Mercados admisibles, como las sociedades anónimas cotizadas de inversión inmobiliaria («SOCIMI») y los fondos cotizados («ETF»). El Subfondo podrá invertir en total hasta el 10% de su Valor de inventario neto en OIC, incluidos los fondos del mercado monetario.
El Subfondo invierte en todo el mundo y, si bien no está enfocado a ninguna región geográfica, industria o sector, en ocasiones podrá concentrarse en industrias o sectores concretos, incluidos países de mercados emergentes y Estados Unidos. El Subfondo podrá invertir más del 40% de su Valor de inventario neto en países con mercados emergentes, incluida Rusia. Sin embargo, no se invertirá más del 20% del Valor de inventario neto del Subfondo en valores cotizados o negociados en Rusia y en Ucrania. El Subfondo solo podrá invertir en valores rusos que se negocien en la Bolsa de Moscú. En lo que respecta a las inversiones en mercados emergentes, la Gestora de inversiones excluirá explícitamente aquellas empresas incluidas en listas de sanciones internacionales y otras
listas de sanciones. El Subfondo también podrá mantener niveles elevados de efectivo, de instrumentos del mercado monetario como papel comercial y deuda pública de tipo fijo o variable y equivalentes de efectivo como certificados de depósito e instrumentos de deuda con vencimientos cortos en ciertas circunstancias. Dichas circunstancias incluyen los casos en los que la Gestora de inversiones crea que los mercados están sobrevalorados, aquellos en los que las condiciones de mercado exijan una estrategia de inversión defensiva, la tenencia de efectivo en depósito a la espera de la reinversión o para atender los reembolsos y el pago de gastos, o para respaldar la exposición a Derivados.
Con la excepción de la inversión permitida en valores no cotizados y OIC de capital variable, las inversiones del Subfondo serán valores e Derivados cotizados o negociados en los Mercados admisibles incluidos en el Apéndice II del Folleto.
El Subfondo puede invertir también hasta el 10% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda de la República Popular de China («RPC») negociados en el mercado de bonos interbancario de China («CIBM») a través del Mecanismo de acceso al mercado de bonos de Hong Kong y China (tal y como se describe en el Apéndice VI del Folleto).
entre los métodos para obtener exposición a los valores chinos pueden incluirse la adquisición de acciones A de China a través de Stock Connect. El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en acciones chinas de la clase A a través del canal Stock Connect. En el Apéndice V de este Folleto se incluyen más detalles sobre el canal Stock Connect.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en Pagarés Estructurados.

##### Índice de referencia
60% índice MSCI AC World NR, 40% índice JP Morgan Global GBI Unhedged TR(el «Índice de referencia combinado»).
El MSCI All Countries World Index cubre la mayor parte del conjunto de oportunidades de inversión en renta variable del mundo y es un indicador exhaustivo del rendimiento del mercado global de renta variable.
El JP Morgan Global Bond Index (GBI) USD es un indicador de deuda pública de tipo fijo. El índice mide la rentabilidad total de la inversión en una serie de mercados de deuda pública desarrollados.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia combinado.
El Subfondo se gestiona de manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia combinado en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del Índice de referencia combinado, la selección de inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia combinado. La estrategia de inversión no restringe el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia combinado.

##### Estrategia de inversión
El Subfondo es una cartera global de activos múltiples sin limitaciones. La asignación de activos se realizará según el criterio de la Gestora de inversiones, en cualquiera de las clases de activos descritas anteriormente. El Subfondo no se centra en ninguna región geográfica, industria o sector en relación con las clases de activos a los que puede obtener exposición. Por lo tanto, el Subfondo tiene la capacidad de invertir el 100% en instrumentos de renta variable y asimilados a la renta variable, el 100% en Valores de deuda y relacionados con la deuda, o cualquier combinación de todas las clases de activos descritas anteriormente, bajo el epígrafe «Políticas de Inversión».
La Gestora de inversiones tiene la convicción de que ninguna sociedad, mercado o economía pueden considerarse de manera aislada; todos ellos deben entenderse en un contexto global. La Gestora de inversiones cree que los acontecimientos que se suceden alrededor del mundo influyen en todos los mercados financieros, y que, por lo tanto, el éxito de las inversiones en valores con una diversificación internacional depende de un conocimiento en profundidad del mundo en su conjunto.
El proceso de inversión de la Gestora de inversiones estudia en su conjunto los temas de inversión, el análisis fundamental y la valoración de valores. El análisis de los temas pretende identificar las principales áreas de cambios estructurales del mundo, con el fin de ofrecer un contexto al análisis de inversiones y la toma de decisiones, lo que ayuda a la Gestora de inversiones a determinar las áreas con oportunidades potenciales y los riesgos, tanto en la clase de activos como en lo concerniente a los valores. El análisis fundamental y el estudio de las valoraciones de los valores realizados por la Gestora de inversiones ayudan posteriormente a establecer una lista de posibles inversiones para el Subfondo. A la hora de invertir en valores, el gestor de la cartera tendrá en cuenta el impacto de dichas inversiones en la constitución general del Subfondo: las exposiciones a las clases de activos, el tamaño de la posición de cada valor y las características del riesgo de la inversión de los propios valores.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La consideración del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones tiene acceso a una serie de puntos de datos relacionados con los factores ASG proporcionados por datos de terceros que ayudan a identificar posibles problemas relacionados con los factores ASG a los que puede enfrentarse un emisor. Esto incluye, entre otros aspectos, la exposición a actividades que puedan considerarse perjudiciales para el ambiente o la sociedad. Estos datos, junto con los datos procedentes de los recursos propios de investigación sobre inversión responsable de la Gestora de inversiones, constituyen una parte fundamental de la consideración y evaluación del nivel de riesgo asociado a la sostenibilidad al que puede estar sujeta una inversión.
Esta evaluación está integrada en el proceso de investigación del nivel de seguridad, que se basa en el análisis fundamental de las oportunidades de inversión individuales a través de una serie de factores diversos, entre los que se incluyen:
- Características económicas o financieras fundamentales
- Valoración
- Perfil de riesgo/beneficio
- Las características ASG del emisor, lo que incluye comprender cómo pueden afectar dichas consideraciones a la rentabilidad económica.

La Gestora de inversiones tendrá en cuenta la información recopilada del análisis fundamental llevado a cabo será a la hora de decidir si adquirir o no una posición en un emisor, o de seguir manteniéndola.
Como se ha explicado anteriormente, la evaluación y la gestión de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Opciones | Opciones sobre divisas (incluidas las opciones de tipos de cambio) Opciones sobre futuros de deuda pública Opciones sobre bonos Opciones sobre acciones (denominación única, índice, sector, cesta personalizada) Opciones sobre futuros de renta variable Opciones sobre índices de volatilidad Swaptions |
| --- | --- |
| Futuros | Futuros sobre divisas y opciones sobre contratos de futuro sobre divisas Futuros sobre renta variable o sobre índices de renta variable Futuros de deuda pública Futuros sobre índices de volatilidad |
| Swaps | Swaps de rentabilidad total (denominación única, crédito, índice y cesta personalizada) Swaps de renta variable/índices de renta variable/swaps de sector Swaps de incumplimiento de crédito (denominación única, índice y cesta personalizada) Swaps de tipos de interés |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| Valores con Derivados/apa- lancamiento in- tegrados | Warrants Bonos convertibles Bonos convertibles contingentes (CoCo) Títulos respaldados por activos (ABS) Títulos respaldados por hipotecas (MBS) Obligaciones estructuradas |
| Otros ins- trumentos | Opciones con un precio de ejercicio bajo (LEPO) y Warrants con un precio de ejercicio bajo (LEPW) Contratos por diferencias (CFD) |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no pueda acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit iTraxx CDS |

| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de renta variable para proporcionar exposición a mercados regionales y globales de renta variable de una manera más rentable o eficiente que mediante la compra de los valores físicos. | Borsa Istanbul 30 Índice Dax 30 Índice Euro Stoxx 50 Índice FTSE 100 Índice FTSE All Share Índice FTSE World Índice Hang Seng Índice KOSPI |
|  | Índice MDAX Índice MSCI All Countries World Índice MSCI Emerging Markets Índice Nasdaq Composite Índice Nikkei 225 Índice Russell 2000 Índice S&P/ASX 200 Índice S&P/TSX Composite Índice S&P 500 Índice Stoxx Europe 600 |
|  | Índice Stoxx Europe Small 200 |
| Los índices de volatilidad para ofrecer exposición expresan la opinión de la Gestora de inversiones acerca de la volatilidad de un mercado o divisa concretos de una manera más rentable o eficiente que si se compraran valores físicos. | Índice Chicago Board Options Exchange SPX Volatility |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular.
Normalmente, todos los índices financieros restantes se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Apéndice IX – Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga neta total (una vez tenida en cuenta la cobertura) a través de Derivados no superará el 100% del Valor de inventario neto del Subfondo y la exposición corta neta total no superará el 100% del Valor de inventario neto del Subfondo (aplicando el enfoque de compromiso).
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 100% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, la Gestora de inversiones no prevé que la exposición del Subfondo a las TRS exceda el 30% del Valor de inventario neto del Subfondo ni que la exposición del Subfondo a las OFV supere el 15% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las TRS y las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III – Operaciones de financiación de valores», «Apéndice III – Gestión de garantías», «Apéndice III – Uso de contratos de recompra/de recompra inversa y de préstamo de valores», «Gestión eficiente de cartera» y «Factores de riesgo» del Folleto.

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de Oferta Iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CAD o 1 CHF,
en función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Global Multi-Asset Income Fund

### SUPLEMENTO 38 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
Este Subfondo se clausuró mediante reembolso obligatorio por el cual todas las Acciones en emisión en el Subfondo a 18 de marzo de 2021 se reembolsaron obligatoriamente. Las Acciones del Subfondo ya no están disponibles para la inversión. La Sociedad tiene previsto solicitar al Banco Central que revoque la autorización del Subfondo tras la elaboración de los estados financieros auditados correspondientes al ejercicio cerrado a 31 de diciembre de 2021. La Sociedad tratará de obtener la autorización del Banco Central para eliminar el Subfondo del Folleto una vez se apruebe dicha revocación.
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar instrumentos derivados financieros («Derivados») con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Está previsto cargar las comisiones de gestión y otras comisiones y gastos del Subfondo al capital del Subfondo para intentar maximizar los repartos. Consulte el apartado «Comisiones y gastos» del Folleto para obtener información adicional al respecto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.
- El Subfondo podrá, en circunstancias excepcionales, invertir principalmente en depósitos establecidos en entidades de crédito. Aunque el Subfondo puede invertir en instrumentos del mercado monetario y depósitos a la vista, las Acciones del Subfondo no constituyen depósitos y son de naturaleza diferente de los depósitos, por no estar garantizadas y porque el valor de la inversión es susceptible de fluctuar. Toda inversión en el Subfondo entraña ciertos riesgos de inversión, incluida la posible pérdida del principal invertido.


#### La Gestora de inversiones
Newton Investment Management Limited

#### Divisa Base
Euro

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| Euro A (Reparto) | EUR | Hasta el 5% | 5.000 EUR | 1,50% | Ninguna |
| Euro A (Acum.) | EUR | Hasta el 5% | 5.000 EUR | 1,50% | Ninguna |
| USD A (Reparto) | USD | Hasta el 5% | 5.000 USD | 1,50% | Ninguna |

| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| USD A (Acum.) | USD | Hasta el 5% | 5.000 USD | 1,50% | Ninguna |
| Sterling A (Reparto) | GBP | Hasta el 5% | 5.000 GBP | 1,50% | Ninguna |
| Sterling A (Acum.) | GBP | Hasta el 5% | 5.000 GBP | 1,50% | Ninguna |
| CAD A (Acum.) | CAD | Hasta el 5% | 5.000 CAD | 1,50% | Ninguna |
| CAD A (Reparto) | CAD | Hasta el 5% | 5.000 CAD | 1,50% | Ninguna |
| AUD A (Acum.) | AUD | Hasta el 5% | 5.000 AUD | 1,50% | Ninguna |
| AUD A (Reparto) | AUD | Hasta el 5% | 5.000 AUD | 1,50% | Ninguna |
| HKD A (Acum.) | HKD | Hasta el 5% | 50.000 HKD | 1,50% | Ninguna |
| HKD A (Reparto) | HKD | Hasta el 5% | 50.000 HKD | 1,50% | Ninguna |
| SGD A (Acum.) | SGD | Hasta el 5% | 5.000 SGD | 1,50% | Ninguna |
| SGD A (Reparto) | SGD | Hasta el 5% | 5.000 SGD | 1,50% | Ninguna |
| CNH A (Acum.) | CNH | Hasta el 5% | 50.000 CNH | 1,50% | Ninguna |
| CNH A (Reparto) | CNH | Hasta el 5% | 50.000 CNH | 1,50% | Ninguna |
| USD H (Reparto) (con cobertura) | USD | Hasta el 5% | 5.000 USD | 1,50% | Ninguna |
| USD H (Acum.) (con cobertura) | USD | Hasta el 5% | 5.000 USD | 1,50% | Ninguna |
| Sterling H (Reparto) (con cobertura) | GBP | Hasta el 5% | 5.000 GBP | 1,50% | Ninguna |
| Sterling H (Acum.) (con cobertura) | GBP | Hasta el 5% | 5.000 GBP | 1,50% | Ninguna |
| CAD H (Acum.) (con cobertura) | CAD | Hasta el 5% | 5.000 CAD | 1,50% | Ninguna |
| CAD H (Reparto) (con cobertura) | CAD | Hasta el 5% | 5.000 CAD | 1,50% | Ninguna |
| AUD H (Acum.) (con cobertura) | AUD | Hasta el 5% | 5.000 AUD | 1,50% | Ninguna |
| AUD H (Reparto) (con cobertura) | AUD | Hasta el 5% | 5.000 AUD | 1,50% | Ninguna |
| HKD H (Acum.) (con cobertura) | HKD | Hasta el 5% | 50.000 HKD | 1,50% | Ninguna |
| HKD H (Reparto) (con cobertura) | HKD | Hasta el 5% | 50.000 HKD | 1,50% | Ninguna |
| SGD H (Acum.) (con cobertura) | SGD | Hasta el 5% | 5.000 SGD | 1,50% | Ninguna |
| SGD H (Reparto) (con cobertura) | SGD | Hasta el 5% | 5.000 SGD | 1,50% | Ninguna |
| CNH H (Acum.) (con cobertura) | CNH | Hasta el 5% | 50.000 CNH | 1,50% | Ninguna |
| CNH H (Reparto) (con cobertura) | CNH | Hasta el 5% | 50.000 CNH | 1,50% | Ninguna |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| Euro C (Reparto) | EUR | Hasta el 5% | 5.000.000 EUR | 1,00% | Ninguna |
| Euro C (Acum.) | EUR | Hasta el 5% | 5.000.000 EUR | 1,00% | Ninguna |
| USD C (Reparto) | USD | Hasta el 5% | 5.000.000 USD | 1,00% | Ninguna |
| USD C (Acum.) | USD | Hasta el 5% | 5.000.000 USD | 1,00% | Ninguna |
| Sterling C (Reparto) | GBP | Hasta el 5% | 5.000.000 GBP | 1,00% | Ninguna |
| Sterling C (Acum.) | GBP | Hasta el 5% | 5.000.000 GBP | 1,00% | Ninguna |
| CHF C (Reparto) | CHF | Hasta el 5% | 5.000.000 CHF | 1,00% | Ninguna |
| CHF C (Acum.) | CHF | Hasta el 5% | 5.000.000 CHF | 1,00% | Ninguna |
| USD I (Acum.) (con cobertura) | USD | Hasta el 5% | 5.000.000 USD | 1,00% | Ninguna |

| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| USD I (Reparto) (con cobertura) | USD | Hasta el 5% | 5.000.000 USD | 1,00% | Ninguna |
| Sterling I (Reparto) (con cobertura) | GBP | Hasta el 5% | 5.000.000 GBP | 1,00% | Ninguna |
| Sterling I (Acum.) (con cobertura) | GBP | Hasta el 5% | 5.000.000 GBP | 1,00% | Ninguna |
| CHF I (Reparto) (con cobertura) | CHF | Hasta el 5% | 5.000.000 CHF | 1,00% | Ninguna |
| CHF I (Acum.) (con cobertura) | CHF | Hasta el 5% | 5.000.000 CHF | 1,00% | Ninguna |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | Hasta el 5% | 5.000 USD | 1,00% | Ninguna |
| USD G (Reparto) | USD | Hasta el 5% | 5.000 USD | 1,00% | Ninguna |
| Euro G (Acum.) | EUR | Hasta el 5% | 5.000 EUR | 1,00% | Ninguna |
| Euro G (Reparto) | EUR | Hasta el 5% | 5.000 EUR | 1,00% | Ninguna |
| Sterling G (Acum.) | GBP | Hasta el 5% | 5.000 GBP | 1,00% | Ninguna |
| Sterling G (Reparto) | GBP | Hasta el 5% | 5.000 GBP | 1,00% | Ninguna |
| USD G (Acum.) (con cobertura) | USD | Hasta el 5% | 5.000 USD | 1,00% | Ninguna |
| USD G (Reparto) (con cobertura) | USD | Hasta el 5% | 5.000 USD | 1,00% | Ninguna |
| Sterling G (Acum.) (con cobertura) | GBP | Hasta el 5% | 5.000 GBP | 1,00% | Ninguna |
| Sterling G (Reparto) (con cobertura) | GBP | Hasta el 5% | 5.000 GBP | 1,00% | Ninguna |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| Euro W (Acum.) | EUR | Hasta el 5% | 15.000.000 EUR | 0,75% | Ninguna |
| Euro W (Reparto) | EUR | Hasta el 5% | 15.000.000 EUR | 0,75% | Ninguna |
| USD W (Acum.) | USD | Hasta el 5% | 15.000.000 USD | 0,75% | Ninguna |
| USD W (Reparto) | USD | Hasta el 5% | 15.000.000 USD | 0,75% | Ninguna |
| Sterling W (Acum.) | GBP | Hasta el 5% | 15.000.000 GBP | 0,75% | Ninguna |
| Sterling W (Reparto) | GBP | Hasta el 5% | 15.000.000 GBP | 0,75% | Ninguna |
| CHF W (Acum.) | CHF | Hasta el 5% | 15.000.000 CHF | 0,75% | Ninguna |
| CHF W (Reparto) | CHF | Hasta el 5% | 15.000.000 CHF | 0,75% | Ninguna |
| CAD W (Acum.) | CAD | Hasta el 5% | 15.000.000 CAD | 0,75% | Ninguna |
| CAD W (Reparto) | CAD | Hasta el 5% | 15.000.000 CAD | 0,75% | Ninguna |
| AUD W (Acum.) | AUD | Hasta el 5% | 15.000.000 AUD | 0,75% | Ninguna |
| AUD W (Reparto) | AUD | Hasta el 5% | 15.000.000 AUD | 0,75% | Ninguna |
| HKD W (Acum.) | HKD | Hasta el 5% | 150.000.000 HKD | 0,75% | Ninguna |
| HKD W (Reparto) | HKD | Hasta el 5% | 150.000.000 HKD | 0,75% | Ninguna |
| SGD W (Acum.) | SGD | Hasta el 5% | 15.000.000 SGD | 0,75% | Ninguna |
| SGD W (Reparto) | SGD | Hasta el 5% | 15.000.000 SGD | 0,75% | Ninguna |
| CNH W (Acum.) | CNH | Hasta el 5% | 150.000.000 CNH | 0,75% | Ninguna |
| CNH W (Reparto) | CNH | Hasta el 5% | 150.000.000 CNH | 0,75% | Ninguna |
| USD W (Acum.) (con cobertura) | USD | Hasta el 5% | 15.000.000 USD | 0,75% | Ninguna |
| USD W (Reparto) (con cobertura) | USD | Hasta el 5% | 15.000.000 USD | 0,75% | Ninguna |

| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling W (Acum.) (con cobertura) | GBP | Hasta el 5% | 15.000.000 GBP | 0,75% | Ninguna |
| Sterling W (Reparto) (con cobertura) | GBP | Hasta el 5% | 15.000.000 GBP | 0,75% | Ninguna |
| CHF W (Acum.) (con cobertura) | CHF | Hasta el 5% | 15.000.000 CHF | 0,75% | Ninguna |
| CHF W (Reparto) (con cobertura) | CHF | Hasta el 5% | 15.000.000 CHF | 0,75% | Ninguna |
| CAD W (Acum.) (con cobertura) | CAD | Hasta el 5% | 15.000.000 CAD | 0,75% | Ninguna |
| CAD W (Reparto) (con cobertura) | CAD | Hasta el 5% | 15.000.000 CAD | 0,75% | Ninguna |
| AUD W (Acum.) (con cobertura) | AUD | Hasta el 5% | 15.000.000 AUD | 0,75% | Ninguna |
| AUD W (Reparto) (con cobertura) | AUD | Hasta el 5% | 15.000.000 AUD | 0,75% | Ninguna |
| HKD W (Acum.) (con cobertura) | HKD | Hasta el 5% | 150.000.000 HKD | 0,75% | Ninguna |
| HKD W (Reparto) (con cobertura) | HKD | Hasta el 5% | 150.000.000 HKD | 0,75% | Ninguna |
| SGD W (Acum.) (con cobertura) | SGD | Hasta el 5% | 15.000.000 SGD | 0,75% | Ninguna |
| SGD W (Reparto) (con cobertura) | SGD | Hasta el 5% | 15.000.000 SGD | 0,75% | Ninguna |
| CNH W (Acum.) (con cobertura) | CNH | Hasta el 5% | 150.000.000 CNH | 0,75% | Ninguna |
| CNH W (Reparto) (con cobertura) | CNH | Hasta el 5% | 150.000.000 CNH | 0,75% | Ninguna |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| Euro E (Acum.) | EUR | Hasta el 5% | Tal y como se ha acordado | 0,25% | Ninguna |
| Euro E (Reparto) | EUR | Hasta el 5% | Tal y como se ha acordado | 0,25% | Ninguna |
| USD E (Acum.) | USD | Hasta el 5% | Tal y como se ha acordado | 0,25% | Ninguna |
| USD E (Reparto) | USD | Hasta el 5% | Tal y como se ha acordado | 0,25% | Ninguna |
| Sterling E (Acum.) | GBP | Hasta el 5% | Tal y como se ha acordado | 0,25% | Ninguna |
| Sterling E (Reparto) | GBP | Hasta el 5% | Tal y como se ha acordado | 0,25% | Ninguna |
| CHF E (Acum.) | CHF | Hasta el 5% | Tal y como se ha acordado | 0,25% | Ninguna |
| CHF E (Reparto) | CHF | Hasta el 5% | Tal y como se ha acordado | 0,25% | Ninguna |
| USD E (Acum.) (con cobertura) | USD | Hasta el 5% | Tal y como se ha acordado | 0,25% | Ninguna |
| USD E (Reparto) (con cobertura) | USD | Hasta el 5% | Tal y como se ha acordado | 0,25% | Ninguna |
| Sterling E (Acum.) (con cobertura) | GBP | Hasta el 5% | Tal y como se ha acordado | 0,25% | Ninguna |
| Sterling E (Reparto) (con cobertura) | GBP | Hasta el 5% | Tal y como se ha acordado | 0,25% | Ninguna |
| CHF E (Acum.) (con cobertura) | CHF | Hasta el 5% | Tal y como se ha acordado | 0,25% | Ninguna |
| CHF E (Reparto) (con cobertura) | CHF | Hasta el 5% | Tal y como se ha acordado | 0,25% | Ninguna |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | Ninguna | Ninguna | Ninguna |
| Euro X (Reparto) | EUR | Ninguna | Ninguna | Ninguna | Ninguna |
| USD X (Acum.) | USD | Ninguna | Ninguna | Ninguna | Ninguna |
| USD X (Reparto) | USD | Ninguna | Ninguna | Ninguna | Ninguna |
| Sterling X (Acum.) | GBP | Ninguna | Ninguna | Ninguna | Ninguna |
| Sterling X (Reparto) | GBP | Ninguna | Ninguna | Ninguna | Ninguna |
| USD X (Acum.) (con cobertura) | USD | Ninguna | Ninguna | Ninguna | Ninguna |
| USD X (Reparto) (con cobertura) | USD | Ninguna | Ninguna | Ninguna | Ninguna |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | Ninguna | Ninguna | Ninguna |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | Ninguna | Ninguna | Ninguna |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo persigue ofrecer ingresos y un potencial de incremento a largo plazo del capital.

##### Política de inversión
El Subfondo es un fondo global multiactivos centrado en los ingresos que pretende lograr su objetivo a través de una asignación activa y flexible de activos.
El Subfondo puede invertir en valores de renta variable y asimilados a la renta variable (acciones ordinarias y preferentes, Resguardos Estadounidenses de Depósito y resguardos mundiales de depósito de Valores, valores convertibles o intercambiables por dichos títulos de renta variable, warrants y derechos de compra de acciones), así como Derivados relacionados con renta variable de entre los indicados en el apartado posterior «Uso de Derivados».
El Subfondo podrá invertir también en deuda y valores relacionados con deuda (obligaciones, depósitos, pagarés
—incluidos pagarés comerciales, soberanos, de tipo fijo y variable, con un vencimiento mínimo de un año—, valores respaldados por activos (ABS), valores respaldados por hipotecas (MBS) y bonos que podrán ser de tipo fijo o variable y estar emitidos o garantizados por cualquier gobierno soberano o sus agencias, autoridades locales, organismos públicos supranacionales o internacionales,
bancos, empresas u otros emisores comerciales (en lo sucesivo, «Valores de deuda y relacionados con la deuda») y en Derivados de deuda como los indicados en el apartado posterior «Uso de Derivados».
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en CoCo. Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado «Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.
Los Valores de deuda y relacionados con la deuda en los que invierta el Subfondo podrán tener la calificación de categoría de inversión, tener otra calificación inferior o no estar calificados. La Gestora de inversiones considera que los valores con grado inferior al de inversión son aquellos que tienen una calificación de solvencia inferior
a BBB- en la fecha de la compra de acuerdo con lo indicado por una Agencia de calificación crediticia reconocida. El Subfondo podrá invertir hasta el 30% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda grado inferior al grado de inversión.
El Subfondo podrá invertir más del 10% y hasta un máximo del 35% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda emitidos y
/ o garantizados por un único emisor soberano (incluido su gobierno, entidades públicas o autoridades locales), grado inferior al grado de inversión (es decir, BB+ o inferior) según lo establecido por una Agencia de calificación crediticia reconocida. Algunos ejemplos de este tipo de emisores soberanos son Brasil, Indonesia o Hungría. Estas inversiones se basarán en el criterio profesional de la Gestora de inversiones, entre cuyos motivos de inversión podrán incluirse una perspectiva favorable o positiva sobre el emisor soberano, el potencial de una mejora de la calificación y los cambios previstos en el valor de las inversiones debido a los cambios en sus calificaciones. Debe tenerse en cuenta que las calificaciones de los emisores soberanos pueden cambiar ocasionalmente y que los Estados soberanos antes mencionados solo se incluyen como referencia y están sujetos a modificaciones en función de los cambios en sus calificaciones.
El Subfondo también podrá invertir en materias primas, bienes inmuebles e infraestructuras a través de organismos de inversión colectiva («OIC») y valores cotizados o negociados en Mercados admisibles, como las sociedades anónimas cotizadas de inversión inmobiliaria («SOCIMI») y los ETF. El Subfondo podrá invertir en total hasta el 10% de su Valor de inventario neto en OIC, incluidos los fondos del mercado monetario.
El Subfondo podrá invertir en todo el mundo. El Subfondo podrá invertir más del 40% de su Valor de inventario neto en países con mercados emergentes, incluida Rusia. Sin embargo, no se invertirá más del 20% del Valor de inventario neto del Subfondo en valores cotizados o negociados en Rusia. El Subfondo solo podrá invertir en valores rusos que se negocien en la Bolsa de Moscú.
El Subfondo también podrá mantener temporalmente niveles elevados (hasta el 100% de su Valor de inventario neto) de efectivo, de instrumentos del mercado monetario
como papel comercial y deuda pública de tipo fijo o variable y equivalentes de efectivo como certificados de depósito e instrumentos de deuda con vencimientos cortos en ciertas circunstancias, con fines de gestión de tesorería. Dichas circunstancias incluyen los casos en los que la Gestora de inversiones crea que los mercados están sobrevalorados, aquellos en los que las condiciones de mercado exijan una estrategia de inversión defensiva (como un colapso bursátil o una crisis importante), la tenencia de efectivo en depósito a la espera de la reinversión o para atender los reembolsos y el pago de gastos, o para respaldar la exposición a Derivados.
Con la excepción de la inversión permitida en valores no cotizados y OIC de capital variable, las inversiones del Subfondo serán valores e Derivados cotizados o negociados en los Mercados admisibles incluidos en el Apéndice II del Folleto.
El Subfondo puede invertir también hasta el 10% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda de la República Popular de China («RPC») negociados en el mercado de bonos interbancario de China («CIBM») a través del Mecanismo de acceso al mercado de bonos de Hong Kong y China (tal y como se describe en el Apéndice VI del Folleto).
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en Pagarés Estructurados.

##### Índice de referencia
60% índice MSCI AC World NR, 40% índice ICE Bank of America Merrill Lynch Global Broad Market TR (hedged to Euro) (el «Índice de referencia Combinado»).
El MSCI AC World Index representa a valores de elevada y mediana capitalización de 23 mercados desarrollados y 24 países con mercados emergentes. Formado por más de 2000 componentes, el índice cubre aproximadamente el 85% del conjunto de oportunidades de renta variable mundial disponible para la inversión. El Índice aplica un enfoque integral y coherente a la hora de elaborar su índice, lo que permite obtener perspectivas globales significativas y comparaciones interregionales en todos los segmentos y combinaciones de tamaño de capitalización bursátil, sector y estilo. Esta metodología pretende dar una cobertura exhaustiva al conjunto de oportunidades de inversión relevantes, con especial atención a la liquidez, la potencial rentabilidad y la capacidad de seguir el índice. El Índice se revisa trimestralmente (en febrero, mayo, agosto y noviembre) con el objetivo de reflejar oportunamente los cambios producidos en los mercados de renta variable subyacentes, a la vez que se limita la rotación indebida del índice.
El ICE Bank of America Merrill Lynch Global Broad Market Index replica la rentabilidad de la deuda con calificación de categoría de inversión de emisión pública en los principales mercados nacionales y de eurobonos, incluidos valores soberanos, cuasigubernamentales, corporativos, titulizados y garantizados.
El Subfondo medirá su generación de ingresos comparándola con el Índice de referencia Combinado.
El Subfondo se gestiona de manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia combinado en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del
Índice de referencia combinado, la selección de inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia combinado. La estrategia de inversión no restringe el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia combinado.

##### Estrategia de inversión
El Subfondo es una cartera global de activos múltiples centrada en los ingresos. Como tal, una importante proporción de los activos del Subfondo se invertirá en valores generadores de ingresos. La asignación de activos se realizará según el criterio de la Gestora de
inversiones, en cualquiera de las clases de activos descritas anteriormente. Si bien el Subfondo se centra en la generación de ingresos, no está enfocado a ninguna región geográfica, industria o sector en relación con las clases de activos a los que puede obtener exposición. Por lo tanto, el Subfondo tiene la capacidad de invertir el 100% en instrumentos de renta variable y asimilados a la renta variable, el 100% en Valores de deuda y relacionados con la deuda, o cualquier combinación de todas las clases de activos descritas anteriormente, bajo el epígrafe «Políticas de Inversión». La asignación de activos del Subfondo podrá cambiar según las opiniones de la Gestora de inversiones acerca de las condiciones económicas y de mercado fundamentales, y de las tendencias de inversión globales, teniendo en consideración factores como la liquidez, los costes, la oportunidad de la ejecución, el atractivo relativo de valores y emisores concretos disponibles en el mercado.
La Gestora de inversiones tiene la convicción de que ninguna sociedad, mercado o economía pueden considerarse de manera aislada; todos ellos deben entenderse en un contexto global. La Gestora de inversiones cree que los acontecimientos que se suceden alrededor del mundo influyen en todos los mercados financieros, y que, por lo tanto, el éxito de las inversiones en valores con una diversificación internacional depende de un conocimiento en profundidad del mundo en su conjunto.
El proceso de inversión de la Gestora de inversiones estudia en su conjunto los temas de inversión, el análisis fundamental y la valoración de valores. El análisis de los temas pretende identificar las principales áreas de cambios estructurales del mundo, con el fin de ofrecer un contexto al análisis de inversiones y la toma de decisiones, lo que ayuda a la Gestora de inversiones a determinar las áreas con oportunidades potenciales y los riesgos, tanto en la clase de activos como en lo concerniente a los valores. El análisis fundamental y el estudio de las valoraciones de los valores realizados por la Gestora de inversiones ayudan posteriormente a establecer una lista de posibles inversiones para el Subfondo. A la hora de invertir en valores, el gestor de la cartera tendrá en cuenta el impacto de dichas inversiones en la constitución general del Subfondo: las exposiciones a las clases de activos, el tamaño de la posición de cada valor y las características del riesgo de la inversión y de los ingresos de los propios valores.
| Índices de renta variable para proporcionar exposición a mercados regionales y globales de renta variable de una manera más rentable o eficiente que mediante la compra de los valores físicos. | Índice Dax 30 Índice Euro Stoxx 50 Índice FTSE 100 Índice FTSE All Share Índice FTSE World Índice Hang Seng Índice KOSPI Índice MSCI All Countries World Índice MSCI Emerging Markets Índice Nasdaq Composite Índice Nikkei 225 Índice Russell 2000 Índice S&P/ASX 600 Índice S&P/TSX Composite Índice S&P 500 Índice Stoxx Europe 600 |
| --- | --- |
| Los índices de volatilidad para ofrecer exposición expresan la opinión de la Gestora de inversiones acerca de la volatilidad de un mercado o divisa concretos de una manera más rentable o eficiente que si se compraran valores físicos. | Índice Chicago Board Options Exchange SPX Volatility |


#### Uso de Derivados
| Opciones | Opciones sobre divisas (incluidas las opciones de tipos de cambio) Opciones sobre futuros de deuda pública Opciones sobre bonos Opciones sobre acciones (denominación única, índice, sector, cesta personalizada) Opciones sobre futuros de renta variable Opciones sobre índices de volatilidad Swaptions |
| --- | --- |
| Futuros | Futuros sobre divisas y opciones sobre contratos de futuro sobre divisas Futuros sobre renta variable o sobre índices de renta variable Futuros de deuda pública Futuros sobre índices de volatilidad |
| Swaps | Swaps de rentabilidad total Swaps de acciones/de índices de renta variable/de sector Swaps de incumplimiento de crédito Swaps de tipos de interés |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| Valores con Derivados/apalan- camiento inte- grados | Warrants Bonos convertibles Bonos convertibles contingentes (CoCo) Títulos respaldados por activos (ABS) Títulos respaldados por hipotecas (MBS) Obligaciones estructuradas |
| Otros instrumen- tos | Títulos de participación en deuda (incluidos LEPO y LEPW) Contratos por diferencias (CFD) |

El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

##### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no pueda acceder directamente a las inversiones.
| Tipo de índices | Nombre de los índices |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit iTraxx CDS |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular.
Normalmente, todos los índices financieros restantes se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Apéndice IX – Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga neta total (una vez tenida en cuenta la cobertura) a través de Derivados no superará el 100% del Valor de inventario neto del Subfondo y la exposición corta neta total no superará el 100% del Valor de inventario neto del Subfondo (aplicando el enfoque de compromiso).

#### Emisión de Acciones
La oferta inicial (el «Periodo de oferta inicial») para todas las clases de Acciones ofrecidas por el Subfondo se ha cerrado. El Periodo de oferta inicial de las clases de Acciones no emitidas se mantendrá abierto hasta el 30 de abril de 2021, o hasta cualquier fecha anterior o posterior a la citada en que se emitan las primeras Acciones de la clase de Acciones correspondiente, momento en el cual finalizará automáticamente el Periodo de Oferta Inicial de dicha clase de Acciones. Se
puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www.bnymellonim.com.
Las Acciones de cada clase no emitida disponible se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF, 1 CAD,
1 AUD, 1 SGD, 10 HKD o 10 CNH, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Reembolso de Acciones
Las Acciones de cada clase se reembolsarán en cada Día de valoración en el Momento de valoración a elección del correspondiente Accionista. El Precio de recompra será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración, minorado en la comisión de reembolso aplicable.
Todas las solicitudes de reembolso de Acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Límites de inversión y de endeudamiento
Los límites de inversión y de endeudamiento del Subfondo se exponen bajo el epígrafe «La Sociedad – Límites de inversión y de endeudamiento» del Folleto.

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Absoluto
Límite de VaR Absoluto: La cartera del Subfondo no superará el 20% de su Valor de inventario neto (utilizando un periodo de tenencia de 20 Días hábiles).
Se espera que el apalancamiento bruto varíe entre: el 0% y el 750% del Valor de inventario neto del Subfondo. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Absoluto y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto».

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y
warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar operaciones de financiación de valores («OFV»), es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 100% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, la Gestora de inversiones no prevé que la exposición del Subfondo a las TRS exceda el 30% del Valor de inventario neto del Subfondo ni que la exposición del Subfondo a las OFV supere el 15% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS o de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las TRS y las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III – Operaciones de financiación de valores», «Apéndice III – Gestión de garantías», «Apéndice III – Uso de contratos de recompra/de recompra inversa y de préstamo de valores», «Gestión eficiente de cartera» y «Factores de riesgo» del Folleto.

#### Cobertura de la Clase de Acciones
Este Subfondo ofrece clases de acciones con cobertura. Estas se identifican con la indicación «(con cobertura)». Véase el apartado «Cobertura de las clases de Acciones» del Folleto para obtener información adicional sobre el funcionamiento y el impacto de las clases de acciones clases de acciones con cobertura.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad –
Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estas comisiones y gastos han sido estimadas en un importe no superior a 60.000 EUR y serán sufragadas por el Subfondo y se amortizarán en un periodo de hasta 5 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Efficient U.S. High Yield Beta Fund

### SUPLEMENTO 39 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Está previsto cargar las comisiones de gestión y otras comisiones y gastos del Subfondo al capital del Subfondo para intentar maximizar los repartos. Consulte el apartado «Comisiones y gastos» del Folleto para obtener información adicional al respecto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Insight North America LLC

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD A (Acum.) | USD | 5.000 | 5% | 0,40% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 0,40% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 0,40% | 0% |
| Euro H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,40% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,40% | 0% |
| Sterling H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 0,40% | 0% |
| Sterling H (Reparto) (con cobertura) | GBP | 5.000 | 5% | 0,40% | 0% |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 0,40% | 0% |
| CHF H (Reparto) (con cobertura) | CHF | 5.000 | 5% | 0,40% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 0,30% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 0,30% | 0% |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,30% | 0% |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,30% | 0% |
| Sterling G (Acum.) (con cobertura) | GBP | 5.000 | 5% | 0,30% | 0% |
| Sterling G (Reparto) (con cobertura) | GBP | 5.000 | 5% | 0,30% | 0% |
| CHF G (Acum.) (con cobertura) | CHF | 5.000 | 5% | 0,30% | 0% |
| CHF G (Reparto) (con cobertura) | CHF | 5.000 | 5% | 0,30% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,30% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,30% | 0% |
| Euro C (Acum.) | EUR | 5.000.000 | 5% | 0,30% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 0,30% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,30% | 0% |
| Sterling I (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 0,30% | 0% |
| Sterling I (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 0,30% | 0% |
| CHF I (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 0,30% | 0% |
| CHF I (Reparto) (con cobertura) | CHF | 5.000.000 | 5% | 0,30% | 0% |
| CAD I (Acum.) (con cobertura) | CAD | 5.000.000 | 5% | 0,30% | 0% |
| CAD I (Reparto) (con cobertura) | CAD | 5.000.000 | 5% | 0,30% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,20% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,20% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,20% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,20% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,20% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,20% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,20% | 0% |
| CHF W (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,20% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| CAD W (Acum.) (con cobertura) | CAD | 15.000.000 | 5% | 0,20% | 0% |
| CAD W (Reparto) (con cobertura) | CAD | 15.000.000 | 5% | 0,20% | 0% |

| Acciones «K» y Acciones «K (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD K (Acum.) | USD | Tal y como se ha acordado | 5% | 0,30% | 0% |
| Euro K (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,30% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,10% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Euro E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Euro E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,10% | 0% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,10% | 0% |
| CHF E (Reparto) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,10% | 0% |
| CAD E (Acum.) (con cobertura) | CAD | Tal y como se ha acordado | 5% | 0,10% | 0% |
| CAD E (Reparto) (con cobertura) | CAD | Tal y como se ha acordado | 5% | 0,10% | 0% |

| Acciones «L» y Acciones «L (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD L (Acum.) | USD | Tal y como se ha acordado | 5% | 0,16% | 0% |
| USD L (Reparto) | USD | Tal y como se ha acordado | 5% | 0,16% | 0% |
| Euro L (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,16% | 0% |
| Euro L (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,16% | 0% |
| Sterling L (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,16% | 0% |
| Sterling L (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,16% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |
| CHF X (Reparto) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |
| CAD X (Acum.) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |
| CAD X (Reparto) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo trata de proporcionar un rendimiento y unos niveles de volatilidad similares a los del índice de referencia que se detalla a continuación a medio o largo plazo, antes de deducir comisiones y gastos.

##### Política de inversión
El Subfondo trata de alcanzar su objetivo de inversión obteniendo una exposición diversificada a valores que tengan unas características crediticias y de vencimiento similares a las del índice Bloomberg Barclays U.S. Corporate High Yield Bond TR (el «Índice de referencia »), invirtiendo en bonos, letras del tesoro, obligaciones, certificados de depósito, papel comercial, depósitos a plazo fijo y colocaciones privadas (es decir, bonos de la Norma S y bonos 144A) (en adelante, «Valores de deuda y relacionados con la deuda») y en Derivados. El resto de los activos se podrán invertir en activos disponibles, realizables o prácticamente disponibles, tal y como se explica con mayor detalle en «Gestión del efectivo y de las garantías», más adelante.
El Subfondo invertirá en Valores de deuda y relacionados con la deuda de tipo fijo o de tipo variable, emitidos o garantizados por cualquier emisor corporativo o comercial incluido en el Índice de referencia. La Gestora de inversiones espera invertir principalmente en Valores de deuda y relacionados con la deuda de emisores que tengan su domicilio social en los Estados Unidos o que ejerzan la parte principal de su actividad económica en los Estados Unidos («Emisores de los EE. UU.»). No obstante, el Subfondo podrá invertir también en Valores de deuda y relacionados con la deuda de Emisores no estadounidenses que deberán estar incluidos en el Índice de referencia. Los Valores de deuda y relacionados con la deuda en los que invierte el Subfondo serán, principalmente, valores grado inferior al grado de inversión según una Agencia de calificación crediticia reconocida en el momento de la adquisición.
El Subfondo podrá tener una exposición de hasta el 10% de su Valor de inventario neto en bonos convertibles contingentes («CoCo»). Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado «Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.
El Subfondo invertirá principalmente y de forma directa en los Valores de deuda y relacionados con la deuda subyacentes incluidos en el Índice de referencia, aunque también, de forma secundaria, obtendrá una exposición indirecta a los componentes del Índice de referencia a través de índices de Swaps de incumplimiento de crédito («CDS»), tal como se describe en el siguiente apartado posterior «Índices financieros», y a organismos de inversión colectiva («OIC»).
El Subfondo podrá invertir hasta un 10% de su Valor de inventario neto en OIC, incluidos los fondos cotizados («ETF») y los fondos del mercado monetario de capital variable.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto total en valores mobiliarios —incluidos, entre otros, instrumentos del mercado monetario y Valores de deuda y relacionados con la deuda— no cotizados o negociados en un Mercado admisible, de conformidad con el Reglamento OICVM. Con la excepción de las inversiones autorizadas en valores no cotizados y OIC de capital variable, el Subfondo invertirá en activos que incluyen Derivados que coticen o se negocien en los Mercados admisibles enumerados en el Apéndice II del Folleto.

##### Gestión de tesorería y de las garantías
En determinadas circunstancias, el Subfondo también podrá mantener tesorería y activos líquidos asimilables a esta. Dichas circunstancias incluyen los casos en los que las condiciones de mercado exijan una estrategia de inversión defensiva, la tenencia de efectivo en depósito a la espera de la reinversión, la tenencia de efectivo para atender los reembolsos y el pago de gastos, o para respaldar la exposición a Derivados.
Los activos prácticamente disponibles podrán incluir Valores de deuda y relacionados con la deuda e instrumentos, obligaciones, letras del tesoro, certificados de depósito, pagarés de tipo variable y papel comercial, que podrán devengar intereses a tipo de interés fijo o variable, y emitidos o garantizados por cualquier Gobierno soberano o sus agencias, autoridades locales, organismos supranacionales u organismos públicos internacionales, bancos, empresas y otros emisores comerciales, y podrán tener plazos de vencimiento por encima de 1 año. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
Índice Bloomberg Barclays U.S. Corporate High Yield TR(el
«Índice de referencia»)
El Índice de referencia representa de manera amplia el mercado de bonos de empresa de tipo fijo y alto rendimiento denominados en dólares estadounidenses. El Subfondo proporcionará exposición principalmente a los emisores de EE. UU. incluidos en el Índice de referencia e invertirá directamente en los componentes del Índice de referencia e indirectamente a través de Derivados.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
La Gestora de inversiones utilizará el Índice de referencia para conformar el universo de inversión. El Subfondo se gestiona de manera activa y no pretende reproducir todos los componentes del Índice de referencia. La Gestora de inversiones tendrá potestad limitada para invertir fuera del Índice de referencia en función del objetivo y la política de inversión.
La mayoría de las posiciones del Subfondo serán componentes del Índice de referencia y, como resultado, el Subfondo será similar en sus exposiciones a divisas y sectores, así como en términos del perfil de vencimiento y de calidad crediticia.
La estrategia de inversión restringe el grado en el que las posiciones de la cartera pueden desviarse del Índice de referencia y, por consiguiente, el grado en el que puede superar la rentabilidad de este. La estrategia de inversión ofrece una volatilidad similar a la del índice de referencia de medio a largo plazo.

##### Estrategia de inversión
Se aplica un enfoque «de arriba abajo» (top-down) para conformar una cartera basada en el Índice de referencia que proporciona una «beta eficiente». «Beta» hace referencia a adquirir exposición en el mercado, mientras que «eficiente» se refiere a lograr la «beta» mediante decisiones y estrategias de inversión de la Gestora de inversiones meditadas y eficientes en términos de costes.
En el proceso de creación de la cartera, se elegirá una selección de Valores de deuda y relacionados con la deuda identificando las características de rendimiento/ diferencial, riesgo, sector y calidad de los componentes del Índice de referencia y seleccionando Valores de deuda y relacionados con la deuda de manera que los
parámetros totales de rentabilidad/diferencial, riesgo, sector y calidad de las posiciones del Subfondo y su beta coincidan estrechamente con los del Índice de referencia.
La aplicación del modelo crediticio registrado de la Gestora de inversiones permite perfeccionar el proceso de selección de valores. Este modelo crediticio califica y clasifica el universo de inversión recopilando información de los mercados financieros y balances de empresa, para ayudar a identificar el valor adecuado al que previsiblemente se negociará un valor de deuda o relacionado con la deuda, e incorpora indicadores fundamentales como la calidad de los ingresos (margen bruto y rentabilidad) y revisiones de los ingresos. La Gestora de inversiones incorpora la información del modelo crediticio en el proceso de selección de activos y en su supervisión continua del universo de inversión. De este modo, el modelo ayuda a la Gestora de inversiones a identificar Valores de deuda y relacionados con la deuda con una probabilidad mayor de reducción de categoría, incumplimiento o comportamiento relativo inferior en comparación con el Índice de referencia. Así, la Gestora de inversiones se asegura de que la exposición del Subfondo a esos Valores de deuda y relacionados con la adeudase igual o inferior a la ponderación de esos mismos valores dentro del Índice de referencia.
La Gestora de inversiones intentará emplear estrategias de rotación eficientes para gestionar la cartera de forma eficiente en términos de costes; por ejemplo, la Gestora de inversiones puede mantener bonos que ya no formen parte del Índice de referencia, cuya venta acarrearía costes de negociación innecesarios. La Gestora de inversiones trata de ofrecer una rentabilidad que refleje la del Índice de referencia a medio o largo plazo, aunque no realiza un seguimiento diario del Índice de referencia. Esto significa que la Gestora de inversiones no se centra en el error de seguimiento del Subfondo en comparación con el Índice de referencia ni toma ninguna medida con el objetivo de minimizar el error de seguimiento. En lugar de eso, al combinar estrategias para corregir las ineficiencias del Índice de referencia, la Gestora de inversiones intenta ofrecer una solución de inversión con un beta eficiente a los inversores.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
«Debido al objetivo de inversión de este Subfondo, la Gestora de inversiones tiene una potestad limitada a la hora de desviarse de las características y exposiciones del Índice de referencia. Esta potestad permite a la Gestora de inversiones, por ejemplo, invertir en valores no incluidos en el Índice de referencia cuando dichos valores cumplan los requisitos del Índice de referencia y se espere que se incluyan en el Índice de referencia en el futuro, y seguir manteniendo valores incluidos en el Índice de referencia en el momento de la compra, aunque se eliminen posteriormente del Índice de referencia. El Índice de referencia no tiene en cuenta los factores ASG ni los riesgos asociados a la sostenibilidad. En consecuencia, la Gestora de inversiones no integra los riesgos asociados a la sostenibilidad (que se definen como un evento o condición ASG que, de producirse, podría causar un impacto negativo real o potencial en el valor de la inversión correspondiente (un «Evento ASG») en sus decisiones de inversión. No obstante, debido a la naturaleza diversificada del Subfondo, la Gestora de inversiones ha determinado que el riesgo asociado a la sostenibilidad al que se enfrenta el Subfondo es mínimo.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros sobre bonos |
| --- | --- |
| Swaps | Swaps de incumplimiento de crédito (CDS) |
| Valores con Derivados/apa- lancamiento integrados | Bonos convertibles contingentes (CoCo) |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija estadounidenses de una forma más rentable o eficiente que adquiriendo los valores físicos. | IHS Markit CDX North American High Yield |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular. No
obstante, dado que el Subfondo no pretende reproducir ni seguir estos índices, no se verá directamente afectado por ninguna revisión, por los costes que esta conlleve o por una ponderación de los activos que supere las restricciones de inversión permitidas.
En el «Apéndice IX – Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV supere el 15% de su Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de Oferta Iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF o 1 CAD, en función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento se indican bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Emerging Markets Debt Total Return Fund

### SUPLEMENTO 40 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- Las comisiones de gestión y demás gastos del Subfondo se cargarán al capital del mismo para intentar maximizar los repartos. Consulte el apartado «Comisiones y gastos» del Folleto para obtener información adicional al respecto.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. El uso de Derivados con fines de inversión no será amplio. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.
- El Subfondo podrá, en circunstancias excepcionales, invertir principalmente en depósitos establecidos en entidades de crédito. Aunque el Subfondo puede invertir en instrumentos del mercado monetario y depósitos a la vista, las Acciones del Subfondo no constituyen depósitos y son de naturaleza diferente de los depósitos, por no estar garantizadas y porque el valor de la inversión es susceptible de fluctuar. Toda inversión en el Subfondo entraña ciertos riesgos de inversión, incluida la posible pérdida del principal invertido.


#### La Gestora de inversiones
Insight Investment Management (Global) Limited
La Gestora de inversiones podrá delegar sus funciones de gestión de inversiones en una Gestora delegada de inversiones y nombrar a un asesor delegado para que le preste asesoramiento en materia de inversión de conformidad con los requisitos del Banco Central. En la fecha del presente Suplemento, la Gestora de inversiones ha nombrado a la Gestora delegada de inversiones que se detalla a continuación.

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Insight North America LLC
(la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD A (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| Euro H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 1,00% | 0% |
| CAD H (Acum.) (con cobertura) | CAD | 5.000 | 5% | 1,00% | 0% |
| CAD H (Reparto) (con cobertura) | CAD | 5.000 | 5% | 1,00% | 0% |
| AUD H (Acum.) (con cobertura) | AUD | 5.000 | 5% | 1,00% | 0% |
| AUD H (Reparto) (con cobertura) | AUD | 5.000 | 5% | 1,00% | 0% |
| SGD H (Acum.) (con cobertura) | SGD | 5.000 | 5% | 1,00% | 0% |
| SGD H (Reparto) (con cobertura) | SGD | 5.000 | 5% | 1,00% | 0% |
| CNH H (Acum.) (con cobertura) | CNH | 50.000 | 5% | 1,00% | 0% |
| CNH H (Reparto) (con cobertura) | CNH | 50.000 | 5% | 1,00% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 0,80% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 0,80% | 0% |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,80% | 0% |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,80% | 0% |
| Sterling G (Acum.) (con cobertura) | GBP | 5.000 | 5% | 0,80% | 0% |
| Sterling G (Reparto) (con cobertura) | GBP | 5.000 | 5% | 0,80% | 0% |
| CHF G (Acum.) (con cobertura) | CHF | 5.000 | 5% | 0,80% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,80% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,80% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 0,80% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,80% | 0% |
| CHF I (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 0,80% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,55% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,55% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,55% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,55% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,55% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,55% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,55% | 0% |
| CAD W (Acum.) (con cobertura) | CAD | 15.000.000 | 5% | 0,55% | 0% |
| CAD W (Reparto) (con cobertura) | CAD | 15.000.000 | 5% | 0,55% | 0% |
| AUD W (Acum.) (con cobertura) | AUD | 15.000.000 | 5% | 0,55% | 0% |
| AUD W (Reparto) (con cobertura) | AUD | 15.000.000 | 5% | 0,55% | 0% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,55% | 0% |
| SGD W (Reparto) (con cobertura) | SGD | 15.000.000 | 5% | 0,55% | 0% |
| CNH W (Acum.) (con cobertura) | CNH | 150.000.000 | 5% | 0,55% | 0% |
| CNH W (Reparto) (con cobertura) | CNH | 150.000.000 | 5% | 0,55% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,45% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Euro E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Euro E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,45% | 0% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,45% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Euro X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |
| CAD X (Acum.) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |
| CAD X (Reparto) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo pretende generar una rentabilidad total superior al índice de referencia, tal como se describe más adelante.

##### Política de inversión
El Subfondo pretende lograr su objetivo de inversión invirtiendo principalmente (esto es, al menos tres cuartas partes de su Valor de inventario neto) en Valores de deuda y relacionados con la deuda, de tipo fijo o de tipo variable, emitidos por Estados soberanos, gobiernos, entidades supranacionales, agencias, organismos públicos internacionales, instituciones financieras, autoridades locales y empresas que tengan lazos o vínculos económicos con países de mercados emergentes.
Los Valores de deuda y relacionados con la deuda en los que podrá invertir el Subfondo incluyen los siguientes: empréstitos, obligaciones, bonos (como los bonos con cupón cero, bonos de agencias gubernamentales, bonos municipales, bonos garantizados, bonos con opción de reventa, bonos con opción de recompra, bonos con opción de venta, bonos alternativos (toggle bonds), bonos ascendentes, bonos con pago en especie, eurobonos, bonos con vencimiento único y bonos del tesoro), bonos vinculados al PIB, instrumentos del mercado monetario (como letras del tesoro locales, certificados de depósito, papel comercial y depósitos a plazo), pagarés (como pagarés de tipo variable, pagarés a la vista de tipo variable y títulos de participación en deuda), colocaciones privadas (como bonos de la Norma S o bonos 144A), híbridos (como obligaciones perpetuas, bonos diferibles (es decir, bonos acumulativos y no acumulativos y valores fiduciarios preferentes), intereses diferidos, bonos convertibles y bonos convertibles contingentes («CoCo»), en lo sucesivo, «Valores de deuda y relacionados con la deuda». Estos Valores de deuda y relacionados con la deuda podrán estar denominados en las divisas principales, o en monedas locales.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en CoCo. Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado «Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.
El Subfondo podrá invertir en certificados de participación residual emitidos por el fideicomiso de bonos con opción de venta siempre que suponga una forma más rentable de conseguir exposición a bonos municipales que la inversión directa en los bonos municipales subyacentes.
El Subfondo invertirá directamente en Valores de deuda y relacionados con la deuda, o indirectamente a través de Derivados (como se describe más adelante, en el apartado «Uso de Derivados»).
El Subfondo podrá invertir hasta el 10%, en total, de su Valor de inventario neto en organismos de inversión colectiva («OIC»), incluidos fondos del mercado monetario como el OICVM irlandés gestionado por Insight Investment Funds Management Limited y asesorado por la Gestora de inversiones.
La Gestora de inversiones puede invierten en valores con grado de inversión (es decir, BBB- o superior) y en valores grado inferior al grado de inversión (es decir, BB+ o inferior) otorgada por una Agencia de calificación crediticia reconocida, y no se verá limitada por la calidad crediticia o el vencimiento a la hora de tomar decisiones de inversión. Por tanto, las inversiones del Subfondo no tendrán que presentar una calificación de solvencia mínima y podrán tener asignada una calificación de solvencia inferior al grado de inversión.
El Subfondo podrá invertir más del 10% y hasta el 35% de su Valor de inventario neto en valores de deuda emitidos y / o garantizados por un único emisor soberano (incluido su Gobierno y sus autoridades públicas o locales) que tengan una calificación inferior a grado de inversión, según la definición dada más arriba. Algunos ejemplos de este tipo de emisores soberanos son Brasil, Indonesia o Turquía. Estas inversiones se basarán en (i) un índice de referencia concreto (véase más adelante el apartado «Indice de Referencia») y / o (ii) en el criterio profesional de la Gestora de inversiones, entre cuyos motivos de inversión podrán incluirse una perspectiva favorable o positiva sobre el emisor soberano, el potencial de una mejora de la calificación y los cambios previstos en el valor de las inversiones debido a los cambios en sus calificaciones. Debe tenerse en cuenta que las calificaciones de los emisores soberanos pueden cambiar ocasionalmente y que los Estados soberanos antes mencionados solo se incluyen como referencia y están sujetos a modificaciones en función de los cambios en sus calificaciones.
Con la excepción de las inversiones autorizadas en valores no cotizados y OIC de capital variable, el Subfondo invertirá en Valores de deuda y relacionados con la deuda, así como en Derivados, que coticen o se negocien en los Mercados admisibles enumerados en el Apéndice II del Folleto.
El Subfondo podrá invertir hasta el 15% de su Valor de inventario neto en valores cotizados o negociados en la Bolsa de Moscú.
El Subfondo puede invertir también hasta el 10% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda de la República Popular de China («RPC») negociados en el mercado de bonos interbancario de China («CIBM») a través del Mecanismo de acceso al mercado de bonos de Hong Kong y China (tal y como se describe en el Apéndice VI del Folleto).

##### Gestión de tesorería y de las garantías
En determinadas circunstancias, el Subfondo podrá además mantener temporalmente niveles elevados de efectivo y activos líquidos equivalentes a efectivo (hasta el 100% del Valor de inventario neto) con fines de gestión de tesorería. Dichas circunstancias incluyen los casos en los que las condiciones de mercado exijan una estrategia de inversión defensiva (como un colapso bursátil o una crisis importante), la tenencia de efectivo en depósito a la espera de la reinversión, para atender los reembolsos, facilitar el pago de gastos y respaldar la exposición a Derivados.
Los activos realizables o prácticamente disponibles pueden incluir Valores de deuda y relacionados con la deuda, de tipo fijo o de tipo variable, emitidos por Estados soberanos, gobiernos, entidades supranacionales, agencias, organismos públicos internacionales, instituciones financieras, autoridades locales y empresas que tengan lazos o vínculos económicos con países de mercados emergentes, y podrán tener vencimientos superiores a un año. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
1/3 índice JP Morgan Government Bond – índice Emerging Markets Global Diversified TR, 1/3 índice JP Morgan Emerging Markets Bond Index Global Diversified TR, 1/3 índice JP Morgan Corporate Emerging Markets Bond Index Broad Diversified TR (el «Índice de referencia combinado»).
El JPM GBI-EM Global Diversified proporciona una medida exhaustiva de la deuda pública denominada en divisas locales, a tipo de interés fijo, emitida en mercados emergentes. El índice incluye valores del Estado del tipo bonos con vencimiento único, de tipo de interés fijo, líquidos y con un plazo de al menos 13 meses hasta el vencimiento.
The JPM EMBI Global Diversified es un índice de referencia exhaustivo de la deuda de los mercados emergentes denominada en dólares estadounidenses. El índice de referencia puede incluir bonos Brady
denominados en dólares estadounidenses y eurobonos emitidos por Estados y entidades cuasisoberanas de los mercados emergentes.
El JPM CEMBI Broad Diversified es un índice de referencia de deuda empresarial líquida de los mercados emergentes mundiales que incluye bonos denominados en dólares estadounidenses emitidos por entidades empresariales de los mercados emergentes.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia combinado.
El Subfondo se gestiona de manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia combinado en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del Índice de referencia combinado, la selección de inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia combinado. La estrategia de inversión no restringe el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia combinado.

##### Estrategia de inversión
La estrategia de inversión del Subfondo consiste en detectar e invertir en el perfil de crecimiento a largo plazo y la mejora crediticia que presentan países de mercados emergentes que emprenden con éxito reformas estructurales y mejoras económicas. La diferencia en términos de eficacia de dichas políticas puede brindar un amplio abanico de oportunidades de inversión que la Gestora de inversiones intentará evaluar y respecto de las cuales formulará sus opiniones de inversión, invirtiendo en Valores de deuda y relacionados con la deuda, en OIC y en los Derivados enumerados en el apartado «Uso de Derivados», incluido más adelante.
La Gestora de inversiones realiza un análisis macroeconómico fundamental sobre cada país del universo de mercados emergentes, aplicando una combinación de técnicas cuantitativas y cualitativas, con el fin de formular una opinión sobre la mejora o el deterioro crediticio que está teniendo lugar en el país en cuestión. A continuación, la Gestora de inversiones establece cuantitativamente la prima de riesgo (es decir, la rentabilidad por encima de la tasa de rendimiento libre de riesgo) (o prima de tipos de interés) de los mercados de obligaciones, de tipos de interés y de divisas de cada uno de esos países, y formula su opinión sobre si dicha prima compensa o no a los inversores de manera suficiente por los riesgos identificados. Una vez finalizado este análisis, la Gestora de inversiones puede decidir qué porcentaje de los activos del Subfondo invertir en Valores de deuda y relacionados con la deuda, en OIC y en Derivados.
La estrategia de inversión pretende, en concreto, generar alfa, que es un indicador del rendimiento (es decir, cualquier rentabilidad del Subfondo que supere a la rentabilidad del índice de referencia combinado), a través de:
- la composición geográfica: diferenciando entre países con una trayectoria de crédito positiva o negativa;
- la selección de valores: seleccionando los valores con la mejor relación riesgo/rentabilidad dado el entorno del mercado, según el proceso descrito más arriba;
- un análisis crediticio y jurídico de los bonos de empresa de los países de los mercados emergentes;
- la gestión de la liquidez: midiendo la liquidez de los valores en los que invierte la cartera y determinando su conveniencia según las necesidades de liquidez del Subfondo;
- la asignación de activos: evaluando las mejores oportunidades de obtener rentabilidad entre los Valores de deuda y relacionados con la deuda, las OIC y los Derivados de países de mercados emergentes. A través de las diferentes fases del ciclo de inversión, los Valores de deuda y relacionados con la deuda, las OIC y los Derivados pueden presentar distintos grados de valor y distintas perspectivas de rentabilidad. Mediante las técnicas cuantitativas y cualitativas más arriba descritas, la Gestora de inversiones aumentará la asignación a aquellas clases de activos cuyas oportunidades considere más atractivas, habida cuenta de las condiciones de mercado actuales y previstas.

Nuestra filosofía de inversión considera que esas oportunidades de generar alfa existen, dadas las características que viene presentando la clase de activos a lo largo del tiempo:
- Existe un amplio espectro en cuanto al tamaño y la complejidad de los países de los mercados emergentes, así como en cuanto al grado de éxito (u otros indicadores) en la mejora de su trayectoria crediticia.
- Las diferencias geográficas y estructurales fundamentales entre países de los mercados emergentes, como los niveles de actividad económica y la carga global de su endeudamiento, ofrecen oportunidades de diversificación.
- Los mercados de capital están experimentando una creciente ampliación, con la evolución de nuevos mercados y la aparición de nuevos países que emiten deuda y / o abandonan la clase de activos al dar el paso hacia economías de mercado desarrolladas.

Los mercados de bonos, de tipos de interés y de divisas presentan características cíclicas que traen consigo oportunidades de asignación activa de activos.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes del Subfondo, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un evento o condición ASG («Evento ASG»). Los riesgos asociados a la sostenibilidad se gestionan garantizando que los responsables principales de la toma de decisiones estén informados e incluidos en el programa de inversión responsable de la Gestora de inversiones, y estableciendo procedimientos eficaces de responsabilidad, transparencia e implementación. Cuando el riesgo asociado a la sostenibilidad se considere importante para los resultados de la inversión, se incorporará a los procesos de diligencia debida. Esto puede incluir la evaluación de valores individuales y / o la interacción con emisores o participantes en el mercado. Los controles internos garantizan que los criterios de sostenibilidad se apliquen continuamente al Subfondo.
Las restricciones ASG, que incluyen calificaciones ASG
propias y datos de terceros, se establecen para evitar o
permitir la inversión en valores que cumplan características relacionadas con la sostenibilidad. Estos controles están codificados con respecto al Subfondo y se actualizan a medida que se obtiene nueva información.
El gobierno corporativo es un factor de riesgo clave asociado a la sostenibilidad que forma parte de las calificaciones de riesgo ASG propias para todos los emisores. La evaluación del gobierno corporativo por parte de la Gestora de inversiones incluye la evaluación de las prácticas y el comportamiento del consejo de administración, la remuneración, el control y la responsabilidad, y la ética o las controversias. La Gestora de inversiones aplica los conocimientos de las calificaciones ASG junto con su propio conocimiento de las estructuras de gobierno de los emisores para establecer prioridades de interacción con los emisores. La Gestora de inversiones tiene en cuenta estos riesgos conjuntamente para decidir si una inversión compensa razonablemente al fondo por los riesgos asociados a la sostenibilidad a largo y corto plazo.
En términos de factores sociales y ambientales, la metodología de calificación ASG propia de la Gestora de inversiones proporciona información específica del sector y de los emisores sobre cuestiones clave. Este modelo ayuda a la Gestora de inversiones a identificar los riesgos clave a los que se puede enfrentar un sector o emisor específico.
El Subfondo puede tener un rendimiento inferior o distinto en relación con otros fondos comparables que no integren los riesgos asociados a la sostenibilidad en sus decisiones de inversión y existe el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros sobre divisas Futuros de tipos de interés (incluidos Futuros de tipos de interés a corto plazo) Futuros de deuda pública |
| --- | --- |
| Opciones | Opciones sobre acciones (índice, sector, ETF, cesta personalizada) Opciones sobre divisas Opciones sobre futuros de tipos de interés Opciones sobre bonos |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| Swaps | Swaps de incumplimiento de crédito («CDS») (denominación única e índice) Swaps de tipos de interés Swaps de divisas Swaps de rentabilidad total (denominación única, índice, y cesta (en el caso de esta última opción, sus componentes subyacentes se pueden agrupar por sector, área geográfica u otras características)) |
| Valores con Derivados/apalan- camiento inte- grados | Bonos convertibles Bonos convertibles contingentes (CoCo) Bonos con opción de reventa y con opción de recompra |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit CDX Emerging Markets |
| Índices de swaps de rentabilidad total (TRS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit iBoxx GEMX |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular.
Normalmente, todos los índices financieros restantes se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 15% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 15% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 25% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases de Acciones no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF,
1 CAD, 1 AUD, 1 SGD o 10 CNH, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Multi-Asset High Income Fund

### SUPLEMENTO 41 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
Este Suplemento contiene información específica relativa a BNY Mellon Multi-Asset High Income Fund (el
«Subfondo»), un subfondo de BNY Mellon Global Funds, plc (la «Sociedad»), que es una sociedad de inversión de tipo abierto y capital variable con múltiples subfondos (estructura «paraguas») constituida como un OICVM con arreglo a lo dispuesto en el Reglamento sobre OICVM. La responsabilidad entre los Subfondos de la Sociedad se mantiene segregada.
Este Subfondo se clausuró mediante reembolso obligatorio por el cual todas las Acciones en emisión en el Subfondo a 28 de agosto de 2018 se reembolsaron obligatoriamente. Las Acciones del Subfondo ya no están disponibles para la inversión. La Sociedad tiene previsto solicitar al Banco Central que revoque la autorización
del Subfondo tras la elaboración de los estados financieros auditados correspondientes al ejercicio cerrado a 31 de diciembre de 2018. La Sociedad tratará de obtener la autorización del Banco Central para eliminar el Subfondo del Folleto una vez se apruebe dicha revocación.
El presente Suplemento forma parte y deberá leerse a la luz de la descripción general de:
- sus Clases de Acciones
- sus límites de inversión y de endeudamiento
- su política de Reparto
- el método empleado para calcular el Valor de inventario neto
- la Sociedad, su dirección y administración
- las comisiones y gastos de la Sociedad
- sus factores de riesgo
- la fiscalidad de la Sociedad y de sus Accionistas
- que se incluyen en el Folleto del 3 de mayo de 2022 relativo a la Sociedad, que se entrega junto con este Suplemento. Si no ha recibido el Folleto, póngase en contacto con el Agente administrativo.
- Los Consejeros, cuyos nombres figuran en el apartado «Dirección y administración de la Sociedad» del Folleto, asumen cualquier responsabilidad derivada de la información contenida en este Suplemento y en el Folleto. Según el leal saber y entender de los Consejeros (quienes han desplegado toda la diligencia razonable para garantizar que así sea), dicha información se ajusta a los hechos y no omite nada que pueda afectar al sentido de esta. Los Consejeros asumen la consiguiente responsabilidad.
- El Subfondo podrá utilizar instrumentos derivados financieros («Derivados») con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. El uso de Derivados con fines de inversión no será amplio. En lo que se refiere al efecto de apalancamiento del uso de Derivados, se puede consultar el apartado posterior «Límites de inversión y de endeudamiento – Exposición global yapalancamiento». También se puede consultar el apartado «Riesgos asociados a instrumentos derivados» bajo el epígrafe del Folleto «Factores de riesgo».
- Las comisiones de gestión y demás gastos del Subfondo se cargarán al capital del mismo para intentar maximizar los repartos. Consulte el apartado «Comisiones y gastos» del Folleto para obtener información adicional al respecto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
La Sociedad gestora ha nombrado a BNY Mellon Asset Management North America Corporation (la «Gestora de inversiones») para que gestione la inversión y reinversión de los activos del Subfondo.
Puede encontrarse una descripción de la Gestora de inversiones bajo el epígrafe «Dirección y administración de la Sociedad» del Folleto.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 17:00 horas (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a
continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La
Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| USD A (Acum.) | USD | Hasta el 5% | 5.000 USD | 1,50% | Ninguna |
| USD A (Reparto) | USD | Hasta el 5% | 5.000 USD | 1,50% | Ninguna |
| Euro A (Acum.) | EUR | Hasta el 5% | 5.000 EUR | 1,50% | Ninguna |
| Euro A (Reparto) | EUR | Hasta el 5% | 5.000 EUR | 1,50% | Ninguna |
| Sterling A (Reparto) | GBP | Hasta el 5% | 5.000 GBP | 1,50% | Ninguna |
| HKD A (Acum.) | HKD | Hasta el 5% | 50.000 HKD | 1,50% | Ninguna |
| HKD A (Reparto) | HKD | Hasta el 5% | 50.000 HKD | 1,50% | Ninguna |
| AUD A (Acum.) | AUD | Hasta el 5% | 5.000 AUD | 1,50% | Ninguna |
| AUD A (Reparto) | AUD | Hasta el 5% | 5.000 AUD | 1,50% | Ninguna |
| CAD A (Acum.) | CAD | Hasta el 5% | 5.000 CAD | 1,50% | Ninguna |
| CAD A (Reparto) | CAD | Hasta el 5% | 5.000 CAD | 1,50% | Ninguna |
| CNH A (Acum.) | CNH | Hasta el 5% | 50.000 CNH | 1,50% | Ninguna |
| CNH A (Reparto) | CNH | Hasta el 5% | 50.000 CNH | 1,50% | Ninguna |
| SGD A (Acum.) | SGD | Hasta el 5% | 5.000 SGD | 1,50% | Ninguna |
| SGD A (Reparto) | SGD | Hasta el 5% | 5.000 SGD | 1,50% | Ninguna |
| Euro H (Acum.) (con cobertura) | EUR | Hasta el 5% | 5.000 EUR | 1,50% | Ninguna |
| Euro H (Reparto) (con cobertura) | EUR | Hasta el 5% | 5.000 EUR | 1,50% | Ninguna |
| Sterling H (Reparto) (con cobertura) | GBP | Hasta el 5% | 5.000 GBP | 1,50% | Ninguna |
| AUD H (Acum.) (con cobertura) | AUD | Hasta el 5% | 5.000 AUD | 1,50% | Ninguna |
| AUD H (Reparto) (con cobertura) | AUD | Hasta el 5% | 5.000 AUD | 1,50% | Ninguna |
| CAD H (Acum.) (con cobertura) | CAD | Hasta el 5% | 5.000 CAD | 1,50% | Ninguna |
| CAD H (Reparto) (con cobertura) | CAD | Hasta el 5% | 5.000 CAD | 1,50% | Ninguna |
| CNH H (Acum.) (con cobertura) | CNH | Hasta el 5% | 50.000 CNH | 1,50% | Ninguna |
| CNH H (Reparto) (con cobertura) | CNH | Hasta el 5% | 50.000 CNH | 1,50% | Ninguna |
| SGD H (Acum.) (con cobertura) | SGD | Hasta el 5% | 5.000 SGD | 1,50% | Ninguna |
| SGD H (Reparto) (con cobertura) | SGD | Hasta el 5% | 5.000 SGD | 1,50% | Ninguna |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| USD C (Acum.) | USD | Hasta el 5% | 5.000.000 USD | 1,00% | Ninguna |
| USD C (Reparto) | USD | Hasta el 5% | 5.000.000 USD | 1,00% | Ninguna |
| Euro C (Acum.) | EUR | Hasta el 5% | 5.000.000 EUR | 1,00% | Ninguna |
| Euro C (Reparto) | EUR | Hasta el 5% | 5.000.000 EUR | 1,00% | Ninguna |
| Euro I (Acum.) (con cobertura) | EUR | Hasta el 5% | 5.000.000 EUR | 1,00% | Ninguna |
| Euro I (Reparto) (con cobertura) | EUR | Hasta el 5% | 5.000.000 EUR | 1,00% | Ninguna |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | Hasta el 5% | 15.000.000 USD | 0,75% | Ninguna |
| USD W (Reparto) | USD | Hasta el 5% | 15.000.000 USD | 0,75% | Ninguna |
| Euro W (Reparto) | EUR | Hasta el 5% | 15.000.000 EUR | 0,75% | Ninguna |
| Sterling W (Reparto) | GBP | Hasta el 5% | 15.000.000 GBP | 0,75% | Ninguna |
| HKD W (Reparto) | HKD | Hasta el 5% | 150.000.000 HKD | 0,75% | Ninguna |
| AUD W (Reparto) | AUD | Hasta el 5% | 15.000.000 AUD | 0,75% | Ninguna |
| CAD W (Reparto) | CAD | Hasta el 5% | 15.000.000 CAD | 0,75% | Ninguna |
| CNH W (Reparto) | CNH | Hasta el 5% | 150.000.000 CNH | 0,75% | Ninguna |
| SGD W (Reparto) | SGD | Hasta el 5% | 15.000.000 SGD | 0,75% | Ninguna |
| Euro W (Reparto) (con cobertura) | EUR | Hasta el 5% | 15.000.000 EUR | 0,75% | Ninguna |
| Sterling W (Reparto) (con cobertura) | GBP | Hasta el 5% | 15.000.000 GBP | 0,75% | Ninguna |
| AUD W (Reparto) (con cobertura) | AUD | Hasta el 5% | 15.000.000 AUD | 0,75% | Ninguna |
| CAD W (Reparto) (con cobertura) | CAD | Hasta el 5% | 15.000.000 CAD | 0,75% | Ninguna |
| CNH W (Reparto) (con cobertura) | CNH | Hasta el 5% | 150.000.000 CNH | 0,75% | Ninguna |
| SGD W (Reparto) (con cobertura) | SGD | Hasta el 5% | 15.000.000 SGD | 0,75% | Ninguna |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| USD E (Acum.) | USD | Hasta el 5% | Tal y como se ha acordado | 0,50% | Ninguna |
| USD E (Reparto) | USD | Hasta el 5% | Tal y como se ha acordado | 0,50 % | Ninguna |
| Euro E (Reparto) | EUR | Hasta el 5% | Tal y como se ha acordado | 0,50 % | Ninguna |
| HKD E (Reparto) | HKD | Hasta el 5% | Tal y como se ha acordado | 0,50 % | Ninguna |
| CNH E (Reparto) | CNH | Hasta el 5% | Tal y como se ha acordado | 0,50 % | Ninguna |
| SGD E (Reparto) | SGD | Hasta el 5% | Tal y como se ha acordado | 0,50 % | Ninguna |
| Euro E (Reparto) (con cobertura) | EUR | Hasta el 5% | Tal y como se ha acordado | 0,50 % | Ninguna |
| CNH E (Reparto) (con cobertura) | CNH | Hasta el 5% | Tal y como se ha acordado | 0,50% | Ninguna |
| SGD E (Reparto) (con cobertura) | SGD | Hasta el 5% | Tal y como se ha acordado | 0,50 % | Ninguna |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Comisión de suscripción inicial | Inversión inicial mínima | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | Ninguna | Ninguna | Ninguna |
| USD X (Reparto) | USD | Ninguna | Ninguna | Ninguna | Ninguna |
| Euro X (Acum.) (con cobertura) | EUR | Ninguna | Ninguna | Ninguna | Ninguna |
| Euro X (Reparto) (con cobertura) | EUR | Ninguna | Ninguna | Ninguna | Ninguna |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El objetivo del Subfondo es ofrecer rentabilidad y un incremento a largo plazo del capital.

##### Política de inversión
El Subfondo es un fondo global multiactivos que pretende lograr su objetivo a través de la asignación de activos y la selección de valores. El Subfondo podrá invertir en valores de renta variable y asimilados a la renta variable, así como en Valores de deuda y relacionados con la deuda, según las siguientes definiciones. Los valores de renta variable y asimilados a la renta variable son: acciones comunes y preferentes; sociedades limitadas negociadas públicamente («MLP»); resguardos estadounidenses de depósito y resguardos mundiales de depósito de valores; valores convertibles o intercambiables por dichos valores de renta variable como opciones sobre valores de renta variable y derechos de compra de acciones. Los Valores de deuda y relacionados con la deuda son: letras del tesoro; obligaciones; bonos (incluidos bonos convertibles y bonos convertibles contingentes); títulos respaldados por activos («ABS») y títulos respaldados por hipotecas («MBS»); pagarés de tipo variable con características subyacentes estandarizadas; bonos vinculados a la inflación e instrumentos del mercado monetario (incluidas aceptaciones bancarias, papel comercial, depósitos a plazo y certificados de depósito), que podrán tener un tipo fijo o variable de interés, emitidos o garantizados por cualquier gobierno soberano o sus agencias, autoridades locales, organismos supranacionales o internacionales públicos, bancos, empresas u otros emisores comerciales (en lo sucesivo,
«Valores de deuda y relacionados con la deuda»).
Las MLP son sociedades personalistas constituidas en Estados Unidos que cotizan y se negocian en mercados regulados. El activo de una MLP es la propiedad de una sociedad de responsabilidad limitada o una sociedad personalista limitada, denominada «entidad operativa», que posee a su vez filiales y activo circulante. El Subfondo invertirá en MLP a través de participaciones, es decir, convirtiéndose en socio con responsabilidad limitada de la sociedad. Los contratos de comandita de las MLP determinan la manera en la que se realizarán los repartos de efectivo a los socios generales y los socios comanditarios. Todos los repartos efectuados por las MLP se traspasarán al NAV del Subfondo. Las MLP se consideran sociedades personalistas a efectos de impuestos de renta federales en Estados Unidos y no tributan a nivel corporativo.
El Subfondo también podrá invertir en Derivados (según se especifica más adelante en el apartado «Uso de Instrumentos financieros derivados») y hasta el 10% en total de su patrimonio neto en organismos de inversión colectiva (incluidos fondos cotizados («ETF») y fondos del mercado monetario). Además de bienes inmuebles, materias primas y mercados monetarios, los organismos de inversión colectiva se utilizarán para obtener exposición a mercados e instrumentos que coincidan con los objetivos y las políticas del Subfondo y que cumplan con los criterios establecidos en las orientaciones del Banco Central.
Ocasionalmente, el Subfondo podrá invertir más del 30% de su patrimonio neto en valores con grado inferior al de inversión, que tengan una calificación BBB- (o equivalente) otorgada por una Agencia de calificación crediticia reconocida como Standard & Poor's, Moody’s Investor Services, Fitch Ratings u otra Agencia de calificación crediticia reconocida equivalente, así como en valores sin calificación.
El Subfondo no invertirá más del 10% de su Valor de inventario neto en valores emitidos y / o garantizados por un solo emisor soberano con una calificación de solvencia inferior a grado de inversión. Con el fin de despejar cualquier duda, por un «solo emisor soberano»,
se entenderá su Gobierno o una autoridad pública o local.
El Subfondo también podrá invertir indirectamente en bienes inmuebles, materias primas e infraestructuras. Sin embargo, no se espera que dicha exposición supere el 20% del Valor de inventario neto del Subfondo en bienes inmuebles, más del 20% en materias primas, ni más del 20% de dicho patrimonio en infraestructuras. En total, no se espera que se supere más del 50% del Valor de inventario neto del Subfondo. La exposición a bienes inmuebles se conseguirá invirtiendo en valores de renta variable de empresas cuya actividad principal sea la propiedad, gestión y / o promoción de inmuebles, en organismos de inversión colectiva, incluidas sociedades anónimas cotizadas de inversión inmobiliaria («SOCIMI»)
y futuros, swaps y opciones sobre SOCIMI u otros índices financieros relacionados con el sector inmobiliario que hayan sido previamente aprobados por el Banco Central. las SOCIMI en los que podrá invertir el Subfondo podrán ser de capital variable o fijo. Toda inversión en SOCIMI de capital fijo se limitará a SOCIMI que la Gestora de inversiones considere que tienen un carácter relativamente líquido, ya sea por cotizar en un mercado admisible o por la existencia de un mercado secundario de participaciones para dichas SOCIMI, y dicha inversión constituirá una inversión en valores negociables de conformidad con los requisitos del Banco Central. La exposición a materias primas e infraestructuras se conseguirá invirtiendo en swaps de rentabilidad total sobre índices financieros vinculados a materias primas o infraestructuras, en ETF y otros organismos de inversión colectiva, de acuerdo con los requisitos establecidos en el Reglamento OICVM y por el Banco Central.
El Subfondo podrá invertir en todo el mundo y no está enfocado a ninguna región geográfica, industria o sector en relación con las acciones u otras clases de activos a los que puede obtener exposición. Podrá invertir más del 30% de su patrimonio neto en países de mercados emergentes, incluidos Rusia, China e India. Sin embargo, no se invertirá más del 20% del Valor de inventario neto del Subfondo en valores cotizados o negociados en Rusia. El Subfondo solo podrá invertir en valores rusos que se negocien en la Bolsa de Moscú. Antes de obtener exposición directa en India, la Gestora de inversiones actualizará el Suplemento a fin de incluir información sobre los permisos locales necesarios y los acuerdos con subdepositarios, de cuya existencia deberá asegurarse.
Con la excepción de las inversiones autorizadas en valores no cotizados e organismos de inversión colectiva de capital variable, el Subfondo invertirá en valores (incluidos Derivados) que coticen o se negocien en los Mercados admisibles enumerados en el Apéndice II del Folleto. El Subfondo también podrá invertir en Derivados extrabursátiles (OTC).
El Subfondo podrá invertir en total hasta el 10% de su patrimonio neto en valores mobiliarios o instrumentos del mercado monetario no cotizados o negociados en un mercado admisible, de conformidad con el Reglamento OICVM, incluidos, entre otros, valores de renta variable no cotizados y Valores de deuda y relacionados con la deuda.
Si bien la moneda de cuenta del Subfondo es el dólar estadounidense (USD), podrá invertir en activos no denominados en USD, sin que exista la necesidad de cobertura respecto de esta moneda. No se invertirá más del 30% del Valor de inventario neto del Subfondo en activos denominados en wones coreanos.
En determinadas circunstancias, el Subfondo también podrá mantener niveles elevados de activos disponibles, realizables o prácticamente disponibles. Para obtener información más detallada, véase el apartado «Gestión de tesorería y de las garantías» a continuación.

##### Estrategia de inversión
El Subfondo pretende ofrecer ingresos e incrementar el capital aplicando un enfoque basado en la asignación dinámica de activos y la selección de valores. Esto significa que la Gestora de inversiones distribuirá su inversión entre las clases de activos y los valores que se describen más arriba en el apartado «Políticas de inversión», y ajustará dicha asignación de acuerdo con el proceso de inversión descrito a continuación.
- 
##### Reparto entre exposición general a renta variable y a deuda

En primer lugar, la Gestora de inversiones determina el reparto entre valores de renta variable y asimilados a la renta variable, por un lado, y Valores de deuda y relacionados con la deuda, por otro lado, aplicando previsiones de factores macroeconómicos fundamentales, como el crecimiento económico y la inflación. Esto significa que la Gestora de inversiones reparte su asignación entre renta variable y deuda en función de las previsiones de rentabilidad y de riesgo de cada mercado en cuestión (por ejemplo, renta variable y obligaciones del Reino Unido).
En lo que respecta al componente de renta variable, la rentabilidad prevista de los valores de renta variable se estima en función de las previsiones de flujo de tesorería de cada valor de renta variable. A continuación, la Gestora de inversiones analiza estas estimaciones junto a sus propias previsiones de posibles sorpresas que contradigan la opinión generalizada de los factores macroeconómicos, con el fin de determinar la asignación del componente de renta variable. Estas previsiones se utilizan para valorar la probabilidad de una recesión en cada país. Si las previsiones apuntan a una probable recesión, la Gestora de inversiones reducirá su
asignación a valores de renta variable.
En cuanto al componente de deuda, la rentabilidad de los bonos prevista se estima en función de las previsiones de rentabilidad en efectivo esperada, utilizando estimaciones de crecimiento, inflación y tipos de interés real en un horizonte a largo plazo. La rentabilidad de los bonos prevista es la diferencia entre la rentabilidad en efectivo prevista y la propia evaluación hecha por la Gestora de inversiones del rendimiento actual de los bonos.
- 
##### Selección de los valores de renta variable y de deuda

Una vez completado el paso anterior, la Gestora de inversiones se centra en la selección de los valores de los componentes de renta variable y de deuda del Subfondo. La Gestora de inversiones selecciona los valores teniendo en cuenta su potencial de generar ingresos y el riesgo que añaden al Subfondo. Este aspecto se evalúa a partir de indicadores fundamentales como el valor de empresa, la rentabilidad, la calidad del crecimiento y el apalancamiento.
El componente de renta variable incluye otros activos de riesgo como la propiedad inmobiliaria indirecta («SOCIMI»), las materias primas («ETF») y las infraestructuras («ETF»), descritos más arriba en las políticas de inversión.
- 
##### Selección de Derivados

La Gestora de inversiones utiliza los Derivados descritos en el apartado «Utilización de Instrumentos Financieros Derivados» con tres objetivos dentro de la estrategia de inversión. La Gestora de inversiones selecciona los Derivados concretos en función del objetivo previsto, como se describe a continuación, de los costes que acarrea y de los beneficios que presenta cada uno.
- Para aumentar los ingresosPara aumentar los ingresos del Subfondo, la Gestora de inversiones podrá obtener primas o ingresos a través de la venta de opciones de compra cubiertas. La venta de opciones de compra cubiertas podrá limitar el potencial de crecimiento de la rentabilidad de un valor en un mercado alcista si el comprador de dicha opción decide ejercerla. La venta de opciones de compra cubiertas podrá reducir la volatilidad diaria de la posición subyacente, así como el riesgo bajista de esa posición subyacente en un mercado a la baja.
- Para ajustar el reparto entre exposición general a renta variable y a deudaLa Gestora de inversiones utilizará los Derivados como una forma rentable de ajustar el reparto entre deuda y renta variable, con el fin de reflejar los cambios en su análisis. Por ejemplo, la Gestora de inversiones podrá comprar o vender futuros, como se describe en el apartado «Utilización de Instrumentos Financieros Derivados», para aumentar o reducir la asignación a un valor o sector de forma rápida y rentable.
- CoberturaLa Gestora de inversiones utilizará Derivados como futuros sobre renta variable, swaps de tipo de interés y swaps de incumplimiento de crédito («CDS») para cubrir el riesgo de renta variable, el riesgo de interés y el riesgo de crédito acarreados por valores concretos en los que invierte el Subfondo con el fin de mantener los activos durante periodos de importantes caídas del mercado. La Gestora de inversiones utilizará Derivados como contratos a plazo sobre divisas para cubrir la exposición a divisas del Subfondo.


##### Posiciones largas y cortas
El Subfondo podrá emplear posiciones largas y posiciones cortas sintéticas para lograr su objetivo de inversión. La Gestora de inversiones podrá tratar de mantener posiciones largas en cualquiera de las clases
de activos descritas en el Suplemento con el fin de generar rendimientos y podrá tratar de mantener posiciones cortas sintéticas en valores de renta variable, bonos y swaps de incumplimiento de crédito («CDS») (denominación única e índice) para obtener rendimientos adicionales, renta variable con cobertura, bonos o exposición a créditos y / o reducir la exposición al mercado durante periodos de importante caída de los precios del mercado.
Según lo previsto, la posición larga bruta total directa e indirecta de las inversiones hechas de acuerdo con el objetivo de inversión estará entre el 50 y el 200% del Valor de inventario neto del Subfondo, y la posición corta bruta total de las inversiones hechas de acuerdo con el objetivo de inversión estará entre el 0 y el 150% del Valor de inventario neto del Subfondo. Puede que tenga que aumentarse el tamaño de las posiciones largas para lograr el objetivo de inversión del Subfondo si, por ejemplo, la volatilidad del mercado fuera inusualmente baja. Las posiciones cortas, distintas de las opciones de compra cubiertas, pretenden compensar o cubrir las posiciones largas. No pretenden ser posiciones abiertamente cortas, sino que más bien quieren controlar y reducir el riesgo ocasionado por las posiciones largas. Así, por ejemplo, se utilizarán posiciones cortas en renta variable, bonos o CDS para cubrir la exposición a renta variable, bonos o créditos. Las opciones de compra cubiertas se venderán para aumentar los ingresos del Subfondo.
Las posiciones largas y cortas utilizadas con las clases de Acciones hedged no se incluyen en la información sobre posiciones largas y cortas aquí recogida.

##### Gestión de tesorería y de las garantías
En determinadas circunstancias, el Subfondo también podrá mantener niveles elevados de activos disponibles, realizables o prácticamente disponibles. Dichas circunstancias incluyen los casos en los que las condiciones de mercado exijan una estrategia de inversión defensiva, la tenencia de efectivo en depósito a la espera de la reinversión, la tenencia de efectivo para atender los reembolsos y el pago de gastos, o para respaldar la exposición a Derivados.
Los activos realizables o prácticamente disponibles pueden incluir Valores de deuda y relacionados con la deuda, como se describe más arriba, distintos de CoCo, MBS y ABS, siempre que sus características sean coherentes con las de un activo realizable o prácticamente realizable y las de los depósitos bancarios. Se pretende que los emisores y / o garantes de tales Valores de deuda y relacionados con la deuda y tales depósitos bancarios tengan una calificación de
solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia crediticia reconocida, como Standard & Poor’s, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Exposiciones a derivados
El Subfondo podrá invertir en los Derivados negociados y extrabursátiles que se describen detalladamente en el apartado «Utilización de Instrumentos Financieros Derivados», con fines de inversión, cobertura y gestión eficiente de la cartera.
| Futuros | Futuros de Índices de Renta Variable Futuros de tipos de interés (incluidos Futuros de tipos de interés a corto plazo) Futuros sobre bonos Futuros sobre índices de volatilidad Futuros del mercado monetario |
| --- | --- |
| Opciones | Opciones sobre acciones (denominación única, índice, sector, cesta personalizada, incluidas opciones de compra cubiertas) Opciones sobre índices Opciones sobre futuros de tipos de interés Opciones sobre bonos Opciones sobre futuros de bonos Opciones sobre ETF Opciones sobre futuros de renta variable |
| Contratos a plazo sobre divisas | Contratos a plazo no entregables Contratos a plazo entregables |
| Swaps | Swaps de incumplimiento de crédito (denominación única e índice) Swaps de tipos de interés Swaps de rentabilidad total (incluido crédito de denominación única e índice) |
| Títulos con Derivados inte- grados | Bonos convertibles (incluidos onos convertibles contingentes) Títulos respaldados por activos («ABS») y títulos respaldados por hipotecas («MBS) |
| Valores que pueden con- llevar apa- lancamiento | Bonos convertibles (incluidos Bonos convertibles contingentes) Derechos de compra de acciones |


##### Índices financieros
El Subfondo podrá adquirir exposición a diversos índices financieros mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión.
No es posible enumerar todos los índices financieros reales a los que podría tenerse exposición, ya que son numerosos y podrían cambiar con el tiempo. La lista podría incluir índices de materias primas como el índice S&P GSCI y el índice Bloomberg Commodity, que permitan al Subfondo obtener exposición a una serie de sectores de materias primas, como la energía, los metales industriales, los productos agrícolas, los productos animales y los metales preciosos.
La información detallada de cualquier índice financiero utilizado por el Subfondo (especialmente la relativa a los mercados que representan) será proporcionada a los Accionistas por la Gestora de inversiones del Subfondo, previa petición, y se incluirá en las cuentas semestrales y anuales de la Sociedad. Todos estos índices estarán aprobados por el Banco Central y cumplirán los requisitos de este. La composición de los índices financieros a los que el Subfondo pueda obtener exposición se revisará periódicamente. Sin embargo, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ninguna revisión, por los costes que esta conlleve o por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
Utilización de Instrumentos Financieros Derivados 
De acuerdo con la política y la estrategia de inversiones del Subfondo descritas más arriba, el Subfondo podrá
realizar operaciones con Derivados, tal y como se
describe más adelante, con fines de gestión eficiente de la cartera o de cobertura. En general, la Gestora de
inversiones prevé utilizar Derivados con fines de inversión siempre que considere que dicho uso proporciona un medio más rentable de conseguir exposición a un determinado activo que la inversión directa en el activo subyacente. Se pueden consultar más detalles sobre el uso de Derivados con fines de gestión eficiente de la cartera en el apartado «Gestión eficiente de cartera ».
El nivel de apalancamiento previsto para el Subfondo derivado de la utilización de Derivados se establece en el apartado «Exposición global y apalancamiento» de
«Límites de inversión y de endeudamiento», más adelante.

##### Futuros
Los futuros son contratos de compra o venta de una cantidad estándar de un activo específico (o bien, en algunos casos, la recepción o el pago de efectivo en función del comportamiento de un activo, instrumento o índice subyacente) en una fecha futura predeterminada y a un precio acordado a través de una transacción realizada en un mercado bursátil. Los contratos de futuros permiten a los inversores cubrirse frente al riesgo de mercado, u obtener exposición al mercado subyacente. Debido a que estos contratos se actualizan
diariamente respecto del mercado, los inversores pueden, mediante el cierre de su posición, salir de su obligación de comprar o vender los activos subyacentes antes de la fecha de entrega fijada en el contrato. El uso frecuente de futuros para ejecutar una estrategia determinada en vez de utilizar el valor, índice, sector del índice o cesta
de valores de deuda subyacentes o relacionados, supone a menudo menores costes de transacción.
El Subfondo podrá invertir en los tipos de futuros siguientes:
- Futuros de índices de renta variable: la Gestora de inversiones podrá celebrar contratos de futuros de índices de renta variable para expresar sus opiniones sobre la dirección de determinados mercados de renta variable.
- Futuros de tipos de interés (incluidos futuros de tiposde interés a corto plazo): los futuros de tipos de interés (incluidos los futuros sobre tipos de interés a corto plazo) pueden utilizarse para expresar la opinión de la Gestora de inversiones de que la curva de tipos se mueve de una manera particular. La Gestora de inversiones podrá utilizar estos instrumentos para reducir la exposición a bonos con tipos de interés fijos.
- Futuros sobre bonos: los futuros sobre bonos permiten a la Gestora de inversiones expresar opiniones positivas o negativas sobre la dirección de los precios de los bonos y tratar de reducir la exposición al tipo de interés de los bonos de tipo fijo.
- Futuros sobre índices de volatilidad: el Subfondo podrá adoptar posiciones largas o cortas en futuros sobre índices de volatilidad para expresar su opinión sobre la volatilidad esperada de los mercados.
- Futuros del mercado monetario: Los futuros del mercado monetario permiten al Subfondo ofrecer una alternativa económicamente eficaz y eficiente en cuanto a su coste, a un depósito en una entidad de crédito específica. Sin embargo, dado que el valor de los contratos de futuros puede cambiar con el nivel del mercado, dichas inversiones expondrán alSubfondo al riesgo de rentabilidad negativa en caso de que los tipos de interés suban con posterioridad a la compra del contrato.


##### Opciones
Existen dos clases de opciones, las opciones de venta («put») y las opciones de compra («call»). Las opciones
«put» son contratos vendidos con una prima, que otorgan a una de las partes del contrato (el comprador) el derecho, pero no la obligación, a vender a la otra parte (el vendedor) del contrato, una cantidad específica de un producto o instrumento financiero específico, a un precio determinado. Las opciones «call» son contratos similares, que se venden con una prima que otorga al comprador el derecho, pero no la obligación, de comprar al vendedor de la opción a un precio especificado. Las opciones pueden liquidarse en efectivo. El Subfondo puede ser vendedor o comprador de opciones «put» y
«call». El Subfondo puede comprar o vender estos instrumentos, o bien de forma aislada o en combinaciones. Por ejemplo, comprar una opción de compra permitiría al Subfondo beneficiarse de cualquier comportamiento alcista, mientras limita su exposición total a la prima original pagada por el propio Subfondo.
El Subfondo podrá invertir en los tipos de opciones siguientes:
- Opciones sobre acciones (denominación única, índice,sector, cesta personalizada): Las opciones sobre acciones pueden utilizarse para expresar opiniones en cuanto a la dirección de la renta variable de denominación única, un índice de renta variable o una cesta personalizada de valores de renta variable.
- Opciones de compra cubiertas: mediante la suscripción de opciones de compra cubiertas, la Gestora de inversiones suscribe (vende) un contrato de opción de compra a la vez que posee un número equivalente de acciones en el capital subyacente con el fin de generar ingresos adicionales y / o a proporcionar un importe limitado frente a una depreciación del valor subyacente.
- Opciones sobre índices: el Subfondo podrá suscribir opciones para obtener exposición a ciertos índices, como comprar una opción de compra sobre el índice Goldman Sachs Commodity. Esto permitiría al Subfondo beneficiarse de cualquier comportamiento alcista del índice, mientras limita su exposición total a la prima pagada por el propio Subfondo.
- Opciones sobre futuros de tipos de interés: las opciones sobre futuros de tipos de interés podrán utilizarse para expresar opiniones similares a las descritas para los futuros sobre tipos de interés.
- Opciones sobre bonos: las opciones sobre bonos pueden utilizarse para expresar visiones posicionales similares, como sucedería comprando o vendiendo el bono subyacente, o alternativamente para expresar el punto de vista de la Gestora de inversiones acerca de la volatilidad del bono.
- Opciones sobre futuros de bonos: las opciones sobre futuros de bonos se pueden utilizar para expresar opiniones similares a las descritas para los futuros sobre bonos o, de forma alternativa, para expresar la opinión de la Gestora de inversiones sobre la volatilidad de los futuros de bonos.
- Opciones sobre ETF: las opciones sobre ETF permiten al Subfondo beneficiarse de la rentabilidad del ETF, mientras limita su exposición total al riesgo bajista a la cuantía de la prima pagada por el Subfondo por la opción. Si el Subfondo quisiese formular una opinión positiva sobre un ETF a través del uso de una opción de compra, la exposición al riesgo bajista se limitaría a la prima de dicha opción, y viceversa en el caso de una opinión negativa mediante el uso de una opción de venta.
- Opciones sobre futuros de renta variable: las opciones sobre futuros de renta variable permiten al Subfondo aumentar o reducir su exposición a un determinado mercado, clase de activos o sector sin tener que comprar o vender directamente los valores.


##### Contratos a plazo sobre divisas (incluidos los contratos a plazo no entregables)
El Subfondo también podrá formalizar contratos a plazo sobre divisas. Un contrato a plazo cierra el precio al que un índice o un activo puede comprarse o venderse en una fecha futura. En los contratos de divisas, los tenedores del contrato están obligados a comprar o vender la divisa a un precio especificado, una cantidad especificada y en una fecha futura determinada. La liquidación de los contratos a plazo puede realizarse en efectivo (no entregable) o de forma entregable, siempre que se haya especificado de antemano.
Los contratos a plazo sobre divisas pueden usarse para dar cobertura, a discreción de la Gestora de inversiones, a cualquier exposición a divisas con respecto a la moneda de base.

##### Swaps
Un swap (permuta financiera) es un acuerdo negociado entre dos partes para canjear el rendimiento a un tipo de interés de referencia como un tipo fijo o variable del mercado monetario, por el rendimiento de una única acción, cesta de acciones, índice o sector del índice.
Pueden utilizarse para expresar enfoques tanto positivos como negativos sobre determinadas acciones (mediante la creación de una posición corta sintética).
El Subfondo podrá invertir en los tipos de swaps siguientes:
- Swaps de incumplimiento de crédito: un swap de incumplimiento de crédito (CDS) es un contrato de permuta financiera que transfiere un instrumento de crédito en una entidad (de referencia) específica o una cartera de entidades de referencia (CDS sobre índices o cestas) constituida entre los participantes del mercado. El comprador de un CDS, como el Subfondo, realiza pagos periódicos y, a cambio, recibe un pago en el caso de que se dé algún evento de incumplimiento.
- Swaps de tipos de interés: un swap de tipos de interés es un acuerdo negociado entre dos partes para intercambiar flujos de tesorería del LIBOR y / o de otros flujos de tesorería de tipos de interés reconocidos similares, con referencia a un importe concreto (el «importe nocional»), en fechas especificadas durante la vigencia del swap. El uso de los swaps de tipos de interés permite modificar la sensibilidad a los tipos de interés del Subfondo más rápidamente y con un coste menor de lo que permite el uso de los mercados físicos de efectivo, y con másprecisión de la permitida por los Derivados negociados en bolsas. También pueden utilizarse para expresar el punto de vista sobre la dirección de los movimientos de tipos de interés.
- Swaps de rentabilidad total (incluido crédito dedenominación única): un swap de rentabilidad total («TRS») es un tipo de contrato extrabursátil de Derivados que permite al Subfondo obtener exposición a un activo o clase de activos, sobre una base sintética. El Subfondo percibe la rentabilidad total de un activo o clase de activos de referencia, por ejemplo, un valor de renta fija, un índice de renta fija, un índice de crédito o un índice de renta variable, durante un periodo de tiempo específico, a cambio de un coste de financiación. Si la rentabilidad del inversor es mayor que el coste de financiar el TRS, el Subfondo debería percibir una rentabilidad incrementada, superior a la que podría generar, por sí solo, el activo subyacente.
- El Subfondo solo celebrará contratos de permutas financieras (swaps) de rentabilidad total por cuenta del Subfondo con las instituciones de crédito que se describen bajo el epígrafe «Límites de inversión y de endeudamiento» del Folleto y que tengan una calificación de solvencia mínima de A-2 (otorgada por una Agencia de calificación crediticia reconocida como Standard & Poor’s) o inferior si la entidad de crédito proporciona un margen o depósito de garantía inicial. Siempre y cuando se cumplan dichas condiciones, la Gestora de inversiones tendrá total discreción para designar a las contrapartes a la hora de celebrar swaps de rentabilidad total en función de los objetivos y políticas de inversión del Subfondo. No es posible ofrecer un listado exhaustivo en este Suplemento de todas las contrapartes, ya que a la fecha de publicación del presente Suplemento estas aún no han sido seleccionadas y es posible que cambien puntualmente. Los riesgos relacionados con el uso de TRS se explican detalladamente en el apartado «Factores de riesgo» del Folleto.

El Subfondo podrá invertir en los siguientes tipos de valores, que podrán integrar Derivados y / o apalancamiento:
- bonos convertibles: el Subfondo podrá adquirir Bonos convertibles, en lugar de acciones ordinarias de una sociedad, con el fin de generar ingresos adicionales. En una situación donde la rentabilidad de las acciones ordinarias de una sociedad no es suficientemente elevada, pero sí lo son la rentabilidad y la liquidez de los bonos convertibles, el Subfondo podrá optar por utilizar este instrumento. Los Bonos convertibles conceden a su poseedor la opción de convertirlas en acciones ordinarias bajo condiciones específicas.
- Bonos convertibles contingentes (CoCo): Estos tipos de valores ofrecen una rentabilidad mayor que las obligaciones convencionales. Los CoCo se convierten de deuda a renta variable solo si el capital del emisor desciende por debajo de un nivel predefinido. La conversión tiene lugar por lo general en unas condiciones económicas desfavorables y provoca pérdidas materiales a los inversores. Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado «Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.
- Derechos de compra de acciones: los derechos de compra de acciones otorgan a su titular la posibilidad—sin imponer la obligación— de comprar un número determinado de acciones a un precio predeterminado.
- Títulos respaldados por activos («ABS») y títulosrespaldados por hipotecas («MBS»)
- El Subfondo también puede comprar ABS y MBS que incluyen instrumentos derivados. Los ABS y MBS se pueden utilizar para proporcionar al Subfondo la oportunidad de obtener una exposición económica a conjuntos de activos subyacentes de los ABS y MBS, así como la posibilidad de obtener ingresos.


#### Emisión de Acciones
Las Acciones de cada una de las clases de Acciones no emitidas disponibles se ofrecerán durante un periodo de oferta inicial que comenzará a las 9:00 horas del 10 de enero de 2018 y que finalizará a las 17:00 horas del 9 de julio de 2018 (el «Periodo de Oferta Inicial»), con un precio de oferta inicial por Acción de 1 EUR, 1 USD,
1 GBP, 10 HKD, 1 AUD, 1 CAD, 10 CNH o 1 SGD, en función
de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Reembolso de Acciones
Las Acciones de cada clase se reembolsarán en cada Día de valoración en el Momento de valoración a elección del correspondiente Accionista. El Precio de recompra será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración, minorado en la comisión de reembolso aplicable.
Todas las solicitudes de reembolso de Acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Límites de inversión y de endeudamiento
Los límites de inversión y de endeudamiento del Subfondo se exponen bajo el epígrafe «La Sociedad – Límites de inversión y de endeudamiento» del Folleto.

#### Exposición global y apalancamiento
El Subfondo podrá apalancar sus posiciones para generar una exposición nominal por encima del Valor de inventario neto del Subfondo cuando se calcule utilizando la metodología de Valor en Riesgo («VaR»), con arreglo a los requisitos del Banco Central.
El VaR es una metodología avanzada de medición del riesgo que se emplea para estimar el apalancamiento del Subfondo y la volatilidad en términos de riesgo de mercado. El VaR trata de predecir, utilizando datos históricos, la escala previsible de las pérdidas previsibles que podrían producirse en un periodo de tiempo determinado. El VaR del Subfondo se calcula diariamente con un nivel de confianza del 99% de una cola, un periodo de tenencia de 5 días y un periodo de observación histórica de al menos un año. Por ejemplo, en un día determinado, si el VaR del Subfondo se calculó como el 2% del NAV del Subfondo basado en un intervalo de confianza del 99% durante un periodo de tenencia de 5 días, esto significaría que, estadísticamente, no se espera que el Subfondo sufra unas pérdidas superiores al 2% del NAV del Subfondo durante un periodo de 5 días, el 99% del tiempo. Es importante señalar que el VaR del Subfondo variará cada día y que, por lo tanto, el Subfondo busca aplicar un límite de VaR que no se pueda superar.
Este periodo de tenencia, así como el de observación histórica, puede variar, y en consecuencia se producirá una modificación correspondiente del límite absoluto, siempre y cuando se cumplan los requisitos del Banco Central, y se actualice y apruebe previamente el Proceso de Gestión de Riesgos. Debe tenerse en cuenta que éstos son los límites vigentes del VaR exigidos por el Banco Central.
De acuerdo con los requisitos establecidos por el Banco Central, el Subfondo aplica un límite de VaR del 10% del NAV del Subfondo (un límite VaR absoluto).
Los métodos VaR se basan en una serie de supuestos acerca de las previsiones sobre los mercados de inversión, así como de su capacidad para extraer conclusiones sobre el comportamiento futuro de los precios de mercado, a partir de los movimientos históricos. Si estos supuestos son incorrectos en alguna medida significativa, la magnitud y frecuencia de las pérdidas realmente soportadas en la cartera de inversión pueden ser considerablemente mayores de lo previsto por un modelo de VaR (e incluso un pequeño grado de inexactitud de los modelos de previsión utilizados pueden causar grandes desviaciones en la previsión realizada). El VaR sí permite una comparación de los riesgos en las distintas clases de activos, y sirve a un gestor de inversiones como indicador del riesgo de inversión en una cartera. Si se utiliza de este modo, y sin perder de vista las limitaciones de los métodos VaR y del modelo particular elegido, puede funcionar como señal, para la Gestora de inversiones, de un incremento en el nivel general de riesgo de una cartera, y como desencadenante de acción correctora por parte de la Gestora de inversiones. La medición y seguimiento de todas las exposiciones relacionadas con el uso de Derivados se realizarán al menos diariamente.
La Autoridad Europea de Valores y Mercados (ESMA) ha emitido una serie de orientaciones sobre Medición del Riesgo y Cálculo de la Exposición Global y Riesgo de Contraparte para OICVM. Estas orientaciones fijan metodologías obligatorias en el ámbito de la medición del riesgo y el cálculo de la exposición global y el riesgo de contraparte que deberán adoptarse por todos los Fondos OICVM. En particular, teniendo en cuenta el cálculo de la exposición global, ESMA ha fijado las metodologías detalladas que debe seguir, y los informes que debe facilitar, todo OICVM que utilice el enfoque VaR. Uno de
los requisitos de ESMA es que el apalancamiento se calcule como suma de los importes nominales de los Derivados que se utilicen.
En virtud de los requisitos de ESMA y del Banco Central, el apalancamiento se calcula sumando el valor nominal de todas las posiciones en Derivados largas del Subfondo y el valor nominal positivo de todas las posiciones en Derivados cortas sintéticas del Subfondo. En consecuencia, el cálculo del apalancamiento incluirá cualquier posición mantenida con fines de reducción del riesgo o de cobertura, como los contratos de divisas a plazo utilizados para cubrir el tipo de cambio dentro del Subfondo, así como los que se utilizan con fines de inversión. Además, cuando las posiciones existentes se ajusten para tomar en cuenta los movimientos del mercado, o las suscripciones y los reembolsos dentro del Subfondo, esto se podrá lograr constituyendo posiciones adicionales superpuestas a los Derivados existentes, lo que tiene el efecto de incrementar el valor nominal total de los Derivados abiertos, incluso cuando tales ajustes se efectúen para compensar posiciones existentes.
El nivel de apalancamiento de la suma de los valores nominales del Subfondo, debido a la utilización de Derivados se prevé que pueda variar entre el 0 y el 600% del Valor de inventario neto, aunque podrá superar este nivel objetivo en todo momento. El nivel de apalancamiento de la suma de los valores nominales se calcula como el valor nominal total de las posiciones en Derivados largas del Subfondo y el valor absoluto de las posiciones cortas sintéticas en Derivados del Subfondo, según lo exigido por el Reglamento OICVM. El motivo de la amplia gama de apalancamiento es tener en cuenta el hecho de que el Subfondo ofrece clases de acciones con cobertura de la exposición a divisas (a través de Derivados y, por consiguiente, podrá provocar un nivel de apalancamiento superior (según el cálculo de la suma del valor nominal)). Esta medida del apalancamiento es alta, debido a que no toma en cuenta cualquier acuerdo de compensación o de cobertura que tenga vigente el Subfondo, incluso si estos acuerdos de compensación y cobertura se utilizan para la reducción del riesgo. En particular, está previsto que un elemento significativo de esta cifra de entre el 0 y el 600% esté compuesto por el valor nominal de los Derivados utilizados por el Subfondo en relación con las clases de acciones con cobertura de divisas.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar ciertas técnicas e Derivados para obtener una gestión eficiente de la cartera. Las técnicas e Derivados que podrán usarse se describen más arriba en el apartado «Utilización de Instrumentos financieros derivados» y / o figuran bajo el epígrafe «La Sociedad – Gestión eficiente de la Cartera» del Folleto. Para fines de gestión eficiente de la cartera, el Subfondo podrá celebrar contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central de 2015. Los contratos con pacto de recompra son operaciones en las que una de las partes vende un valor a la otra, comprometiéndose simultáneamente a recomprar dicho valor en una fecha futura preestablecida a un precio estipulado, que refleje un tipo de interés de mercado desvinculado del tipo del cupón de los valores. Un contrato de recompra inversa (repo) es una operación en la que un Subfondo compra valores a una contraparte, comprometiéndose simultáneamente a revendérselos en una fecha futura preestablecida a un precio también
concretado. Por ejemplo, la Gestora de inversiones podrá celebrar contratos con pacto de recompra para incrementar los ingresos obtenidos por el Subfondo, o para gestionar la exposición a intereses de los bonos a tipo de interés fijo con mayor precisión que mediante el uso de futuros de tipos de interés.
Sin perjuicio de las condiciones y con sujeción a los límites establecidos en el Reglamento OICVM del Banco Central de 2015, el Subfondo podrá celebrar contratos de préstamo de valores para generar ingresos adicionales para el Subfondo. Una operación de préstamo de valores es un contrato en virtud del cual un «prestamista» transfiere la titularidad de los valores «prestados» a un
«prestatario», asumiendo éste el compromiso de devolver al prestamista «valores equivalentes» en una fecha previamente pactada.
La Gestora de inversiones podrá celebrar operaciones relacionadas con los activos del Subfondo orientadas a una gestión eficiente de la cartera con alguna de las siguientes finalidades:
- reducir el riesgo;
- reducir el coste; o
- generar capital o rendimientos adicionales, incurriendo en un nivel de riesgo (en comparación con la rentabilidad esperada), ajustado al perfil deriesgo del Subfondo y los requisitos de diversificación de riesgos establecidos en el Reglamento OICVM de 2015 del Banco Central y en la Guía del Banco Central sobre «Activos elegibles para OICVM» recogidos bajo el epígrafe «La Sociedad – Límites de inversión y de endeudamiento» del Folleto.

En lo que respecta a las operaciones de gestión eficiente de la cartera, la Gestora de inversiones tratará de garantizar la idoneidad económica de estas operaciones y que se realicen de forma rentable en cuanto a su coste.
Las técnicas de gestión eficiente de la cartera en relación con el Subfondo podrían generar costes de transacción. Todos los ingresos generados por las técnicas de gestión eficiente de la cartera, tras deducir los costes operativos directos e indirectos, se devolverán al Subfondo. Los costes/comisiones operativos directos e indirectos derivados de las técnicas de gestión eficiente de la cartera no incluyen los ingresos ocultos y no se abonarán a las entidades que se indican en el informe anual de la Sociedad, las cuales indicarán si las entidades están relacionadas con la Sociedad gestora o el Depositario.
Para más información acerca de los riesgos relacionados con la gestión eficiente de la cartera, los inversores deberán consultar los apartados del Folleto titulados
«Factores de riesgo-Riesgo de Contraparte», «Factores de riesgo-Riesgo de Derivados y de Técnicas e Instrumentos» y «Conflictos de intereses».
La información acerca de la política de gestión de garantías del Subfondo figura bajo el epígrafe «Política de gestión de garantías» del Folleto.

##### Proceso de Gestión de Riesgos
La Sociedad utilizará un Proceso de Gestión de Riesgos que le permitirá medir, controlar y gestionar de forma precisa los riesgos vinculados a los Derivados, de cuyo proceso se han comunicado los detalles al Banco Central. La Sociedad no utilizará Derivados que no se hayan incluido en el Procedimiento de Gestión de Riesgos hasta
que dichos instrumentos no se hayan comunicado en un Procedimiento de Gestión del Riesgo revisado que se haya enviado al Banco Central y que este haya aprobado previamente.
La Sociedad facilitará información complementaria a los Accionistas que lo soliciten acerca de los métodos de gestión del riesgo utilizados, incluidos los límites cuantitativos que estén siendo observados y los últimos cambios registrados en las características de riesgo y rentabilidad de las principales categorías de inversiones.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Instrumentos financieros derivados», y podrá realizar operaciones de financiación de valores («OFV»), es decir, operaciones de préstamo de valores y contratos de recompra o de recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera».
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 100% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 20% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 15% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS o de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto.

#### Cobertura de la Clase de Acciones
Este Subfondo ofrece clases de acciones con cobertura. Estas se identifican con la indicación «(con cobertura)». Véase el apartado «Cobertura de las clases de Acciones» del Folleto para obtener información adicional sobre el funcionamiento y el impacto de las clases de acciones clases de acciones con cobertura.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad –
Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estas comisiones y gastos han sido estimados en un importe no superior a 65.000 EUR y serán sufragados por el Subfondo en el ejercicio en el que se incurran y se amortizarán en un periodo de hasta 3 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Global Infrastructure Income Fund

### SUPLEMENTO 42 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados para obtener cobertura y para una gestión eficiente de la cartera. El Subfondo no utilizará Derivados con fines de inversión. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Está previsto cargar las comisiones de gestión y otras comisiones y gastos del Subfondo al capital del Subfondo para intentar maximizar los repartos. Consulte el apartado «Comisiones y gastos» del Folleto para obtener información adicional al respecto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.
- Una inversión en el Subfondo no debe representar una parte significativa de una cartera de inversiones y podría no resultar conveniente para todos los inversores.


#### La Gestora de inversiones
Newton Investment Management North America LLC

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR A (Acum.) | EUR | 5.000 | 5% | 1,85% | 0% |
| EUR A (Reparto) | EUR | 5.000 | 5% | 1,85% | 0% |
| USD A (Acum.) | USD | 5.000 | 5% | 1,85% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,85% | 0% |
| CHF A (Acum.) | CHF | 5.000 | 5% | 1,85% | 0% |
| CHF A (Reparto) | CHF | 5.000 | 5% | 1,85% | 0% |
| EUR H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,85% | 0% |
| EUR H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,85% | 0% |

| Acciones «B» y Acciones «J (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR B (Acum.) | EUR | 10.000 | 5% | 1,40% | 0% |
| EUR B (Reparto) | EUR | 10.000 | 5% | 1,40% | 0% |
| USD B (Acum.) | USD | 10.000 | 5% | 1,40% | 0% |
| USD B (Reparto) | USD | 10.000 | 5% | 1,40% | 0% |
| USD B (Reparto) (M) | USD | 10.000 | 5% | 1,40% | 0% |
| SGD B (Acum.) | SGD | 10.000 | 5% | 1,40% | 0% |
| SGD B (Reparto) | SGD | 10.000 | 5% | 1,40% | 0% |
| SGD B (Reparto) (M) | SGD | 10.000 | 5% | 1,40% | 0% |
| EUR J (Acum.) (con cobertura) | EUR | 10.000 | 5% | 1,40% | 0% |
| EUR J (Reparto) (con cobertura) | EUR | 10.000 | 5% | 1,40% | 0% |
| SGD J (Acum.) (con cobertura) | SGD | 10.000 | 5% | 1,40% | 0% |
| SGD J (Reparto) (con cobertura) | SGD | 10.000 | 5% | 1,40% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 0,90% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 0,90% | 0% |
| EUR G (Acum.) | EUR | 5.000 | 5% | 0,90% | 0% |
| EUR G (Reparto) | EUR | 5.000 | 5% | 0,90% | 0% |
| CHF G (Acum.) | CHF | 5.000 | 5% | 0,90% | 0% |
| CHF G (Reparto) | CHF | 5.000 | 5% | 0,90% | 0% |
| EUR G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,90% | 0% |
| EUR G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,90% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR C (Acum.) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| EUR C (Reparto) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,90% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,90% | 0% |
| SGD C (Acum.) | SGD | 5.000.000 | 5% | 0,90% | 0% |
| SGD C (Reparto) | SGD | 5.000.000 | 5% | 0,90% | 0% |
| EUR I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| EUR I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| SGD I (Reparto) (con cobertura) | SGD | 5.000.000 | 5% | 0,90% | 0% |
| SGD I (Acum.) (con cobertura) | SGD | 5.000.000 | 5% | 0,90% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,68% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,68% | 0% |
| EUR W (Acum.) | EUR | 15.000.000 | 5% | 0,68% | 0% |
| EUR W (Reparto) | EUR | 15.000.000 | 5% | 0,68% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,68% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,68% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,68% | 0% |
| CHF W (Reparto) | CHF | 15.000.000 | 5% | 0,68% | 0% |
| SGD W (Acum.) | SGD | 15.000.000 | 5% | 0,68% | 0% |
| SGD W (Reparto) | SGD | 15.000.000 | 5% | 0,68% | 0% |
| EUR W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,68% | 0% |
| EUR W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,68% | 0% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,68% | 0% |
| SGD W (Reparto) (con cobertura) | SGD | 15.000.000 | 5% | 0,68% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,40% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,40% | 0% |
| EUR E (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| EUR E (Reparto) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| CHF E (Acum.) | CHF | Tal y como se ha acordado | 5% | 0,40% | 0% |
| CHF E (Reparto) | CHF | Tal y como se ha acordado | 5% | 0,40% | 0% |
| SGD E (Acum.) | SGD | Tal y como se ha acordado | 5% | 0,40% | 0% |
| SGD E (Reparto) | SGD | Tal y como se ha acordado | 5% | 0,40% | 0% |
| EUR E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| EUR E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,40% | 0% |
| SGD E (Acum.) (con cobertura) | SGD | Tal y como se ha acordado | 5% | 0,40% | 0% |
| SGD E (Reparto) (con cobertura) | SGD | Tal y como se ha acordado | 5% | 0,40% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| EUR X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| EUR X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| EUR X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| EUR X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo pretende maximizar la rentabilidad total de los ingresos y el incremento del capital adquiriendo exposición a empresas situadas en todo el mundo centradas en las infraestructuras y las actividades relacionadas.

##### Política de inversión
El Subfondo invierte principalmente (lo cual significa al menos el 80% del Valor de inventario neto del Subfondo) en una cartera concentrada de valores de renta variable y asimilados a la renta variable (acciones ordinarias y preferentes, recibos de depósito americanos y recibos de depósito internacionales (denominados conjuntamente en lo sucesivo «Resguardos de depósito»), y en sociedades anónimas cotizadas de inversión inmobiliaria («SOCIMI») de empresas situadas en todo el mundo centradas en las infraestructuras y las actividades relacionadas (las
«Empresas de infraestructuras»).
Las inversiones en SOCIMI no superarán el 20% del Valor de inventario neto del Subfondo.
El Subfondo no invertirá más del 25% de su Valor de inventario neto en países con mercados emergentes. Dichos países con mercados emergentes incluyen probablemente, entre otros, a China (la exposición a China se logrará a través de acciones chinas y resguardos de depósito cotizados en Hong Kong), India (la exposición a India se logrará a través de resguardos de depósito) o México. El Subfondo no invertirá en Rusia. El Subfondo también podrá invertir hasta el 10% de su Valor de inventario neto total en organismos de inversión colectiva («OIC») de tipo abierto, incluidos fondos del mercado monetario y fondos de capital variable negociados en bolsa («ETF») de tipo abierto. El Subfondo podrá poseer además activos líquidos con carácter accesorio como depósitos bancarios.
El Subfondo podrá utilizar Derivados, de acuerdo con lo descrito más adelante en el apartado «Gestión eficiente de la cartera». El Subfondo no utilizará Derivados con fines de inversión. Sin embargo, el Subfondo podrá poseer ocasionalmente warrants o derechos de
adquisición de acciones cuando el mismo Subfondo los haya adquirido como consecuencia de operaciones societarias.
El Subfondo no tiene previsto tomar posiciones cortas.
Con la excepción de la inversión permitida en valores no cotizados y OIC de capital variable, las inversiones del Subfondo serán valores cotizados o negociados en mercados admisibles. En el Apéndice II del Folleto se recoge una lista de los Mercados admisibles.

##### Índice de referencia
Índice S&P Global Infrastructure NR (el «Índice de referencia»).
El Índice de referencia está diseñado para hacer un seguimiento de empresas de todo el mundo seleccionadas por representar al sector cotizado de infraestructuras, manteniendo a la vez la liquidez y la posibilidad de negociación. Para conseguir una exposición diversificada, el Índice de referencia incluye tres grupos de infraestructuras diferenciados: energía, transporte y servicios públicos.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Sin embargo, dado que el Índice de referencia abarca una considerable proporción del universo de inversión, la mayoría de las posiciones del Subfondo serán componentes del Índice de referencia, aunque las ponderaciones en la cartera no se verán influidas por las del Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
La estrategia de inversión pretende maximizar la rentabilidad total de los ingresos y el incremento del capital invirtiendo en una cartera concentrada de Empresas de infraestructuras, según se describe detalladamente más arriba en el apartado «Políticas de inversión».
La mayoría de los activos del Subfondo se asignará a inversiones en Empresas de infraestructuras de mayor rentabilidad, con el fin de generar ingresos para el Subfondo en forma de dividendos. Además, una parte de los activos del Subfondo se asignará a inversiones en Empresas de infraestructuras de menor rentabilidad
(p. ej., acciones con un pago de dividendos menor) con sólidas perspectivas de crecimiento.
Con dichas asignaciones, la Gestora de inversiones podría buscar exposición a sectores de infraestructuras tradicionales, como la energía, la industria, el transporte y los servicios, así como en sectores no tradicionales, como las telecomunicaciones, las viviendas para personas mayores, la salud o el sector inmobiliario. En cualquier momento dado, el Subfondo podría tener exposición a una parte, o a todos estos sectores, dependiendo de la opinión de la Gestora de inversiones sobre cada sector en ese momento. Dicha opinión se verá condicionada por la coyuntura económica, política o normativa de cada sector. El Subfondo invertirá en Empresas de infraestructuras de mercados desarrollados y emergentes.
La Gestora de inversiones pretende invertir en Empresas de infraestructuras que, según su opinión, disfruten de entornos normativos sólidos —una característica más común de los mercados desarrollados— y de unos flujos de tesorería estables, impulsados por modelos de negocio sostenibles y perfiles de pago de dividendos constante. La Gestora de inversiones aplica la investigación cuantitativa y fundamental para seleccionar
las inversiones y se centra en las Empresas de infraestructuras que tienen la mejor combinación en términos de estabilidad de los flujos de tesorería, potencial de pago de dividendos e indicadores de valoración (como la ratio precio-beneficios, la ratio precio-valor contable o la ratio precio-flujo de tesorería). La investigación fundamental de la Gestora de inversiones incluye importantes áreas de evaluación como la solidez del balance de situación, el paisaje de la competencia, las valoraciones del precio de las acciones, la liquidez o el análisis del entorno normativo.
La gestión del riesgo es un componente fundamental de la estrategia de inversión. Cuando existen riesgos económicos, políticos o normativos en un país o sector de infraestructuras, la Gestora de inversiones tiene la intención de limitar el impacto de dichos riesgos en el Subfondo mediante su proceso de selección de valores (según se describe a continuación).

##### Selección de valores Disciplina de compra
Al seleccionar a las Empresas de infraestructuras en las que invertir, la Gestora de inversiones se centra en si las previsiones de flujo de tesorería de la empresa en cuestión son sostenibles o no. Para ello, la Gestora de inversiones analiza la viabilidad de la estrategia de crecimiento de la empresa de infraestructuras, su posición competitiva y las condiciones generales del sector. Además, la Gestora de inversiones determina el riesgo económico, normativo y político que, en el ámbito de la empresa, afectan a cada una de las empresas de infraestructuras consideradas, analizando y evaluando áreas importantes como el paisaje competitivo y el entorno político y normativo. A continuación, elige a aquellas empresas de infraestructuras que considera que están mejor situadas para soportar dichos riesgos, o que
tienen una exposición más limitada a ellos, debido a ventajas competitivas de la Empresa de infraestructuras en cuestión, como la antigüedad, la calidad y el coste de sustitución de sus activos de infraestructuras (y, por lo tanto, la sostenibilidad de su flujo de tesorería).
Disciplina de venta
Cuando, durante la revisión periódica de una empresa de infraestructuras, la Gestora de inversiones detecte puntos flacos en su modelo de negocio, una mayor exposición a los riesgos económico, normativo o político, o unos pagos de dividendos inferiores a las previsiones, podrá vender la posición en cuestión. Las inversiones podrán venderse también cuando la Gestora de inversiones detecte una oportunidad de inversión más prometedora.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La gestión del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones aplica análisis fundamentales respaldados por recursos de datos cuantitativos para evaluar los factores ambientales, sociales y de gobernanza de cada inversión en cartera en busca de posibles riesgos asociados a la sostenibilidad. Estos factores pueden incluir, entre otros, el impacto sobre el medioambiente de un emisor, incluidas las emisiones, el uso de la tierra y las prácticas en materia de residuos, así como las políticas y prácticas sociales de un emisor, incluidas las cuestiones relacionadas con los empleados, las prácticas de la cadena de suministro y las políticas de derechos humanos. La Gestora de inversiones identifica e incorpora en su proceso de toma de decisiones de inversión aquellas consideraciones que influirán en el comportamiento de un emisor o afectarán a los entornos económicos, normativos, políticos, sociales o físicos en los que opera. La Gestora de inversiones aprovecha el análisis fundamental junto con los datos cuantitativos para obtener una puntuación ASG propia con el fin de mejorar aún más la gestión de los factores de sostenibilidad dentro del Subfondo. El análisis interno de la Gestora de inversiones se complementa con recursos de terceros, entre los que se incluyen datos y calificaciones ASG de MSCI, datos ASG de Bloomberg, la Guía de diálogo activo (Engagement Guide) de la Junta de Normas de Contabilidad Sostenible (SASB), análisis de la parte vendedora y eventos del sector. El resultado es un proceso de toma de decisiones de inversión que pretende minimizar la exposición del Subfondo a emisores rezagados en materia ambiental, social y de gobierno corporativo, a la vez que tiene en cuenta cualquier otro riesgo asociados a la sostenibilidad vinculado a las inversiones del Subfondo.
La Gestora de inversiones también evalúa las prácticas de gobierno corporativo de los emisores mediante su investigación fundamental, complementada con metodologías de calificación de gobierno corporativo propias y de terceros, con el fin de establecer de manera fehaciente si los emisores correspondientes siguen unas buenas prácticas de gobierno, en particular con respecto
a estructuras de gestión sólidas, relaciones con los empleados, remuneración del personal y conformidad fiscal.
La Gestora de inversiones supervisa periódicamente los factores de sostenibilidad y las exposiciones al riesgo evaluando los informes periódicos sobre las puntuaciones ASG propios de la Gestora de inversiones y procedentes de terceros.
Como se ha explicado anteriormente, la gestión y la evaluación de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.

#### Registro en Hong Kong
El Subfondo está registrado para su venta en Hong Kong.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 50% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central.
Cuando utilice Derivados para lograr una gestión eficiente de la cartera, el Subfondo puede adquirir exposición indirecta a índices financieros.
Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases de Acciones no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 EUR, 1 USD, 1 GBP, 1 CHF o 1 SGD, en función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las Acciones que generan rendimientos (Reparto) con el sufijo («M»), normalmente se declararán dividendos mensualmente, el último Día Hábil del mes. En lo que respecta a los titulares de Acciones que generan rendimientos y reparten dividendos mensualmente, los dividendos declarados se pagarán normalmente el día 20 del mes siguiente, o en una fecha anterior. Para el resto de las clases de acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estas comisiones y gastos han sido estimados en un importe no superior a 50.000 EUR y serán sufragados por el Subfondo en el ejercicio en el que se incurran y se amortizarán en un periodo de hasta 3 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Además, llamamos la atención de los inversores sobre el apartado «Factores de riesgo» incluido en el Folleto y, en particular, sobre el apartado «Riesgo de inversión en Empresas de infraestructuras».

## BNY Mellon Mobility Innovation Fund

### SUPLEMENTO 43 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
Este Suplemento contiene información específica relativa a BNY Mellon Mobility Innovation Fund (el «Subfondo»), un subfondo de BNY Mellon Global Funds, plc (la
«Sociedad»), que es una sociedad de inversión de tipo abierto y capital variable con múltiples subfondos (estructura «paraguas») constituida como un OICVM con arreglo a lo dispuesto en el Reglamento sobre OICVM. La responsabilidad entre los Subfondos de la Sociedad se mantiene segregada.
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados para obtener cobertura y para una gestión eficiente de la cartera. El Subfondo no utilizará Derivados con fines de inversión. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debe representar una parte significativa de una cartera de inversiones y podría no resultar conveniente para todos los inversores.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.


#### La Gestora de inversiones
Newton Investment Management North America LLC

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR A (Acum.) | EUR | 5.000 | 5% | 1,85% | 0% |
| EUR A (Reparto) | EUR | 5.000 | 5% | 1,85% | 0% |
| USD A (Acum.) | USD | 5.000 | 5% | 1,85% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,85% | 0% |
| CHF A (Acum.) | CHF | 5.000 | 5% | 1,85% | 0% |
| CHF A (Reparto) | CHF | 5.000 | 5% | 1,85% | 0% |
| EUR H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,85% | 0% |
| EUR H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,85% | 0% |
| Sterling H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,85% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling H (Reparto) (con cobertura) | GBP | 5.000 | 5% | 1,85% | 0% |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 1,85% | 0% |
| CHF H (Reparto) (con cobertura) | CHF | 5.000 | 5% | 1,85% | 0% |

| Acciones «B» y Acciones «J (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR B (Acum.) | EUR | 10.000 | 5% | 1,40% | 0% |
| EUR B (Reparto) | EUR | 10.000 | 5% | 1,40% | 0% |
| USD B (Acum.) | USD | 10.000 | 5% | 1,40% | 0% |
| USD B (Reparto) | USD | 10.000 | 5% | 1,40% | 0% |
| SGD B (Acum.) | SGD | 10.000 | 5% | 1,40% | 0% |
| SGD B (Reparto) | SGD | 10.000 | 5% | 1,40% | 0% |
| HKD B (Acum.) | HKD | 100.000 | 5% | 1,40% | 0% |
| HKD B (Reparto) | HKD | 100.000 | 5% | 1,40% | 0% |
| EUR J (Acum.) (con cobertura) | EUR | 10.000 | 5% | 1,40% | 0% |
| EUR J (Reparto) (con cobertura) | EUR | 10.000 | 5% | 1,40% | 0% |
| SGD J (Acum.) (con cobertura) | SGD | 10.000 | 5% | 1,40% | 0% |
| SGD J (Reparto) (con cobertura) | SGD | 10.000 | 5% | 1,40% | 0% |
| AUD J (Acum.) (con cobertura) | AUD | 10.000 | 5% | 1,40% | 0% |
| AUD J (Reparto) (con cobertura) | AUD | 10.000 | 5% | 1,40% | 0% |
| CAD J (Acum.) (con cobertura) | CAD | 10.000 | 5% | 1,40% | 0% |
| CAD J (Reparto) (con cobertura) | CAD | 10.000 | 5% | 1,40% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 0,90% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 0,90% | 0% |
| EUR G (Acum.) | EUR | 5.000 | 5% | 0,90% | 0% |
| EUR G (Reparto) | EUR | 5.000 | 5% | 0,90% | 0% |
| CHF G (Acum.) | CHF | 5.000 | 5% | 0,90% | 0% |
| CHF G (Reparto) | CHF | 5.000 | 5% | 0,90% | 0% |
| EUR G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,90% | 0% |
| EUR G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,90% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| EUR C (Acum.) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| EUR C (Reparto) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,90% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,90% | 0% |
| SGD C (Acum.) | SGD | 5.000.000 | 5% | 0,90% | 0% |
| SGD C (Reparto) | SGD | 5.000.000 | 5% | 0,90% | 0% |
| EUR I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| EUR I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| SGD I (Reparto) (con cobertura) | SGD | 5.000.000 | 5% | 0,90% | 0% |
| SGD I (Acum.) (con cobertura) | SGD | 5.000.000 | 5% | 0,90% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,70% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,70% | 0% |
| EUR W (Acum.) | EUR | 15.000.000 | 5% | 0,70% | 0% |
| EUR W (Reparto) | EUR | 15.000.000 | 5% | 0,70% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,70% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,70% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,70% | 0% |
| CHF W (Reparto) | CHF | 15.000.000 | 5% | 0,70% | 0% |
| SGD W (Acum.) | SGD | 15.000.000 | 5% | 0,70% | 0% |
| SGD W (Reparto) | SGD | 15.000.000 | 5% | 0,70% | 0% |
| EUR W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,70% | 0% |
| EUR W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,70% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,70% | 0% |
| CHF W (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,70% | 0% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,70% | 0% |
| SGD W (Reparto) (con cobertura) | SGD | 15.000.000 | 5% | 0,70% | 0% |

| Acciones «K» y Acciones «K (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD K (Acum.) | USD | Tal y como se ha acordado | 5% | 1,40% | 0% |
| USD K (Reparto) | USD | Tal y como se ha acordado | 5% | 1,40% | 0% |
| EUR K (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 1,40% | 0% |
| EUR K (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 1,40% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| CHF K (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 1,40% | 0% |
| CHF K (Reparto) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 1,40% | 0% |
| Sterling K (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 1,40% | 0% |
| Sterling K (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 1,40% | 0% |
| SGD K (Acum.) (con cobertura) | SGD | Tal y como se ha acordado | 5% | 1,40% | 0% |
| SGD K (Reparto) (con cobertura) | SGD | Tal y como se ha acordado | 5% | 1,40% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,40% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,40% | 0% |
| EUR E (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| EUR E (Reparto) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| CHF E (Acum.) | CHF | Tal y como se ha acordado | 5% | 0,40% | 0% |
| CHF E (Reparto) | CHF | Tal y como se ha acordado | 5% | 0,40% | 0% |
| SGD E (Acum.) | SGD | Tal y como se ha acordado | 5% | 0,40% | 0% |
| SGD E (Reparto) | SGD | Tal y como se ha acordado | 5% | 0,40% | 0% |
| EUR E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| EUR E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,40% | 0% |
| CHF E (Reparto) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,40% | 0% |
| SGD E (Acum.) (con cobertura) | SGD | Tal y como se ha acordado | 5% | 0,40% | 0% |
| SGD E (Reparto) (con cobertura) | SGD | Tal y como se ha acordado | 5% | 0,40% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| EUR X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| EUR X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| EUR X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| EUR X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo pretende conseguir un incremento a largo plazo del capital, principalmente adquiriendo exposición a empresas situadas en todo el mundo centradas en la innovación en materia de transportes y en las tecnologías relacionadas.

##### Política de inversión
El Subfondo invierte principalmente (lo cual significa al menos el 80% del Valor de inventario neto del Subfondo) en valores de renta variable y asimilados a la renta variable (que incluyen, entre otros, acciones ordinarias y preferentes, Resguardos estadounidenses de depósito de valores y Resguardos mundiales de depósito de valores (denominados conjuntamente en lo sucesivo «Resguardos de depósito de valores»)), de empresas situadas en todo el mundo centradas en la innovación en el transporte y las tecnologías relacionadas.
Dichas empresas incluyen a fabricantes de automóviles, proveedores de componentes y proveedores de tecnologías para automoción que se centran en la innovación en el transporte en relación con el uso, el control y la energía, como la mejora de las infraestructuras y la capacidad de tratamiento de datos, la producción de energías limpias, las implicaciones de seguridad de los sistemas avanzados de asistencia a la conducción y las empresas que utilizan o permiten dichas innovaciones de movilidad (las «empresas de innovación en movilidad»). El Subfondo invertirá en varias industrias situadas en todo el mundo que reflejen la gran variedad de vínculos entre el transporte, la inversión en componentes para automóviles, la inversión en software y en servicios de internet.
El Subfondo no está sujeto a límites en lo que respecta a la inversión en valores de renta variable y asimilados a la renta variable de empresas de pequeña y de mediana capitalización, por lo que podría invertir de manera considerable en dichas empresas.
En concreto, una importante proporción del universo de inversión del Subfondo podría seleccionarse de entre los componentes de ciertos sectores del Índice de referencia. El Índice de referencia representa el mercado de mediana capitalización tanto de mercados desarrollados como de mercados emergentes. El Índice de referencia incluye varios sectores del mercado relevantes para la estrategia de inversión del Subfondo, como se describe con más detalle a continuación. El Subfondo invertirá directamente en componentes seleccionados del Índice de referencia. Se pueden encontrar más detalles acerca del Índice de referencia en
www.msci.com. Su composición se revisa en mayo y noviembre. Sin embargo, aunque el Subfondo utiliza el Índice de referencia con fines de inversión, dado que no pretende reproducir ni seguir el Índice de referencia, no se verá necesariamente afectado por ninguna revisión, por los costes que esta conlleve o por una ponderación de los activos del Índice de referencia que supere las restricciones de inversión permitidas.
El Subfondo podrá invertir en empresas de infraestructuras de mercados desarrollados o emergentes. Si bien el Subfondo prevé tener una importante exposición a mercados desarrollados, dependiendo de cómo evolucione el sector de la innovación en movilidad, podría invertir más del 40% de su Valor de inventario neto en países con mercados emergentes, con el tiempo, y no hay límites en relación con dichas inversiones. Es probable que estos países de mercados emergentes incluyan, entre otros, a Brasil, Rusia, China, India y México. El Subfondo podrá obtener exposición a China comprando acciones chinas de la clase H cotizadas o negociadas en la Bolsa de Valores de Hong Kong, acciones chinas de la clase B cotizadas o negociadas en la Bolsa de Valores de Shanghái o la Bolsa de Valores de Shenzhen, o acciones chinas de la clase A a través del canal Stock Connect o a través de Resguardos de depósito. El Subfondo podrá invertir hasta el 20% de su Valor de inventario neto en acciones chinas de la clase A a través del canal Stock Connect. En el Apéndice V de este Folleto se incluyen más detalles sobre el canal Stock Connect. El Subfondo podrá obtener exposición a India directamente o a través de Resguardos de depósito. El Subfondo podrá invertir hasta el 20% de su Valor de inventario neto en valores cotizados o negociados en la Bolsa de Moscú.
El Subfondo también podrá invertir hasta el 10% de su Valor de inventario neto total en organismos de inversión colectiva («OIC») de tipo abierto, incluidos fondos del mercado monetario y fondos de capital variable negociados en bolsa («ETF») de tipo abierto. El Subfondo podrá poseer además activos líquidos con carácter accesorio como depósitos bancarios.
La rentabilidad del Subfondo podrá verse muy afectada por las fluctuaciones de los tipos de cambio, dado que los activos del Subfondo denominados en divisas distintas de la de referencia no estarán normalmente cubiertos frente a esta última.
Sin embargo, el Subfondo podrá utilizar Derivados, según se describe más adelante en los apartados «Uso de Derivados» y «Gestión eficiente de la cartera», para realizar operaciones de divisas cruzadas con el fin de cubrir íntegra o parcialmente las exposiciones a divisas frente a la divisa de referencia del Subfondo, ocasionalmente.
El Subfondo no tiene previsto tomar posiciones cortas.
Con la excepción de la inversión permitida en valores no cotizados y OIC de capital variable, las inversiones del Subfondo serán valores cotizados o negociados en mercados admisibles. En el Apéndice II del Folleto se recoge una lista de los Mercados admisibles.

##### Índice de referencia
Índice MSCI AC World Mid Cap NR (el «Índice de referencia»).
El Índice de referencia representa a valores de mediana capitalización de 23 mercados desarrollados (MD) y 26 países con mercados emergentes (ME). Con
1.307 componentes, el Índice de referencia cubre aproximadamente el 15% de la capitalización bursátil ajustada a flotación libre en todos los países en los que opera.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del Índice de referencia, la selección de las inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.
Consulte los apartados «Política de inversión» y
«Estrategia de inversión» para obtener más información acerca del modo en el que se utiliza el Índice de referencia.

##### Estrategia de inversión
El Subfondo pretende lograr su objetivo de inversión adquiriendo exposición a empresas de innovación en movilidad, como se describe detalladamente más arriba en el apartado «Política de inversiones».
Determinación del universo de inversión
Como se menciona más arriba en el apartado «Política de inversiones», la Gestora de inversiones podría seleccionar una proporción importante (de hasta el 80%) de los valores del Subfondo, de sectores del mercado relevantes dentro del Índice de referencia. Dichos sectores incluyen, entre otros: el consumo discrecional (componentes para automóviles, automóviles y bienes domésticos duraderos); bienes industriales (materiales de obra, construcción e ingeniería, equipos eléctricos, conglomerados industriales y maquinaria); tecnologías de la información (equipos de comunicación, instrumentos y componentes para equipos electrónicos, software y servicios de internet, semiconductores y equipos semiconductores, programas informáticos, tecnología, equipos de almacenamiento y periféricos) y servicios de telecomunicaciones (servicios de telecomunicaciones diversificados, servicios de telecomunicaciones inalámbricos). El Subfondo invertirá directamente en componentes seleccionados de esos sectores.
La lista de sectores del mercado relevantes del Índice de referencia y sus componentes se revisará periódicamente. Cualquier cambio pertinente para el
Índice de referencia será estudiado y analizado por la Gestora de inversiones, que decidirá si reflejar o no dicho cambio en el universo de inversión.
La Gestora de inversiones adquirirá también exposición a empresas que no formen parte del Índice de referencia y que descubrirá a través de su investigación del sector.
Selección de inversiones
La Gestora de inversiones selecciona inversiones del universo de inversión utilizando un análisis fundamental para comprobar la capacidad y la voluntad de la dirección de las empresas en cuestión para mantener y, si fuera posible, aumentar el valor. El análisis fundamental incluye valorar la solidez del balance, el paisaje de la competencia, las valoraciones del precio de las acciones, la liquidez y el entorno normativo.
Disciplina de venta
La Gestora de inversiones lleva a cabo revisiones periódicas de la rentabilidad de cada valor. Las revisiones periódicas incluyen una evaluación de la rentabilidad de un valor en comparación con su grupo de iguales, así como con el Índice de referencia. La Gestora de inversiones considera la venta de valores cuando se constata que su potencial de crecimiento es limitado o nulo, cuando se prevé una caída de su valor, o cuando hay opciones de inversión más prometedoras disponibles.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La gestión del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones aplica análisis fundamentales respaldados por recursos de datos cuantitativos para evaluar los factores ambientales, sociales y de gobernanza de cada inversión en cartera en busca de posibles riesgos asociados a la sostenibilidad. Estos factores pueden incluir, entre otros, el impacto sobre el medioambiente de un emisor, incluidas las emisiones, el uso de la tierra y las prácticas en materia de residuos, así como las políticas y prácticas sociales de un emisor, incluidas las cuestiones relacionadas con los empleados, las prácticas de la cadena de suministro y las políticas de derechos humanos. La Gestora de inversiones identifica e incorpora en su proceso de toma de decisiones de inversión aquellas consideraciones que influirán en el comportamiento de un emisor o afectarán a los entornos económicos, normativos, políticos, sociales o físicos en los que opera. La Gestora de inversiones aprovecha el análisis fundamental junto con los datos cuantitativos para obtener una puntuación ASG propia con el fin de mejorar aún más la gestión de los factores de sostenibilidad dentro del Subfondo. El análisis interno de la Gestora de inversiones se complementa con recursos de terceros, entre los que se incluyen datos y calificaciones ASG de MSCI, datos ASG de Bloomberg, la Guía de diálogo activo (Engagement Guide) de la Junta de Normas de Contabilidad Sostenible (SASB), análisis de la parte vendedora y eventos del sector. El resultado es un proceso de toma de decisiones
de inversión que pretende minimizar la exposición del Subfondo a emisores rezagados en materia ambiental, social y de gobierno corporativo, a la vez que tiene en cuenta cualquier otro riesgo asociados a la sostenibilidad vinculado a las inversiones del Subfondo.
La Gestora de inversiones también evalúa las prácticas de gobierno corporativo de los emisores mediante su investigación fundamental, complementada con metodologías de calificación de gobierno corporativo propias y de terceros, con el fin de establecer de manera fehaciente si los emisores correspondientes siguen unas buenas prácticas de gobierno, en particular con respecto a estructuras de gestión sólidas, relaciones con los empleados, remuneración del personal y conformidad fiscal.
La Gestora de inversiones supervisa periódicamente los factores de sostenibilidad y las exposiciones al riesgo evaluando los informes periódicos sobre las puntuaciones ASG propios de la Gestora de inversiones y procedentes de terceros.
Como se ha explicado anteriormente, la gestión y la evaluación de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo no utilizará Derivados con fines de inversión.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.

#### Registro en Hong Kong
El Subfondo está registrado para su venta en Hong Kong.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 50% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central.
Cuando utilice Derivados para lograr una gestión eficiente de la cartera, el Subfondo puede adquirir exposición indirecta a índices financieros.
Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases de Acciones no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 EUR, 1 USD, 1 GBP, 1 CHF, 1 SGD, 1 CAD, 1 AUD o 10 HKD, en función de la moneda
de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional en el apartado «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estos honorarios y gastos han sido estimados en un importe no superior a 50.000 € y se amortizarán en un periodo de hasta 3 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Además, llamamos la atención de los inversores sobre el apartado «Factores de riesgo» incluido en el Folleto y, en particular, sobre el apartado «Riesgo de capitalización bursátil».

## BNY Mellon U.S. Credit Select Income Fund

### SUPLEMENTO 44 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- Las comisiones de gestión y demás gastos del Subfondo se cargarán al capital del mismo para intentar maximizar los repartos. Consulte el apartado «Comisiones y gastos» del Folleto para obtener información adicional al respecto.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.
- El Subfondo podrá, en circunstancias excepcionales, invertir principalmente en depósitos establecidos en entidades de crédito. Aunque el Subfondo puede invertir en instrumentos del mercado monetario y depósitos a la vista, las Acciones del Subfondo no constituyen depósitos y son de naturaleza diferente de los depósitos, por no estar garantizadas y porque el valor de la inversión es susceptible de fluctuar. Toda inversión en el Subfondo entraña ciertos riesgos de inversión, incluida la posible pérdida del principal invertido.


#### La Gestora de inversiones
Insight Investment Management (Global) Limited.
La Gestora de inversiones podrá delegar sus funciones de gestión de inversiones en una Gestora delegada de inversiones y nombrar a un asesor delegado para que le preste asesoramiento en materia de inversión de conformidad con los requisitos del Banco Central. En la fecha del presente Suplemento, la Gestora de inversiones ha nombrado a la Gestora delegada de inversiones que se detalla a continuación.

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Insight North America LLC
(la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD A (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Euro H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 1,00% | 0% |
| CAD H (Acum.) (con cobertura) | CAD | 5.000 | 5% | 1,00% | 0% |
| CAD H (Reparto) (con cobertura) | CAD | 5.000 | 5% | 1,00% | 0% |
| HKD H (Acum.) (con cobertura) | HKD | 50.000 | 5% | 1,00% | 0% |
| HKD H (Reparto) (con cobertura) | HKD | 50.000 | 5% | 1,00% | 0% |
| CNH H (Acum.) (con cobertura) | CNH | 50.000 | 5% | 1,00% | 0% |
| CNH H (Reparto) (con cobertura) | CNH | 50.000 | 5% | 1,00% | 0% |
| SGD H (Acum.) (con cobertura) | SGD | 5.000 | 5% | 1,00% | 0% |
| SGD H (Reparto) (con cobertura) | SGD | 5.000 | 5% | 1,00% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 0,50% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 0,50% | 0% |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,50% | 0% |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,50% | 0% |
| Sterling G (Acum.) (con cobertura) | GBP | 5.000 | 5% | 0,50% | 0% |
| Sterling G (Reparto) (con cobertura) | GBP | 5.000 | 5% | 0,50% | 0% |
| CHF G (Acum.) (con cobertura) | CHF | 5.000 | 5% | 0,50% | 0% |
| CAD G (Acum.) (con cobertura) | CAD | 5.000 | 5% | 0,50% | 0% |
| CAD G (Reparto) (con cobertura) | CAD | 5.000 | 5% | 0,50% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,50% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,50% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 0,50% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,50% | 0% |
| CHF I (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 0,50% | 0% |
| CAD I (Acum.) (con cobertura) | CAD | 5.000.000 | 5% | 0,50% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| CAD I (Reparto) (con cobertura) | CAD | 5.000.000 | 5% | 0,50% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,40% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,40% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,40% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,40% | 0% |
| CAD W (Acum.) (con cobertura) | CAD | 15.000.000 | 5% | 0,40% | 0% |
| CAD W (Reparto) (con cobertura) | CAD | 15.000.000 | 5% | 0,40% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,30% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,30% | 0% |
| Euro E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,30% | 0% |
| Euro E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,30% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,30% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,30% | 0% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,30% | 0% |
| CAD E (Acum.) (con cobertura) | CAD | Tal y como se ha acordado | 5% | 0,30% | 0% |
| CAD E (Reparto) (con cobertura) | CAD | Tal y como se ha acordado | 5% | 0,30% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |
| CAD X (Reparto) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |
| CAD X (Acum.) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo persigue ofrecer ingresos y un potencial de incremento a largo plazo del capital.

##### Política de inversión
El Subfondo invertirá la mayoría de sus activos (es decir, al menos el 51% del Valor de inventario neto del Subfondo) en una cartera de Valores de deuda y relacionados con la deuda de tipo fijo o variable emitidos por empresas, instituciones financieras y agencias estadounidenses, y por el Gobierno de Estados Unidos.
El Subfondo podrá invertir el resto de sus activos en instrumentos de deuda y relacionados con la deuda emitidos por emisores no estadounidenses incluidos Valores de deuda y relacionados con la deuda de empresas o soberanos no estadounidenses. El Subfondo podrá invertir más del 20% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda de países con mercados emergentes, incluyendo hasta un 10% de su Valor de inventario neto en Rusia, en cuyo caso la inversión se hará únicamente en valores cotizados o negociados en la Bolsa de Moscú.
El Subfondo podrá invertir en valores con grado de inversión (es decir, BBB- o superior) y hasta un 35% de su Valor de inventario neto en valores con una calificación inferior a la de grado de inversión (es decir, BB+ o inferior) otorgada por una Agencia de calificación crediticia reconocida, en el momento de la compra, o en valores sin calificación. El Subfondo no tendrá que reparar en la calidad crediticia ni en el vencimiento de los valores a la hora de tomar sus decisiones de inversión. Por tanto, las inversiones del Subfondo no tendrán que presentar una calificación de solvencia mínima asignada.
Los Valores de deuda y relacionados con la deuda en los que el Subfondo podrá invertir directamente o indirectamente a través de Derivados incluyen obligaciones, bonos (como los bonos con cupón cero, bonos de agencias gubernamentales, bonos municipales, bonos garantizados, bonos con opción de reventa, bonos con opción de recompra, bonos con opción de venta, bonos ascendentes, bonos con pago en especie, eurobonos, bonos con vencimiento único y bonos del tesoro), bonos vinculados al PIB, instrumentos del mercado monetario (como letras del tesoro estadounidenses, certificados de depósitos, papel comercial y depósitos a plazo), pagarés (como pagarés de tipo variable, pagarés a la vista de tipo variable y pagarés
de excedente), préstamos (que incluyen participaciones en préstamos y asignaciones de préstamos), colocaciones privadas (como algunos bonos de la norma S y algunos bonos 144A, híbridos (como obligaciones perpetuas, bonos diferibles, es decir bonos acumulativos y no acumulativos y valores fiduciarios preferentes), certificados de inversión garantizada, títulos respaldados por activos y títulos respaldados por hipotecas, obligaciones garantizadas por valores de préstamo, bonos convertibles y bonos convertibles contingentes («CoCo») en lo sucesivo «Valores de deuda y relacionados con la deuda».
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en Préstamos.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en CoCo. Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado «Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.
El Subfondo podrá invertir en certificados de participación residual emitidos por el fideicomiso de bonos con opción de venta siempre que suponga una forma más rentable de conseguir exposición a bonos municipales que la inversión directa en los bonos municipales subyacentes.
El Subfondo puede invertir hasta un 5% de su Valor de inventario neto en total en colocaciones privadas (como algunos bonos de la Norma S y algunos bonos 144A).
El Subfondo puede intentar mantener posiciones cortas sintéticas en swaps de incumplimiento de crédito («CDS»), futuros de bonos, swaps de rentabilidad total y contratos a plazo sobre divisas para generar ingresos adicionales, cobertura para bonos o exposición a crédito (es decir, el riesgo de impago, el riesgo de inflación o el riesgo de tipos de interés) y / o para reducir la exposición a los mercados (es decir, el riesgo de que un mercado, una clase de acción o un emisor individual vean reducido su valor) durante periodos de descenso importante del precio de mercado.
El Subfondo puede invertir hasta un 10% de su Valor de inventario neto en total en organismos de inversión colectiva («OIC»), incluidos los fondos del mercado monetario y otros OICVM irlandeses aconsejados por la Gestora de inversiones.
Con la excepción de la inversión permitida en valores no cotizados y OIC de capital variable, las inversiones del Subfondo serán valores cotizados o negociados en los Mercados admisibles incluidos en el Apéndice II del Folleto.
Aunque la moneda de cuenta del Subfondo son los dólares estadounidenses, el Subfondo podrá invertir en activos denominados en otras divisas, que normalmente tendrán cobertura respecto de esta moneda en dólares estadounidenses mediante el uso de Derivados relacionados con divisas. Los Derivados relacionados con divisas que pueda utilizar el Subfondo con fines de cobertura se describen con más detalle en el apartado
«Técnicas e instrumentos financieros derivados» del Folleto.

##### Inversiones en préstamos
El Subfondo podrá invertir hasta el 10% del Valor de inventario neto del Subfondo en participaciones en préstamos no titulizados y / o asignaciones de préstamos, préstamos amortizados o préstamos de consorcio siempre que dichos instrumentos constituyan instrumentos del mercado monetario habitualmente negociados en el mercado monetario, sean líquidos y su valor pueda determinarse con precisión en cualquier momento.
El Subfondo también podrá invertir en préstamos amortizables.
A menudo, un préstamo es administrado por un agente bancario que actúa como agente para todos los titulares. El Subfondo podría tener que recurrir al agente bancario u otro intermediario financiero para aplicar remedios de crédito apropiados contra una empresa prestataria.

##### Gestión de tesorería y de las garantías
El Subfondo tendrá efectivo y activos realizables o prácticamente disponibles en ciertas circunstancias como atender los reembolsos, facilitar los pagos, tener efectivo en depósito a la espera de la reinversión y respaldar la exposición a Derivados. En circunstancias excepcionales, el Subfondo podrá además mantener temporalmente niveles elevados de efectivo y activos realizables o prácticamente disponibles (es decir hasta el 100% del Valor de inventario neto del Subfondo) cuando las condiciones de mercado puedan requerir una estrategia de inversión defensiva (por ejemplo colapso bursátil o una gran crisis).
Los activos realizables o prácticamente disponibles pueden incluir Valores de deuda y relacionados con la deuda de tipo fijo o variable, como se describen más arriba, distintos de CoCo, MBS y ABS, siempre que sus características sean coherentes con las de un activo realizable o prácticamente realizable y las de los depósitos bancarios. Se pretende que los emisores y / o garantes de tales Valores de deuda y relacionados con la deuda y tales depósitos bancarios tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
Bloomberg Barclays US Credit Index TR (el «Índice de referencia»).
El Índice de referencia mide los mercados de bonos de empresas y de deuda pública con categoría de inversión denominados en dólares estadounidenses, con tipo de interés fijo y sujetos a gravamen. Está formado por el Bloomberg Barclays US Corporate Index y componentes
no empresariales que incluyen agencias extranjeras, estados soberanos, entidades supranacionales y autoridades locales.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del Índice de referencia, la selección de las inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
La estrategia de inversión del Subfondo es aplicar ambos enfoques, el de ingresos y el de rentabilidad total con una combinación de:
- principalmente las participaciones de ingresos centrales mantenidas en un plazo más largo, con una política de compra y mantenimiento;y
- en menor medida, las participaciones activas de rentabilidad total, que son participaciones que la Gestora de inversiones tendrá flexibilidad de ajustar con frecuencia para que se adapten a las condiciones del mercado y como consecuencia se mantendrán por periodos más cortos.

Tanto las participaciones de ingresos principales como las participaciones activas de rentabilidad total consistirán en Valores de deuda y relacionados con la deuda emitidos por emisores estadounidenses y extranjeros.
Para determinar la asignación de activos del Subfondo a las participaciones de ingresos principales y a las participaciones activas de rentabilidad total, la Gestora de inversiones revisa el mercado de crédito teniendo en cuenta:
- Evaluación de valor: identificar si cada segmento del mercado de crédito está negociando fundamentalmente a niveles baratos o caros;
- Indicadores estratégicos: evaluar los fundamentos empresariales (es decir ingresos, activos, pasivos), los fundamentos de ABS (es decir riesgo de impago, calificaciones de solvencia), el entorno técnico y la actividad económica. Esta evaluación se consigue analizando la dirección de los diferenciales de rendimiento durante un periodo de 12 meses. Un diferencial de rendimiento es la diferencia entre los rendimientos de los distintos instrumentos de deuda con distintos vencimientos, calificaciones de solvencia y riesgo. La dirección del diferencial puede aumentar o ampliarse, es decir la diferencia de rendimiento entre dos bonos aumenta y un sector funciona mejor que un otro. Cuando el diferencial se estrecha, la diferencia de rendimiento disminuye y un sector funciona peor que un otro.
- Perspectivas tácticas: evaluar factores como el posicionamiento del inversor, la tendencia (es decir las actitudes del mercado hacia un valor particular indicadas por los movimientos de precio y laactividad comercial), los eventos de riesgo a la emisión y a corto plazo (incluidos eventos políticos). Esta evaluación se consigue de forma subjetiva a partir del juicio de la Gestora de inversiones.

Una vez considerada la evaluación del valor, los indicadores estratégicos y la perspectiva táctica para cada segmento del mercado de crédito, la Gestora de inversiones decidirá la parte de la cartera que asignará a participaciones de ingresos principales y la que asignará a participaciones activas de rentabilidad total. La selección de valores de participaciones de ingresos y participaciones activas de rentabilidad total particulares se basará en el análisis del valor individual y se tendrá en cuenta la duración y la curva de rendimiento de la cartera en conjunto. La duración es la sensibilidad del precio de los Valores de deuda y relacionados con la deuda a las variaciones en los tipos de interés, y se expresa en número de años. La selección de valores también reúne el asesoramiento de «abajo arriba» (bottom-up) en selección de valores individuales por parte de los analistas de crédito de la Gestora de inversiones, que están especializados en sectores o industrias concretas, como telecomunicaciones, automoción, tecnología, fabricación y deuda pública
La Gestora de inversiones puede tener en cuenta factores como el gasto y la facilidad de implementación al decidir cómo aplicar la estrategia de inversión y obtener exposición a los Valores de deuda y relacionados con la deuda, es decir, utilizando Derivados o OIC en lugar de comprar Valores de deuda y relacionados con la deuda directamente.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes del Subfondo, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un evento o condición ASG («Evento ASG»). Los riesgos asociados a la sostenibilidad se gestionan garantizando que los responsables principales de la toma de decisiones estén informados e incluidos en el programa de inversión responsable de la Gestora de inversiones, y estableciendo procedimientos eficaces de responsabilidad, transparencia e implementación. Cuando el riesgo asociado a la sostenibilidad se considere importante para los resultados de la inversión, se incorporará a los procesos de diligencia debida. Esto puede incluir la evaluación de valores individuales y / o la interacción con emisores o participantes en el mercado. Los controles internos garantizan que los criterios de sostenibilidad se apliquen continuamente al Subfondo.
Las restricciones ASG, que incluyen calificaciones ASG
propias y datos de terceros, se establecen para evitar o permitir la inversión en valores que cumplan características relacionadas con la sostenibilidad. Estos controles están codificados con respecto al Subfondo y se actualizan a medida que se obtiene nueva información.
El gobierno corporativo es un factor de riesgo clave asociado a la sostenibilidad que forma parte de las calificaciones de riesgo ASG propias para todos los emisores. La evaluación del gobierno corporativo por parte de la Gestora de inversiones incluye la evaluación de las prácticas y el comportamiento del consejo de administración, la remuneración, el control y la responsabilidad, y la ética o las controversias. La Gestora
de inversiones aplica los conocimientos de las calificaciones ASG junto con su propio conocimiento de las estructuras de gobierno de los emisores para establecer prioridades de interacción con los emisores. La Gestora de inversiones tiene en cuenta estos riesgos conjuntamente para decidir si una inversión compensa razonablemente al fondo por los riesgos asociados a la sostenibilidad a largo y corto plazo.
En términos de factores sociales y ambientales, la metodología de calificación ASG propia de la Gestora de inversiones proporciona información específica del sector y de los emisores sobre cuestiones clave. Este modelo ayuda a la Gestora de inversiones a identificar los riesgos clave a los que se puede enfrentar un sector o emisor específico.
El Subfondo puede tener un rendimiento inferior o distinto en relación con otros fondos comparables que no integren los riesgos asociados a la sostenibilidad en sus decisiones de inversión y existe el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros sobre divisas Futuros de tipos de interés (incluidos Futuros de tipos de interés a corto plazo) Futuros de deuda pública Futuros sobre bonos |
| --- | --- |
| Opciones | Opciones sobre divisas (incluidas las opciones con barrera) Opciones sobre futuros de tipos de interés Opciones sobre bonos Opciones sobre futuros de bonos Opciones de tipos de interés Opciones sobre swaps de incumplimiento de crédito Opciones sobre índices de volatilidad |

| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| --- | --- |
| Swaps | Swaps de incumplimiento de crédito («CDS») (denominación única e índice) Swaps de tipos de interés Swaps de rentabilidad total (denominación única, índice y cesta (en el caso de esta última opción, sus componentes subyacentes se pueden agrupar por sector, área geográfica u otras características)) |
| Valores con Derivados/apalan- camiento inte- grados | Bonos convertibles Bonos convertibles contingentes (CoCo) Bonos con opción de reventa y con opción de recompra Títulos respaldados por activos (ABS) y Títulos respaldados por hipotecas (MBS) |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit CDX North American High Yield Índice Markit CDX North American Investment Grade |
| Índices de swaps de rentabilidad total (TRS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit iBoxx USD Liquid High Yield |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular.
Normalmente, todos los índices financieros restantes se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga neta total (una vez tenida en cuenta la cobertura) a través de Derivados no superará el 100% del Valor de inventario neto del Subfondo y la exposición corta neta total no superará el 100% del Valor de inventario neto del Subfondo (aplicando el enfoque de compromiso).
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 15% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 15% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 25% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
Las Acciones de la clase de acciones no emitidas disponibles se ofrecerán durante un Periodo de oferta inicial que comenzará a las 9:00 horas del 4 de mayo de 2022 y que finalizará a las 17:00 horas del 3 de noviembre de 2022, en un periodo de oferta inicial a un precio de oferta inicial por Acción de 1 USD, 1 GBP,
1 EUR, 1 CHF, 10 HKD, 10 CNH o 1 SGD, en función de la moneda de la clase de que se trate (más la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estas comisiones y gastos han sido estimados en un importe no superior a 35.000 EUR y serán sufragados por el Subfondo en el ejercicio en el que se incurran y se amortizarán en un periodo de hasta 3 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Sustainable Global Dynamic Bond Fund

### SUPLEMENTO 45 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.
- El Subfondo podrá mantenerse principalmente invertido en depósitos establecidos en entidades de crédito. Aunque el Subfondo puede invertir en instrumentos del mercado monetario y depósitos a la vista, las Acciones del Subfondo no constituyen depósitos y son de naturaleza diferente de los depósitos, por no estar garantizadas y porque el valor de la inversión es susceptible de fluctuar. Toda inversión en el Subfondo entraña ciertos riesgos de inversión, incluida la posible pérdida del principal invertido.


#### La Gestora de inversiones
Newton Investment Management Limited

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Newton Investment Management North America LLC (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Euro

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD A (Acum.) | USD | 5.000 | 5% | 1,25% | 0% | SOFR (compuesto a 30 días) + 2% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,25% | 0% | SOFR (compuesto a 30 días) + 2% |
| Euro A (Acum.) | EUR | 5.000 | 5% | 1,25% | 0% | EURIBOR a 1 mes + 2% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| --- | --- | --- | --- | --- | --- | --- |
| Euro A (Reparto) | EUR | 5.000 | 5% | 1,25% | 0% | EURIBOR a 1 mes + 2% |
| Sterling A (Acum.) | GBP | 5.000 | 5% | 1,25% | 0% | SONIA (compuesto a 30 días) + 2% |
| Sterling A (Reparto) | GBP | 5.000 | 5% | 1,25% | 0% | SONIA (compuesto a 30 días) + 2% |
| CAD A (Acum.) | CAD | 5.000 | 5% | 1,25% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 2% |
| CAD A (Reparto) | CAD | 5.000 | 5% | 1,25% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 2% |
| AUD A (Acum.) | AUD | 5.000 | 5% | 1,25% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 2% |
| AUD A (Reparto) | AUD | 5.000 | 5% | 1,25% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 2% |
| HKD A (Acum.) | HKD | 50.000 | 5% | 1,25% | 0% | HKD HIBOR a 1 mes + 2% |
| HKD A (Reparto) | HKD | 50.000 | 5% | 1,25% | 0% | HKD HIBOR a 1 mes + 2% |
| CNH A (Acum.) | CNH | 50.000 | 5% | 1,25% | 0% | CNH HIBOR a 1 mes + 2% |
| CNH A (Reparto) | CNH | 50.000 | 5% | 1,25% | 0% | CNH HIBOR a 1 mes + 2% |
| SGD A (Acum.) | SGD | 5.000 | 5% | 1,25% | 0% | SGD SIBOR a 1 mes + 2% |
| SGD A (Reparto) | SGD | 5.000 | 5% | 1,25% | 0% | SGD SIBOR a 1 mes + 2% |
| USD H (Acum.) (con cobertura) | USD | 5.000 | 5% | 1,25% | 0% | SOFR (compuesto a 30 días) + 2% |
| USD H (Reparto) (con cobertura) | USD | 5.000 | 5% | 1,25% | 0% | SOFR (compuesto a 30 días) + 2% |
| GBP H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,25% | 0% | SONIA (compuesto a 30 días) + 2% |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 1,25% | 0% | SARON (compuesto a 30 días) + 2% |
| CAD H (Acum.) (con cobertura) | CAD | 5.000 | 5% | 1,25% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 2% |
| CAD H (Reparto) (con cobertura) | CAD | 5.000 | 5% | 1,25% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 2% |
| SGD H (Acum.) (con cobertura) | SGD | 5.000 | 5% | 1,25% | 0% | SGD SIBOR a 1 mes + 2% |
| SGD H (Reparto) (con cobertura) | SGD | 5.000 | 5% | 1,25% | 0% | SGD SIBOR a 1 mes + 2% |
| AUD H (Acum.) (con cobertura) | AUD | 5.000 | 5% | 1,25% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 2% |
| AUD H (Reparto) (con cobertura) | AUD | 5.000 | 5% | 1,25% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 2% |
| CNH H (Acum.) (con cobertura) | CNH | 50.000 | 5% | 1,25% | 0% | CNH HIBOR a 1 mes + 2% |
| CNH H (Reparto) (con cobertura) | CNH | 50.000 | 5% | 1,25% | 0% | CNH HIBOR a 1 mes + 2% |
| DKK H (Acum.) (con cobertura) | DKK | 50.000 | 5% | 1,25% | 0% | DKK LIBOR a 1 mes + 2% |
| NOK H (Acum.) (con cobertura) | NOK | 50.000 | 5% | 1,25% | 0% | NOK LIBOR a 1 mes + 2% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| --- | --- | --- | --- | --- | --- | --- |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 1,25% | 0% | SEK LIBOR a 1 mes + 2% |

| Acciones «V» y Acciones «V (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Euro V (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,18% | 0% | EURIBOR a 1 mes + 2% |
| Euro V (Reparto) | EUR | Tal y como se ha acordado | 5% | 0,18% | 0% | EURIBOR a 1 mes + 2% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD G (Acum.) | USD | 5.000 | 5% | 0,75% | 0% | SOFR (compuesto a 30 días) + 2% |
| USD G (Reparto) | USD | 5.000 | 5% | 0,75% | 0% | SOFR (compuesto a 30 días) + 2% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 0,75% | 0% | EURIBOR a 1 mes + 2% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 0,75% | 0% | EURIBOR a 1 mes + 2% |
| USD G (Acum.) (con cobertura) | USD | 5.000 | 5% | 0,75% | 0% | SOFR (compuesto a 30 días) + 2% |
| USD G (Reparto) (con cobertura) | USD | 5.000 | 5% | 0,75% | 0% | SOFR (compuesto a 30 días) + 2% |
| GBP G (Acum.) (con cobertura) | GBP | 5.000 | 5% | 0,75% | 0% | SONIA (compuesto a 30 días) + 2% |
| CHF G (Acum.) (con cobertura) | CHF | 5.000 | 5% | 0,75% | 0% | SARON (compuesto a 30 días) + 2% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,75% | 0% | SOFR (compuesto a 30 días) + 2% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,75% | 0% | SOFR (compuesto a 30 días) + 2% |
| Euro C (Acum.) | EUR | 5.000.000 | 5% | 0,75% | 0% | EURIBOR a 1 mes + 2% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 0,75% | 0% | EURIBOR a 1 mes + 2% |
| Sterling C (Reparto) | GBP | 5.000.000 | 5% | 0,75% | 0% | SONIA (compuesto a 30 días) + 2% |
| Sterling C (Acum.) | GBP | 5.000.000 | 5% | 0,75% | 0% | SONIA (compuesto a 30 días) + 2% |
| CHF I (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 0,75% | 0% | SARON (compuesto a 30 días) + 2% |
| USD I (Acum.) (con cobertura) | USD | 5.000.000 | 5% | 0,75% | 0% | SOFR (compuesto a 30 días) + 2% |
| USD I (Reparto) (con cobertura) | USD | 5.000.000 | 5% | 0,75% | 0% | SOFR (compuesto a 30 días) + 2% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| --- | --- | --- | --- | --- | --- | --- |
| SGD I (Acum.) (con cobertura) | SGD | 5.000.000 | 5% | 0,75% | 0% | SGD SIBOR a 1 mes + 2% |
| SGD I (Reparto) (con cobertura) | SGD | 5.000.000 | 5% | 0,75% | 0% | SGD SIBOR a 1 mes + 2% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,50% | 0% | SOFR (compuesto a 30 días) + 2% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,50% | 0% | SOFR (compuesto a 30 días) + 2% |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,50% | 0% | EURIBOR a 1 mes + 2% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,50% | 0% | EURIBOR a 1 mes + 2% |
| HKD W (Reparto) | HKD | 150.000.000 | 5% | 0,50% | 0% | HKD HIBOR a 1 mes + 2% |
| USD W (Acum.) (con cobertura) | USD | 15.000.000 | 5% | 0,50% | 0% | SOFR (compuesto a 30 días) + 2% |
| USD W (Reparto) (con cobertura) | USD | 15.000.000 | 5% | 0,50% | 0% | SOFR (compuesto a 30 días) + 2% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,50% | 0% | SONIA (compuesto a 30 días) + 2% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,50% | 0% | SONIA (compuesto a 30 días) + 2% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,50% | 0% | SARON (compuesto a 30 días) + 2% |
| CAD W (Reparto) (con cobertura) | CAD | 15.000.000 | 5% | 0,50% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 2% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,50% | 0% | SGD SIBOR a 1 mes + 2% |
| SGD W (Reparto) (con cobertura) | SGD | 15.000.000 | 5% | 0,50% | 0% | SGD SIBOR a 1 mes + 2% |
| AUD W (Reparto) (con cobertura) | AUD | 15.000.000 | 5% | 0,50% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 2% |
| CNH W (Reparto) (con cobertura) | CNH | 150.000.000 | 5% | 0,50% | 0% | CNH HIBOR a 1 mes + 2% |
| DKK W (Acum.) (con cobertura) | DKK | 150.000.000 | 5% | 0,50% | 0% | DKK LIBOR a 1 mes + 2% |
| NOK W (Acum.) (con cobertura) | NOK | 150.000.000 | 5% | 0,50% | 0% | NOK LIBOR a 1 mes + 2% |
| SEK W (Acum.) (con cobertura) | SEK | 150.000.000 | 5% | 0,50% | 0% | SEK LIBOR a 1 mes + 2% |

| Acciones «Z» y Acciones «Z (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD Z (Acum.) (con cobertura) | USD | 200.000.000 | 5% | 0,35% | 0% | SOFR (compuesto a 30 días) + 2% |
| USD Z (Reparto) (con cobertura) | USD | 200.000.000 | 5% | 0,35% | 0% | SOFR (compuesto a 30 días) + 2% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| --- | --- | --- | --- | --- | --- | --- |
| Euro Z (Acum.) | EUR | 200.000.000 | 5% | 0,35% | 0% | EURIBOR a 1 mes + 2% |
| Euro Z (Reparto) | EUR | 200.000.000 | 5% | 0,35% | 0% | EURIBOR a 1 mes + 2% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,30% | 0% | SOFR (compuesto a 30 días) + 2% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,30% | 0% | SOFR (compuesto a 30 días) + 2% |
| Euro E (Reparto) | EUR | Tal y como se ha acordado | 5% | 0,30% | 0% | EURIBOR a 1 mes + 2% |
| Euro E (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,30% | 0% | EURIBOR a 1 mes + 2% |
| USD E (Reparto) (con cobertura) | USD | Tal y como se ha acordado | 5% | 0,30% | 0% | SOFR (compuesto a 30 días) + 2% |
| USD E (Acum.) (con cobertura) | USD | Tal y como se ha acordado | 5% | 0,30% | 0% | SOFR (compuesto a 30 días) + 2% |
| CHF E (Reparto) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,30% | 0% | SARON (compuesto a 30 días) + 2% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,30% | 0% | SARON (compuesto a 30 días) + 2% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% | SOFR (compuesto a 30 días) + 2% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% | SOFR (compuesto a 30 días) + 2% |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% | EURIBOR a 1 mes + 2% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% | EURIBOR a 1 mes + 2% |
| Sterling X (Acum.) | GBP | Ninguna | 0% | 0% | 0% | SONIA (compuesto a 30 días) + 2% |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% | SARON (compuesto a 30 días) + 2% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El objetivo del Subfondo consiste en maximizar la rentabilidad total por rendimientos y revalorización del capital invirtiendo principalmente (esto es, al menos tres cuartas partes de su Valor de inventario neto) en una cartera mundialmente diversificada compuesta de valores de deuda y relacionados con la deuda emitidos por empresas y gobiernos que tengan unos atributos de inversión atractivos y se consideren sostenibles.

##### Política de inversión
El Subfondo invertirá principalmente al menos tres cuartas partes de su Valor de inventario neto en una cartera de bonos de tipo fijo o variable, internacionales, de mercados emergentes, de deuda soberana, estatales, de organismos supranacionales, de empresas y de bancos (incluidos bonos hipotecarios y de empresas) y otros valores de deuda y relacionados con la deuda (incluidos obligaciones, pagarés (entre otros, pagarés de empresa, soberanos, estructurados, a tipo de interés variable y fijo), títulos respaldados por activos y títulos respaldados por hipotecas, certificados de depósito y papel comercial admitido a cotización o negociado en Mercados admisibles de todo el mundo según se
enumera en la sección titulada «Uso de Derivados» que se incluye a continuación (en adelante, «Valores de deuda y relacionados con la deuda»).
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en CoCo. Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado «Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.
El Subfondo podrá invertir en Valores de deuda y relacionados con la deuda empresariales y estatales con grado inferior al de inversión. El Subfondo no invertirá en Valores de deuda y relacionados con la deuda que en el momento de la compra tengan una calificación inferior a B- (o su equivalente), o, en caso de que se trate de títulos respaldados por activos, títulos respaldados por hipotecas y otras inversiones vinculadas al riesgo crediticio, BBB- (o su equivalente), según la calificación ofrecida por una Agencia de calificación crediticia reconocida. El Subfondo podrá invertir en Valores de deuda y relacionados con la deuda siempre que la Gestora de inversiones los considere de calidad equivalente a los enumerados más arriba. En caso de calificación dividida (es decir, dos o más agencias de calificación otorgan diferentes calificaciones), se tendrá en cuenta la menor de las dos. En caso de que cualesquiera Valores de deuda y relacionados con la deuda que mantenga el Subfondo vean rebajada posteriormente su calificación por debajo de los límites antes mencionados, la Gestora de inversiones podrá mantener una exposición máxima del 3% del Valor de inventario neto del Subfondo a dichos valores cuya calificación se ha visto rebajada. Cuando el valor total de esos valores supere el 3% del Patrimonio neto del Subfondo, todos aquellos cuya calificación no haya sido revisada al alza en un plazo de seis meses deberán venderse. Las exposiciones derivadas de los activos subyacentes de organismos de inversión colectiva («OIC») se tendrán en cuenta a la hora de aplicar las restricciones establecidas en este apartado.
El Subfondo podrá invertir más del 10% y hasta un máximo del 35% de su Valor de inventario neto en valores de deuda emitidos y / o garantizados por un único emisor soberano (incluido su gobierno, entidades públicas o autoridades locales), con grado inferior al grado de inversión (es decir, inferior a BBB-, pero de B- o superior (o equivalente)) según lo establecido por una Agencia de calificación crediticia reconocida. Algunos ejemplos de este tipo de emisores soberanos son Brasil, Indonesia o Hungría. Estas inversiones se basarán en el criterio profesional de la Gestora de inversiones, entre cuyos motivos de inversión podrán incluirse una perspectiva favorable o positiva sobre el emisor soberano, el potencial de una mejora de la calificación y los cambios previstos en el valor de las inversiones debido a los cambios en sus calificaciones. Debe tenerse en cuenta que las calificaciones de los emisores soberanos pueden cambiar ocasionalmente y que los Estados soberanos antes mencionados solo se incluyen como referencia y están sujetos a modificaciones en función de los cambios en sus calificaciones.
No existen límites en cuanto al plazo máximo de vencimiento de los Valores de deuda y relacionados con la deuda. No existe límite formal alguno sobre la duración del Subfondo.
El Subfondo no adquirirá exposición a Valores de deuda y relacionados con la deuda de empresas que obtengan más del 10% de su facturación de la producción y venta de tabaco, y no realizará actividades de préstamo de valores.
El Subfondo también podrá invertir en Derivados tal como se indica más adelante bajo el epígrafe «Uso de Derivados».
El Subfondo puede invertir hasta un 10% de su Valor de inventario neto en organismos de inversión colectiva («OIC»), incluidos fondos cotizados («ETF») de capital variable. La inversión en OIC podrá utilizarse con fines de gestión de tesorería, invirtiendo en fondos del mercado monetario o para obtener exposiciones a Valores de deuda y relacionados con la deuda.
La calificación de solvencia mínima de los Valores de deuda y relacionados con la deuda en los que puede invertir el OIC en el momento de la compra es B- (o su equivalente), o, en caso de que se trate de títulos respaldados por activos, títulos respaldados por hipotecas y otras inversiones vinculadas al riesgo crediticio, BBB- (o su equivalente), según la calificación ofrecida por una Agencia de calificación crediticia reconocida. En caso de calificación dual, se tendrá en cuenta la más baja de las dos calificaciones más altas. El Subfondo también podrá invertir en ETF, que estén admitidos a cotización en Mercados admisibles y proporcionen exposición a los mercados de renta fija.
El Subfondo puede adoptar posiciones largas y cortas para cubrir y controlar el riesgo del Subfondo, o expresar una opinión sobre la dirección del mercado. Las posiciones cortas se utilizarán principalmente para dar cobertura.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en valores cotizados o negociados en la Bolsa de Moscú.
El Subfondo puede invertir también hasta el 10% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda de la República Popular de China («RPC») negociados en el mercado de bonos interbancario de China («CIBM») a través del Mecanismo de acceso al mercado de bonos de Hong Kong y China (tal y como se describe en el Apéndice VI del Folleto).
En determinadas circunstancias, el Subfondo podrá mantener niveles elevados de tesorería y activos líquidos asimilables a tesorería. Para obtener información más detallada, véase el apartado «Gestión de tesorería y de las garantías» a continuación.
Si bien la moneda de cuenta del Subfondo es el euro, puede invertir en activos no denominados en euros. Dichos activos tendrán cobertura en euros mediante Derivados relacionados con divisas.

##### Gestión de tesorería y de las garantías
En determinadas circunstancias, el Subfondo podrá mantener niveles elevados de tesorería y activos líquidos asimilables a tesorería para ofrecer garantías para apoyar la exposición de los Derivados. Dichas circunstancias incluyen los casos en los que las condiciones de mercado exijan una estrategia de inversión defensiva, mantener tesorería a la espera de la reinversión, la tenencia de efectivo para atender los reembolsos y el pago de gastos.
Los activos líquidos asimilables a tesorería podrán incluir instrumentos del mercado monetario (como deuda pública con vencimientos cortos, certificados de depósito, papel comercial y depósitos a plazo) y depósitos bancarios. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
EURIBOR a 1 mes + 2% anual (el «Índice de referencia basado en el efectivo»).
El Subfondo utiliza el Índice de referencia basado en el efectivo como el objetivo de rentabilidad del Subfondo que se debe igualar o superar a lo largo de 5 años antes de comisiones.
EURIBOR (Euro Interbank Offer Rate) es el tipo europeo de oferta interbancaria, un tipo de cambio que se calcula como el promedio de los tipos de interés con los que los bancos de la Zona del euro ofrecen préstamos a corto plazo no garantizados en el mercado interbancario.
El Subfondo se gestiona de forma activa, lo que implica que la Gestora de inversiones tendrá potestad sobre la selección de inversiones, siempre que se respeten el objetivo y la política de inversión.
El Índice de referencia es un índice de referencia de mercado basado en el efectivo que no tiene en cuenta los factores ASG y no se utiliza para determinar la medida en que se cumplen las características ambientales o sociales promovidas por el Subfondo.

##### Estrategia de inversión
El Subfondo es una cartera de renta fija global dinámica y gestionada de forma activa para generar rentabilidades positivas invirtiendo en una cartera de Valores de deuda y relacionados con la deuda que demuestra capacidad de generar rentabilidad de forma coherente con el objetivo del Subfondo y cumplir los criterios ambientales, sociales y de gobernanza (ASG), así como de sostenibilidad de la Gestora de inversiones. A la hora de determinar si un emisor sigue prácticas empresariales sostenibles y cumple los criterios ASG y de sostenibilidad de la Gestora de inversiones, esta tiene en cuenta si el emisor
(i) sigue dichas prácticas en un sentido económico (por ejemplo, la durabilidad de la estrategia, las operaciones y las finanzas del emisor), y (ii) toma en debida cuenta el entorno económico, político, normativo y de gobierno en el que opera el emisor, que incluye la valoración de la prácticas ambientales, sociales y / o de gobernanza del emisor.
Los criterios de la Gestora de inversiones incorporan elementos de cribado negativo y positivo, además de análisis generales relacionados con los factores ASG y, en última instancia, de acuerdo con el objetivo y la estrategia de inversión del Subfondo, tratan de:
- Identificar y evitar emisores que participen en áreas de actividad específicas que la Gestora de inversiones considere perjudiciales desde una perspectiva ASG o que no sigan unas buenas prácticas de gobernanza. Por ejemplo, la Gestora de inversiones podría considerar que los emisores con una importante huella de dióxido carbono o gobiernoscon políticas de derechos humanos mediocres no son admisibles para la inversión. También excluirá a aquellos emisores que incumplan los Principios del Pacto Mundial de las Naciones Unidas, que incluye principios relacionados con los derechos humanos, el trabajo, el medio ambiente y la lucha contra la corrupción.
- Identificar e invertir en emisores que busquen de forma proactiva una correcta gestión de los factores sociales y ambientales para generar rentabilidades sostenibles. Esto también puede incluir a aquellos emisores que contribuyan al desarrollo de soluciones que ayuden a abordar cuestiones ambientales o sociales, como, por ejemplo, un uso más eficiente o reducido de los recursos naturales o el acceso a la atención sanitaria.

La Gestora de inversiones también podrá invertir en emisores corporativos si considera que pueden promover prácticas empresariales sostenibles mediante un compromiso continuo por parte del emisor. No se realizará ninguna inversión en valores que se considere que tienen problemas ASG importantes inherentes a su actividad empresarial o económica, por ejemplo una tabacalera, debido a las implicaciones sanitarias del tabaco.
A la hora de determinar si un emisor cumple los criterios ASG y de sostenibilidad de la Gestora de inversiones, esta emplea una combinación de datos, estudios y calificaciones, externos e internos, tanto de carácter cuantitativo como cualitativo.
La Gestora de inversiones depende de la información y los datos proporcionados por terceros (que pueden incluir proveedores de estudios, informes, evaluaciones, calificaciones y / o análisis, como proveedores de índices y consultores). Dicha información o datos pueden ser incompletos, inexactos o incoherentes.
La Gestora de inversiones tiene la convicción de que ninguna sociedad, mercado o economía pueden considerarse de manera aislada; todos ellos deben entenderse en un contexto global. La Gestora de inversiones cree que los acontecimientos que se suceden alrededor del mundo influyen en todos los mercados financieros, y que, por lo tanto, el éxito de las inversiones en Valores de deuda y relacionados con la deuda globales depende de un conocimiento en profundidad del mundo en su conjunto. El proceso de inversión de la Gestora de inversiones conlleva la comparación cruzada de clases de activos de renta fija y de Valores de deuda y relacionados con la deuda dentro de un marco global, utilizando una combinación de temas de inversión, el análisis fundamental del emisor y de la emisión, la valoración de valores y el análisis de temas ASG. La Gestora de inversiones determinará la cantidad que se invertirá invertir en cada clase de activos de renta fija, incluidos deuda de empresa con grado de inversión, deuda de empresa con grado inferior al de inversión, deuda soberana con grado inferior al de inversión, deuda soberana de mercados emergentes, teniendo en cuenta factores como la duración, la calidad crediticia, el país y la divisa de los Valores de deuda y relacionados con la deuda. En un contexto de renta fija, los factores ASG influyen en la calidad y, por lo tanto, en el valor de los Valores de deuda y relacionados con la deuda de emisores de empresa o soberanos.
El análisis de los temas pretende identificar las principales áreas de cambios estructurales del mundo, con el fin de ofrecer un contexto al análisis de inversiones y la toma de decisiones, lo que ayuda a la Gestora de inversiones a determinar las áreas con oportunidades de inversión potenciales y los riesgos. Actualmente, algunos de los temas a largo plazo de la Gestora de inversiones incluyen, entre otros, «dinámicas de población» (por ejemplo, el impacto de las poblaciones envejecidas), «cuestiones del planeta» (por ejemplo, desarrollo de energías limpias y soluciones de gestión de residuos), «intervención del Estado» (por ejemplo el impacto en los precios de los activos derivado de los cambios en las políticas de los bancos centrales y en cuestiones políticas) y la «revolución inteligente» (por ejemplo, el avance de la inteligencia artificial y la automatización). Las asignaciones se harán según el criterio de la Gestora de inversiones y no están limitadas por región o tipo de renta fija, aunque todas las inversiones deberán cumplir los criterios de sostenibilidad de la Gestora de inversiones.
En el caso de que los emisores sean identificados como participantes en áreas de actividad específicas que la Gestora de inversiones considere perjudiciales desde una perspectiva ASG, estos emisores estarán sujetos a una revisión adicional por parte de la Gestora de inversiones antes de se adquieran sus valores o se mantengan en cartera de forma continua.
Puede haber situaciones en las que la Gestora de inversiones invierta en un valor identificado como participante en actividades potencialmente perjudiciales. Esto puede suceder con ciertas empresas cuyas actividades u operaciones, por lo general, debido a una mezcla de negocios heredados, hayan generado históricamente malos resultados ambientales o sociales, pero que ahora inviertan y se adapten positivamente a las necesidades futuras (por ejemplo, esto puede incluir empresas energéticas que se están preparando para una transición a un mundo con menos carbono). Del mismo modo, en algunos casos, las calificaciones ASG predominantes pueden no reflejar plenamente las iniciativas ASG positivas en las que puede estar trabajando un emisor.
Las inversiones del Subfondo deben seguir cumpliendo los criterios de la Gestora de inversiones de forma continua después de la compra inicial y el nivel de riesgo asociado a la sostenibilidad al que puede estar sujeto un valor se evaluará de la misma manera que se evaluaría antes de la compra inicial.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
El Subfondo integra el riesgo de sostenibilidad en sus decisiones de inversión y promueve características medioambientales o sociales e invierte en empresas que cuentan con una buena gobernanza a los efectos del artículo 8 del SFDR.
La consideración del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones tiene acceso a una serie de puntos de datos relacionados con los factores ASG proporcionados por proveedores de datos externos que ayudan a identificar posibles problemas relacionados con los factores ASG a los que puede enfrentarse un emisor. Esto incluye, entre otros aspectos, la exposición a actividades que puedan considerarse perjudiciales para el ambiente o la sociedad. Estos datos, junto con los datos procedentes de los recursos propios de investigación sobre inversión responsable de la Gestora de inversiones, constituyen una parte fundamental de la consideración y evaluación del nivel de riesgo asociado a la sostenibilidad al que puede estar sujeta una inversión.
Esta evaluación está integrada en el proceso de investigación del nivel de seguridad, que se basa en el análisis fundamental de las oportunidades de inversión individuales a través de una serie de factores diversos, entre los que se incluyen:
- Características económicas o financieras fundamentales
- Valoración
- Perfil de riesgo/beneficio
- Las características ASG del emisor, lo que incluye comprender cómo pueden afectar dichas consideraciones a la rentabilidad económica.

La Gestora de inversiones tendrá en cuenta la información recopilada del análisis fundamental llevado a cabo será a la hora de decidir si adquirir o no una posición en un emisor, o de seguir manteniéndola.
En caso de que el riesgo asociado a la sostenibilidad para una inversión concreta aumente más allá de un nivel con el que la Gestora de inversiones se sienta cómoda, teniendo en cuenta el objetivo y la estrategia de inversión del Subfondo, la Gestora de inversiones considerará la posibilidad de vender o reducir la exposición del Fondo a la inversión correspondiente, teniendo en cuenta los intereses de los Accionistas del Fondo.
Como se ha explicado anteriormente, la evaluación y la gestión de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| --- | --- |
| Valores con Derivados/apa- lancamiento in- tegrados | Warrants Bonos convertibles Bonos convertibles contingentes (CoCo) Títulos respaldados por activos (ABS) y Títulos respaldados por hipotecas (MBS) |
| Otros ins- trumentos | Contratos por diferencias (CFD) |

Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Los criterios técnicos de selección del Reglamento de taxonomía de la UE («CTS») exigirán que se disponga de múltiples datos específicos en relación con cada inversión. A la fecha del presente documento, no se dispone de suficientes datos fiables, oportunos y constatables para que la Sociedad Gestora pueda valorar las inversiones del Subfondo con arreglo a los CTS.
Por otra parte, las normas técnicas de regulación del SFDR que definen la metodología de cálculo del grado de armonización con la taxonomía de la UE de productos financieros como el Subfondo y los modelos para la divulgación de información requerida todavía no son definitivos. En la fecha del presente documento, la Sociedad Gestora no puede ofrecer divulgaciones de información normalizadas ni comparables sobre la armonización de las inversiones de los Subfondos con el Reglamento de taxonomía de la UE.
A pesar de que el Subfondo mantiene inversiones en actividades económicas que contribuyen a un objetivo medioambiental y se podrían valorar con arreglo a los CTS, en estos momentos la Sociedad Gestora no está en condiciones de describir:
- El grado en que el Subfondo mantiene inversiones en Actividades medioambientalmente sostenibles;
- La proporción de inversiones —expresada como porcentaje de la cartera del Subfondo— en Actividades económicas medioambientalmente sostenibles; o
- La proporción —expresada como porcentaje de la cartera del Subfondo— de Actividades facilitadoras y Actividades de transición del Reglamento de taxonomía de la UE.

La Sociedad Gestora revisa de forma activa esta situación y, cuando disponga de suficientes datos fiables, oportunos y constatables sobre las inversiones del Subfondo, facilitará las descripciones anteriormente mencionadas, en cuyo caso se procederá a la actualización de este Folleto o del correspondiente Suplemento.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Opciones | Opciones sobre divisas (incluidas las opciones de tipos de cambio) Opciones sobre futuros de deuda pública Opciones sobre bonos Swaptions |
| --- | --- |
| Futuros | Futuros sobre divisas y opciones sobre contratos de futuro sobre divisas Futuros de deuda pública Futuros del mercado monetario |
| Swaps | Swaps de rentabilidad total (denominación única, crédito, índice y cesta personalizada) Swaps de incumplimiento de crédito (denominación única, índice y cesta personalizada) Swaps de tipos de interés |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no pueda acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit iTraxx CDS |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas. En el «Apéndice IX – Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente. Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga neta total (una vez tenida en cuenta la cobertura) a través de Derivados no superará el 100% del Valor de inventario neto del Subfondo y la exposición corta neta total no superará el 100% del Valor de inventario neto del Subfondo (aplicando el enfoque de compromiso).

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Absoluto
Límite de VaR Absoluto: La cartera del Subfondo no superará el 20% de su Valor de inventario neto (utilizando un periodo de tenencia de 20 Días hábiles).
Se espera que el apalancamiento bruto varíe entre: el 0% y el 1000% del Valor de inventario neto del Subfondo. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Absoluto y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá utilizar también contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de préstamo de valores
Este Subfondo no realizará operaciones de préstamos de valores y, por lo tanto, puede renunciar a rentabilidades adicionales que se podrían producir a través de estas actividades.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 100% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, la Gestora de inversiones no prevé que la exposición del Subfondo a las TRS exceda el 30% del Valor de inventario neto del Subfondo ni que la exposición del Subfondo a las OFV supere el 15% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las TRS y las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III – Operaciones de financiación de valores», «Apéndice III – Gestión de garantías», «Apéndice III – Uso de contratos de recompra/de recompra inversa y de préstamo de valores», «Gestión eficiente de cartera» y «Factores de riesgo» del Folleto.

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CAD, 1 AUD,
1 SGD, 1 CHF, 10 HKD, 10 CNH, 10 DKK, 10 NOK o 10 SEK,
en función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Blockchain Innovation Fund

### SUPLEMENTO 46 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.


#### La Gestora de inversiones
Newton Investment Management North America LLC

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Newton Investment Management Limited (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD A (Acum.) | USD | 5.000 | 5% | 1,85% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,85% | 0% |
| Euro A (Acum.) | EUR | 5.000 | 5% | 1,85% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 1,85% | 0% |
| Sterling A (Acum.) | GBP | 5.000 | 5% | 1,85% | 0% |
| Sterling A (Reparto) | GBP | 5.000 | 5% | 1,85% | 0% |
| Euro H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,85% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,85% | 0% |
| Sterling H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,85% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling H (Reparto) (con cobertura) | GBP | 5.000 | 5% | 1,85% | 0% |

| Acciones «B» y Acciones «J (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro B (Acum.) | EUR | 10.000 | 5% | 1,40% | 0% |
| Euro B (Reparto) | EUR | 10.000 | 5% | 1,40% | 0% |
| USD B (Acum.) | USD | 10.000 | 5% | 1,40% | 0% |
| USD B (Reparto) | USD | 10.000 | 5% | 1,40% | 0% |
| SGD B (Acum.) | SGD | 10.000 | 5% | 1,40% | 0% |
| SGD B (Reparto) | SGD | 10.000 | 5% | 1,40% | 0% |
| HKD B (Acum.) | HKD | 100.000 | 5% | 1,40% | 0% |
| HKD B (Reparto) | HKD | 100.000 | 5% | 1,40% | 0% |
| Euro J (Acum.) (con cobertura) | EUR | 10.000 | 5% | 1,40% | 0% |
| Euro J (Reparto) (con cobertura) | EUR | 10.000 | 5% | 1,40% | 0% |
| SGD J (Acum.) (con cobertura) | SGD | 10.000 | 5% | 1,40% | 0% |
| SGD J (Reparto) (con cobertura) | SGD | 10.000 | 5% | 1,40% | 0% |
| AUD J (Acum.) (con cobertura) | AUD | 10.000 | 5% | 1,40% | 0% |
| AUD J (Reparto) (con cobertura) | AUD | 10.000 | 5% | 1,40% | 0% |
| CAD J (Acum.) (con cobertura) | CAD | 10.000 | 5% | 1,40% | 0% |
| CAD J (Reparto) (con cobertura) | CAD | 10.000 | 5% | 1,40% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 0,90% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 0,90% | 0% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 0,90% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 0,90% | 0% |
| CHF G (Acum.) | CHF | 5.000 | 5% | 0,90% | 0% |
| CHF G (Reparto) | CHF | 5.000 | 5% | 0,90% | 0% |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,90% | 0% |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,90% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro C (Acum.) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,90% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,90% | 0% |
| SGD C (Acum.) | SGD | 5.000.000 | 5% | 0,90% | 0% |
| SGD C (Reparto) | SGD | 5.000.000 | 5% | 0,90% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| SGD I (Reparto) (con cobertura) | SGD | 5.000.000 | 5% | 0,90% | 0% |
| SGD I (Acum.) (con cobertura) | SGD | 5.000.000 | 5% | 0,90% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,70% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,70% | 0% |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,70% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,70% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,70% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,70% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,70% | 0% |
| CHF W (Reparto) | CHF | 15.000.000 | 5% | 0,70% | 0% |
| SGD W (Acum.) | SGD | 15.000.000 | 5% | 0,70% | 0% |
| SGD W (Reparto) | SGD | 15.000.000 | 5% | 0,70% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,70% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,70% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,70% | 0% |
| CHF W (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,70% | 0% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,70% | 0% |
| SGD W (Reparto) (con cobertura) | SGD | 15.000.000 | 5% | 0,70% | 0% |

| Acciones «K» y Acciones «K (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD K (Acum.) | USD | Tal y como se ha acordado | 5% | 1,40% | 0% |
| USD K (Reparto) | USD | Tal y como se ha acordado | 5% | 1,40% | 0% |
| Euro K (Acum.) | EUR | Tal y como se ha acordado | 5% | 1,40% | 0% |
| Euro K (Reparto) | EUR | Tal y como se ha acordado | 5% | 1,40% | 0% |
| CHF K (Acum.) | CHF | Tal y como se ha acordado | 5% | 1,40% | 0% |
| CHF K (Reparto) | CHF | Tal y como se ha acordado | 5% | 1,40% | 0% |
| Euro K (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 1,40% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Euro K (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 1,40% | 0% |
| CHF K (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 1,40% | 0% |
| CHF K (Reparto) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 1,40% | 0% |
| Sterling K (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 1,40% | 0% |
| Sterling K (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 1,40% | 0% |
| SGD K (Acum.) (con cobertura) | SGD | Tal y como se ha acordado | 5% | 1,40% | 0% |
| SGD K (Reparto) (con cobertura) | SGD | Tal y como se ha acordado | 5% | 1,40% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,50% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,50% | 0% |
| Euro E (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,50% | 0% |
| Euro E (Reparto) | EUR | Tal y como se ha acordado | 5% | 0,50% | 0% |
| CHF E (Acum.) | CHF | Tal y como se ha acordado | 5% | 0,50% | 0% |
| CHF E (Reparto) | CHF | Tal y como se ha acordado | 5% | 0,50% | 0% |
| SGD E (Acum.) | SGD | Tal y como se ha acordado | 5% | 0,50% | 0% |
| SGD E (Reparto) | SGD | Tal y como se ha acordado | 5% | 0,50% | 0% |
| Euro E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,50% | 0% |
| Euro E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,50% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,50% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,50% | 0% |
| SGD E (Acum.) (con cobertura) | SGD | Tal y como se ha acordado | 5% | 0,50% | 0% |
| SGD E (Reparto) (con cobertura) | SGD | Tal y como se ha acordado | 5% | 0,50% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Euro X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo pretende conseguir un incremento a largo plazo del capital invirtiendo principalmente en empresas de activos digitales.

##### Política de inversión
El Subfondo invierte principalmente (lo cual significa al menos el 80% del Valor de inventario neto del Subfondo) en valores de renta variable y asimilados a la renta variable, que incluyen, entre otros, acciones ordinarias y preferentes, derechos de compra de acciones, warrants, Resguardos estadounidenses de depósito de valores y Resguardos mundiales de depósito de valores (denominados conjuntamente en lo sucesivo «Resguardos de depósito de valores»), sociedades anónimas cotizadas de inversión inmobiliaria («SOCIMI») y Derivados asimilados a la renta variable (en lo sucesivo, «Valores de renta variable y asimilados a renta variable») de empresas situadas en todo el mundo centradas en los activos digitales.
Las empresas de activos digitales son empresas con probabilidades de obtener ingresos emergentes o continuados y / o de aprovechar las oportunidades de ahorro que ofrece la tecnología de cadena de bloques (también conocida como tecnología de libro mayor distribuido) o las empresas que utilizan la tecnología de la cadena de bloques (en lo sucesivo, «Empresas de Innovación en Cadena de Bloques»). La tecnología de cadena de bloques puede definirse de manera sencilla como la integración de aplicaciones y equipos informáticos que permite a las empresas mantener e intercambiar de manera independiente datos digitalizados de transacciones en un formato estandarizado.
El Subfondo no está sujeto a límites en lo que respecta a la inversión en Valores de Renta variable y Asimilados a la Renta Variable de empresas de pequeña y de mediana capitalización, por lo que podría invertir de manera considerable en dichas empresas.
La inversión en SOCIMI y en warrants no podrá superar respectivamente el 10 y el 20% del Valor de inventario neto del Subfondo.
El Subfondo también podrá invertir hasta un 10% de su Valor de inventario neto total en OIC de capital variable, incluidos los fondos de capital variable negociados en bolsa («ETF») y los fondos del mercado monetario. Los OIC podrán incluir otro Subfondo o Subfondos de la Sociedad u otros fondos recomendados por la Gestora de inversiones. Toda inversión en fondos de capital fijo (incluidos ETF) que constituyan valores mobiliarios se realizará con arreglo a los criterios y los límites de inversión en valores mobiliarios, tal como se describe
bajo el epígrafe «La Sociedad - Límites de inversión y de endeudamiento» del Folleto. El Subfondo podrá poseer además activos líquidos con carácter accesorio como depósitos bancarios.
El Subfondo puede obtener exposición a materias primas a través de una combinación de valores cotizados o negociados en Mercados admisibles, como Valores de renta variable y asimilados a renta variable, y OIC. El Subfondo no invertirá directamente en materias primas.
Con la excepción de la inversión permitida en valores mobiliarios no cotizados, instrumentos del mercado monetario autorizados y OIC de capital variable, las inversiones del Subfondo serán valores cotizados o negociados en Mercados admisibles. En el Apéndice II del Folleto se recoge una lista de los Mercados admisibles.
El Subfondo podrá invertir en empresas de infraestructuras de mercados desarrollados o emergentes. Si bien el Subfondo prevé tener una exposición predominante a mercados desarrollados, dependiendo de cómo evolucione el sector de la tecnología de cadena de bloques, podría invertir más del 40% de su Valor de inventario neto en países con mercados emergentes, con el tiempo. Es probable que estos países de mercados emergentes incluyan, entre otros, a Brasil, Rusia, China, India y México. El Subfondo podrá obtener exposición a China comprando acciones chinas de la clase H cotizadas o negociadas en la Bolsa de Valores de Hong Kong, acciones chinas de la clase B cotizadas o negociadas en la Bolsa de Valores de Shanghái o la Bolsa de Valores de Shenzhen, o acciones chinas de la clase A a través del canal Stock Connect o a través de Resguardos de depósito. El Subfondo podrá invertir hasta el 20% de su Valor de inventario neto en acciones chinas de la clase A a través del canal Stock Connect. En el Apéndice V de este Folleto se incluyen más detalles sobre el canal Stock Connect. El Subfondo podrá obtener exposición a India directamente o a través de Resguardos de depósito. El Subfondo podrá invertir hasta el 20% de su Valor de inventario neto en valores cotizados o negociados en la Bolsa de Moscú.
Si bien la moneda de cuenta del Subfondo es el USD, puede invertir en activos no denominados en USD. Normalmente, dichos activos no estarán cubiertos frente al USD. Por consiguiente, la rentabilidad del Subfondo podría verse fuertemente influida por las oscilaciones de los tipos de cambio.
No obstante, cada cierto tiempo, el Subfondo podrá utilizar Derivados para formalizar transacciones de cobertura cruzada en divisas para ofrecer cobertura a la totalidad o a una parte de las exposiciones a divisas respecto a la moneda de base del Subfondo. Los Derivados se describen con más detalle en el apartado
«Técnicas e instrumentos financieros derivados» del Folleto.
El Subfondo no prevé adoptar posiciones cortas; sin embargo, invertirá tanto en valores asimilados a la renta variable como en otros Derivados.

##### Índice de referencia
MSCI AC World NR Index (el «Índice de referencia»).
El Índice de referencia es un indicador exhaustivo del comportamiento del mercado de renta variable global, que captura una muestra de empresas de capitalización bursátil alta y media de mercados desarrollados y de países emergentes. Formado por más de 2000 componentes, cubre aproximadamente el 85% del conjunto de oportunidades de renta variable mundial disponible para la inversión. El Índice de referencia aplica un enfoque integral y coherente a su elaboración, lo que permite obtener perspectivas globales significativas y comparaciones interregionales en todos los segmentos y combinaciones de tamaño de capitalización bursátil, sector y estilo. Esta metodología pretende dar una cobertura exhaustiva de la oportunidad de inversión, con especial atención a la liquidez, la potencial rentabilidad y la capacidad de seguir el índice. El Índice de referencia se revisa trimestralmente para reflejar los cambios producidos en los mercados de renta variable subyacentes, a la vez que se limita la rotación indebida del índice.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del Índice de referencia, la selección de las inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
Determinación del universo de inversión
La Gestora de inversiones invierte en valores de renta variable y asimilados a la renta variable para obtener exposición a Empresas de Innovación en Cadena de Bloques incluidas en el universo de inversión. La Gestora de inversiones desarrolla y mantiene el universo de inversión, y también investiga y evalúa las Empresas de Innovación en Cadena de Bloques. La Gestora de inversiones va completando el universo de inversión de manera global, con independencia del sector o de la capitalización bursátil, aplicando una combinación de recursos internos (analistas del sector dedicados a la investigación básica en todo el mundo, equipos de gestión de carteras y miembros de equipos de análisis cuantitativo), así como recursos externos, que incluyen ferias e informes del sector
La representación por sectores incluye, entre otras, a empresas de tecnología informática, financieras, de servicios, bienes de consumo no esenciales, industria, atención sanitaria, productos básicos de consumo, servicios de comunicación y servicios inmobiliarios, que incluyen a su vez a los sectores o categorías habituales de cada grupo industrial. Estos sectores pueden utilizar la tecnología de la cadena de bloques o contratos inteligentes para gestionar la cadena de suministros,
acelerar las transacciones y reducir los costes. Habida cuenta de la magnitud de la aplicación de la tecnología de libro distribuido y de la variedad de componentes implicados en cualquier implementación particular, el Subfondo puede invertir en una serie cambiante de sectores. Estas industrias incluyen, entre otras, aquellas empresas expuestas: al seguimiento y la optimización de la cadena de suministros global (p. ej., transporte y logística aéreos, transporte marítimo, transporte por carretera, embalajes para alimentos y carnes, supermercados, restaurantes o productos personales), al mercado financiero global (p. ej., intercambios financieros, empresas de gestión de activos, bancos de depósito y aseguradoras multilínea) y a la digitalización de la atención sanitaria (servicios de atención sanitaria y planes de salud). Las empresas del sector de la tecnología de la información (software de aplicaciones, producción de semiconductores, prestación de servicios de internet e infraestructuras relacionadas con las tecnologías informáticas) pueden beneficiarse de ofrecer la tecnología de cadena de bloques como un servicio adicional. Además, el Subfondo podrá buscar exposición a materias primas invirtiendo en índices financieros.
Como consecuencia de este variado abanico de
oportunidades, se prevé que el universo de inversión se amplíe y evolucione para dar cabida a un conjunto cada vez más amplio de sectores e industrias.
Selección de inversiones
La Gestora de inversiones selecciona inversiones del universo de inversión utilizando modelos propios para la evaluación de las empresas en comparación con las expectativas del mercado y mediante un análisis fundamental para comprobar la capacidad y la voluntad de la dirección de las empresas en cuestión para mantener y, si fuera posible, aumentar el valor. El análisis fundamental incluye valorar la solidez del balance, el paisaje de la competencia, las valoraciones del precio de las acciones, la liquidez y el entorno normativo. El análisis se apoya en un equipo de analistas de investigación en renta variable experimentados.
A continuación, las inversiones se clasifican utilizando un sistema que puntúa cualitativamente el grado de probabilidad de que la inversión vaya a obtener ingresos emergentes o continuados y / o aprovechar las oportunidades de ahorro que ofrece la tecnología de libro distribuido. El sistema valora las posibles inversiones de manera que reflejen si se prevé que la empresa en cuestión vaya a tener en el futuro exposición a la tecnología de la cadena de bloques (exposición prevista), si persigue actualmente obtener exposición a dicha tecnología (exposición moderada) o si ya está expuesta a ella (exposición elevada). La Gestora de inversiones pretende conformar una cartera centrada en empresas con una exposición elevada, a la vez que invierte en empresas con exposición moderada o exposición prevista.
Disciplina de venta
La Gestora de inversiones lleva a cabo revisiones periódicas de cada inversión. Las revisiones periódicas incluyen una evaluación de la rentabilidad de una inversión en comparación con su grupo de iguales, así como con el universo del Índice. La Gestora de inversiones considera la venta de valores cuando se constata que su potencial de crecimiento es limitado o nulo, cuando se prevé una caída de su valor, o cuando hay opciones de inversión más prometedoras disponibles.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La gestión del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones aplica análisis fundamentales respaldados por recursos de datos cuantitativos para evaluar los factores ambientales, sociales y de gobernanza de cada inversión en cartera en busca de posibles riesgos asociados a la sostenibilidad. Estos factores pueden incluir, entre otros, el impacto sobre el medioambiente de un emisor, incluidas las emisiones, el uso de la tierra y las prácticas en materia de residuos, así como las políticas y prácticas sociales de un emisor, incluidas las cuestiones relacionadas con los empleados, las prácticas de la cadena de suministro y las políticas de derechos humanos. La Gestora de inversiones identifica e incorpora en su proceso de toma de decisiones de inversión aquellas consideraciones que influirán en el comportamiento de un emisor o afectarán a los entornos económicos, normativos, políticos, sociales o físicos en los que opera. La Gestora de inversiones aprovecha el análisis fundamental junto con los datos cuantitativos para obtener una puntuación ASG propia con el fin de mejorar aún más la gestión de los factores de sostenibilidad dentro del Subfondo. El análisis interno de la Gestora de inversiones se complementa con recursos de terceros, entre los que se incluyen datos y calificaciones ASG de MSCI, datos ASG de Bloomberg, la Guía de diálogo activo (Engagement Guide) de la Junta de Normas de Contabilidad Sostenible (SASB), análisis de la parte vendedora y eventos del sector. El resultado es un proceso de toma de decisiones de inversión que pretende minimizar la exposición del Subfondo a emisores rezagados en materia ambiental, social y de gobierno corporativo, a la vez que tiene en cuenta cualquier otro riesgo asociados a la sostenibilidad vinculado a las inversiones del Subfondo.
La Gestora de inversiones también evalúa las prácticas de gobierno corporativo de los emisores mediante su investigación fundamental, complementada con metodologías de calificación de gobierno corporativo propias y de terceros, con el fin de establecer de manera fehaciente si los emisores correspondientes siguen unas buenas prácticas de gobierno, en particular con respecto a estructuras de gestión sólidas, relaciones con los empleados, remuneración del personal y conformidad fiscal.
La Gestora de inversiones supervisa periódicamente los factores de sostenibilidad y las exposiciones al riesgo evaluando los informes periódicos sobre las puntuaciones ASG propios de la Gestora de inversiones y procedentes de terceros.
Como se ha explicado anteriormente, la gestión y la evaluación de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros de indices de renta variable Futuros sobre índices de materias primas |
| --- | --- |
| Opciones | Opciones con un precio de ejercicio bajo (OPEB) y warrants con un precio de ejercicio bajo (WPEB) |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| Valores con Derivados/apa- lancamiento integrados | Warrants Derechos de compra de acciones |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a diversos índices financieros, mediante el uso de Derivados, tanto con fines de una gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de materias primas para proporcionar exposición a sectores de materias primas, como la energía y los metales industriales, ya que el Subfondo no invertirá directamente en materias primas. | Bloomberg Commodity Index S&P GSCI Index |
| Índices de renta variable para proporcionar exposición a mercados regionales y globales de renta variable de una manera más rentable o eficiente que mediante la compra de los valores físicos. | MSCI AC World NR Index |

Normalmente, todos los índices financieros se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir estos índices, no se verá directamente afectado por ninguna revisión, por los costes que esta conlleve o por una ponderación de los activos que supere las restricciones de inversión permitidas.
Información adicional sobre los índices financieros utilizados con fines de inversión» se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases de Acciones no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 EUR, 1 USD, 1 GBP, 1 CHF o 1 SGD, en función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta
fecha. A este respecto, se puede obtener información adicional en el apartado «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Absolute Return Global Convertible Fund

### SUPLEMENTO 47 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo invertirá principalmente en Derivados y utilizará tales Derivados con fines de inversión, cobertura y gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado«Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.
- El Subfondo podrá mantenerse principalmente invertido en depósitos establecidos en entidades de crédito. Aunque el Subfondo puede invertir en instrumentos del mercado monetario y depósitos a la vista, las Acciones del Subfondo no constituyen depósitos y son de naturaleza diferente de los depósitos, por no estar garantizadas y porque el valor de la inversión es susceptible de fluctuar. Toda inversión en el Subfondo entraña ciertos riesgos de inversión, incluida la posible pérdida del principal invertido.


#### La Gestora de inversiones
Insight Investment Management (Global) Limited.
La Gestora de inversiones podrá delegar sus funciones de gestión de inversiones en una Gestora delegada de inversiones y nombrar a un asesor delegado para que le preste asesoramiento en materia de inversión de conformidad con los requisitos del Banco Central. En la fecha del presente Suplemento, la Gestora de inversiones ha nombrado a la Gestora delegada de inversiones que se detalla a continuación.

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Insight North America LLC
(la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Euro

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «R» y Acciones «R (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| Euro R (Acum.) | EUR | 5.000 | 5% | 1,50% | 0% | 15% | EURIBOR a 1 meses | EURIBOR a 1 meses |
| Euro R (Reparto) | EUR | 5.000 | 5% | 1,50% | 0% | 15% | EURIBOR a 1 meses | EURIBOR a 1 meses |
| Sterling R (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,50% | 0% | 15% | SONIA (com- puesto a 30 días) | SONIA (com- puesto a 30 días) + 0,04% |
| Sterling R (Reparto) (con cobertura) | GBP | 5.000 | 5% | 1,50% | 0% | 15% | SONIA (com- puesto a 30 días) | SONIA (com- puesto a 30 días) + 0,04% |
| USD R (Acum.) (con cobertura) | USD | 5.000 | 5% | 1,50% | 0% | 15% | SOFR (com- puesto a 30 días) | SOFR (com- puesto a 30 días) + 0,12% |
| USD R (Reparto) (con cobertura) | USD | 5.000 | 5% | 1,50% | 0% | 15% | SOFR (com- puesto a 30 días) | SOFR (com- puesto a 30 días) + 0,12% |
| CHF R (Acum.) (con cobertura) | CHF | 5.000 | 5% | 1,50% | 0% | 15% | SARON (com- puesto a 30 días) | SARON (com- puesto a 30 días) |
| JPY R (Acum.) (con cobertura) | JPY | 500.000 | 5% | 1,50% | 0% | 15% | TONAR (com- puesto a 30 días) | TONAR (com- puesto a 30 días) |

| Acciones «D» y Acciones «D (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| Euro D (Acum.) | EUR | 5.000 | 5% | 1,00% | 0% | 15% | EURIBOR a 1 meses | EURIBOR a 1 meses |
| Euro D (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% | 15% | EURIBOR a 1 meses | EURIBOR a 1 meses |
| Sterling D (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,00% | 0% | 15% | SONIA (com- puesto a 30 días) | SONIA (com- puesto a 30 días) + 0,04% |
| USD D (Acum.) (con cobertura) | USD | 5.000 | 5% | 1,00% | 0% | 15% | SOFR (com- puesto a 30 días) | SOFR (com- puesto a 30 días) + 0,12% |
| CHF D (Acum.) (con cobertura) | CHF | 5.000 | 5% | 1,00% | 0% | 15% | SARON (com- puesto a 30 días) | SARON (com- puesto a 30 días) |
| JPY D (Acum.) (con cobertura) | JPY | 500.000 | 5% | 1,00% | 0% | 15% | TONAR (com- puesto a 30 días) | TONAR (com- puesto a 30 días) |

| Acciones «S» y Acciones «T (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| Euro S (Acum.) | EUR | 5.000.000 | 5% | 1,00% | 0% | 15% | EURIBOR a 1 meses | EURIBOR a 1 meses |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Euro S (Reparto) | EUR | 5.000.000 | 5% | 1,00% | 0% | 15% | EURIBOR a 1 meses | EURIBOR a 1 meses |
| Sterling T (Acum.) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% | 15% | SONIA (com- puesto a 30 días) | SONIA (com- puesto a 30 días) + 0,04% |
| Sterling T (Reparto) (con cobertura) | GBP | 5.000.000 | 5% | 1,00% | 0% | 15% | SONIA (com- puesto a 30 días) | SONIA (com- puesto a 30 días) + 0,04% |
| USD T (Acum.) (con cobertura) | USD | 5.000.000 | 5% | 1,00% | 0% | 15% | SOFR (com- puesto a 30 días) | SOFR (com- puesto a 30 días) + 0,12% |
| CHF T (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 1,00% | 0% | 15% | SARON (com- puesto a 30 días) | SARON (com- puesto a 30 días) |
| JPY T (Acum.) (con cobertura) | JPY | 500.000.000 | 5% | 1,00% | 0% | 15% | TONAR (com- puesto a 30 días) | TONAR (com- puesto a 30 días) |

| Acciones «U» y Acciones «U (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| Euro U (Acum.) | EUR | 15.000.000 | 5% | 0,75% | 0% | 15% | EURIBOR a 1 meses | EURIBOR a 1 meses |
| Euro U (Reparto) | EUR | 15.000.000 | 5% | 0,75% | 0% | 15% | EURIBOR a 1 meses | EURIBOR a 1 meses |
| Sterling U (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,75% | 0% | 15% | SONIA (com- puesto a 30 días) | SONIA (com- puesto a 30 días) + 0,04% |
| Sterling U (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,75% | 0% | 15% | SONIA (com- puesto a 30 días) | SONIA (com- puesto a 30 días) + 0,04% |
| USD U (Acum.) (con cobertura) | USD | 15.000.000 | 5% | 0,75% | 0% | 15% | SOFR (com- puesto a 30 días) | SOFR (com- puesto a 30 días) + 0,12% |
| USD U (Reparto) (con cobertura) | USD | 15.000.000 | 5% | 0,75% | 0% | 15% | SOFR (com- puesto a 30 días) | SOFR (com- puesto a 30 días) + 0,12% |
| CHF U (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,75% | 0% | 15% | SARON (com- puesto a 30 días) | SARON (com- puesto a 30 días) |
| JPY U (Acum.) (con cobertura) | JPY | 1.500.000.000 | 5% | 0,75% | 0% | 15% | TONAR (com- puesto a 30 días) | TONAR (com- puesto a 30 días) |

| Acciones «F» y Acciones «F (con cobertura)»* |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| Euro F (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,35% | 0% | 15% | EURIBOR a 1 meses | EURIBOR a 1 meses |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sterling F (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,35% | 0% | 15% | SONIA (com- puesto a 30 días) | SONIA (com- puesto a 30 días) + 0,04% |
| USD F (Acum.) (con cobertura) | USD | Tal y como se ha acordado | 5% | 0,35% | 0% | 15% | SOFR (com- puesto a 30 días) | SOFR (com- puesto a 30 días) + 0,12% |
| CHF F (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,35% | 0% | 15% | SARON (com- puesto a 30 días) | SARON (com- puesto a 30 días) |
| JPY F (Acum.) (con cobertura) | JPY | Tal y como se ha acordado | 5% | 0,35% | 0% | 15% | TONAR (com- puesto a 30 días) | TONAR (com- puesto a 30 días) |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de sus- cripción ini- cial máxima (hasta) | Comisión de gestión anual | Comisión de reem- bolso | Comisión de rentabilidad | Índice de referencia del rendi- miento de la clase de acciones | Hurdle rate |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% | Ninguna | EURIBOR a 1 meses | Ninguna |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% | Ninguna | SONIA (com- puesto a 30 días) | Ninguna |
| USD X (Acum.) (con cobertura) | USD | Ninguna | 0% | 0% | 0% | Ninguna | SOFR (com- puesto a 30 días) | Ninguna |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% | Ninguna | SARON (com- puesto a 30 días) | Ninguna |
| JPY X (Acum.) (con cobertura) | JPY | Ninguna | 0% | 0% | 0% | Ninguna | TONAR (com- puesto a 30 días) | Ninguna |


#### Comisión de rentabilidad
Además de la comisión de gestión anual, la Sociedad gestora tiene derecho a percibir una comisión de rentabilidad anual (la «Comisión rentabilidad»), con arreglo a las condiciones que se detallan a continuación. El tipo al que se aplicará la Comisión de rentabilidad se indica en la tabla anterior Las Comisiones de rentabilidad reducen el valor de su inversión y el rendimiento que obtendrá de esta.
La Comisión de rentabilidad respecto de cada Clase de Acciones pertinente se calcula como el porcentaje de comisión de rentabilidad (según se indica en la tabla anterior) de la Rentabilidad de la Clase de Acciones (como se define a continuación) sobre la Rentabilidad de la Hurdle rate (como se define a continuación) sujeta a una Cota máxima («High Water Mark») (como se define a continuación) 
1
.
La Comisión de rentabilidad se calculará con respecto a cada periodo de doce meses finalizado el 31 de diciembre (el «Periodo de Cálculo»). El primer Periodo de
cálculo será el periodo que comienza el Día hábil inmediatamente posterior al cierre del Periodo de oferta inicial y que termina el 31 de diciembre de ese mismo año.
La «Rentabilidad de la Clase de Acciones» se calcula en cada Día de valoración, y es la diferencia porcentual entre el Valor Liquidativo Neto Ajustado en tal Día de valoración y el Valor Liquidativo Neto Ajustado del Día de valoración anterior.
El «Valor liquidativo neto ajustado» es el Valor liquidativo neto de la clase de Acciones correspondiente (que incluye un recargo por todas las comisiones y gastos, incluida la comisión de gestión anual y los gastos operativos y administrativos que se imputarán a dicha clase de acciones, ajustados, en su caso, con las distribuciones de dividendos) pero sin deducir ninguna Comisión de rentabilidad devengada desde el inicio del Periodo de cálculo.
1 
Los inversores deberán tener en cuenta que los siguientes Subfondos de la Sociedad aplican una definición distinta de «Cota Máxima» a la hora de calcular la comisión de rentabilidad de las clases de acciones correspondientes: BNY Mellon Absolute Return Equity Fund y BNY Mellon Absolute Return Bond Fund. Pueden encontrarse más detalles sobre el cálculo de la comisión de rentabilidad de estos Subfondos en los Suplementos pertinentes de cada uno de ellos.
La «Hurdle rate» es el porcentaje que se indica en la anterior tabla. Una hurdle rate es un nivel predeterminado de rentabilidad que debe superar un fondo a fin de ganar una comisión de rentabilidad.
La «Rentabilidad de la Hurdle rate» se calcula en cada Día de valoración y se define como la que sea mayor entre (i) la rentabilidad de la Hurdle rate (expresada como porcentaje); o (ii) el cero por ciento (0%). La
«Hurdle rate» se indica en la anterior tabla y se calcula sobre un período de 365 días en el caso del SONIA (compuesto a 30 días) y sobre un período de 360 días en el caso del EURIBOR a 1 mes, el SOFR (compuesto a 30 días), el SARON (compuesto a 30 días) y el TONAR (compuesto a 30 días).
La «Cota máxima» se define como la que sea mayor entre
(i) el Valor liquidativo neto de la Acción sobre el que se abonó una Comisión de rentabilidad en el último día de cualquier Periodo de cálculo anterior; o (ii) el precio de emisión inicial por Acción de cada Clase.
En cada Día de valoración, se calcula un Valor liquidativo neto ajustado respecto de cada clase de acciones a la que se aplique la Comisión de rentabilidad. Si el Valor liquidativo neto ajustado de la clase de acciones correspondiente supera la Cota máxima y la Rentabilidad de la Clase de Acciones supera la Rentabilidad de la Hurdle rate, se devenga una Comisión de rentabilidad.
La utilización de la Cota máxima garantiza que usted no deberá pagar una Comisión de rentabilidad hasta que se haya recuperado cualquier comportamiento relativo inferior de la Rentabilidad de la Clase de Acciones. Por tanto, no se aplicará ninguna Comisión de rentabilidad, salvo que el Valor liquidativo neto ajustado por Acción al final del periodo de cálculo (o en el momento del reembolso, en el caso de una fusión sujeta a los requisitos del Banco Central), la fecha de finalización del Contrato de gestión o cualquier otra fecha en la que la Sociedad o el Subfondo puedan ser liquidados o dejen de operar) sea mayor que la Cota máxima. Debe tener en cuenta que el peor comportamiento relativo de la Rentabilidad de la Clase de Acciones frente a la Rentabilidad de la Hurdle rate de Periodos de cálculo anteriores no será recuperable.
En los casos en que la Hurdle rate fuese inferior al cero por ciento (0%), al calcular cualquier Comisión de rentabilidad se aplicará una Rentabilidad mínima de la Hurdle rate del cero por ciento (0%). Esto significa que usted solo deberá pagar una Comisión de rentabilidad si la Rentabilidad de la Clase de Acciones es superior al cero por ciento (0%) y que las Comisiones de rentabilidad devengadas equivaldrán, como máximo, al exceso de
rentabilidad alcanzado por encima del cero por ciento (0%), es decir, no se aplican Comisiones de rentabilidad en los periodos de rentabilidad negativa.
Si la Rentabilidad de la Clase de Acciones no supera a la Rentabilidad de la Hurdle rate, se reduce el devengo de la Comisión de rentabilidad (no por debajo de cero). La comisión de rentabilidad se reduce en un importe calculado como el porcentaje de la comisión de rentabilidad (establecida en la tabla anterior) del peor comportamiento relativo de la Rentabilidad de la Clase de Acciones en comparación con la Rentabilidad de la Hurdle rate (la «rentabilidad negativa») multiplicado por las Acciones emitidas. Una vez que la Comisión de rentabilidad acumulada se ha reducido a cero, no se devengará ninguna nueva Comisión de rentabilidad hasta
que (i) la Rentabilidad acumulada de la Clase de Acciones supere la Rentabilidad acumulada de la Hurdle rate desde el principio del Periodo de Cálculo; y (ii) el Valor Liquidativo Neto Ajustado de la clase de acciones de que se trate exceda de la Cota máxima.
La Comisión de rentabilidad acumulada en cada Día de valoración se refleja en el Valor liquidativo neto de la Acción sobre la base de la cual se pueden aceptar las suscripciones, la amortización, los reembolsos o los canjes.
Se deben incluir en el cálculo de la Comisión de rentabilidad las ganancias realizadas y no realizadas netas más las pérdidas de capital realizadas y no realizadas al final de periodo de que se trate. Como consecuencia de ello, cabe la posibilidad de que se paguen comisiones en función de resultados sobre plusvalías latentes que posteriormente nunca se materialicen.
Podrá generarse una rentabilidad positiva a raíz de los movimientos del mercado y de una gestión activa de la cartera; esto puede llevar a circunstancias en que una parte de la Comisión de rentabilidad se pague según los movimientos del mercado.
El cálculo de la Comisión de rentabilidad no es susceptible de manipulación y deberá ser verificado por el Depositario.
La Comisión de rentabilidad se calcula y acumula en cada Día de valoración y se abona a año vencido, con respecto a cada Periodo de cálculo. Por lo general, toda Comisión de rentabilidad pagadera se abonará en el plazo de 30 Días hábiles una vez finalizado el Periodo de cálculo, la fecha de cualquier reembolso, la fecha de una fusión (sujeta a los requisitos del Banco Central), la fecha de finalización del Contrato de gestión o cualquier otra fecha en la que la Sociedad o el Subfondo puedan ser liquidados o dejen de operar.

##### Ejemplos de cómo se calculará la comisión de rentabilidad
Tenga presente que el modelo de comisión de rentabilidad no permite aplicar este tipo de comisiones en casos de rentabilidad negativa.
| Día de valoración | Valor liqui- dativo neto ajustado al final del Periodo de cálculo | Cota máxima | Rentabilidad de la Hurdle rate ex- presada en peniques | Rentabilidad superior de la Hurdle rate expresada en peniques* | Comisión de rentabilidad** | Valor liquida- tivo neto al final del Periodo de cálculo | Descripción del ejemplo |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 31 de diciembre (primer año) | 105p | 100p | 102p | 3p | 0,45p | 104,55p | La rentabilidad fue positiva durante el Periodo de cálculo, ya que el Valor liquidativo neto ajustado de 105 p al final del primer año fue superior al precio de emisión inicial de 100 p. Además, el Valor liquidativo neto ajustado supera la Cota máxima de 100 p Y la Rentabilidad superior de 3 p es positiva. Por consiguiente, se abonó una Comisión de rentabilidad de 0,45 p. |
| 31 de diciembre (segundo año) | 95p | 104,55p | 106p | 0p | 0p | 95p | La rentabilidad fue negativa durante el Periodo de cálculo, ya que el Valor liquidativo neto ajustado de 95 p registrado al final del segundo año fue inferior al Valor de 104,55 p al final del primer año. Por tanto, no se abonó ninguna Comisión de rentabilidad. |
| 31 de diciembre (tercer año) | 104p | 104,55p | 97p | 0p | 0p | 104p | La rentabilidad fue positiva durante el Periodo de cálculo, ya que el Valor liquidativo neto ajustado de 104 p al final del tercer año fue superior al Valor liquidativo neto de 95 p al final del segundo año. No obstante, el Valor liquidativo neto ajustado de 104 p se situó por debajo de la Cota máxima de 104,55 p, lo que hizo que la Rentabilidad superior fuese cero. Por tanto, no se abonó ninguna Comisión de rentabilidad. |

| Día de valoración | Valor liqui- dativo neto ajustado al final del Periodo de cálculo | Cota máxima | Rentabilidad de la Hurdle rate ex- presada en peniques | Rentabilidad superior de la Hurdle rate expresada en peniques* | Comisión de rentabilidad** | Valor liquida- tivo neto al final del Periodo de cálculo | Descripción del ejemplo |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 31 de diciembre (cuarto año) | 110p | 104,55p | 108p | 2p | 0,30p | 109,7p | La rentabilidad fue positiva durante el Periodo de cálculo, ya que el Valor liquidativo neto ajustado de 110 p al final del cuarto año fue superior al Valor liquidativo neto de 104 p al final del tercer año. Además, el Valor liquidativo neto ajustado es superior a la Cota máxima de 104,55 p Y la Rentabilidad superior de 2 p es positiva. Por consiguiente, se abonó una Comisión de rentabilidad de 0,30 p. |

*La Rentabilidad superior constituye los resultados superiores de la Rentabilidad de la Clase de Acciones con respecto a la Rentabilidad de la Hurdle rate en caso de que el Valor liquidativo neto ajustado haya superado la Cota máxima.
**15% de Rentabilidad superior

#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo trata de ofrecer una rentabilidad positiva en cualquier situación del mercado, pero no se garantiza una rentabilidad positiva.

##### Política de inversión
El Subfondo aspira a alcanzar su objetivo de inversión a lo largo de un periodo continuo de 3 años, tras aplicar comisiones.
El Subfondo obtendrá exposición directamente, o indirectamente a través de Derivados, a bonos convertibles (incluidas obligaciones de conversión obligatoria), valores de renta variable y asimilados a la renta variable, y otros Valores de deuda y relacionados con la deuda (tal y como se definen a continuación) a largo y corto plazo.
El Subfondo podrá invertir más del 100% de su Valor de inventario neto en bonos convertibles (incluidas obligaciones de conversión obligatoria).
Los valores de renta variable y asimilados a renta variable en los que el Subfondo podrá invertir directamente, o indirectamente a través de Derivados, incluyen valores de renta variable, warrants, acciones preferentes, fondos cotizados («ETF»), pagarés cotizados («ETN»), recibos de depósito americanos («ADR»), recibos de depósito internacionales («GDR») e híbridos (como obligaciones canjeables, obligaciones perpetuas, bonos de intereses diferibles —acumulativos o no acumulativos
— y valores fiduciarios preferentes) (en adelante,
«Valores de renta variable y asimilados a renta variable»).
Los ETN podrán utilizarse para proporcionar exposición a índices financieros, incluidos los índices de volatilidad y de renta variable enumerados a continuación en el apartado «Índices Financieros». El Subfondo tratará de obtener exposición a la renta variable mediante posiciones cortas en los valores de renta variable de
empresas a las que haya obtenido exposición invirtiendo en bonos convertibles, Valores de deuda y relacionados con la deuda (tal y como se definen a continuación) o valores de renta variable y asimilados a la renta variable. Se podrán mantener posiciones largas en valores de renta variable si una obligación convertible se canjea por renta variable.
El Subfondo podrá invertir en valores de deuda pública y relacionados con la deuda pública de tipo fijo y variable (como bonos de tipo fijo, obligaciones indexadas y letras del tesoro con cupón cero), valores relacionados con la deuda de empresas (como pagarés de tipo fijo y variable, bonos de agencias, bonos municipales, bonos garantizados, bonos con opción de reventa y con opción de recompra, eurobonos y bonos con vencimiento único), instrumentos del mercado monetario (como certificados de depósito, papel comercial y depósitos a la vista), títulos respaldados por activos y títulos respaldados por hipotecas (en lo sucesivo, «Valores de deuda y Relacionados con la Deuda». El Subfondo podrá invertir en Valores de deuda y relacionados con la deuda ya sea directamente o indirectamente a través de Derivados.
No se aplicará ninguna calificación de solvencia mínima a las inversiones del Subfondo. El Subfondo puede invertir en instrumentos con calificación de categoría de inversión, en instrumentos sin categoría de inversión (es decir, instrumentos con una calificación BBB- o inferior (o equivalente) según lo indicado por una Agencia de calificación crediticia reconocida) y en instrumentos sin calificación. La mayoría de los bonos convertibles no tiene calificación, por lo que el Subfondo podrá tener una exposición significativa a instrumentos sin calificación, que podrán considerarse equivalentes a instrumentos con grado inferior al de inversión. El Subfondo podrá invertir también en depósitos en efectivo.
El Subfondo puede invertir hasta un 10% de su Valor de inventario neto, en total, en organismos de inversión colectiva («OIC»), incluyendo OIC que proporcionan exposición a bonos convertibles, Valores de deuda y relacionados con la deuda, y Valores de renta variable y asimilados a renta variable, fondos del mercado
monetario, índices de volatilidad y otros OICVM irlandeses aconsejados por la Gestora de inversiones. Los OIC en los que podrá invertir el Subfondo pueden incluir ETF. Cualquier inversión en ETF se hará de acuerdo con los límites de inversión aplicables a los OIC. El Subfondo podrá invertir además en OIC de capital fijo, de acuerdo con los límites de inversión aplicables a los valores mobiliarios establecidos en el apartado «La Sociedad – Límites de inversión y de endeudamiento» del Folleto.
El Subfondo tiene previsto invertir en todo el mundo sin centrarse en ningún sector o industria en particular; no obstante, en ocasiones, el Subfondo podrá concentrarse en industrias o sectores geográficos concretos, en función de donde vea una oportunidad de inversión la Gestora de inversiones.
El Subfondo podrá invertir más del 20% de su Valor de inventario neto en países con mercados emergentes, incluidos Rusia, China e India. El Subfondo podrá invertir en títulos que ofrezcan exposición a emisores rusos que se negocien en un Mercado admisible, pero solamente podrá invertir hasta el 10% de su Valor de inventario neto en valores cotizados o negociados en la Bolsa de Moscú. El Subfondo podrá conseguir exposición indirecta a China e India a través de bonos convertibles, que podrán transformarse en acciones, REDV o RMDV. Ninguno de los bonos convertibles, acciones, REDV y RMDV se mantendrá en el mercado local. Antes de obtener exposición directa en India, la Gestora de inversiones actualizará el Suplemento a fin de incluir información sobre los permisos locales necesarios y los acuerdos con subdepositarios, de cuya existencia deberá asegurarse. El Subfondo podrá obtener exposición a valores chinos comprando acciones chinas de la clase H cotizadas o negociadas en la Bolsa de Valores de Hong Kong, acciones chinas de la clase B cotizadas o negociadas en la Bolsa de Valores de Shanghái o de Shenzhen, o acciones chinas de la clase A a través del canal Stock Connect. El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en acciones chinas de la clase A a través del canal Stock Connect. En el Apéndice V de este Folleto se incluyen más detalles sobre el canal Stock Connect.
Con la excepción de la inversión permitida en valores no cotizados y OIC distintos de ETF, las inversiones del Subfondo serán valores cotizados o negociados en los Mercados admisibles incluidos en el Apéndice II del Folleto.
Si bien la Moneda de cuenta del Subfondo es el euro, el Subfondo podrá invertir en activos no denominados en euros que generalmente tendrán cobertura respecto de esta moneda utilizando derivados relacionados con divisas. Los Derivados relacionados con divisas que pueda utilizar el Subfondo con fines de cobertura se describen con más detalle en el apartado «Técnicas e instrumentos financieros derivados» del Folleto.

##### Gestión de tesorería y de las garantías
El Subfondo tendrá efectivo y activos realizables o prácticamente disponibles en ciertas circunstancias como atender los reembolsos, facilitar los pagos, tener efectivo en depósito a la espera de la reinversión y respaldar la exposición a Derivados.
Además, en determinadas circunstancias, el Subfondo podrá mantener niveles altos de activos monetarios y activos líquidos cuasimonetarios (es decir, hasta el 100% del Valor de inventario neto del Subfondo), por ejemplo,
en casos de volatilidad extrema, si hay riesgo de que el Subfondo no alcance su objetivo de rentabilidad o si las condiciones del mercado requieren una estrategia de inversión defensiva.
Los activos líquidos cuasimonetarios pueden incluir depósitos a la vista y cualesquiera de los Valores de deuda y relacionados con la deuda indicados más arriba, ya sean de tipo fijo o variable, y se pretende que los emisores y / o garantes de tales Valores de deuda y relacionados con la deuda tales depósitos bancarios tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
EURIBOR a 1 mes (el «Índice de referencia basado en el efectivo»).
EURIBOR (Euro Interbank Offer Rate) es el tipo europeo de oferta interbancaria, un tipo de cambio que se calcula como el promedio de los tipos de interés con los que los bancos de la Zona del euro ofrecen préstamos a corto plazo no garantizados en el mercado interbancario.
El Subfondo utiliza el Índice de referencia basado en el efectivo como objetivo respecto del cual medir su rentabilidad en periodos continuos anualizados de 3 años, antes de comisiones.
El Subfondo se gestiona de forma activa, lo que implica que la Gestora de inversiones tendrá potestad sobre la selección de inversiones, siempre que se respeten el objetivo y la política de inversión.

##### Estrategia de inversión
El Subfondo pretende generar rentabilidad, principalmente, mediante la inversión directa o indirecta a largo plazo en bonos convertibles y valores relacionados con la renta variable, e inversiones a corto plazo en los valores de renta variable correspondientes. El Subfondo podrá intentar posiciones cortas sintéticas en swaps de renta variable, swaps de bonos (incluidos swaps de bonos convertibles), swaps de incumplimiento de crédito («CDS»), futuros sobre bonos, swaps de rentabilidad total, contratos por diferencias y contratos a plazo sobre divisas.
El Subfondo tratará de aprovechar las anomalías en la valoración de inversiones, es decir, buscará aquellas inversiones que la Gestora de inversiones considere sobrevaloradas o infravaloradas. Estas valoraciones pueden ser absolutas (es decir, el valor derivado de examinar el título y su emisor independientemente de otros factores) o relativas (es decir, el valor en comparación con sus homólogos y el mercado en general).
Las oportunidades de negociación asociadas a las valoraciones absolutas y relativas pueden surgir por diversos factores, como la asignación de precios inadecuados a la volatilidad (p. ej., si el precio real de los títulos difiere de su valoración teórica), la incertidumbre del mercado (p. ej., si provoca volatilidad y precios inadecuados similares), los valores del crédito frente a la renta variable (p. ej., diferencias de precios entre el crédito y la renta variable de un mismo emisor o de
empresas pertenecientes a un mismo sector) y las diferencias de precios entre instrumentos en distintas partes de la estructura de capital de un mismo emisor.
La Gestora de inversiones conformará la cartera de inversiones combinando enfoques ascendentes (bottom- up) y descendentes (top-down) para determinar si un título está infravalorado o sobrevalorado. El proceso ascendente se basa en el análisis de sectores y empresas a fin de identificar posibles candidatos para la inversión mediante una combinación de modelos cuantitativos, análisis del crédito y la renta variable
(p. ej., una revisión de estados financieros como balances y cuentas de resultados para evaluar la solvencia y las perspectivas de beneficio), los precios actuales y anteriores de valores similares, y estudios de terceros.
El proceso descendente consiste en el análisis de los movimientos globales de la renta variable, el crédito y los tipos de interés, y sus efectos previstos sobre la cartera de inversión. Se identificarán los mejores candidatos para su posible selección de cara al Subfondo.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes del Subfondo, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un evento o condición ASG («Evento ASG»). Los riesgos asociados a la sostenibilidad se gestionan garantizando que los responsables principales de la toma de decisiones estén informados e incluidos en el programa de inversión responsable de la Gestora de inversiones, y estableciendo procedimientos eficaces de responsabilidad, transparencia e implementación. Cuando el riesgo asociado a la sostenibilidad se considere importante para los resultados de la inversión, se incorporará a los procesos de diligencia debida. Esto puede incluir la evaluación de valores individuales y / o la interacción con emisores o participantes en el mercado. Los controles internos garantizan que los criterios de sostenibilidad se apliquen continuamente al Subfondo.
Las restricciones ASG, que incluyen calificaciones ASG
propias y datos de terceros, se establecen para evitar o permitir la inversión en valores que cumplan características relacionadas con la sostenibilidad. Estos controles están codificados con respecto al Subfondo y se actualizan a medida que se obtiene nueva información.
El gobierno corporativo es un factor de riesgo clave asociado a la sostenibilidad que forma parte de las calificaciones de riesgo ASG propias para todos los emisores. La evaluación del gobierno corporativo por parte de la Gestora de inversiones incluye la evaluación de las prácticas y el comportamiento del consejo de administración, la remuneración, el control y la responsabilidad, y la ética o las controversias. La Gestora de inversiones aplica los conocimientos de las calificaciones ASG junto con su propio conocimiento de las estructuras de gobierno de los emisores para establecer prioridades de interacción con los emisores. La Gestora de inversiones tiene en cuenta estos riesgos conjuntamente para decidir si una inversión compensa razonablemente al fondo por los riesgos asociados a la sostenibilidad a largo y corto plazo.
En términos de factores sociales y ambientales, la metodología de calificación ASG propia de la Gestora de inversiones proporciona información específica del sector
y de los emisores sobre cuestiones clave. Este modelo ayuda a la Gestora de inversiones a identificar los riesgos clave a los que se puede enfrentar un sector o emisor específico.
El Subfondo puede tener un rendimiento inferior o distinto en relación con otros fondos comparables que no integren los riesgos asociados a la sostenibilidad en sus decisiones de inversión y existe el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros sobre renta variable Futuros sobre divisas Futuros de tipos de interés (incluidos Futuros de tipos de interés a corto plazo) Futuros de deuda pública Futuros sobre bonos Futuros sobre índices financieros |
| --- | --- |
| Opciones | Opciones sobre divisas (incluidas las opciones con barrera) Opciones sobre futuros de tipos de interés Opciones sobre acciones Opciones sobre bonos Opciones sobre futuros de bonos Opciones de tipos de interés Opciones sobre swaps de incumplimiento de crédito Opciones sobre índices de volatilidad Opciones sobre índices |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |

| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Los índices de volatilidad para ofrecer exposición expresan la opinión de la Gestora de inversiones acerca de la volatilidad de un mercado o divisa concretos de una manera más rentable o eficiente que si se compraran valores físicos. | CBOE Volatility Index (VIX) |

| Swaps | Swaps de incumplimiento de crédito («CDS») (denominación única e índice) Swaps de renta variable (incluidos swaps de denominación única y de cartera) Swaps de bonos, incluidos los Swaps de bonos convertibles (incluidos swaps de denominación única y de cartera) Swaps de tipos de interés Swaps de activos Swaps de rentabilidad total, incluidos los contratos por diferencias (denominación única, índice y cesta (en el caso de esta última opción, sus componentes subyacentes se pueden agrupar por sector, área geográfica u otras características)) |
| --- | --- |
| Valores con Derivados/apa- lancamiento in- tegrados | Bonos convertibles Bonos con opción de reventa y con opción de recompra Determinados títulos respaldados por activos («ABS») y determinados títulos respaldados por hipotecas («MBS) Warrants ETF (solo los ETF sintéticos integrarán Derivados/apalancamiento; los ETF físicos no integrarán Derivados/apalancamiento) ETN |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no pueda acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit CDX North American High Yield Índice Markit CDX North American Investment Grade Índice Markit iTraxx Europe Main (Investment Grade) Índice Markit iTraxx Europe Crossover (High Yield) Índice Markit iTraxx Europe Alto Rendimiento |
| Índices de renta variable para proporcionar exposición a mercados regionales y globales de renta variable de una manera más rentable o eficiente que mediante la compra de los valores físicos. | Índice S&P 500 Índice Nasdaq 100 Índice Euro Stoxx 50 Índice Euro Stoxx 600 Índice Nikkei 225 Índice FTSE 100 Índice Hang Seng |
| Índices de swaps de rentabilidad total (TRS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit iBoxx USD Liquid High Yield |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular.
Normalmente, todos los índices financieros restantes se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Apéndice IX – Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga neta total (una vez tenida en cuenta la cobertura) a través de Derivados no superará el 500% del Valor de inventario neto del Subfondo y la exposición corta neta total no superará el 500% del Valor de inventario neto del Subfondo (aplicando el enfoque de compromiso).

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Absoluto
Límite de VaR Absoluto: 6% del Valor de inventario neto del Subfondo (utilizando un periodo de tenencia de 5 Día hábil)
Se espera que el apalancamiento bruto varíe entre: el 50% y el 1.000% del Valor de inventario neto. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Absoluto y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de
préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 500% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 400% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 30% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases de Acciones no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF o 100 JPY, en función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estas comisiones y gastos han sido estimadas en un importe no superior a 35.000 EUR y serán sufragadas por el Subfondo y se amortizarán en un periodo de hasta 3 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Floating Rate Credit Fund

### SUPLEMENTO 48 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Las comisiones de gestión y demás gastos del Subfondo se cargarán al capital del mismo para intentar maximizar los repartos. Consulte el apartado «Comisiones y gastos» del Folleto para obtener información adicional al respecto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Alcentra Limited
Alcentra Limited («Alcentra») es una empresa de inversiones global con sede en Londres, en 160 Queen Victoria Street, Londres EC4V 4LA (Reino Unido). Alcentra se centra en créditos empresariales con grado inferior a la de inversión de Europa y Estados Unidos. Mediante sociedades de cartera, Alcentra Limited es una filial de Bank of New York Mellon Corporation y está regulada por la Financial Conduct Authority (Autoridad de Conducta Financiera británica o «FCA»).

#### Divisa Base
Euro

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro A (Acum.) | EUR | 5.000 | 5% | 1,50% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 1,50% | 0% |
| USD H (Acum.) (con cobertura) | USD | 5.000 | 5% | 1,50% | 0% |
| USD H (Reparto) (con cobertura) | USD | 5.000 | 5% | 1,50% | 0% |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 1,50% | 0% |
| CAD H (Reparto) (con cobertura) | CAD | 5.000 | 5% | 1,50% | 0% |
| SGD H (Reparto) (con cobertura) | SGD | 5.000 | 5% | 1,50% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| AUD H (Reparto) (con cobertura) | AUD | 5.000 | 5% | 1,50% | 0% |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 1,50% | 0% |
| DKK H (Acum.) (con cobertura) | DKK | 50.000 | 5% | 1,50% | 0% |
| NOK H (Acum.) (con cobertura) | NOK | 50.000 | 5% | 1,50% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro G (Acum.) | EUR | 5.000 | 5% | 0,65% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 0,65% | 0% |
| USD G (Acum.) (con cobertura) | USD | 5.000 | 5% | 0,65% | 0% |
| USD G (Reparto) (con cobertura) | USD | 5.000 | 5% | 0,65% | 0% |
| Sterling G (Acum.) (con cobertura) | GBP | 5.000 | 5% | 0,65% | 0% |
| Sterling G (Reparto) (con cobertura) | GBP | 5.000 | 5% | 0,65% | 0% |
| CHF G (Acum.) (con cobertura) | CHF | 5.000 | 5% | 0,65% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro C (Acum.) | EUR | 5.000.000 | 5% | 0,65% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 0,65% | 0% |
| USD I (Acum.) (con cobertura) | USD | 5.000.000 | 5% | 0,65% | 0% |
| USD I (Reparto) (con cobertura) | USD | 5.000.000 | 5% | 0,65% | 0% |
| CHF I (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 0,65% | 0% |
| JPY I (Reparto) (con cobertura) | JPY | 500.000.000 | 5% | 0,65% | 0% |
| JPY I (Acum.) (con cobertura) | JPY | 500.000.000 | 5% | 0,65% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,50% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,50% | 0% |
| USD W (Acum.) (con cobertura) | USD | 15.000.000 | 5% | 0,50% | 0% |
| USD W (Reparto) (con cobertura) | USD | 15.000.000 | 5% | 0,50% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,50% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,50% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,50% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| JPY W (Acum.) (con cobertura) | JPY | 1.500.000.000 | 5% | 0,50% | 0% |
| JPY W (Reparto) (con cobertura) | JPY | 1.500.000.000 | 5% | 0,50% | 0% |
| AUD W (Acum.) (con cobertura) | AUD | 15.000.000 | 5% | 0,50% | 0% |
| AUD W (Reparto) (con cobertura) | AUD | 15.000.000 | 5% | 0,50% | 0% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,50% | 0% |
| CAD W (Reparto) (con cobertura) | CAD | 15.000.000 | 5% | 0,50% | 0% |
| DKK W (Acum.) (con cobertura) | DKK | 150.000.000 | 5% | 0,50% | 0% |
| NOK W (Acum.) (con cobertura) | NOK | 150.000.000 | 5% | 0,50% | 0% |
| SEK W (Acum.) (con cobertura) | SEK | 150.000.000 | 5% | 0,50% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro E (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Euro E (Reparto) | EUR | Tal y como se ha acordado | 5% | 0,10% | 0% |
| USD E (Acum.) (con cobertura) | USD | Tal y como se ha acordado | 5% | 0,10% | 0% |
| USD E (Reparto) (con cobertura) | USD | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,10% | 0% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,10% | 0% |
| DKK E (Acum.) (con cobertura) | DKK | Tal y como se ha acordado | 5% | 0,10% | 0% |
| NOK E (Acum.) (con cobertura) | NOK | Tal y como se ha acordado | 5% | 0,10% | 0% |
| SEK E (Acum.) (con cobertura) | SEK | Tal y como se ha acordado | 5% | 0,10% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) (con cobertura) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) (con cobertura) | USD | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |
| JPY X (Reparto) (con cobertura) | JPY | Ninguna | 0% | 0% | 0% |
| JPY X (Acum.) (con cobertura) | JPY | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo tiene como objetivo ofrecer rentabilidades mayores que el índice de referencia detallado a continuación a lo largo de un periodo continuo de tres años antes de comisiones.

##### Política de inversión
El Subfondo pretende lograr su objetivo de inversión invirtiendo principalmente (esto es, al menos el 70% de su Valor de inventario neto) en una cartera de activos de tipo variable, incluidos los pagarés de tipo variable, obligaciones garantizadas por valores de préstamo y préstamos, los «Activos de Tipo Variable» en conjunto, que pueden emitirse como bonos 144A o Reg S. El Subfondo podrá invertir hasta un 10% de su Valor de inventario neto en préstamos, incluidos los préstamos apalancados, las participaciones en préstamos y las cesiones de préstamos. El Subfondo también podrá invertir en otros valores de deuda o valores relacionados con la deuda (tal y como se definen a continuación). Los Activos de tipo variable y los Valores de deuda y relacionados con la deuda se podrán mantener, directa e indirectamente, a través de instrumentos financieros derivados («Derivados»). Los pagarés de tipo variable de alto rendimiento (normalmente con un vencimiento de entre cinco y ocho años) son un componente cada vez más importante del universo de crédito con grado inferior al de inversión (esto es, instrumentos con una calificación inferior a BBB- o equivalente otorgada por una Agencia de calificación crediticia reconocida) y emitidos principalmente por empresas. El Subfondo podrá comprar obligaciones garantizadas por valores de préstamo europeas y estadounidenses de los tramos de calificación de AAA a B (en la medida en que cumplan con la Normativa europea de retención de riesgos). El foco de inversión serán los tramos de obligaciones garantizadas por valores de préstamo con una clasificación A, BBB y BB.
El Subfondo podrá invertir en valores de deuda o valores relacionados con la deuda estatal y corporativa de tipo fijo y variable, como obligaciones, bonos (bonos alternativos, bonos con pago en especie, bonos del Tesoro, bonos con opción de recompra (incluidos los bonos ascendentes)), pagarés (pagarés a la vista de tipo variable), obligaciones no garantizadas (como bonos de alto rendimiento, bonos corporativos con grado inferior al de inversión de tipo fijo y variable y obligaciones no garantizadas de instituciones financieras como bonos subordinados emitidos por bancos europeos y norteamericanos), híbridos (como bonos perpetuos, bonos de intereses diferibles —acumulativos o no acumulativos
— y valores fiduciarios preferentes), títulos respaldados
por activos («ABS») e instrumentos del mercado monetario (como letras del Tesoro estadounidense,
certificados de depósitos, papel comercial y depósitos a plazo), en adelante «Valores de deuda y relacionados con la deuda». Si bien las inversiones en obligaciones no garantizadas no son una parte importante de la estrategia de inversión, el Subfondo podría invertir hasta el 25% de su Valor de inventario neto en ellas.
El Subfondo no tiene previsto tomar posiciones cortas.
El Subfondo podrá invertir en total hasta el 10% de su Valor de inventario neto en organismos de inversión colectiva («OIC») de capital variable, incluidos fondos del mercado monetario y fondos cotizados de capital variable («ETF») de tipo abierto. El Subfondo podrá poseer además activos líquidos con carácter accesorio como depósitos bancarios.
En determinadas circunstancias, el Subfondo también podrá mantener niveles elevados de activos disponibles, realizables o prácticamente disponibles. Para obtener información más detallada, véase el apartado «Gestión de tesorería y de las garantías» a continuación.
No se aplicará ninguna calificación de solvencia mínima a las inversiones del Subfondo. El Subfondo podrá invertir en instrumentos con grado de inversión, con grado inferior al de inversión y sin calificación. En caso de calificación dividida, se tendrá en cuenta la calificación más alta. El Subfondo no tendrá que reparar en la calidad crediticia ni en el vencimiento de los valores a la hora de tomar sus decisiones de inversión.
El Subfondo tiene previsto invertir en todo el mundo sin centrarse en ningún sector o industria en particular; no obstante, en ocasiones, el Subfondo podrá concentrarse en industrias o sectores geográficos concretos, en función de donde vea una oportunidad de inversión la Gestora de inversiones.
El Subfondo podrá invertir hasta el 20% de su Valor de inventario neto en países con mercados emergentes. El Subfondo no invertirá en Rusia.
Con la excepción de la inversión permitida en valores no cotizados y OIC de capital variable, las inversiones del Subfondo serán valores cotizados o negociados en los Mercados admisibles incluidos en el Apéndice II del Folleto.
Si bien la moneda de cuenta del Subfondo es el euro, podrá invertir en activos no denominados en euros que tendrán cobertura respecto de esta moneda utilizando derivados relacionados con divisas. Los Derivados relacionados con divisas que pueda utilizar el Subfondo con fines de cobertura se describen con más detalle en el apartado «Técnicas e instrumentos financieros derivados» del Folleto.

##### Gestión de tesorería y de las garantías
El Subfondo tendrá efectivo y activos realizables o prácticamente disponibles en ciertas circunstancias como atender los reembolsos, facilitar los pagos, tener
efectivo en depósito a la espera de la reinversión y respaldar la exposición a Derivados. En circunstancias excepcionales, el Subfondo podrá además mantener temporalmente niveles elevados de efectivo y activos realizables o prácticamente disponibles (es decir hasta el 100% del Valor de inventario neto del Subfondo) cuando las condiciones de mercado puedan requerir una estrategia de inversión defensiva (por ejemplo colapso bursátil o una gran crisis).
Los activos líquidos asimilables a tesorería podrán incluir instrumentos del mercado monetario (como se detalla anteriormente) y depósitos bancarios. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
EURIBOR a 1 mes (el «Índice de referencia basado en el efectivo»).
EURIBOR (Euro Interbank Offer Rate) es el tipo europeo de oferta interbancaria, un tipo de cambio que se calcula como el promedio de los tipos de interés con los que los bancos de la Zona del euro ofrecen préstamos a corto plazo no garantizados en el mercado interbancario.
El Subfondo utiliza el Índice de referencia basado en el efectivo como objetivo respecto del cual medir su rentabilidad en periodos continuos anualizados de 3 años, antes de comisiones.
El Subfondo se gestiona de forma activa, lo que implica que la Gestora de inversiones tendrá potestad sobre la selección de inversiones, siempre que se respeten el objetivo y la política de inversión.

##### Estrategia de inversión
El Subfondo invertirá principalmente en activos de tipo variable y tratará de identificar las oportunidades de inversión que combinan una rentabilidad actual atractiva con una fuerte probabilidad de última rentabilidad del capital. El Subfondo se ha diseñado para ofrecer ingresos mientras se protege de la volatilidad de los tipos de interés manteniendo una corta duración y protegiéndose frente a las pérdidas de capital.
El proceso de la Gestora de inversiones combina una visión descendente y un enfoque ascendente. El proceso se basa en un análisis crediticio ascendente fundamental y un análisis del mercado con la intención de identificar y explotar las deficiencias del mercado en mercados financieros apalancados. La Gestora de inversiones tiene preferencia por los sectores con valoraciones de activos atractivas, unos entornos competitivos estables y grandes obstáculos de acceso. Además, la Gestora de inversiones selecciona emisores que cree que cuentan con perfiles crediticios estables o con margen de mejora, unas posiciones competitivas fuertes y flexibilidad financiera, y cuyos activos, en su opinión, cuentan con una valoración razonable o modesta. La valoración se determina mediante la evaluación del activo en relación con otros activos de la estructura de capital del emisor y en relación con otros activos del sector y del mercado.
Este análisis crediticio ascendente fundamental se ve mejorado con una cobertura descendente formada por varios macroindicadores e indicadores específicos del
mercado, incluida la perspectiva económica regional, las perspectivas del sector, el recorrido de los tipos de interés y la perspectiva de quiebra.
El proceso de inversión de la Gestora de inversiones se basa en una mezcla de diligencia debida cualitativa y cuantitativa, llevada a cabo por un equipo global de analistas expertos para identificar fuentes de alfa (rentabilidad superior) en cuanto a sector, emisor y seguridad. Esta diligencia debida incluye la evaluación de las características crediticias de un emisor, la calidad de gestión, el flujo de tesorería, la flexibilidad financiera, la cuota de mercado, el crecimiento de los ingresos, las tendencias de margen, el acceso al capital, las reuniones con la dirección superior de un emisor y la asistencia a conferencias específicas del sector. El equipo de analistas de la Gestora de inversiones está organizado por sector industrial en pagarés de tipo variable de alto rendimiento, mercados de préstamos de alto rendimiento de tipo fijo y apalancados; además, cuenta con un equipo independiente especializado en el mercado de obligaciones garantizadas por valores de préstamo.
El equipo más amplio de Alcentra Limited celebra un comité de asignación de activos semanal que establece las asignaciones a cada clase de activos y articula los temas de inversión. A continuación, se seleccionan los temas de inversión del Subfondo mediante la discusión de los temas relevantes para una clase de activos específica como, p. ej., la condición crediticia de los emisores, la dinámica de la oferta y la demanda y las valoraciones. También se tienen en consideración macrotemas como el crecimiento específico de la región, la inflación, los tipos de interés y la perspectiva de tipo de incumplimiento. Los objetivos de asignación de activos se modifican en función de estas discusiones y de los análisis de emisores individuales llevados a cabo por la Gestora de inversiones.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La gestión del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
Utilizando procesos cuantitativos y cualitativos, la Gestora de inversiones identifica, supervisa y gestiona el riesgo asociado a la sostenibilidad de la siguiente manera:
- Antes de adquirir inversiones por cuenta de un Subfondo, el universo de inversión se examina utilizando la política de exclusión sectorial de la Gestora de inversiones, por la que las inversiones potenciales se eliminan en función del sector en el que operan, por ejemplo, armas controvertidas. Al evaluar una oportunidad de inversión, la Gestora de inversiones lleva a cabo un análisis fundamental holístico del riesgo de crédito del emisor. Un componente clave de este análisis es la evaluación de cualquier factor ASG relevante que pueda afectar negativamente a la solvencia de un emisor. El proceso de integración de los factores ASG comienza con la identificación de la exposición de un emisor a riesgos ASG importantes, seguida de una evaluacióndel impacto financiero potencial de dichos riesgos. Por último, la Gestora de inversiones evalúa el compromiso del emisor a la hora de gestionar la exposición a riesgos ASG importantes. Teniendo en cuenta los mercados a los que el Subfondo tiene exposición, el compromiso corporativo activo es la herramienta más importante y constituye la base de la integración y el análisis de los factores ASG. La Gestora de inversiones ha elaborado una lista de control de los factores ASG y una guía de materialidad sectorial que permiten valorar las actividades de compromiso. La integración de los factores de riesgo ASG culmina con la asignación de una calificación ASG propia, que informa de la opinión crediticia de la Gestora de inversiones y de las decisiones adoptadas para la creación de la cartera.
- Durante la vida útil de la inversión, el riesgo para la sostenibilidad se supervisa mediante la evaluación de los datos ASG publicados por el emisor (cuando proceda) y un enfoque continuo en el compromiso corporativo activo para determinar si el nivel de riesgo asociado a la sostenibilidad ha cambiado desde que se llevó a cabo la evaluación inicial. La evaluación de los factores ASG por parte de la Gestora de inversiones es una parte importante del proceso diario de supervisión del crédito, mediante el cual la Gestora de inversiones evalúa todos los riesgos y oportunidades relacionados con el emisor. La Gestora de inversiones interactúa anualmente con todos los emisores acerca de las cuestiones ASG; no obstante, el contacto es más frecuente cuando la exposición a riesgos ASG importantes es mayor.

Además, la Gestora de inversiones realiza un
seguimiento del compromiso ASG para captar y medir la eficacia de las actividades de compromiso. Cuando el riesgo de sostenibilidad asociado a una inversión concreta haya aumentado más allá del nivel de riesgo ASG aceptable para el Subfondo, la Gestora de inversiones considerará vender o reducir la exposición del Subfondo a la inversión correspondiente, teniendo en cuenta los intereses de los Accionistas del Subfondo.
Como se ha explicado anteriormente, la gestión y la evaluación de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor de un Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos
requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Swaps | Swaps de incumplimiento de crédito (denominación única e índice) Swaps de tasas de inflación |
| --- | --- |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| Valores con Derivados/apa- lancamiento in- tegrados | Bonos con opción de recompra (incluidos Bonos ascendentes) ABS |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no pueda acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice IHS Markit North American High Yield CDX Índice Markit North American Investment Grade CDX Markit iTraxx Europe Index Índice Markit iTraxx (Europe) Crossover |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Apéndice IX – Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Absoluto
Límite de VaR Absoluto: 4,47% del Valor de inventario neto del Subfondo (utilizando un periodo de tenencia de 1 Día hábil)
Se espera que el apalancamiento bruto varíe entre: el 100% y el 500% del Valor de inventario neto. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Absoluto y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
Las Acciones de la clase de acciones no emitidas disponibles se ofrecerán durante un Periodo de oferta inicial que comenzará a las 9:00 horas del 4 de mayo de 2022 y que finalizará a las 17:00 horas del 3 de noviembre de 2022, en un periodo de oferta inicial a un precio de oferta inicial por Acción de 1 USD, 1 GBP,
1 EUR, 1 CHF, 1 AUD, 1 CAD, 1 SGD, 10 DKK, 10 NOK,
10 SEK o 100 JPY, en función de la moneda de la clase de que se trate (más la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estas comisiones y gastos han sido estimadas en un importe no superior a 35.000 EUR y serán sufragadas por el Subfondo y se amortizarán en un periodo de hasta 3 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Sustainable Global Real Return Fund (EUR)

### SUPLEMENTO 49 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.
- El Subfondo podrá mantenerse principalmente invertido en depósitos establecidos en entidades de crédito. Aunque el Subfondo puede invertir en instrumentos del mercado monetario y depósitos a la vista, las Acciones del Subfondo no constituyen depósitos y son de naturaleza diferente de los depósitos, por no estar garantizadas y porque el valor de la inversión es susceptible de fluctuar. Toda inversión en el Subfondo entraña ciertos riesgos de inversión, incluida la posible pérdida del principal invertido.


#### La Gestora de inversiones
Newton Investment Management Limited

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Newton Investment Management North America LLC (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Euro

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Euro A (Acum.) | EUR | 5.000 | 5% | 1,50% | 0% | EURIBOR a 1 mes + 4% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 1,50% | 0% | EURIBOR a 1 mes + 4% |
| USD H (Acum.) (con cobertura) | USD | 5.000 | 5% | 1,50% | 0% | SOFR (compuesto a 30 días) + 4% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| --- | --- | --- | --- | --- | --- | --- |
| Sterling H (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,50% | 0% | SONIA (compuesto a 30 días) + 4% |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 1,50% | 0% | SARON (compuesto a 30 días) + 4% |
| AUD H (Acum.) (con cobertura) | AUD | 5.000 | 5% | 1,50% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 4% |
| CAD H (Acum.) (con cobertura) | CAD | 5.000 | 5% | 1,50% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |
| SGD H (Acum.) (con cobertura) | SGD | 5.000 | 5% | 1,50% | 0% | SGD SIBOR a 1 mes + 4% |

| Acciones «G» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Euro G (Acum.) | EUR | 5.000 | 5% | 1,00% | 0% | EURIBOR a 1 mes + 4% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% | EURIBOR a 1 mes + 4% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Euro C (Acum.) | EUR | 5.000.000 | 5% | 1,00% | 0% | EURIBOR a 1 mes + 4% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 1,00% | 0% | EURIBOR a 1 mes + 4% |
| CHF I (Acum.) (con cobertura) | CHF | 5.000.000 | 5% | 1,00% | 0% | SARON (compuesto a 30 días) + 4% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,75% | 0% | EURIBOR a 1 mes + 4% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,75% | 0% | EURIBOR a 1 mes + 4% |
| USD W (Acum.) (con cobertura) | USD | 15.000.000 | 5% | 0,75% | 0% | SOFR (compuesto a 30 días) + 4% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,75% | 0% | SARON (compuesto a 30 días) + 4% |
| AUD W (Acum.) (con cobertura) | AUD | 15.000.000 | 5% | 0,75% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 4% |
| CAD W (Acum.) (con cobertura) | CAD | 15.000.000 | 5% | 0,75% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,75% | 0% | SGD SIBOR a 1 mes + 4% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,75% | 0% | SONIA (compuesto a 30 días) + 4% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| --- | --- | --- | --- | --- | --- | --- |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,75% | 0% | SONIA (compuesto a 30 días) + 4% |

| Acciones «Z» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Euro Z (Acum.) | EUR | 200.000.000 | 5% | 0,65% | 0% | EURIBOR a 1 mes + 4% |
| Euro Z (Reparto) | EUR | 200.000.000 | 5% | 0,65% | 0% | EURIBOR a 1 mes + 4% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Euro E (Reparto) | EUR | Tal y como se ha acordado | 5% | 0,50% | 0% | EURIBOR a 1 mes + 4% |
| Euro E (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,50% | 0% | EURIBOR a 1 mes + 4% |
| USD E (Reparto) (con cobertura) | USD | Tal y como se ha acordado | 5% | 0,50% | 0% | SOFR (compuesto a 30 días) + 4% |
| USD E (Acum.) (con cobertura) | USD | Tal y como se ha acordado | 5% | 0,50% | 0% | SOFR (compuesto a 30 días) + 4% |
| CHF E (Reparto) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,50% | 0% | SARON (compuesto a 30 días) + 4% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,50% | 0% | SARON (compuesto a 30 días) + 4% |

| Acciones «X» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial má- xima (hasta) | Comisión de gestión anual | Comisión de reembolso | Índice de referencia del rendimiento de la clase de acciones |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% | EURIBOR a 1 mes + 4% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo pretende lograr una rentabilidad total por encima de un índice de referencia basado en el efectivo (tal y como se describe más adelante) a lo largo de un horizonte de inversión de entre tres y cinco años, invirtiendo en valores que tengan unos atributos de inversión atractivos y se consideren sostenibles. Sin embargo, no existe garantía de que se pueda alcanzar el objetivo en ese periodo de tiempo o de cualquier otro.

##### Política de inversión
El Subfondo puede invertir en valores de renta variable y asimilados a la renta variable, Valores de deuda y relacionados con la deuda, Derivados (incluidos Derivados
relacionados con las divisas), organismos de inversión colectiva («OIC») y activos disponibles, realizables o prácticamente disponibles.
El Subfondo puede invertir en acciones ordinarias y preferentes, resguardos estadounidenses y mundiales de depósito de valores, valores convertibles o canjeables en estas acciones (como pagarés participativos («Pagarés P»), incluidas opciones con un precio de ejercicio bajo («OPEP») y warrants con un precio de ejercicio bajo («WPEB»)), sociedades anónimas cotizadas de inversión inmobiliaria («SOCIMI») y otros fondos de capital fijo negociados, warrants, derechos de compra de acciones y Derivados relacionados con renta variable (en adelante,
«Valores de renta variable y asimilados a renta variable»).
El Subfondo puede invertir en Valores de deuda y relacionados con la deuda, de tipo fijo y de tipo variable, internacionales, de mercados emergentes, soberanos, de Gobiernos, agencias supranacionales, empresas y bancos, como obligaciones, pagarés, bonos, títulos
respaldados por activos («ABS»), títulos respaldados por hipotecas («MBS»), valores convertibles o canjeables por acciones (como bonos convertibles y bonos convertibles contingentes («CoCo»)), obligaciones estructuradas, instrumentos del mercado monetario (como certificados de depósito y papel comercial, deuda pública con vencimientos cortos y depósitos a plazo), pagarés cotizados («ETN») (incluidas las materias primas negociadas en bolsa y los certificados negociados en bolsa) y Derivados relacionados con la deuda (en adelante, «Valores de deuda y relacionados con la deuda»).
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en CoCo. Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado «Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en pagarés estructurados.
El Subfondo puede invertir en valores de deuda y relacionados con la deuda con grado de inversión o con grado inferior al de inversión (es decir, instrumentos con una calificación BB+ o inferior (o equivalente) según lo indicado por una Agencia de calificación crediticia reconocida). No está previsto que la inversión en Valores de deuda y relacionados con la deuda con grado inferior al de inversión supere el 30% del Valor de inventario neto del Subfondo, y en general será sustancialmente inferior al 30%.
El Subfondo no adquirirá exposición directa a empresas que obtengan más del 10% de su facturación de la producción y venta de tabaco, y no participará en actividades de préstamo de valores.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en OIC, incluidos ETF de capital variable. En determinadas circunstancias, el Subfondo podrá mantener niveles elevados de tesorería y activos líquidos asimilables a tesorería. Para obtener información más detallada, véase el apartado «Gestión de tesorería y de las garantías» a continuación.
El Subfondo puede obtener exposición a materias primas, bienes inmuebles, energías renovables e infraestructuras, a través de una combinación de valores cotizados o negociados en Mercados admisibles, como Valores de renta variable y asimilados a renta variable, Valores de deuda y relacionados con la deuda, y OIC admisibles de OICVM, incluidos ETF de capital variable. El Subfondo no invertirá directamente en materias primas, propiedades inmobiliarias, energía renovable o infraestructuras.
El Subfondo tiene previsto invertir en todo el mundo sin centrarse en ningún sector o industria en particular; no obstante, en ocasiones, el Subfondo podrá concentrarse en industrias o sectores geográficos concretos, en función de donde vea una oportunidad de inversión la Gestora de inversiones.
El Subfondo podrá invertir más del 20% de su Valor de inventario neto en mercados emergentes y hasta el 10% en valores rusos cotizados o negociados en la Bolsa de Moscú.
El Subfondo puede invertir también hasta el 10% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda de la República Popular de China («RPC») negociados en el mercado de bonos
interbancario de China («CIBM») a través del Mecanismo de acceso al mercado de bonos de Hong Kong y China (tal y como se describe en el Apéndice VI del Folleto).
entre los métodos para obtener exposición a los valores chinos pueden incluirse la adquisición de acciones A de China a través de Stock Connect. El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en acciones chinas de la clase A a través del canal Stock Connect. En el Apéndice V de este Folleto se incluyen más detalles sobre el canal Stock Connect.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en valores mobiliarios que no coticen o se negocien en los Mercados admisibles.
Si bien la moneda de cuenta del Subfondo es el Euro, puede invertir en activos no denominados en Euros. Dichos activos no necesariamente tendrán cobertura respecto al euro. Además, el Subfondo puede adoptar posiciones en divisas activas utilizando contratos a plazo sobre divisas, como activos no denominados en euros que sirven de cobertura respecto a otra divisa como el dólar estadounidense, con el fin de expresar la opinión de la Gestora de inversiones sobre divisas distintas del euro. Por lo tanto, la rentabilidad de un Subfondo podría verse fuertemente influida por las oscilaciones de los tipos de cambio, por cuanto las posiciones en divisas del Subfondo podrían no corresponderse con las posiciones en valores que mantenga en cartera y no todos los activos podrían estar cubiertos respecto a la moneda de cuenta.

##### Gestión de tesorería y de las garantías
En determinadas circunstancias, el Subfondo también podrá mantener niveles elevados de activos disponibles, realizables o prácticamente disponibles. Dichas circunstancias incluyen los casos en los que la Gestora de inversiones crea que los mercados están sobrevalorados, aquellos en los que las condiciones de mercado exijan una estrategia de inversión defensiva, la tenencia de efectivo en depósito a la espera de la reinversión, para atender los reembolsos, facilitar el pago de gastos o para respaldar la exposición a Derivados. El Subfondo puede mantener temporalmente niveles elevados de tesorería y activos líquidos asimilables a tesorería (es decir hasta el 100% del Valor de inventario neto del Subfondo) cuando las condiciones de mercado puedan requerir una estrategia de inversión defensiva (por ejemplo colapso bursátil o una gran crisis).
Los activos prácticamente disponibles pueden incluir instrumentos del mercado monetario y depósitos bancarios. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
EURIBOR a 1 mes + 4 % anual (el «Índice de referencia basado en el efectivo»).
El Subfondo utiliza el Índice de referencia basado en el efectivo como el objetivo de rentabilidad del Subfondo que se debe igualar o superar a lo largo de 5 años antes de comisiones.
EURIBOR (Euro Interbank Offer Rate) es el tipo europeo de oferta interbancaria, un tipo de cambio que se calcula como el promedio de los tipos de interés con los que los bancos de la Zona del euro ofrecen préstamos a corto plazo no garantizados en el mercado interbancario.
El Subfondo se gestiona de forma activa, lo que implica que la Gestora de inversiones tendrá potestad sobre la selección de inversiones, siempre que se respeten el objetivo y la política de inversión.
El Índice de referencia es un índice de referencia de mercado basado en el efectivo que no tiene en cuenta los factores ASG y no se utiliza para determinar la medida en que se cumplen las características ambientales o sociales promovidas por el Subfondo.

##### Estrategia de inversión
La Gestora de inversiones tiene la convicción de que ningún emisor, mercado o economía pueden considerarse de manera aislada; todos ellos deben entenderse en un contexto global. La Gestora de inversiones cree que los acontecimientos que se suceden alrededor del mundo influyen en todos los mercados financieros, y que el éxito de las inversiones en valores globales depende por lo tanto de un conocimiento en profundidad del mundo en su conjunto. El Subfondo sigue una estrategia de activos múltiples global sin limitaciones y de gestión activa. Las asignaciones se realizarán según el criterio de la Gestora de inversiones en las regiones, los sectores y las clases de activos descritos anteriormente, si bien todas las inversiones deben cumplir los criterios de sostenibilidad ambiental, social y de gobernanza («ASG») de la Gestora de inversiones. La Gestora de inversiones se centra principalmente en invertir directamente en varias clases de activos.
El proceso de inversión de la Gestora de inversiones emplea la asignación de activos en temas de inversión.
La asignación de activos del Subfondo podrá cambiar según las opiniones de la Gestora de inversiones acerca de las condiciones económicas y de mercado fundamentales, y de las tendencias de inversión globales, teniendo en consideración factores como la liquidez, los costes, la oportunidad de la ejecución, los emisores disponibles en el mercado y el análisis de los problemas ASG. Por ejemplo, si la Gestora de inversiones anticipara el incremento de los tipos de interés, podría decidir reducir la ponderación de renta fija del Subfondo y aumentar la de la renta variable. Como otro ejemplo, si la Gestora de inversiones anticipara una crisis del mercado de renta variable, podría decidir reducir la ponderación de renta variable del Subfondo y aumentar la de la renta fija y la tesorería o los activos asimilables a tesorería. La Gestora de inversiones podría comprar opciones de compra de volatilidad relacionadas con un índice relacionado con la renta variable (p. ej., índice S&P 500) con anterioridad al aumento esperado de la volatilidad del mercado de renta variable (p. ej., el mercado estadounidense de renta variable) con el fin de aumentar la rentabilidad del Subfondo.
El análisis de los temas pretende identificar las principales áreas de cambios estructurales del mundo, con el fin de ofrecer un contexto al análisis de inversiones y la toma de decisiones, lo que ayuda a la Gestora de inversiones a determinar las áreas con oportunidades de inversión potenciales y los riesgos.
A la hora de determinar si un emisor cumple o no los criterios ASG y de sostenibilidad de la Gestora de inversiones, la Gestora de inversiones tiene en cuenta si el emisor (i) sigue dichas prácticas en un sentido económico (por ejemplo, la durabilidad de la estrategia, las operaciones y las finanzas del emisor), y (ii) toma en debida consideración el entorno económico, político, normativo y de gobierno en el que opera el emisor, que incluye la valoración de la prácticas ambientales, sociales y / o de gobernanza del emisor.
Los criterios de la Gestora de inversiones incorporan elementos de cribado negativo y positivo, además de análisis generales relacionados con los factores ASG y, en última instancia, de acuerdo con el objetivo y la estrategia de inversión del Subfondo, tratan de:
- Identificar y evitar emisores que participen en áreas de actividad específicas que la Gestora de inversiones considere perjudiciales desde una perspectiva ASG o que no sigan unas buenas prácticas de gobernanza. Por ejemplo, la Gestora de inversiones podría considerar que los emisores con una importante huella de dióxido carbono o gobiernos con políticas de derechos humanos mediocres no son admisibles para la inversión. También excluirá a aquellos emisores que incumplan los Principios del Pacto Mundial de las Naciones Unidas, que incluye principios relacionados con los derechos humanos, el trabajo, el medio ambiente y la lucha contra la corrupción.
- Identificar e invertir en emisores que busquen de forma proactiva una correcta gestión de los factores sociales y ambientales para generar rentabilidades sostenibles. Esto también puede incluir a aquellos emisores que contribuyan al desarrollo de soluciones que ayuden a abordar cuestiones ambientales o sociales, como, por ejemplo, un uso más eficiente o reducido de los recursos naturales o el acceso a la atención sanitaria.

La Gestora de inversiones también podrá invertir en emisores corporativos si considera que pueden promover prácticas empresariales sostenibles mediante un compromiso continuo por parte del emisor. No se realizará ninguna inversión en valores que se considere que tienen problemas ASG importantes inherentes a su actividad empresarial o económica, por ejemplo una tabacalera, debido a las implicaciones sanitarias del tabaco. A la hora de determinar si un emisor cumple los criterios ASG y de sostenibilidad de la Gestora de inversiones, esta emplea una combinación de datos, estudios y calificaciones, externos e internos, tanto de carácter cuantitativo como cualitativo.
La Gestora de inversiones depende de la información y los datos proporcionados por terceros (que pueden incluir proveedores de estudios, informes, evaluaciones, calificaciones y / o análisis, como proveedores de índices y consultores). Dicha información o datos pueden ser incompletos, inexactos o incoherentes.
En el caso de que los emisores sean identificados como participantes en áreas de actividad específicas que la Gestora de inversiones considere perjudiciales desde una perspectiva ASG, estos emisores estarán sujetos a una revisión adicional por parte de la Gestora de inversiones antes de se adquieran sus valores o se mantengan en cartera de forma continua.
Puede haber situaciones en las que la Gestora de inversiones invierta en un valor identificado como participante en actividades potencialmente perjudiciales. Esto puede suceder con ciertas empresas cuyas actividades u operaciones, por lo general, debido a una mezcla de negocios heredados, hayan generado históricamente malos resultados ambientales o sociales, pero que ahora inviertan y se adapten positivamente a las necesidades futuras (por ejemplo, esto puede incluir empresas energéticas que se están preparando para una transición a un mundo con menos carbono). Del mismo modo, en algunos casos, las calificaciones ASG predominantes pueden no reflejar plenamente las iniciativas ASG positivas en las que puede estar trabajando un emisor.
Las inversiones del Subfondo deben seguir cumpliendo los criterios de la Gestora de inversiones de forma continua después de la compra inicial y el nivel de riesgo asociado a la sostenibilidad al que puede estar sujeto un valor se evaluará de la misma manera que se evaluaría antes de la compra inicial.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
El Subfondo integra el riesgo de sostenibilidad en sus decisiones de inversión y promueve características medioambientales o sociales e invierte en empresas que cuentan con una buena gobernanza a los efectos del artículo 8 del SFDR.
La consideración del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones tiene acceso a una serie de puntos de datos relacionados con los factores ASG proporcionados por proveedores de datos externos que ayudan a identificar posibles problemas relacionados con los factores ASG a los que puede enfrentarse un emisor. Esto incluye, entre otros aspectos, la exposición a actividades que puedan considerarse perjudiciales para el ambiente o la sociedad. Estos datos, junto con los datos procedentes de los recursos propios de investigación sobre inversión responsable de la Gestora de inversiones, constituyen una parte fundamental de la consideración y evaluación del nivel de riesgo asociado a la sostenibilidad al que puede estar sujeta una inversión.
Esta evaluación está integrada en el proceso de investigación del nivel de seguridad, que se basa en el análisis fundamental de las oportunidades de inversión individuales a través de una serie de factores diversos, entre los que se incluyen:
- Características económicas o financieras fundamentales
- Valoración
- Perfil de riesgo/beneficio
- Las características ASG del emisor, lo que incluye comprender cómo pueden afectar dichas consideraciones a la rentabilidad económica.

La Gestora de inversiones tendrá en cuenta la información recopilada del análisis fundamental llevado a cabo será a la hora de decidir si adquirir o no una posición en un emisor, o de seguir manteniéndola.
En caso de que el riesgo asociado a la sostenibilidad para una inversión concreta aumente más allá de un nivel con el que la Gestora de inversiones se sienta cómoda, teniendo en cuenta el objetivo y la estrategia de inversión del Subfondo, la Gestora de inversiones considerará la posibilidad de vender o reducir la exposición del Fondo a la inversión correspondiente, teniendo en cuenta los intereses de los Accionistas del Fondo.
Como se ha explicado anteriormente, la evaluación y la gestión de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Los criterios técnicos de selección del Reglamento de taxonomía de la UE («CTS») exigirán que se disponga de múltiples datos específicos en relación con cada inversión. A la fecha del presente documento, no se dispone de suficientes datos fiables, oportunos y constatables para que la Sociedad Gestora pueda valorar las inversiones del Subfondo con arreglo a los CTS.
Por otra parte, las normas técnicas de regulación del SFDR que definen la metodología de cálculo del grado de armonización con la taxonomía de la UE de productos financieros como el Subfondo y los modelos para la divulgación de información requerida todavía no son definitivos. En la fecha del presente documento, la Sociedad Gestora no puede ofrecer divulgaciones de información normalizadas ni comparables sobre la armonización de las inversiones de los Subfondos con el Reglamento de taxonomía de la UE.
A pesar de que el Subfondo mantiene inversiones en actividades económicas que contribuyen a un objetivo medioambiental y se podrían valorar con arreglo a los CTS, en estos momentos la Sociedad Gestora no está en condiciones de describir:
- El grado en que el Subfondo mantiene inversiones en Actividades medioambientalmente sostenibles;
- La proporción de inversiones —expresada como porcentaje de la cartera del Subfondo— en Actividades económicas medioambientalmente sostenibles; o
- La proporción —expresada como porcentaje de la cartera del Subfondo— de Actividades facilitadoras y Actividades de transición del Reglamento de taxonomía de la UE.

La Sociedad Gestora revisa de forma activa esta situación y, cuando disponga de suficientes datos fiables, oportunos y constatables sobre las inversiones del Subfondo, facilitará las descripciones anteriormente mencionadas, en cuyo caso se procederá a la actualización de este Folleto o del correspondiente Suplemento.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros de divisas Futuros de deuda pública Futuros de índices de renta variable Futuros de índices de volatilidad Futuros del mercado monetario Futuros de renta variable |
| --- | --- |
| Opciones | Opciones sobre acciones (denominación única, índice, sector, cesta personalizada) Opciones con un precio de ejercicio bajo (LEPO) y warrants con un precio de ejercicio bajo (LEPW) Opciones sobre futuros de deuda pública Opciones sobre futuros de renta variable Swaptions Opciones sobre índices de volatilidad Opciones sobre divisas (incluidas opciones tipo barrera) |
| Swaps | Swaps de incumplimiento de crédito (denominación única, índice y cesta personalizada) Swaps de tipos de interés Swaps de renta variable Swaps de varianza Swaps de índices Swaps de rentabilidad total (denominación única, crédito, índice y cesta personalizada) Contratos por diferencias (CFD) Swaps de sector Swaps de volatilidad |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| Valores con Derivados/apa- lancamiento in- tegrados | Bonos convertibles Bonos convertibles contingentes (CoCos) Títulos respaldados por activos (ABS) Valores con garantía hipotecaria (MBS) Warrants Pagarés estructurados ETN |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no pueda acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit iTraxx CDS |
| Índices de renta variable para proporcionar exposición a mercados regionales y globales de renta variable de una manera más rentable o eficiente que mediante la compra de los valores físicos. | Índice Borsa Istanbul 30 Índice Dax 30 Índice Euro Stoxx 50 Índice FTSE 100 Índice FTSE All Share Índice FTSE World Índice Hang Seng Índice KOSPI Índice MDAX Índice MSCI All Countries World Índice MSCI Emerging Markets Índice Nasdaq Composite Índice Nikkei 225 Índice Russell 2000 Índice S&P/ASX 200 Índice S&P/TSX Composite Índice S&P 500 Índice Stoxx Europe 600 Índice Stoxx Europe Small 200 |
| Los índices de volatilidad para ofrecer exposición expresan la opinión de la Gestora de inversiones acerca de la volatilidad de un mercado o divisa concretos de una manera más rentable o eficiente que si se compraran valores físicos. | Índice Chicago Board Options Exchange SPX Volatility |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular.
Normalmente, todos los índices financieros restantes se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Apéndice IX – Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que
representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga neta total (una vez tenida en cuenta la cobertura) a través de Derivados no superará el 100% del Valor de inventario neto del Subfondo y la exposición corta neta total no superará el 100% del Valor de inventario neto del Subfondo (aplicando el enfoque de compromiso).

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Absoluto
Límite de VaR Absoluto: La cartera del Subfondo no superará el 20% de su Valor de inventario neto (utilizando un periodo de tenencia de 20 Días hábiles).
Se espera que el apalancamiento bruto varíe entre: el 0% y el 1000% del Valor de inventario neto del Subfondo. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Absoluto y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos por diferencias, valores con Derivados integrados, contratos a plazo y warrants. Únicamente para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de préstamo de valores
Este Subfondo no realizará operaciones de préstamos de valores y, por lo tanto, puede renunciar a rentabilidades adicionales que se podrían producir a través de estas actividades.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 100% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 30% de su Valor de inventario neto ni que, en relación con las OFV,
la exposición supere el 15% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las TRS y las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III – Operaciones de financiación de valores», «Apéndice III – Gestión de garantías», «Apéndice III – Uso de contratos de recompra/de recompra inversa y de préstamo de valores», «Gestión eficiente de cartera» y «Factores de riesgo» del Folleto.

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 EUR, 1 GBP, 1 CAD, 1 AUD, 1 SGD o 1 CHF, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad –
Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estas comisiones y gastos han sido estimados en un importe no superior a 35.000 EUR y serán sufragados por el Subfondo en el ejercicio en el que se incurran y se amortizarán en un periodo de hasta 3 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Efficient Global IG Corporate Beta Fund

### SUPLEMENTO 50 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.


#### La Gestora de inversiones
Insight North America LLC

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD A (Acum.) | USD | 5.000 | 5% | 0,40% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 0,40% | 0% |
| Euro H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,40% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,40% | 0% |
| DKK H (Acum.) (con cobertura) | DKK | 50.000 | 5% | 0,40% | 0% |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 0,40% | 0% |
| NOK H (Acum.) (con cobertura) | NOK | 50.000 | 5% | 0,40% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,30% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,30% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 0,30% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,30% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,20% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,20% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,20% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,20% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,20% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,20% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,20% | 0% |
| DKK W (Acum.) (con cobertura) | DKK | 150.000.000 | 5% | 0,20% | 0% |
| SEK W (Acum.) (con cobertura) | SEK | 150.000.000 | 5% | 0,20% | 0% |
| NOK W (Acum.) (con cobertura) | NOK | 150.000.000 | 5% | 0,20% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,10% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Euro E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Euro E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,10% | 0% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,10% | 0% |

| Acciones «L» y Acciones «L (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Sterling L (Acum.) | GBP | Tal y como se ha acordado | 5% | 0,08% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling L (Reparto) | GBP | Tal y como se ha acordado | 5% | 0,08% | 0% |
| Sterling L (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,08% | 0% |
| Sterling L (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,08% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |
| CAD X (Acum.) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo trata de generar una rentabilidad superior a la del índice de referencia que se detalla a continuación con unos niveles similares de volatilidad a medio o largo plazo, antes de deducir comisiones y gastos.

##### Política de inversión
El Subfondo persigue alcanzar su objetivo de inversión invirtiendo directa e indirectamente en Valores de deuda y relacionados con la deuda subyacentes incluidos en el Bloomberg Barclays Global Aggregate Corporate TR Index USD Hedged (el «Índice de referencia»). El Subfondo también podrá invertir en valores de deuda o relacionados con la deuda no incluidos en el Índice de referencia cuando el emisor correspondiente cuente con otros valores incluidos en el Índice de referencia o cuando el valor de deuda o relacionado con la deuda cumpla con los requisitos del Índice de referencia y se espere que se incluya en un futuro en el Índice de referencia. Ello permite que el Subfondo compre valores cuando se emiten por primera vez, en lugar de tener que esperar a que se añadan al Índice de referencia. El Subfondo puede mantener valores incluidos en el índice de referencia en el momento de la adquisición, incluso aunque posteriormente se eliminen del mismo.
El Subfondo puede invertir en valores de deuda de empresa y relacionados con la deuda, de tipo fijo y de tipo variable, incluidos bonos, colocaciones privadas (es decir, bonos de la Norma S y bonos 144A), instrumentos del mercado monetario (como letras del tesoro estadounidense, certificados de depósito, papel
comercial y depósitos a plazo fijo) e Derivados (en adelante, «Valores de deuda y relacionados con la deuda»). Los Derivados figuran a continuación bajo el epígrafe «Uso de Derivados».
El Subfondo podrá tener una exposición de hasta el 10% de su Valor de inventario neto en bonos convertibles contingentes («CoCo»). Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado «Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.
El Subfondo podrá invertir en valores con calificación de categoría de inversión según una Agencia de calificación crediticia reconocida en el momento de la adquisición. Los valores tienen una calificación de categoría de inversión si la calificación media de las Agencias de Calificación Reconocidas es superior a Ba1/BB+/BB+.
Cuando solo se disponga de la calificación crediticia de dos agencias, se utilizará la calificación más baja; cuando una única agencia califique un valor, se utilizará esa calificación. El Subfondo también puede mantener valores cuya calificación ha sido rebajada a grado inferior al de inversión tras la adquisición y que, por ello, son eliminados del Índice de referencia. La inversión en estos valores cuya calificación ha sido rebajada a grado inferior al de inversión tras la adquisición se limitará al 10% del Valor de inventario neto del Subfondo.
El Subfondo invertirá principalmente y de forma directa en los Valores de deuda y relacionados con la deuda subyacentes incluidos en el Índice de referencia, aunque también, de forma secundaria, obtendrá una exposición indirecta a los componentes del Índice de referencia a través de índices de Swaps de incumplimiento de crédito
(«CDS»), tal como se describe en el siguiente apartado posterior «Índices financieros», y a organismos de inversión colectiva («OIC»).
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en total en OIC de capital variable, incluidos los fondos del mercado monetario y los fondos cotizados («ETF») de capital variable. El Subfondo podrá poseer además activos líquidos con carácter accesorio como depósitos bancarios.
En determinadas circunstancias, el Subfondo también podrá mantener tesorería y activos líquidos asimilables a esta. Para obtener información más detallada, véase el apartado «Gestión de tesorería y de las garantías» a continuación.
El Subfondo tiene previsto invertir en todo el mundo sin centrarse en ningún sector o industria en particular; no obstante, en ocasiones, el Subfondo podrá concentrarse en industrias o sectores geográficos concretos, incluido Estados Unidos, en función de donde vea una oportunidad de inversión la Gestora de inversiones o de donde se centre el índice de referencia.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en países con mercados emergentes. El Subfondo no invertirá en Rusia.
El Subfondo podrá invertir en total hasta un 10% de su Valor de inventario neto en valores mobiliarios (es decir, Valores de deuda y relacionados con la deuda) que no estén admitidos o negociados en un Mercado admisible de conformidad con el Reglamento OICVM. Con la excepción de las inversiones autorizadas en OIC de capital variable, las inversiones del Subfondo deberán cotizarse o negociarse en los Mercados admisibles enumerados en el Apéndice II del Folleto.
Si bien la Moneda de cuenta del Subfondo es el USD, podrá invertir en activos no denominados en USD que tendrán cobertura respecto de esta moneda mediante derivados relacionados con divisas. Los Derivados relacionados con divisas que pueda utilizar el Subfondo con fines de cobertura se describen con más detalle en el apartado «Técnicas e instrumentos financieros derivados» del Folleto.

##### Gestión de tesorería y de las garantías
El Subfondo tendrá efectivo y activos realizables o prácticamente disponibles en ciertas circunstancias como atender los reembolsos, facilitar los pagos, tener efectivo en depósito a la espera de la reinversión y para proporcionar liquidez, así como respaldar la exposición a Derivados.
Los activos prácticamente disponibles pueden incluir instrumentos del mercado monetario, como letras del Tesoro de EE. UU. y otros bonos del Estado y depósitos bancarios. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
Bloomberg Barclays Global Aggregate Corporate TR Index USD Hedged (el «Índice de referencia»)
El Índice de referencia mide la rentabilidad del mercado de deuda de empresa mundial. El Índice de referencia es un índice ponderado de mercado que incluye valores de deuda de empresa de renta fija emitidos por empresas de mercados emergentes y desarrollados de todo el mundo, descritos anteriormente como Valores de deuda y relacionados con la deuda. Estos valores de deuda tienen calificación de categoría de inversión en el momento de la emisión, tal y como se han descrito anteriormente, y contarán con un vencimiento mínimo de, al menos,
un año, así como un tamaño de emisión mínimo, de conformidad con las directrices establecidas por el proveedor del índice. El Índice de referencia se revisará mensualmente; no obstante, el Subfondo no pretende reproducir ni seguir el Índice de referencia, por lo que no se verá directamente afectado por la revisión, los costes que esta conlleve o por la ponderación de los activos del Índice de referencia que supere las restricciones de inversión permitidas.
Aquí puede encontrar información adicional sobre el Índice de referencia:
https://www.bloomberg.com/quote/LGCPTRUU:IND
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
La Gestora de inversiones utilizará el Índice de referencia para conformar el universo de inversión. El Subfondo se gestiona de manera activa y no pretende reproducir todos los componentes del Índice de referencia. La Gestora de inversiones tendrá potestad limitada para invertir fuera del Índice de referencia en función del objetivo y la política de inversión.
La mayoría de las posiciones del Subfondo serán componentes del Índice de referencia y, como resultado, el Subfondo será similar en sus exposiciones a divisas y sectores, así como en términos de duración. Con todo, la Gestora de inversiones no pretende reflejar ni el vencimiento ni el perfil de calidad crediticia del Índice de referencia.
La estrategia de inversión ofrece una volatilidad similar a la del Índice de referencia de medio a largo plazo.

##### Estrategia de inversión
Se aplica un enfoque «de arriba abajo» (top-down) para conformar una cartera basada en el Índice de referencia que proporciona una «beta eficiente». «Beta» hace referencia a adquirir exposición en el mercado, mientras que «eficiente» se refiere a lograr la «beta» mediante decisiones y estrategias de inversión de la Gestora de inversiones meditadas y eficientes en términos de costes.
La Gestora de inversiones intenta asignar la cartera de un modo eficaz, sobreponderando segmentos con una rentabilidad ajustada al riesgo en términos de vencimiento y calidad crediticia frente al Índice de referencia. Por ejemplo, la Gestora de inversiones puede optar por subponderar Valores de deuda y relacionados con la deuda AAA/AA y A de larga duración relacionados con el Índice de referencia, y sobreponderar Valores de deuda y relacionados con la deuda con clasificación BBB de vencimiento más corto. La Gestora de inversiones intentará mantener una duración del tipo de interés en consonancia con la del Índice de referencia, dado que la duración es la medida de la sensibilidad de los precios de un bono a los cambios de los tipos de interés.
Al hacerlo, el Subfondo accede al área crediticia en la que la Gestora de inversiones considera el equilibrio entre el exceso de rentabilidad y el riesgo adicional más eficaz. Esta evaluación proviene de las estimaciones internas del tamaño de las primas de riesgo actuales, además de un análisis del mercado en curso.
La Gestora de inversiones emplea estrategias que pretenden superar las ineficiencias del Índice de referencia y, de una manera más general, del universo con grado de inversión. Desde el punto de vista de la Gestora de inversiones, estas estrategias incluyen una gestión eficaz de la facturación y la inversión en los denominados «ángeles caídos», Valores de deuda y relacionados con la deuda que, en un punto de su historial de operaciones, tenían grado de inversión y desde entonces han visto rebajada su calificación a grado inferior al de inversión. Aunque el Índice de referencia excluya a los «ángeles caídos», es posible que no pueda vender de forma eficiente estos valores y también es posible que el Subfondo mantenga Valores de deuda y relacionados con la deuda que hayan visto rebajada su calificación a grado inferior al grado de inversión (es decir, BB+ o inferior según lo establecido por una
Agencia de calificación crediticia reconocida).
En lo que respecta a la seguridad, los Valores de deuda y relacionados con la deuda se elegirán para que representen las exposiciones totales por sector y divisas del Índice de referencia, de modo que dichas exposiciones sean coherentes con el Índice de referencia, en esencia, una exposición beta.
La cartera está bien diversificada y la Gestora de inversiones utiliza un modelo crediticio propio para respaldar la toma de decisiones. El modelo crediticio emplea señales de factor para identificar los Valores de deuda y relacionados con la deuda con más riesgo. Entre estos factores se incluyen la métrica de calidad, situación y valor. Estos permiten a la Gestora de inversiones predecir la posibilidad de una rebaja de la calificación de inversión e incumplimiento, así como el valor justo de los Valores de deuda y relacionados con la deuda. La Gestora de inversiones incorpora la información del modelo en el proceso de selección de valores y en su supervisión continua del Índice de referencia. Combinando estrategias para corregir las ineficiencias del Índice de referencia, la Gestora de inversiones intenta ofrecer una solución de inversión con un beta eficiente a los inversores.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
«Debido al objetivo de inversión de este Subfondo, la Gestora de inversiones tiene una potestad limitada a la hora de desviarse de las características y exposiciones del Índice de referencia. Esta potestad permite a la Gestora de inversiones, por ejemplo, invertir en valores no incluidos en el Índice de referencia cuando dichos valores cumplan los requisitos del Índice de referencia y se espere que se incluyan en el Índice de referencia en el futuro, y seguir manteniendo valores incluidos en el Índice de referencia en el momento de la compra, aunque se eliminen posteriormente del Índice de referencia. El Índice de referencia no tiene en cuenta los factores ASG ni los riesgos asociados a la sostenibilidad. En consecuencia, la Gestora de inversiones no integra los riesgos asociados a la sostenibilidad (que se definen como un evento o condición ASG que, de producirse, podría causar un impacto negativo real o potencial en el
valor de la inversión correspondiente (un «Evento ASG») en sus decisiones de inversión. No obstante, debido a la naturaleza diversificada del Subfondo, la Gestora de inversiones ha determinado que el riesgo asociado a la sostenibilidad al que se enfrenta el Subfondo es mínimo.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros sobre bonos |
| --- | --- |
| Swaps | Swaps de incumplimiento de crédito (denominación única e índice (CDS)) |
| Valores con Derivados/apa- lancamiento integrados | Bonos convertibles contingentes (CoCo) |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no pueda acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Markit CDX North American Investment Grade Markit iTraxx Global Index Europe (Main) |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Apéndice IX – Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, valores con Derivados integrados, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV supere el 15% de su Valor de inventario neto.
Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases de Acciones no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF, 10 DKK, 10 SEK, 10 NOK o 1 CAD , en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo
el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estos honorarios y gastos han sido estimados en un importe no superior a 40 000 EUR y serán sufragados por el Subfondo y se amortizarán en un periodo de hasta 4 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Efficient EM Debt Local Currency Beta Fund

### SUPLEMENTO 51 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Insight North America LLC

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD A (Acum.) | USD | 5.000 | 5% | 0,40% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 0,40% | 0% |
| Euro H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,40% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,40% | 0% |
| DKK H (Acum.) (con cobertura) | DKK | 50.000 | 5% | 0,40% | 0% |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 0,40% | 0% |
| NOK H (Acum.) (con cobertura) | NOK | 50.000 | 5% | 0,40% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 0,30% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 0,30% | 0% |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,30% | 0% |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,30% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,30% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,30% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 0,30% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,30% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,20% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,20% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,20% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,20% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,20% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,20% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,20% | 0% |
| DKK W (Acum.) (con cobertura) | DKK | 150.000.000 | 5% | 0,20% | 0% |
| SEK W (Acum.) (con cobertura) | SEK | 150.000.000 | 5% | 0,20% | 0% |
| NOK W (Acum.) (con cobertura) | NOK | 150.000.000 | 5% | 0,20% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,10% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Euro E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Euro E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,10% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,10% | 0% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,10% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |
| CAD X (Acum.) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo trata de proporcionar un rendimiento y unos niveles de volatilidad similares a los del Índice de referencia (detallado a continuación) a medio o largo plazo, antes de aplicar gastos y comisiones.

##### Política de inversión
El Subfondo persigue alcanzar su objetivo de inversión invirtiendo directa e indirectamente en los valores de deuda y relacionados con la deuda subyacentes incluidos en el índice JP Morgan GBI-EM Global Diversified (el
«Índice de referencia»). El Subfondo también podrá invertir en valores de deuda o relacionados con la deuda que cumplan los requisitos del Índice de referencia y se espere que se incluyan en un futuro en el Índice de referencia. El Subfondo puede mantener valores incluidos en el índice de referencia en el momento de la adquisición, incluso aunque posteriormente se eliminen del mismo.
El Subfondo invertirá en divisa local, deuda pública de tipo fijo de mercados emergentes y valores relacionados con la deuda, incluidos los bonos, las obligaciones (en adelante «Valores de deuda y relacionados con la deuda») y los Derivados relacionados (que se enumeran más adelante en «Uso de Derivados»).
El Subfondo podrá tener una exposición de hasta el 10% de su Valor de inventario neto en bonos convertibles contingentes («CoCo»). Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado «Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.
El Subfondo invertirá en Valores de deuda y relacionados con la deuda con calificación con grado de inversión o grado inferior al de inversión según una Agencia de calificación crediticia reconocida en el momento de la adquisición. Los Valores de deuda y relacionados con la deuda se clasifican con grado de inversión si la calificación media de estas agencias de calificación es superior a Ba1/BB+/BB+, y con grado inferior al de inversión si la calificación media de las agencias es Ba1/ BB+/BB+ o inferior. Cuando solo se disponga de la calificación crediticia de dos agencias, se utilizará la calificación más baja; cuando una única agencia califique un valor, se utilizará esa calificación. El Subfondo podrá invertir hasta el 30% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda con grado inferior al de inversión. El Subfondo puede seguir manteniendo Valores de deuda y relacionados con la deuda cuya calificación se haya reducido por debajo al de inversión, sin calificación o que obtengan grado de inversión tras la adquisición.
El Subfondo invertirá principalmente y de forma directa en los Valores de deuda y relacionados con la deuda subyacentes incluidos en el Índice de referencia, aunque también, de forma secundaria, obtendrá una exposición indirecta a los componentes del Índice de referencia a través de Derivados y organismos de inversión colectiva («OIC»).
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto total en OIC de capital variable, incluidos los fondos del mercado monetario y los fondos de capital variable negociados en bolsa («ETF»). El Subfondo podrá poseer además activos líquidos con carácter accesorio como depósitos bancarios.
En determinadas circunstancias, el Subfondo también podrá mantener tesorería y activos líquidos asimilables a esta. Para obtener información más detallada, véase el apartado «Gestión de tesorería y de las garantías» a continuación.
El Subfondo tiene previsto invertir más del 20% de su Valor de inventario neto en mercados emergentes sin centrarse en ningún sector o industria en particular; no obstante, en ocasiones, el Subfondo podrá concentrarse en industrias o sectores geográficos concretos, en función de donde vea una oportunidad de inversión la Gestora de inversiones o de donde se centre la Gestora de inversiones.
El Subfondo puede invertir también hasta el 15% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda de la República Popular de China («RPC») negociados en el mercado de bonos interbancario de China («CIBM») a través del Mecanismo de acceso al mercado de bonos de Hong Kong y China (tal y como se describe en el Apéndice VI del Folleto).
El Subfondo podrá obtener también exposición a Rusia. El Subfondo podrá invertir hasta el 15% de su Valor de inventario neto en valores cotizados o negociados en la Bolsa de Moscú.
Con la excepción de la inversión permitida en valores no cotizados y en OIC de capital variable, las inversiones se harán en Mercados admisibles recogidos en la lista del Apéndice II del Folleto. La rentabilidad del Subfondo podrá verse muy afectada por las fluctuaciones de los tipos de cambio, dado que los activos del Subfondo están denominados en divisas distintas de la Moneda de
cuenta y no estarán normalmente cubiertos frente a esta última. El Subfondo mantendrá un perfil de divisa similar al del Índice de referencia y utilizará futuros sobre divisas para cubrir sus posiciones en bonos de divisa local cuando sea necesario para lograrlo. Los Derivados relacionados con divisas que pueda utilizar el Subfondo con fines de cobertura se describen con más detalle en el apartado «Técnicas e instrumentos financieros derivados» del Folleto.

##### Gestión de tesorería y de las garantías
El Subfondo tendrá efectivo y activos realizables o prácticamente disponibles en ciertas circunstancias como atender los reembolsos, facilitar los pagos, tener efectivo en depósito a la espera de la reinversión y para proporcionar liquidez, así como respaldar la exposición a Derivados.
Los activos prácticamente disponibles pueden incluir instrumentos del mercado monetario, como letras del Tesoro de EE. UU. y otros bonos del Estado y depósitos bancarios. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
Índice JP Morgan GBI-EM Global Diversified (el «Índice de referencia»).
El Índice de referencia es un índice de mercados emergentes locales global y está formado por deuda pública en divisa local, de tipo fijo líquido y negociada
habitualmente a la que pueden obtener exposición los inversores internacionales. Aquí puede encontrar información adicional sobre el Índice de referencia:
https://etfdb.com/index/jpmorgan-government-bond- index-emerging-markets-global-diversified-index/.
El Índice de referencia se revisará mensualmente; sin embargo, el Subfondo no pretende reproducir ni seguir el Índice de referencia, por lo que no se verá directamente afectado por la revisión, los costes que esta conlleve o por una ponderación de los activos del Índice de referencia que supere las restricciones de inversión permitidas.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
La Gestora de inversiones utilizará el Índice de referencia para conformar el universo de inversión. El Subfondo se gestiona de manera activa y no pretende reproducir todos los componentes del Índice de referencia. La Gestora
de Inversiones tendrá potestad limitada para invertir fuera del Índice de referencia en función del objetivo y la política de inversión.
La mayoría de las posiciones del Subfondo serán componentes del Índice de referencia y el Subfondo será similar en su divisa y exposiciones. Con todo, la Gestora de inversiones no pretende igualar el país ni el perfil de vencimiento del Índice de referencia.
La estrategia de inversión ofrece una volatilidad similar a la del Índice de referencia de medio a largo plazo.

##### Estrategia de inversión
Se aplica un enfoque «de arriba abajo» (top-down) para conformar una cartera basada en el Índice de referencia que proporciona una «beta eficiente». «Beta» hace referencia a adquirir exposición en el mercado, mientras que «eficiente» se refiere a lograr la «beta» mediante decisiones y estrategias de inversión de la Gestora de inversiones meditadas y eficientes en términos de costes.
La Gestora de inversiones intenta gestionar la cartera de un modo eficaz, sobreponderando segmentos con una rentabilidad ajustada al riesgo atractiva frente al Índice de referencia. En concreto, la Gestora de inversiones puede optar por sobreponderar algunos Valores de deuda y relacionados con la deuda frente al Índice de referencia y subponderar otros.
La Gestora de inversiones emplea estrategias que pretenden superar las ineficiencias del Índice de referencia y, de una manera más general, del universo de divisas locales de deuda de mercados emergentes. Seguir las normas del Índice de referencia y aplicar un enfoque de índice estándar se traduciría en unos resultados inferiores al índice. Además, los impuestos locales tienen un impacto negativo en la rentabilidad del inversor.
Nuestro enfoque de beta eficiente intenta solucionar estas cuestiones.
De manera concreta, la Gestora de inversiones intentará sobreponderar la exposición a segmentos de la curva de rendimiento del país que ofrecen unos tipos de interés comparativamente mayores en un periodo de tiempo, a medida que vencen los Valores de deuda y relacionados con la deuda, y subponderar la exposición a segmentos de la curva de rendimiento del país que ofrecen unos tipos de interés inferiores en dicho periodo de tiempo. Al hacerlo, el Subfondo mantiene posiciones en los Valores
de deuda y relacionados con la deuda que considera más eficientes de las curvas de rendimiento del país. La Gestora de inversiones también utilizará una gestión eficaz de la rotación. El Índice de referencia cuenta con normas de revisión que la Gestora de inversiones puede incumplir para minimizar los costes de negociación.
Mientras que el Subfondo se desviará del índice de referencia en cuanto a posiciones, la Gestora de inversiones utilizará futuros sobre divisas de modo que la exposición a tipos de cambio sea coherente con el Índice de referencia.
Tenga en cuenta que, en lo que respecta a la seguridad, los Valores de deuda y relacionados con la deuda se elegirán para que representen las exposiciones al país del Índice de referencia. El Subfondo no se expondrá necesariamente a todos los países del Índice de referencia en todo momento y la composición de esta exposición diferirá. Con todo, estas exposiciones constituirán, en esencia, una exposición beta.
Combinando estrategias para corregir las ineficiencias
del Índice de referencia, la Gestora de inversiones intenta ofrecer una solución de inversión con un beta eficiente a los inversores.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
«Debido al objetivo de inversión de este Subfondo, la Gestora de inversiones tiene una potestad limitada a la hora de desviarse de las características y exposiciones del Índice de referencia. Esta potestad permite a la Gestora de inversiones, por ejemplo, invertir en valores no incluidos en el Índice de referencia cuando dichos valores cumplan los requisitos del Índice de referencia y se espere que se incluyan en el Índice de referencia en el futuro, y seguir manteniendo valores incluidos en el Índice de referencia en el momento de la compra, aunque se eliminen posteriormente del Índice de referencia. El Índice de referencia no tiene en cuenta los factores ASG ni los riesgos asociados a la sostenibilidad. En consecuencia, la Gestora de inversiones no integra los riesgos asociados a la sostenibilidad (que se definen como un evento o condición ASG que, de producirse, podría causar un impacto negativo real o potencial en el valor de la inversión correspondiente (un «Evento ASG») en sus decisiones de inversión. No obstante, debido a la naturaleza diversificada del Subfondo, la Gestora de inversiones ha determinado que el riesgo asociado a la sostenibilidad al que se enfrenta el Subfondo es mínimo.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la
Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros sobre bonos |
| --- | --- |
| Swaps | Swaps de tipos de interés Swaps de inflación Swaps de rentabilidad total (TRS) Swaps de divisas cruzadas |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| Valores con Derivados/apa- lancamiento integrados | Bonos convertibles contingentes (CoCo) |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y en OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 100% de su Valor de inventario neto, y en relación con las OFV, será del 100% de dicho Valor de inventario neto. Sin embargo, no se
prevé que la exposición del Subfondo a las TRS supere el 30% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 15% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las TRS y las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III – Operaciones de financiación de valores», «Apéndice III – Gestión de garantías», «Apéndice III – Uso de contratos de recompra/de recompra inversa y de préstamo de valores», «Gestión eficiente de cartera» y «Factores de riesgo» del Folleto.

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases de Acciones no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF, 10 DKK, 10 SEK, 10 NOK o 1 CAD , en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estos honorarios y gastos han sido estimados en un importe no superior a 40 000 EUR y serán sufragados por el Subfondo y se amortizarán en un periodo de hasta 4 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Efficient U.S. Fallen Angels Beta Fund

### SUPLEMENTO 52 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Está previsto cargar las comisiones de gestión y otras comisiones y gastos del Subfondo al capital del Subfondo para intentar maximizar los repartos. Consulte el apartado «Comisiones y gastos» del Folleto para obtener información adicional al respecto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Insight North America LLC

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD A (Acum.) | USD | 5.000 | 5% | 0,60% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 0,60% | 0% |
| Euro H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,60% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,60% | 0% |
| DKK H (Acum.) (con cobertura) | DKK | 50.000 | 5% | 0,60% | 0% |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 0,60% | 0% |
| NOK H (Acum.) (con cobertura) | NOK | 50.000 | 5% | 0,60% | 0% |

| Acciones «N» y Acciones «N (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD N (Acum.) | USD | 5.000 | 5% | 0,90% | 0% |
| USD N (Reparto) (M) | USD | 5.000 | 5% | 0,90% | 0% |
| Euro N (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,90% | 0% |
| Euro N (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,90% | 0% |
| SGD N (Acum.) (con cobertura) | SGD | 5.000 | 5% | 0,90% | 0% |
| SGD N (Reparto) (con cobertura) (M) | SGD | 5.000 | 5% | 0,90% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,45% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,45% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 0,45% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,45% | 0% |
| AUD I (Acum.) (con cobertura) | AUD | 5.000.000 | 5% | 0,45% | 0% |
| AUD I (Reparto) (con cobertura) (M) | AUD | 5.000.000 | 5% | 0,45% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,30% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,30% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,30% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,30% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,30% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,30% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,30% | 0% |
| DKK W (Acum.) (con cobertura) | DKK | 150.000.000 | 5% | 0,30% | 0% |
| SEK W (Acum.) (con cobertura) | SEK | 150.000.000 | 5% | 0,30% | 0% |
| NOK W (Acum.) (con cobertura) | NOK | 150.000.000 | 5% | 0,30% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,08% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,08% | 0% |
| Euro E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,08% | 0% |
| Euro E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,08% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,08% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,08% | 0% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,08% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |
| CAD X (Acum.) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo trata de generar una rentabilidad superior a la del Índice de referencia que se detalla a continuación con unos niveles similares de volatilidad a medio o largo plazo, antes de deducir comisiones y gastos, al mismo tiempo que tiene en cuenta los factores ambientales, sociales y de gobernanza («ASG»).

##### Política de inversión
El Subfondo persigue alcanzar su objetivo de inversión obteniendo exposición a Valores de deuda y relacionados con la deuda subyacentes incluidos en el Bloomberg Barclays US HY Fallen Angel 3% Cap Total Return Index Value Unhedged (el «Índice de referencia»).
El Subfondo también podrá invertir en valores de deuda o relacionados con la deuda no incluidos en el Índice de referencia cuando el valor de deuda o relacionado con la deuda cumpla con los requisitos del Índice de referencia y se espere que se incluya en un futuro en el Índice de referencia. El Subfondo puede mantener valores incluidos en el Índice de referencia en el momento de la adquisición, incluso aunque posteriormente se eliminen del mismo, debido a la pérdida de su calificación o su mejora a grado de inversión.
El Subfondo puede invertir en valores de deuda o relacionados con la deuda empresarial y pública de renta fija, que pueden ser emitidos como valores 144A o de la Norma S, incluidos bonos, obligaciones e Derivados (en lo sucesivo, «Valores de deuda y relacionados con la deuda»). Los Derivados figuran a continuación bajo el epígrafe «Uso de Derivados».
El Subfondo puede invertir hasta el 40% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda emitidos como valores 144A o de la Norma S.
El Subfondo podrá obtener exposición a cualquiera de los valores de deuda y relacionados con la deuda subyacentes, salvo bonos convertibles contingentes («CoCo»). Aunque el Índice de referencia excluye los CoCo con mecanismos explícitos (de acuerdo con las normas de inclusión del Índice de referencia), incluye Valores de deuda y relacionados con la deuda que pueden clasificarse como CoCo debido a mecanismos implícitos (o discrecionales).
Los CoCo puede pasar de deuda a renta variable mediante mecanismos explícitos o implícitos (o discrecionales). Estos mecanismos se establecen en los términos y condiciones relevantes de la emisión.
- Los CoCo con mecanismos explícitos cuentan con un umbral contractual y numérico creado por el emisor. Si se supera el umbral, se activa automáticamente la conversión de deuda a renta variable.
- Los CoCo con mecanismos implícitos (o discrecionales) tienen un umbral contractual, no numérico, definido por un regulador y no por el emisor. Si se supera el umbral, la conversión de deuda a renta variable se activa únicamente cuando así lo decido este regulador.

Para obtener una descripción de los CoCo, consulte el apartado «Directorio de instrumentos de deuda», y consulte el apartado «Riesgo de bonos convertibles contingentes (CoCo)» del Folleto para obtener información sobre los riesgos relacionados con los CoCo.
Actualmente, menos del 2% de los Valores de deuda y relacionados con la deuda incluidos en el Índice de referencia están clasificados como CoCo debido a mecanismos implícitos (o discrecionales). Estas clasificaciones son visibles para la Gestora de inversiones y aparecen marcadas en los sistemas de conformidad de la Gestora de inversiones como Valores de deuda y relacionados con la deuda a los que el Subfondo no puede tener exposición. Teniendo en cuenta el nivel de exposición que mantiene el Índice de referencia a los CoCo, esta exclusión no afectará a la capacidad del Subfondo para alcanzar su objetivo de inversión.
El Subfondo invertirá la mayor parte de su Valor de inventario neto en «ángeles caídos». Los «ángeles caídos» se definen como Valores de deuda y relacionados con la deuda con grado inferior al de inversión que en el pasado contaron con grado de inversión según una Agencia de calificación crediticia reconocida en el momento de la adquisición. Los valores son con grado inferior al de inversión si la calificación media de estas agencias es Ba1/BB+/BB+ o inferior. Cuando solo se disponga de la calificación crediticia de dos agencias, se utilizará la calificación más baja; cuando una única agencia califique un valor, se utilizará esa calificación. No se espera que los Valores de deuda y relacionados con la deuda que ya no cuenten con una calificación de categoría de inversión o que hayan subido su calificación hasta alcanzar la categoría de inversión superen el 10% del Valor de inventario neto del Subfondo.
El Subfondo no invertirá en valores emitidos por entidades corporativas que cumplan cualquiera de los criterios ASG indicados a continuación:
- Cuando obtengan más del 30% de sus ingresos de actividades relacionadas con las arenas bituminosas o el carbón térmico;
- Cuando se considere que tienen una calificación negativa en relación con un criterio ambiental clave, de acuerdo con lo indicado en datos de terceros;
- Cuando se considere que vulneren los principios del Pacto Mundial de las Naciones Unidas (como los principios ambientales y de gobierno corporativo, incluidos los relacionados con el trabajo, los derechos humanos y los relacionados con las prácticas de soborno y corrupción), según datos de terceros;
- Cuando produzcan armas controvertidas; o
- Cuando no alcancen una puntuación ambiental preestablecida, de acuerdo con lo indicado en datos de terceros, allí donde esa puntuación ambiental se considere relevante, o no alcancen una puntuaciónpreestablecida, de acuerdo con los datos de terceros, en asuntos clave relacionados con el tema del cambio climático.

Las puntuaciones ASG las proporcionan proveedores externos («Proveedores de datos»), como MSCI, Sustainalytics u otros proveedores que se encargan de medir el impacto ASG de las entidades corporativas. Todos los emisores en los que se realizan inversiones siguen unas buenas prácticas de gobierno, tal como se establece en los principios del Pacto Mundial de las Naciones Unidas.
El Subfondo invertirá principalmente y de forma directa en los Valores de deuda y relacionados con la deuda subyacentes incluidos en el Índice de referencia, aunque también, de forma secundaria, obtendrá una exposición indirecta a los componentes del Índice de referencia a través de índices de Swaps de incumplimiento de crédito («CDS»), tal como se describe en el apartado posterior, Índices financieros, y a organismos de inversión colectiva («OIC»).
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto total en OIC de capital variable, incluidos los fondos del mercado monetario y los fondos de capital variable negociados en bolsa («ETF»).
En determinadas circunstancias, el Subfondo podrá mantener tesorería y activos líquidos asimilables a esta. Para obtener información más detallada, véase el apartado «Gestión de tesorería y de las garantías» a continuación.
El Subfondo pretende invertir en Valores de deuda y relacionados con la deuda denominados en dólares estadounidenses de sociedades o emisores de mercados desarrollados, sin centrarse en ninguna industria o sector específicos. No obstante, en ocasiones, el Subfondo podrá concentrarse en una industria o sector concretos en función de dónde detecte oportunidades de inversión la Gestora de inversiones o del sector en el que esté centrado el Índice de referencia.
El Subfondo podrá invertir hasta un 10% de su Valor de inventario neto total en valores mobiliarios que no estén admitidos o negociados en un Mercado admisible de conformidad con el Reglamento OICVM. Con la excepción de las inversiones autorizadas en OIC de capital variable, las inversiones del Subfondo deberán cotizarse o negociarse en los Mercados admisibles enumerados en el Apéndice II del Folleto.

##### Gestión de tesorería y de las garantías
El Subfondo tendrá efectivo y activos realizables o prácticamente disponibles en ciertas circunstancias como atender los reembolsos, facilitar los pagos, tener efectivo en depósito a la espera de la reinversión y para proporcionar liquidez, así como respaldar la exposición a Derivados.
Los activos prácticamente disponibles pueden incluir instrumentos del mercado monetario, como letras del Tesoro de EE. UU., certificados de depósito, papel comercial, depósitos a plazo fijo y depósitos bancarios. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
Bloomberg Barclays US HY Fallen Angel 3% Cap Total Return Index Value Unhedged (el «Índice de referencia»).
El Índice de referencia mide la rentabilidad del mercado estadounidense de deuda emitida por «ángeles caídos», con un tope para cada emisor del 3%. El Índice de referencia es un índice ponderado de mercado que incluye valores de deuda de renta fija estadounidense emitidos por sociedades, denominados con anterioridad como Valores de deuda y relacionados con la deuda.
Estos valores tuvieron anteriormente una calificación de grado de inversión, de acuerdo con la anterior definición, y estuvieron incluidos en el índice Bloomberg Barclays US Corporate Total Return Value Unhedged, con criterios de inclusión acordes a las directrices establecidas por el proveedor del índice.
Los valores cuya calificación ha sido rebajada a grado inferior a la de inversión se conocen como «ángeles caídos» y, por lo tanto, están incluidos en el Índice de referencia.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
La Gestora de inversiones utilizará el Índice de referencia para conformar el universo de inversión. El Subfondo se gestiona de manera activa y no pretende reproducir todos los componentes del Índice de referencia. La Gestora de inversiones cuenta con una potestad limitada para invertir fuera del Índice de referencia cuando el valor de deuda o relacionado con la deuda cumpla con los requisitos del Índice de referencia y se espere que se incluya en un futuro en el Índice de referencia.
La mayoría de las posiciones del Subfondo serán componentes del Índice de referencia y el Subfondo será similar al Índice de referencia en términos de divisas y duración. El Subfondo también será similar en términos de exposición a sectores y perfil de calidad crediticia, sujeto a las limitaciones de inversión. El Subfondo no pretende reflejar el perfil de vencimientos del Índice de referencia.
La estrategia de inversión ofrece una volatilidad similar a la del Índice de referencia a medio y a largo plazo.

##### Estrategia de inversión
Se aplica un enfoque sistemático y disciplinado para conformar una cartera basada en el Índice de referencia que proporciona un «beta eficiente». «Beta» hace referencia a adquirir exposición en el mercado, mientras que «eficiente» se refiere a lograr la «beta» mediante decisiones y estrategias de inversión de la Gestora de inversiones meditadas y eficientes en términos de costes.
El Subfondo invertirá en «ángeles caídos» de acuerdo con lo definido en la política de inversión y utilizará este universo de valores para crear su cartera.
En el proceso de creación de la cartera, la Gestora de inversiones elegirá un conjunto de Valores de deuda y relacionados con la deuda dentro del universo de inversión. La Gestora de inversiones intentará en primer lugar sobreponderar los bonos que hayan sufrido una rebaja en su calificación durante los últimos 12 meses, centrándose primero en los Valores de deuda y relacionados con la deuda cuya calificación haya sido rebajada más recientemente y que tengan potencial para subir de calificación en un plazo inferior a 24 meses. La Gestora de inversiones también pretende mitigar la
exposición a nuevos ángeles caídos con un deterioro rápido en sus fundamentales, por ejemplo, se venderá un bono que haya pasado de BBB a CCC o inferior en un plazo inferior a 2 meses. La Gestora de inversiones también reducirá, en general, la exposición a los Valores de deuda y relacionados con la deuda que hayan sufrido una rebaja en su calificación hace 24 meses o más y que tengan un vencimiento de mayor duración, ya que la Gestora de inversiones considera que estos Valores de deuda y relacionados con la deuda presentan una oportunidad de riesgo/recompensa menos interesante en comparación con el resto del universo de inversión.
La Gestora de inversiones examinará las características de rentabilidad/diferencial, riesgo, sector y calidad crediticia, y seleccionará Valores de deuda y relacionados con la deuda cuyos parámetros totales de riesgo, sector y calidad de las posiciones del Subfondo estén alineadas con el proceso de inversión, sujeta a la selección de los valores. La aplicación del modelo crediticio registrado de la Gestora de inversiones permite informar acerca de su proceso de selección de valores. Este modelo crediticio califica y clasifica el universo de inversión recopilando información de los mercados financieros y balances de empresa, para ayudar a identificar el valor adecuado al que previsiblemente se negociarán los Valores de deuda y relacionados con la deuda. De este modo, el modelo ayuda a la Gestora de inversiones a identificar Valores de deuda y relacionados con la deuda que ofrezcan un comportamiento inferior en comparación con valores similares de deuda o relacionados con la deuda. La Gestora de inversiones ponderará a la baja estos Valores de deuda y relacionados con la deuda.
La Gestora de inversiones utilizará estrategias de asignación eficientes para gestionar la cartera de un modo rentable y responsable. Por ejemplo, la Gestora de inversiones puede mantener Valores de deuda y relacionados con la deuda que ya no estén incluidos en el Índice de referencia, pero cuya venta suponga incurrir en costes de negociación innecesarios.
La Gestora de inversiones tratará de cubrir la duración al nivel del Índice de referencia, de forma que pueda gestionar el riesgo de tipos de interés, estableciendo un tope de ponderación para cada emisor del 7 % y limitando al 10 % la exposición a valores con calificación CCC. La cartera variará con el paso del tiempo a medida que la Gestora de inversiones necesite ajustar las posiciones del Subfondo para cumplir el objetivo de inversión del Subfondo.
Las características ambientales y sociales promovidas por el Subfondo incluyen la mitigación de las prácticas perjudiciales para el medioambiente (incluidas las que pueden contribuir al cambio climático, como las arenas bituminosas y la extracción de carbón térmico), la reducción de la producción de armas controvertidas y el fomento de prácticas empresariales responsables, tal como se define en los principios del Pacto Mundial de las Naciones Unidas.
A la hora de identificar inversiones que permitan al Subfondo promover características ambientales o sociales, la Gestora de inversiones:
- evaluará la idoneidad general de un emisor basándose en la puntuación ASG proporcionada por Proveedores de datos reconocidos;
- descartará a emisores basándose en sus puntuaciones ASG y en su participación en determinadas industrias o sectores, tal como se detalla a continuación.

El Subfondo pretende excluir a determinados emisores basándose en los criterios ASG. Los emisores que puedan tener puntuaciones ASG inferiores (por ejemplo, una calificación ASG baja en relación con temas relacionados con el cambio climático, emisiones de carbono o huella de carbono) podrán ser excluidos. También será posible excluir a emisores cuyos ingresos provengan, en un porcentaje importante, de actividades o productos que se consideren inadecuados para el Subfondo (por ejemplo, emisores que obtengan más del 30% de sus ingresos de actividades relacionadas con las arenas bituminosas o el carbón térmico, o que produzcan armas controvertidas). Combinando las estrategias detalladas anteriormente, la Gestora de inversiones intenta ofrecer una solución de inversión con un beta eficiente a los inversores, que pueda generar una rentabilidad superior a la del Índice de referencia a medio y largo plazo.
La Gestora de inversiones incorpora los factores anteriores en su proceso sistemático de selección de valores y creación de carteras. Los resultados del proceso de cribado y creación de la cartera se supervisan y revisan de forma continua, y la Gestora de inversiones revisa periódicamente el impacto de cada factor ASG en el universo de inversión.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
El Subfondo integra el riesgo de sostenibilidad en sus decisiones de inversión y promueve características medioambientales o sociales e invierte en empresas que cuentan con una buena gobernanza a los efectos del artículo 8 del SFDR.
La gestión del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
Mediante el uso de procesos cuantitativos, la Gestora de inversiones identifica, supervisa y gestiona el riesgo asociado a la sostenibilidad de la siguiente manera:
- Antes de adquirir inversiones por cuenta del Subfondo, la Gestora de inversiones utilizará datos ASG obtenidos a través de Proveedores de Datos para evaluar la inversión pertinente frente al riesgo asociado a la sostenibilidad e identificar si es vulnerable a dicho riesgo. Este proceso incorpora la aplicación de una política de exclusión (mediante la cual se pueden eliminar las inversiones potenciales del universo de inversión sobre la base de que supongan un riesgo de sostenibilidad demasiado grande para el Subfondo).
- Durante la vida útil de la inversión, el riesgo asociado a la sostenibilidad se supervisa mediante la revisión de los datos ASG publicados por el emisor (si fuera el caso) o por proveedores de datos externos seleccionados («Proveedores de datos»), como MSCI, Sustainalytics u otros proveedores que miden el impacto ASG de las entidades corporativas con el finde determinar si el nivel de riesgo asociado a la sostenibilidad ha cambiado desde que se realizó la evaluación inicial. Esta revisión se lleva a cabo de forma continua. Cuando el riesgo de sostenibilidad asociado a una inversión concreta haya aumentado más allá del nivel de riesgo ASG aceptable para el Subfondo, la Gestora de inversiones considerará vender o reducir la exposición del Subfondo a la inversión correspondiente, teniendo en cuenta los intereses de los Accionistas del Subfondo.

Como se ha explicado anteriormente, la gestión y la evaluación de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
El Índice de referencia no tiene en cuenta los factores ASG y no se utiliza para determinar la medida en que se cumplen las características ambientales o sociales promovidas por el Subfondo.
Para obtener más información sobre cómo el Subfondo pretende promover las características ambientales o sociales y sobre cómo evalúa el Subfondo las buenas prácticas de gobierno de los emisores, consulte los apartados del Suplemento titulados «Políticas de inversión» y «Estrategia de inversión».
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
A pesar de que el presente Subfondo cumple los requisitos del artículo 8 del SFDR y promueve características medioambientales y sociales, filtrando a los emisores en función de puntuaciones ASG, las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las Actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros sobre bonos |
| --- | --- |

| Swaps | Swaps de incumplimiento de crédito (denominación única e índice (CDS)) |
| --- | --- |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija globales de forma más rentable o eficiente que adquiriendo los valores físicos. | Markit CDX North American High Yield |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular. No obstante, dado que el Subfondo no pretende reproducir ni seguir estos índices, no se verá directamente afectado por ninguna revisión, por los costes que esta conlleve o por una ponderación de los activos que supere las restricciones de inversión permitidas.
En el «Apéndice IX – Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá utilizar también contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas
e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de préstamo de valores
Este Subfondo no realizará operaciones de préstamos de valores y, por lo tanto, puede renunciar a rentabilidades adicionales que se podrían producir a través de estas actividades.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV supere el 15% de su Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases de Acciones no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 EUR, 1 GBP, 1 CHF,
1 SGD, 10 DKK, 10 SEK, 10 NOK, 1 CAD o 1 AUD, en
función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las Acciones que generan rendimientos (Reparto) con el sufijo «(M)», normalmente se declararán dividendos mensualmente, el último Día Hábil del mes. En lo que respecta a los titulares de Acciones que generan rendimientos y reparten dividendos mensualmente, los dividendos declarados se pagarán el día 20 del mes siguiente, o en una fecha anterior. En el caso de las restantes clases de acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), por lo general se declararán dividendos trimestralmente, a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estas comisiones y gastos han sido estimadas en un importe no superior a 30.000 EUR y serán sufragadas por el Subfondo y se amortizarán en un periodo de hasta 3 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Efficient Global High Yield Beta Fund

### SUPLEMENTO 53 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Está previsto cargar las comisiones de gestión y otras comisiones y gastos del Subfondo al capital del Subfondo para intentar maximizar los repartos. Consulte el apartado «Comisiones y gastos» del Folleto para obtener información adicional al respecto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Insight North America LLC

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD A (Acum.) | USD | 5.000 | 5% | 0,40% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 0,40% | 0% |
| Euro H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 0,40% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 0,40% | 0% |
| DKK H (Acum.) (con cobertura) | DKK | 50.000 | 5% | 0,40% | 0% |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 0,40% | 0% |
| NOK H (Acum.) (con cobertura) | NOK | 50.000 | 5% | 0,40% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,30% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,30% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 0,30% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,30% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,20% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,20% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,20% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,20% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,20% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,20% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,20% | 0% |
| DKK W (Acum.) (con cobertura) | DKK | 150.000.000 | 5% | 0,20% | 0% |
| SEK W (Acum.) (con cobertura) | SEK | 150.000.000 | 5% | 0,20% | 0% |
| NOK W (Acum.) (con cobertura) | NOK | 150.000.000 | 5% | 0,20% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,10% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Euro E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Euro E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,10% | 0% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,10% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Euro X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |
| CAD X (Acum.) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo trata de proporcionar un rendimiento y unos niveles de volatilidad similares a los del índice de referencia que se detalla a continuación a medio o largo plazo, antes de deducir comisiones y gastos.

##### Política de inversión
El Subfondo persigue alcanzar su objetivo de inversión obteniendo exposición a Valores de deuda y relacionados con la deuda subyacentes incluidos en el Índice Bloomberg Barclays Global High Yield Corporate USD Hedged Total Return (el «Índice de referencia»).
El Subfondo también podrá invertir en valores de deuda o relacionados con la deuda no incluidos en el Índice de referencia cuando el emisor correspondiente cuente con otros valores incluidos en el Índice de referencia o cuando el valor de deuda o relacionado con la deuda cumpla con los requisitos del Índice de referencia y se espere que se incluya en un futuro en el Índice de referencia. Ello permite que el Subfondo compre valores cuando se emiten por primera vez, en lugar de tener que esperar a que se añadan al Índice de referencia. El Subfondo puede mantener valores incluidos en el índice de referencia en el momento de la adquisición, incluso aunque posteriormente se eliminen del mismo.
El Subfondo puede invertir en valores de deuda o relacionados con la deuda empresarial de renta fija, que pueden ser emitidos como valores 144A o de la Norma S, incluidos bonos, obligaciones e Derivados (en lo sucesivo,
«Valores de deuda y relacionados con la deuda»). Los Derivados figuran a continuación bajo el epígrafe «Uso de Derivados».
El Subfondo puede invertir hasta el 90% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda emitidos como valores 144A o de la Norma S.
El Subfondo podrá obtener exposición a cualquiera de los valores de deuda y relacionados con la deuda subyacentes incluidos en el Índice de referencia, salvo bonos convertibles contingentes («CoCo»). Aunque el Índice de referencia excluye los CoCo con mecanismos explícitos (de acuerdo con las normas de inclusión del Índice de referencia), incluye Valores de deuda y relacionados con la deuda que pueden clasificarse como CoCo debido a mecanismos implícitos (o discrecionales).
Los CoCo puede pasar de deuda a renta variable mediante mecanismos explícitos o implícitos (o discrecionales). Estos mecanismos se establecen en los términos y condiciones relevantes de la emisión.
- Los CoCo con mecanismos explícitos cuentan con un umbral contractual y numérico creado por el emisor. Si se supera el umbral, se activa automáticamente la conversión de deuda a renta variable.
- Los CoCo con mecanismos implícitos (o discrecionales) tienen un umbral contractual, no numérico, definido por un regulador y no por el emisor. Si se supera el umbral, la conversión de deuda a renta variable se activa únicamente cuando así lo decido este regulador.

Para obtener una descripción de los CoCo, consulte el apartado «Directorio de instrumentos de deuda», y consulte el apartado «Riesgo de bonos convertibles contingentes (CoCo)» del Folleto para obtener información sobre los riesgos relacionados con los CoCo.
Actualmente, menos del 2% de los Valores de deuda y relacionados con la deuda incluidos en el Índice de referencia están clasificados como CoCo debido a mecanismos implícitos (o discrecionales). Estas clasificaciones son visibles para la Gestora de inversiones y aparecen marcadas en los sistemas de conformidad de la Gestora de inversiones como Valores de deuda y relacionados con la deuda a los que el Subfondo no puede tener exposición. Teniendo en cuenta el nivel de exposición que mantiene el Índice de referencia a los CoCo, esta exclusión no afectará a la capacidad del Subfondo para alcanzar su objetivo de inversión.
El Subfondo invertirá la mayor parte de su Valor de inventario neto en Valores de deuda y relacionados con la deuda de alto rendimiento y con calificación inferior al grado inversión según una Agencia de calificación crediticia reconocida en el momento de la adquisición.
Los valores son con grado inferior al de inversión si la calificación media de estas agencias es Ba1/BB+/BB+ o inferior. Cuando solo se disponga de la calificación crediticia de dos agencias, se utilizará la calificación más baja; cuando una única agencia califique un valor, se utilizará esa calificación. El Subfondo puede seguir manteniendo Valores de deuda y relacionados con la deuda que hayan perdido su calificación o que hayan obtenido la categoría de inversión tras la adquisición. No se espera que los Valores de deuda y relacionados con la
deuda sin una calificación o que cuenten con una calificación de categoría de inversión superen el 10% del Valor de inventario neto del Subfondo.
El Subfondo invertirá principalmente y de forma directa en los Valores de deuda y relacionados con la deuda subyacentes incluidos en el Índice de referencia, aunque también, de forma secundaria, obtendrá una exposición indirecta a los componentes del Índice de referencia a través de índices de Swaps de incumplimiento de crédito («CDS»), tal como se describe en el apartado posterior, Índices financieros, y a organismos de inversión colectiva («OIC»).
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto total en OIC de capital variable, incluidos los fondos del mercado monetario y los fondos de capital variable negociados en bolsa («ETF»).
En determinadas circunstancias, el Subfondo podrá mantener tesorería y activos líquidos asimilables a esta. Para obtener información más detallada, véase el apartado «Gestión de tesorería y de las garantías» a continuación.
El Subfondo tiene previsto invertir en todo el mundo sin centrarse en ningún sector o industria en particular; no obstante, en ocasiones, el Subfondo podrá concentrarse en industrias o sectores geográficos concretos, incluido Estados Unidos, en función de donde vea una oportunidad de inversión la Gestora de inversiones o de donde se centre el índice de referencia.
El Subfondo podrá invertir hasta el 20% de su Valor de inventario neto en mercados emergentes y hasta el 10% en valores rusos cotizados o negociados en la Bolsa de Moscú.
El Subfondo podrá invertir hasta un 10% de su Valor de inventario neto total en valores mobiliarios que no estén admitidos o negociados en un Mercado admisible de conformidad con el Reglamento OICVM. Con la excepción de las inversiones autorizadas en OIC de capital variable, las inversiones del Subfondo deberán cotizarse o negociarse en los Mercados admisibles enumerados en el Apéndice II del Folleto.
Si bien la Divisa Base del Subfondo es el USD, invertirá en activos no denominados en USD que tendrán cobertura respecto de esta moneda utilizando Derivados relacionados con divisas. Los Derivados relacionados con divisas que pueda utilizar el Subfondo con fines de cobertura se describen con más detalle en el apartado
«Técnicas e instrumentos financieros derivados» del Folleto.

##### Gestión de tesorería y de las garantías
El Subfondo tendrá efectivo y activos realizables o prácticamente disponibles en ciertas circunstancias como atender los reembolsos, facilitar los pagos, tener efectivo en depósito a la espera de la reinversión y para proporcionar liquidez, así como respaldar la exposición a Derivados.
Los activos prácticamente disponibles pueden incluir instrumentos del mercado monetario, como letras del Tesoro de EE. UU. y otros bonos del Estado y depósitos bancarios. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos
A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
Índice Bloomberg Barclays Global High Yield Corporate Bond USD Hedged TR (el «Índice de referencia»).
El Índice de referencia mide la rentabilidad del mercado de deuda mundial de alto rendimiento. El Índice de referencia es un índice ponderado de mercado que incluye valores de deuda de empresa de renta fija emitidos por sociedades de todo el mundo, denominados con anterioridad como Valores de deuda y relacionados con la deuda. Estos valores de deuda tienen una calificación inferior a grado de inversión en el momento de la emisión, tal y como se han descrito anteriormente, y contarán con un vencimiento mínimo de, al menos,
un año, así como un tamaño de emisión mínimo, de conformidad con las directrices establecidas por el proveedor del índice. El Índice de referencia se revisará mensualmente; no obstante, el Subfondo no pretende reproducir ni seguir el Índice de referencia, por lo que no se verá directamente afectado por la revisión, los costes que esta conlleve o por la ponderación de los activos del Índice de referencia que supere las restricciones de inversión permitidas. Aquí puede encontrar información adicional acerca de la familia de índices a la que pertenece el Índice de referencia:
https://data.bloomberglp.com/indices/sites/2/2016/08/ Factsheet-Global-High-Yield.pdf
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
La Gestora de inversiones utilizará el Índice de referencia para conformar el universo de inversión. El Subfondo se gestiona de manera activa y no pretende reproducir todos los componentes del Índice de referencia. La Gestora de inversiones tendrá potestad limitada para invertir fuera del Índice de referencia en función del objetivo y la política de inversión.
La mayoría de las posiciones del Subfondo serán componentes del Índice de referencia y, como resultado, el Subfondo será similar en sus exposiciones a divisas y sectores, así como en términos del perfil de vencimiento y de calidad crediticia.
La estrategia de inversión restringe el grado en el que las posiciones de la cartera pueden desviarse del Índice de referencia y, por consiguiente, el grado en el que puede superar la rentabilidad de este. La estrategia de inversión ofrece una volatilidad similar a la del Índice de referencia de medio a largo plazo.

##### Estrategia de inversión
Se aplica un enfoque «de arriba abajo» (top-down) para conformar una cartera basada en el Índice de referencia que proporciona una «beta eficiente». «Beta» hace referencia a adquirir exposición en el mercado, mientras que «eficiente» se refiere a lograr la «beta» mediante decisiones y estrategias de inversión de la Gestora de inversiones meditadas y eficientes en términos de costes.
En el proceso de creación de la cartera, la Gestora de inversiones elegirá una selección de Valores de deuda y relacionados con la deuda del Índice de referencia tras evaluar las características de rentabilidad/diferencial, riesgo, sector y calidad crediticia de los componentes del
Índice de referencia y seleccionando Valores de deuda y relacionados con la deuda de manera que los parámetros totales de rentabilidad/diferencial, riesgo, sector y calidad de las posiciones del Subfondo coincidan estrechamente con los del Índice y que el Subfondo mantenga un valor beta de 1 en relación con el Índice de referencia. Mantener un valor de beta de 1 significa que el Subfondo refleja los niveles generales de rentabilidad y volatilidad del Índice de referencia. Cuando la selección de Valores de deuda y relacionados con la deuda del Índice de referencia no permita que el Subfondo mantenga un valor de beta de 1, la Gestora de
inversiones podrá invertir en Índices de CDS o OIC para asegurarse de que la cartera, en su totalidad, pueda mantener un valor de beta de 1 en relación con el Índice de referencia. La cartera variará con el paso del tiempo a medida que la Gestora de inversiones necesite ajustar las posiciones del Subfondo para cumplir el objetivo de inversión del Subfondo.
La aplicación del modelo crediticio registrado de la Gestora de inversiones permite perfeccionar el proceso de selección de valores. Este modelo crediticio califica y clasifica el universo de inversión recopilando información de los mercados financieros y balances de empresa, para ayudar a identificar el valor adecuado al que previsiblemente se negociarán los Valores de Deuda o Relacionados con la Deuda, e incorpora indicadores fundamentales como la calidad de los ingresos (margen bruto y rentabilidad) y revisiones de los ingresos. La Gestora de inversiones incorpora la información del modelo crediticio en el proceso de selección de activos y en su supervisión continua del universo de inversión. De este modo, el modelo ayuda a la Gestora de inversiones a identificar Valores de Deuda o Relacionados con la Deuda con una probabilidad mayor de reducción de categoría, incumplimiento o comportamiento relativo inferior en comparación con el Índice de referencia. Así, la Gestora de inversiones se asegura de que la exposición del Subfondo a esos Valores de Deuda o Relacionados con la Deuda sea igual o inferior a la ponderación de los mismos valores de deuda dentro del Índice de referencia.
La Gestora de inversiones intentará utilizar estrategias de rotación eficientes para gestionar la cartera de un modo rentable. Por ejemplo, la Gestora de inversiones puede mantener Valores de Deuda o Relacionados con la Deuda que ya no estén incluidos en el Índice de referencia, pero cuya venta suponga incurrir en costes de negociación innecesarios. La Gestora de inversiones trata de ofrecer una rentabilidad que refleje la del Índice de referencia a medio o largo plazo, aunque no tiene previsto realizar un seguimiento diario del Índice de referencia. Esto significa que la Gestora de inversiones no se centra en el error de seguimiento del Subfondo en comparación con el Índice de referencia ni toma ninguna medida con el objetivo de minimizar el error de seguimiento. En lugar de eso, al combinar estrategias para corregir las ineficiencias del Índice de referencia, la Gestora de inversiones intenta ofrecer una solución de inversión con un beta eficiente a los inversores.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
«Debido al objetivo de inversión de este Subfondo, la Gestora de inversiones tiene una potestad limitada a la hora de desviarse de las características y exposiciones del Índice de referencia. Esta potestad permite a la Gestora de inversiones, por ejemplo, invertir en valores no incluidos en el Índice de referencia cuando dichos
valores cumplan los requisitos del Índice de referencia y se espere que se incluyan en el Índice de referencia en el futuro, y seguir manteniendo valores incluidos en el Índice de referencia en el momento de la compra, aunque se eliminen posteriormente del Índice de referencia. El Índice de referencia no tiene en cuenta los factores ASG ni los riesgos asociados a la sostenibilidad. En consecuencia, la Gestora de inversiones no integra los riesgos asociados a la sostenibilidad (que se definen como un evento o condición ASG que, de producirse, podría causar un impacto negativo real o potencial en el valor de la inversión correspondiente (un «Evento ASG») en sus decisiones de inversión. No obstante, debido a la naturaleza diversificada del Subfondo, la Gestora de inversiones ha determinado que el riesgo asociado a la sostenibilidad al que se enfrenta el Subfondo es mínimo.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros sobre bonos |
| --- | --- |
| Swaps | Swaps de incumplimiento de crédito (denominación única e índice (CDS)) |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no pueda acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Índice Markit iTraxx Europe (crossover) Markit CDX North American High Yield |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Apéndice IX – Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps y contratos a plazo. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo
a las OFV supere el 15% de su Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases de Acciones no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF, 10 DKK, 10 SEK, 10 NOK o 1 CAD , en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estas comisiones y gastos han sido estimadas en un importe no superior a 30.000 EUR y serán sufragadas por el Subfondo y se amortizarán en un periodo de hasta 3 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## Responsible Horizons Euro Corporate Bond Fund

### SUPLEMENTO 54 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.


#### La Gestora de inversiones
Insight Investment Management (Global) Limited

#### Divisa Base
Euro

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro A (Acum.) | EUR | 5.000 | 5% | 0,95% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 0,95% | 0% |
| USD H (Acum.) (con cobertura) | USD | 5.000 | 5% | 0,95% | 0% |
| USD H (Reparto) (con cobertura) | USD | 5.000 | 5% | 0,95% | 0% |
| DKK H (Acum.) (con cobertura) | DKK | 50.000 | 5% | 0,95% | 0% |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 0,95% | 0% |
| NOK H (Acum.) (con cobertura) | NOK | 50.000 | 5% | 0,95% | 0% |

| Acciones «G» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro G (Acum.) | EUR | 5.000 | 5% | 0,45% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 0,45% | 0% |

| Acciones «C» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro C (Acum.) | EUR | 5.000.000 | 5% | 0,45% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 0,45% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,35% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,35% | 0% |
| USD W (Acum.) (con cobertura) | USD | 15.000.000 | 5% | 0,35% | 0% |
| USD W (Reparto) (con cobertura) | USD | 15.000.000 | 5% | 0,35% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,35% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,35% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,35% | 0% |
| DKK W (Acum.) (con cobertura) | DKK | 15.000.000 | 5% | 0,35% | 0% |
| SEK W (Acum.) (con cobertura) | SEK | 15.000.000 | 5% | 0,35% | 0% |
| NOK W (Acum.) | NOK | 150.000.000 | 5% | 0,35% | 0% |

| Acciones «Z» y Acciones «Z (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro Z (Acum.) | EUR | 200.000.000 | 5% | 0,25% | 0% |
| Euro Z (Reparto) | EUR | 200.000.000 | 5% | 0,25% | 0% |
| USD Z (Acum.) (con cobertura) | USD | 200.000.000 | 5% | 0,25% | 0% |
| USD Z (Reparto) (con cobertura) | USD | 200.000.000 | 5% | 0,25% | 0% |
| Sterling Z (Acum.) (con cobertura) | GBP | 200.000.000 | 5% | 0,25% | 0% |
| Sterling Z (Reparto) (con cobertura) | GBP | 200.000.000 | 5% | 0,25% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) (con cobertura) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) (con cobertura) | USD | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |
| CAD X (Acum.) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo trata de generar una rentabilidad total, compuesta de rendimiento y revalorización del capital, invirtiendo principalmente en una amplia gama de deuda e inversiones relacionadas con deuda denominados en euros, y en Derivados relacionados con estas inversiones, al mismo tiempo que tiene en cuenta los factores ambientales, sociales y de gobernanza («ASG»).

##### Política de inversión
El Subfondo invertirá la mayoría de sus activos (es decir, al menos el 51% del Patrimonio neto del Subfondo) en deuda de empresa de tipo fijo o variable con categoría de inversión. El Subfondo invertirá principalmente (es decir, al menos el 70% del Patrimonio neto del Subfondo) en Valores de deuda y relacionados con la deuda denominados en euros.
Los Valores de deuda y relacionados con la deuda en los que podrá invertir el Subfondo incluirán pagarés de empresa de tipo fijo y de tipo variable, bonos convertibles, bonos convertibles contingentes («CoCos»), bonos garantizados, bonos con opción de reventa, bonos con opción de recompra, obligaciones, bonos con cupón cero, así como eurobonos y bonos con vencimiento único, obligaciones de organismos supranacionales, bonos de agencia, bonos de impacto cuyos beneficios se reinvierten, obligaciones del Estado de tipo fijo y de tipo variable, obligaciones municipales, obligaciones indexadas y obligaciones vinculadas a la inflación («ILB») e instrumentos del mercado monetario (como certificados de depósito, papel comercial y depósitos a la vista), y Derivados relacionados (véase la lista más adelante en el apartado «Uso de Derivados»), en lo sucesivo, «Valores
de deuda y relacionados con la deuda».
Para más in formación sobre los riesgos asociados a los bonos garantizados, los bonos con vencimiento único y los bonos con opción de reventa y con opción de recompra, consúltense los apartados del Folleto «Riesgo de productos estructurados», «Riesgos de los valores de renta fija» y «Riesgos de invertir en bonos con opción de reventa y con opción de recompra».
El Subfondo podrá tener una exposición máxima del 5% de su Patrimonio neto a CoCo. Para obtener información sobre los riesgos relacionados con los CoCo, consulte el apartado «Riesgo de los bonos convertibles contingentes (CoCo)» del Folleto.
El Subfondo invertirá en Valores de deuda y relacionados con la deuda con grado de inversión según lo establecido por una Agencia de calificación crediticia reconocida. Los Valores de deuda y relacionados con la deuda se clasifican como valores con categoría de inversión si en el momento de la compra, la calificación media del valor
es superior a Ba1/BB+/BB+. Además, el Subfondo podrá invertir hasta el 20% en Valores de deuda y relacionados con la deuda grado inferior al grado de inversión.
El Subfondo no invertirá en Valores de deuda y relacionados con la deuda que en el momento de la compra tengan una calificación inferior a B- (o su equivalente), otorgada por una Agencia de calificación crediticia reconocida. Para evitar cualquier duda, el Subfondo no invertirá en títulos respaldados por hipotecas, títulos respaldados por activos y otras inversiones vinculadas al riesgo crediticio. El Subfondo podrá invertir en Valores de deuda y relacionados con la deuda siempre que la Gestora de inversiones los considere de calidad equivalente a los enumerados más arriba. En caso de calificación dividida (es decir, dos o más agencias de calificación otorgan diferentes calificaciones), se tendrá en cuenta la menor de las dos. En caso de que cualesquiera Valores de deuda y relacionados con la deuda que mantenga el Subfondo vean rebajada posteriormente su calificación por debajo de los límites antes mencionados, la Gestora de inversiones podrá mantener una exposición máxima del 3% del Valor de inventario neto del Subfondo a dichos valores cuya calificación se ha visto rebajada. Cuando el valor total de esos valores o instrumentos supere el 3% del Patrimonio neto del Subfondo, todos aquellos cuya calificación no haya sido revisada al alza en un plazo de seis meses deberán venderse. Las exposiciones derivadas de los activos subyacentes de organismos de inversión colectiva («OIC») se tendrán en cuenta a la hora de aplicar las restricciones establecidas en este apartado.
El Subfondo podrá invertir hasta un 10% de su Valor de inventario neto total en OIC de capital variable, incluidos los fondos de capital variable negociados en bolsa («ETF») y los fondos del mercado monetario. Los OIC podrán incluir otro Subfondo o Subfondos de la Sociedad u otros fondos recomendados por la Gestora de inversiones. Toda inversión en ETF de capital fijo que constituyan valores mobiliarios se realizará con arreglo a los criterios y los límites de inversión en valores mobiliarios, tal como se describe bajo el epígrafe «La Sociedad - Límites de inversión y de endeudamiento» del Folleto.
El Subfondo podrá mantener también niveles elevados de efectivo e instrumentos del mercado monetario en determinadas circunstancias. Para obtener información más detallada, véase el apartado «Gestión de tesorería y de las garantías» a continuación.
El Subfondo tiene previsto invertir en todo el mundo sin centrarse en ningún sector o industria en particular; no obstante, en ocasiones, el Subfondo podrá concentrarse en industrias o sectores geográficos concretos, en función de donde vea una oportunidad de inversión la Gestora de inversiones. Algunos sectores se evitarán, como consecuencia de tenerse en cuenta los factores ASG.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en mercados emergentes y hasta el 10% en valores rusos cotizados o negociados en la Bolsa de Moscú.
El Subfondo podrá invertir hasta un 10% de su Valor de inventario neto en total en valores mobiliarios (es decir, Valores de deuda y relacionados con la deuda) que no estén admitidos o negociados en un Mercado admisible de conformidad con el Reglamento OICVM. Con la excepción de la inversión permitida en valores mobiliarios no cotizados e instrumentos del mercado monetario autorizados, las inversiones del Subfondo serán valores cotizados o negociados en Mercados admisibles. En el Apéndice II del Folleto se recoge una lista de los Mercados admisibles.
Si bien la Divisa Base del Subfondo es el euro, el Subfondo podrá invertir en activos no denominados en euros que no necesariamente tendrán cobertura respecto de esta moneda con Derivados relacionados con divisas.

##### Gestión de tesorería y de las garantías
El Subfondo tendrá efectivo y activos realizables o prácticamente disponibles en ciertas circunstancias como atender los reembolsos, facilitar los pagos, tener efectivo en depósito a la espera de la reinversión y respaldar la exposición a Derivados. En circunstancias excepcionales, el Subfondo podrá además mantener temporalmente niveles elevados de efectivo y activos realizables o prácticamente disponibles (es decir hasta el 100% del Valor de inventario neto del Subfondo) cuando las condiciones de mercado puedan requerir una estrategia de inversión defensiva (por ejemplo colapso bursátil o una gran crisis).
Los activos prácticamente disponibles pueden incluir instrumentos del mercado monetario y depósitos bancarios. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
Bloomberg Barclays Euro Aggregate Corporate Total Return Index (el «Índice de referencia»).
El Índice de referencia incluye bonos de empresa de tipo fijo denominados en euros y con categoría de inversión. La inclusión en el índice depende de la divisa de emisión y no del domicilio del emisor.
Aquí puede encontrar información adicional sobre el Índice de referencia:
https://www.bloomberg.com/quote/LECPTREU:IND
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de manera activa, lo que implica que la Gestora de inversiones tiene la facultad de invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Sin embargo, dado que el Índice de referencia abarca una proporción considerable del universo de inversión, la mayoría de las posiciones del Subfondo serán componentes del Índice de referencia y las ponderaciones en la cartera podrán ser similares a las del Índice de referencia. La estrategia de inversión limitará el grado en el que las posiciones de la cartera
pueden desviarse del Índice de referencia y, por consiguiente, el grado en el que el Subfondo puede superar la rentabilidad del Índice de referencia.
El Índice de referencia es un índice de referencia de mercado amplio que no tiene en cuenta los factores ASG y no se utiliza para determinar la medida en que se cumplen las características ambientales o sociales promovidas por el Subfondo.

##### Estrategia de inversión
La estrategia de inversión del Subfondo es una combinación de análisis macroeconómico «de arriba abajo» y de análisis crediticios «de abajo arriba» diseñados y realizados por la Gestora de inversiones.
El análisis «de arriba abajo» consiste en:
- comprensión del entorno macroeconómico actual y futuro en materia de nivel de empleo, inflación y tipos de interés, y las consecuencias de dichos factores sobre las divisas y los Valores de Deuda y relacionados con la Deuda. Dicha comprensión se obtiene a través de diversas fuentes, incluidas publicaciones de datos económicos, declaraciones de políticas de bancos centrales y revisiones de datos históricos;y
- análisis de las diferentes clases de activos que conforman las inversiones del Subfondo, es decir, deuda crediticia y deuda de mercados emergentes, para evaluar su potencial de generación de rendimiento.

El estudio y análisis crediticio «de abajo arriba» conlleva una evaluación de la solvencia del emisor que incorpora un análisis de indicadores crediticios claves, como el apalancamiento y el flujo de tesorería. Asimismo, puede llevarse a cabo una valoración relativa de los instrumentos de deuda del emisor en relación con instrumentos de deuda comparables a fin de complementar el estudio y análisis crediticio. Este enfoque está pensado para identificar, a nivel mundial y sin ningún interés geográfico o sectorial específico, inversiones que puedan generar buenos rendimientos totales.
Una vez finalizado el análisis, la Gestora de inversiones puede decidir la asignación de activos del Subfondo, es decir, qué porcentaje de los activos invertir en las clases de activos. La Gestora de inversiones puede tener en cuenta factores como el gasto y la facilidad de implantación al decidir cómo aplicar la estrategia de inversión y obtener exposición a la clase de activos, por ejemplo, utilizando Derivados o OIC en lugar de comprando activos directamente.
La selección de los títulos individuales se realiza con el asesoramiento de los equipos de crédito de la Gestora de inversiones especializados en sectores o industrias concretas, como telecomunicaciones, automoción, tecnología, fabricación y deuda pública.
Las posiciones cortas sintéticas normalmente se utilizan para:
- dar cobertura a posiciones de mercado largas, por ejemplo, cuando la Gestora de inversiones quiere reducir la exposición del Subfondo al riesgo de crédito en relación con el del Índice de referencia;
- dar cobertura a posiciones largas de denominación única, por ejemplo, cuando la Gestora de inversiones quiere reducir el riesgo de crédito de un bono de empresa en particular, pero quizás no pueda vender el bono a un precio atractivo; o
- para lograr una rentabilidad positiva y aplicar un criterio direccional sobre el mercado, por ejemplo, cuando la Gestora de inversiones crea que el precio de determinados bonos de empresa puede caer y quiera conseguir beneficios aprovechando esa fluctuación.

Al realizar sus inversiones, el Subfondo utilizará también una combinación de estudios ASG externos y / o internos, así como estudios crediticios «de abajo arriba» y evaluaciones del valor relativo (descritas más arriba), para evaluar una inversión.
Las características promovidas por este Subfondo incluirán una asignación positiva a los emisores con las calificaciones ASG más sólidas (mejores), a la vez que se excluirá a los emisores con calificaciones ASG más débiles (peores). Otras características promovidas por este Subfondo incluyen la eliminación de la exposición a emisores con ingresos comerciales o actividades operativas que la Gestora de inversiones considere que presentan riesgos excesivos de sostenibilidad ambiental, social o de reputación.
A la hora de identificar inversiones que permitan al Subfondo promover las características ASG, la Gestora de inversiones filtra y excluye determinados instrumentos y emisores mediante el uso de criterios ASG para crear un universo de inversión reducido y optimizado en función
de los factores ASG. Dentro de ese universo de inversión, la Gestora de inversiones asigna las inversiones de forma positiva a los emisores ASG con una puntuación más alta dentro de este universo. La Gestora de inversiones también asignará las inversiones estructuralmente a instrumentos y emisores con un impacto positivo, y se centrará en valores de emisores con una intensidad de carbono inferior al nivel del Índice de referencia.
A continuación, se ofrece más información:
- Puntuación ASG; la Gestora de inversiones evalúa la idoneidad general de un emisor a partir de la puntuación ASG:
	- realizada por un proveedor reconocido de calificaciones ASG;
	- llevada a cabo de acuerdo con una evaluación interna de un emisor.


Los datos ASG permiten a la Gestora de inversiones comprender los perfiles de riesgo ASG y, si fuera necesario, descartar posiciones inapropiadas a partir de este análisis. Las puntuaciones ASG se asignan con el fin de distinguir a las empresas que presentan un riesgo elevado de las que tienen un riesgo bajo, con vistas a realizar una distribución de las puntuaciones que ilustre dicho diferencial.
No obstante, el Subfondo puede tener exposición a emisores que operan en sectores ambientalmente sensibles, que están expuestos al riesgo de cambio climático o que generan grandes emisiones de carbono, como la minería de carbón, la generación de electricidad mediante carbón, la extracción no convencional de petróleo y gas, siempre que la exposición se logre mediante bonos de impacto cuyos beneficios se reinvierten, y que la Gestora de
inversiones considere que el emisor cuenta con un plan a largo plazo claramente definido para reducir su impacto medioambiental y que el instrumento emitido cumple sus criterios ASG.
La Gestora de inversiones depende de la información y los datos proporcionados por terceros (que pueden incluir proveedores de estudios, informes, evaluaciones, calificaciones y / o análisis, como proveedores de índices y consultores). Dicha información o datos pueden ser incompletos, inexactos o incoherentes.
- Filtrado: El Subfondo pretende obtener exposición a emisores con puntuaciones ASG más fuertes. Los emisores cuyas puntuaciones ASG se consideren más bajas (por ejemplo, como resultado de un elevado riesgo de carbono y / o con incumplimientos graves y manifiestos de las normas internacionalmente aceptadas, por ejemplo, en materia de sobornos, derechos laborales o impacto ambiental) quedarán excluidos. También se excluirá a emisores cuando sus ingresos se deriven en gran parte de productos considerados inadecuados para el Subfondo en función de sus objetivos ASG (por ejemplo, tabaco, armamento, juego o extracción de carbón).

Al menos el 90% de los instrumentos incluidos en el Subfondo debe cumplir estos criterios en el momento de la compra y de forma continua, y no se realizará ninguna inversión en un instrumento cuando se considere que presenta problemas ambientales importantes irresolubles.
Los instrumentos que no sigan cumpliendo estos criterios después de la compra podrán venderse. De forma alternativa, el Subfondo podrá seguir manteniendo el instrumento después de que la Gestora de inversiones se reúna con el emisor para discernir los riesgos identificados por el cambio en la puntuación ASG.
El gobierno corporativo es un factor de riesgo clave asociado a la sostenibilidad que forma parte de las calificaciones de riesgo ASG propias de la Gestora de inversiones para todas las empresas del Subfondo. La evaluación del gobierno corporativo por parte de la Gestora de inversiones incluye la evaluación de las prácticas y el comportamiento del consejo directivo, la remuneración, el control y la responsabilidad, y la ética o las controversias. La Gestora de inversiones aplica los conocimientos de las calificaciones ASG junto con su propio conocimiento de las estructuras de gobierno de los emisores para establecer prioridades de interacción con los emisores. La Gestora de inversiones considera conjuntamente estos riesgos para decidir si los bonos compensan de forma razonable al Subfondo por los riesgos asociados a la sostenibilidad a largo y a corto plazo.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
El Subfondo integra el riesgo de sostenibilidad en sus decisiones de inversión y promueve características medioambientales o sociales e invierte en empresas que cuentan con una buena gobernanza a los efectos del artículo 8 del SFDR.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
Los riesgos asociados a la sostenibilidad se gestionan garantizando que los responsables principales de la toma de decisiones estén informados e incluidos en el programa de inversión responsable de la Gestora de inversiones, y estableciendo procedimientos eficaces de responsabilidad, transparencia e implementación. Cuando el riesgo asociado a la sostenibilidad se considere importante para los resultados de la inversión, se incorporará a los procesos de diligencia debida. Esto puede incluir la evaluación de valores individuales y / o la interacción con emisores o participantes en el mercado. Los controles internos garantizan que los criterios ASG se apliquen al Subfondo de forma continua. Las restricciones ASG, que incluyen calificaciones ASG propias y datos de terceros, se establecen para evitar o permitir la inversión en valores que cumplan características relacionadas con los factores ASG. Estos controles están codificados y se actualizan a medida que se obtiene nueva información. Un proceso de investigación y / o compromiso ASG puede ayudar a la Gestora de inversiones a alcanzar los objetivos de inversión y los objetivos relacionados con los factores ASG del Subfondo.
Como se describe más detalladamente en el apartado
«Estrategia de inversión», el gobierno corporativo es un factor de riesgo clave para la sostenibilidad que forma parte de las calificaciones de riesgo ASG propias para todos los emisores.
En términos de factores sociales y ambientales, la metodología de calificación ASG propia proporciona a todos los analistas información específica del sector y del emisor sobre cuestiones clave. Este modelo ayuda a la Gestora de inversiones a identificar los riesgos clave a los que se puede enfrentar un sector o emisor específico.
Dado que el Subfondo tiene en cuenta los factores ASG a lo largo de todo el proceso de inversión, la Gestora de inversiones puede renunciar deliberadamente a oportunidades para que el Subfondo obtenga exposición a determinados emisores y puede optar por vender un valor en un momento considerado como desfavorable. En su lugar, el Subfondo podrá centrarse en inversiones en emisores que demuestren el cumplimiento de las prácticas ambientales, sociales y de buena gobernanza. Por consiguiente, el universo de inversiones del Subfondo es menor que el de otros fondos, lo que puede afectar a la rentabilidad, y existe el riesgo de que el valor del Subfondo pueda verse afectado negativamente por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus
obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Los criterios técnicos de selección del Reglamento de taxonomía de la UE («CTS») exigirán que se disponga de múltiples datos específicos en relación con cada inversión. A la fecha del presente documento, no se dispone de suficientes datos fiables, oportunos y constatables para que la Sociedad Gestora pueda valorar las inversiones del Subfondo con arreglo a los CTS.
Por otra parte, las normas técnicas de regulación del SFDR que definen la metodología de cálculo del grado de armonización con la taxonomía de la UE de productos financieros como el Subfondo y los modelos para la divulgación de información requerida todavía no son definitivos. En la fecha del presente documento, la Sociedad Gestora no puede ofrecer divulgaciones de información normalizadas ni comparables sobre la armonización de las inversiones de los Subfondos con el Reglamento de taxonomía de la UE.
A pesar de que el Subfondo mantiene inversiones en actividades económicas que contribuyen a un objetivo medioambiental y se podrían valorar con arreglo a los CTS, en estos momentos la Sociedad Gestora no está en condiciones de describir:
- El grado en que el Subfondo mantiene inversiones en Actividades medioambientalmente sostenibles;
- La proporción de inversiones —expresada como porcentaje de la cartera del Subfondo— en Actividades económicas medioambientalmente sostenibles; o
- La proporción —expresada como porcentaje de la cartera del Subfondo— de Actividades facilitadoras y Actividades de transición del Reglamento de taxonomía de la UE.

La Sociedad Gestora revisa de forma activa esta situación y, cuando disponga de suficientes datos fiables, oportunos y constatables sobre las inversiones del Subfondo, facilitará las descripciones anteriormente mencionadas, en cuyo caso se procederá a la actualización de este Folleto o del correspondiente Suplemento.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros de tipos de interés (incluidos futuros de tipos de interés a corto plazo) Futuros de deuda pública Futuros sobre bonos |
| --- | --- |
| Opciones | Opciones sobre índices Opciones sobre futuros de tipos de interés Opciones sobre bonos Opciones sobre futuros de bonos Swaptions Opciones sobre swaps de incumplimiento de crédito |

| Swaps | Swaps de incumplimiento de crédito Índice/cesta de swaps de incumplimiento de crédito Swaps de tipos de interés Swaps de inflación Swaps de activos Swaps de índices Swaps de rentabilidad total (TRS) (denominación única, crédito, índice y cesta personalizada) |
| --- | --- |
| Valores | Bonos convertibles |
| con De- | Bonos convertibles contingentes (CoCo) |
| rivados/ | Bonos con opción de reventa y con opción de recompra |
| apalan- |  |
| camiento |  |
| integra- |  |
| dos |  |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no pueda acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Markit iTraxx Europe Main 5yr Markit iTraxx Europe Crossover 5yr Markit iTraxx Europe Senior Financials 5yr Markit iTraxx Europe Subordinated Financials 5yr |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Apéndice IX – Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga neta total (una vez tenida en cuenta la cobertura) a través de Derivados no superará el 100% del Valor de inventario
neto del Subfondo y la exposición corta neta total no superará el 100% del Valor de inventario neto del Subfondo (aplicando el enfoque de compromiso).
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá utilizar también contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de préstamo de valores
Este Subfondo no realizará operaciones de préstamos de valores y, por lo tanto, puede renunciar a rentabilidades adicionales que se podrían producir a través de estas actividades.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 30% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 20% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 30% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las
primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases de Acciones no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 EUR, 1 USD, 1 GBP, 1 CHF, 10 DKK, 10 SEK, 10 NOK o 1 CAD , en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estos honorarios y gastos han sido estimados en un importe no superior a 40 000 EUR y serán sufragados por el Subfondo y se amortizarán en un periodo de hasta 4 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Efficient Euro High Yield Beta Fund

### SUPLEMENTO 55 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Está previsto cargar las comisiones de gestión y otras comisiones y gastos del Subfondo al capital del Subfondo para intentar maximizar los repartos. Consulte el apartado «Comisiones y gastos» del Folleto para obtener información adicional al respecto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Insight North America LLC

#### Divisa Base
Euro

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro A (Acum.) | EUR | 5.000 | 5% | 0,40% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 0,40% | 0% |
| USD H (Acum.) (con cobertura) | USD | 5.000 | 5% | 0,40% | 0% |
| USD H (Reparto) (con cobertura) | USD | 5.000 | 5% | 0,40% | 0% |
| DKK H (Acum.) (con cobertura) | DKK | 50.000 | 5% | 0,40% | 0% |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 0,40% | 0% |
| NOK H (Acum.) (con cobertura) | NOK | 50.000 | 5% | 0,40% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro G (Acum.) | EUR | 5.000 | 5% | 0,30% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 0,30% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro C (Acum.) | EUR | 5.000.000 | 5% | 0,30% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 0,30% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,20% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,20% | 0% |
| USD W (Acum.) (con cobertura) | USD | 15.000.000 | 5% | 0,20% | 0% |
| USD W (Reparto) (con cobertura) | USD | 15.000.000 | 5% | 0,20% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,20% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,20% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,20% | 0% |
| DKK W (Acum.) (con cobertura) | DKK | 150.000.000 | 5% | 0,20% | 0% |
| SEK W (Acum.) (con cobertura) | SEK | 150.000.000 | 5% | 0,20% | 0% |
| NOK W (Acum.) (con cobertura) | NOK | 150.000.000 | 5% | 0,20% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro E (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Euro E (Reparto) | EUR | Tal y como se ha acordado | 5% | 0,10% | 0% |
| USD E (Acum.) (con cobertura) | USD | Tal y como se ha acordado | 5% | 0,10% | 0% |
| USD E (Reparto) (con cobertura) | USD | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,10% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,10% | 0% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,10% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) (con cobertura) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) (con cobertura) | USD | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| CAD X (Acum.) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |
| CHF X (Reparto) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo trata de proporcionar un rendimiento y unos niveles de volatilidad similares a los del Índice de referencia que se detalla a continuación a medio o largo plazo, antes de deducir comisiones y gastos.

##### Política de inversión
El Subfondo persigue alcanzar su objetivo de inversión obteniendo exposición a Valores de deuda y relacionados con la deuda subyacentes incluidos en el Bloomberg Barclays Pan-European High Yield (Euro) Total Return Index (el «Índice de referencia»).
El Subfondo también podrá invertir en valores de deuda o relacionados con la deuda no incluidos en el Índice de referencia cuando el emisor cuente con otros valores incluidos en el Índice de referencia o cuando el valor de deuda o relacionado con la deuda cumpla con los requisitos del Índice de referencia y se espere que se incluya en un futuro en el Índice de referencia. El Subfondo puede mantener valores incluidos en el índice de referencia en el momento de la adquisición, incluso aunque posteriormente se eliminen del mismo. El Subfondo no invertirá en valores de deuda o relacionados con la deuda de mercados emergentes.
El Subfondo puede invertir en valores de deuda o relacionados con la deuda empresarial de renta fija, que pueden ser emitidos como valores 144A o de la Norma S, incluidos bonos, obligaciones e Derivados (en lo sucesivo,
«Valores de deuda y relacionados con la deuda»). Los Derivados figuran a continuación bajo el epígrafe «Uso de Derivados».
El Subfondo podrá obtener exposición a cualquiera de los valores de deuda y relacionados con la deuda subyacentes, salvo bonos convertibles contingentes («CoCo»). Aunque el Índice de referencia excluye los CoCo con mecanismos explícitos (de acuerdo con las normas de inclusión del Índice de referencia), incluye Valores de deuda y relacionados con la deuda que pueden clasificarse como CoCo debido a mecanismos implícitos (o discrecionales).
Los CoCo puede pasar de deuda a renta variable mediante mecanismos explícitos o implícitos (o discrecionales). Estos mecanismos se establecen en los términos y condiciones relevantes de la emisión.
- Los CoCo con mecanismos explícitos cuentan con un umbral contractual y numérico creado por el emisor. Si se supera el umbral, se activa automáticamente la conversión de deuda a renta variable.
- Los CoCo con mecanismos implícitos (o discrecionales) tienen un umbral contractual, no numérico, definido por un regulador y no por el emisor. Si se supera el umbral, la conversión de deuda a renta variable se activa únicamente cuando así lo decido este regulador.

Para obtener una descripción de los CoCo, consulte el apartado «Directorio de instrumentos de deuda», y consulte el apartado «Riesgo de bonos convertibles contingentes (CoCo)» del Folleto para obtener información sobre los riesgos relacionados con los CoCo.
Actualmente, menos del 2% de los Valores de deuda y relacionados con la deuda incluidos en el Índice de referencia están clasificados como CoCo debido a mecanismos implícitos (o discrecionales). Estas clasificaciones son visibles para la Gestora de inversiones y aparecen marcadas en los sistemas de conformidad de la Gestora de inversiones como Valores de deuda y relacionados con la deuda a los que el Subfondo no puede tener exposición. Teniendo en cuenta el nivel de exposición que mantiene el Índice de referencia a los CoCo, esta exclusión no afectará a la capacidad del Subfondo para alcanzar su objetivo de inversión.
El Subfondo invertirá la mayor parte de su Valor de inventario neto en Valores de deuda y relacionados con la deuda con calificación inferior al grado de inversión según una Agencia de calificación crediticia reconocida en el momento de la adquisición. Los valores son con grado inferior al de inversión si la calificación media de estas agencias es Ba1/BB+/BB+ o inferior. Cuando solo se disponga de la calificación crediticia de dos agencias, se utilizará la calificación más baja; cuando una única agencia califique un valor, se utilizará esa calificación. El Subfondo puede seguir manteniendo Valores de deuda y relacionados con la deuda que hayan perdido su calificación o que hayan obtenido la categoría de inversión tras la adquisición. No se espera que los
Valores de deuda y relacionados con la deuda sin una calificación o que hayan subido de categoría superen el 10% del Valor de inventario neto del Subfondo.
El Subfondo invertirá principalmente y de forma directa en los Valores de deuda y relacionados con la deuda subyacentes incluidos en el Índice de referencia, aunque también, de forma secundaria, obtendrá una exposición indirecta a los componentes del Índice de referencia a través de índices de Swaps de incumplimiento de crédito («CDS»), tal como se describe en el apartado posterior, Índices financieros, y a organismos de inversión colectiva («OIC»).
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto total en OIC de capital variable, incluidos los fondos del mercado monetario y los fondos de capital variable negociados en bolsa («ETF»).
En determinadas circunstancias, el Subfondo podrá mantener tesorería y activos líquidos asimilables a esta. Para obtener información más detallada, véase el apartado «Gestión de tesorería y de las garantías» a continuación.
El Subfondo pretende invertir en Valores de deuda y relacionados con la deuda denominados en euros emitidos por emisores de mercados desarrollados. En ocasiones, el Subfondo podrá concentrarse en un sector industrial concreto en función de dónde detecte oportunidades de inversión la Gestora de inversiones o del sector en el que esté centrado el Índice de referencia.
El Subfondo podrá invertir en total hasta un 10% de su Valor de inventario neto en valores mobiliarios que no estén admitidos o negociados en un Mercado admisible de conformidad con el Reglamento OICVM. Con la excepción de las inversiones autorizadas en OIC de capital variable, las inversiones del Subfondo deberán cotizarse o negociarse en los Mercados admisibles enumerados en el Apéndice II del Folleto.

##### Gestión de tesorería y de las garantías
El Subfondo tendrá efectivo y activos realizables o prácticamente disponibles en ciertas circunstancias como atender los reembolsos, facilitar los pagos, tener efectivo en depósito a la espera de la reinversión y para proporcionar liquidez, así como respaldar la exposición a Derivados.
Los activos prácticamente disponibles pueden incluir instrumentos del mercado monetario, como letras del Tesoro de EE. UU. y otros bonos del Estado y depósitos bancarios. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
Bloomberg Barclays Pan-European High Yield (Euro) Total Return Index (el «Índice de referencia»).
El Índice de referencia es una medida del mercado para la deuda empresarial de tipo fijo y alto rendimiento, denominada en euros y emitida por emisores de mercados desarrollados. El Índice de referencia incluye Valores de Deuda y Relacionados con la deuda de emisores con actividad en los sectores industrial, financiero y de servicios. El Índice de referencia se ajusta
mensualmente. Sin embargo, el Subfondo no pretende reproducir ni seguir el Índice de referencia, por lo que no se verá directamente afectado por la revisión, los costes que esta conlleve o por cambios en la ponderación de los activos del Índice de referencia que superen las restricciones de inversión permitidas.
Aquí puede encontrar información adicional sobre el Índice de referencia:
https://www.bloomberg.com/quote/LP02TREU:IND
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
La Gestora de inversiones utilizará el Índice de referencia para conformar el universo de inversión. El Subfondo se gestiona de manera activa y no pretende reproducir todos los componentes del Índice de referencia. La Gestora de inversiones tendrá potestad limitada para invertir fuera del Índice de referencia en función del objetivo y la política de inversión.
La mayoría de las posiciones del Subfondo serán componentes del Índice de referencia y, como resultado, el Subfondo será similar en sus exposiciones a divisas y sectores, así como en términos del perfil de vencimiento y de calidad crediticia.
La estrategia de inversión restringe el grado en el que las posiciones de la cartera pueden desviarse del Índice de referencia y, por consiguiente, el grado en el que puede superar la rentabilidad de este. La estrategia de inversión ofrece una volatilidad similar a la del Índice de referencia de medio a largo plazo.

##### Estrategia de inversión
Se aplica un enfoque «de arriba abajo» (top-down) para conformar una cartera basada en el Índice de referencia que proporciona una «beta eficiente». «Beta» hace referencia a adquirir exposición en el mercado, mientras que «eficiente» se refiere a lograr la «beta» mediante decisiones y estrategias de inversión de la Gestora de inversiones meditadas y eficientes en términos de costes.
En el proceso de creación de la cartera, la Gestora de inversiones elegirá una selección de Valores de deuda y relacionados con la deuda del Índice de referencia tras evaluar las características de rentabilidad/diferencial, riesgo, sector y calidad crediticia de los componentes del Índice de referencia y seleccionando Valores de deuda y relacionados con la deuda de manera que los parámetros totales de rentabilidad/diferencial, riesgo, sector y calidad de las posiciones del Subfondo y su beta coincidan estrechamente con los del Índice y que el Subfondo mantenga un valor beta de 1 en relación con el Índice de referencia. Mantener un valor de beta de 1 significa que el Subfondo refleja los niveles generales de rentabilidad y volatilidad del Índice de referencia. Cuando la selección de Valores de deuda y relacionados con la deuda del Índice de referencia no permita que el Subfondo mantenga un valor de beta de 1, la Gestora de inversiones podrá invertir en Índices de CDS o en organismos de inversión colectiva para asegurarse de que la cartera, en su totalidad, pueda mantener una beta de
1 en relación con el Índice de referencia. La cartera
variará con el paso del tiempo a medida que la Gestora de inversiones necesite ajustar las posiciones del Subfondo para cumplir el objetivo de inversión del Subfondo.
La aplicación del modelo crediticio registrado de la Gestora de inversiones permite perfeccionar el proceso de selección de valores. Este modelo crediticio califica y clasifica el universo de inversión recopilando información de los mercados financieros y balances de empresa, para ayudar a identificar el valor adecuado al que previsiblemente se negociarán los Valores de Deuda o Relacionados con la Deuda, e incorpora indicadores fundamentales como la calidad de los ingresos (margen bruto y rentabilidad) y revisiones de los ingresos. La Gestora de inversiones incorpora la información del modelo crediticio en el proceso de selección de activos y en su supervisión continua del universo de inversión. De este modo, el modelo ayuda a la Gestora de inversiones a identificar Valores de Deuda o Relacionados con la Deuda con una probabilidad mayor de reducción de categoría, incumplimiento o comportamiento relativo inferior en comparación con el Índice de referencia. Así, la Gestora de inversiones, a través de un control estrecho del Índice de referencia y de los procesos descritos anteriormente, se asegura de que la exposición del Subfondo a los Valores de deuda y relacionados con la deuda sea igual o inferior a la ponderación de los mismos valores de deuda dentro del Índice de referencia.
El índice de Swaps de Incumplimiento de Crédito al que se hace referencia a continuación se utiliza como un medio para obtener una exposición de mercado indirecta (hasta el 10% de su Valor de inventario neto) a los componentes del Índice de referencia a través de un conjunto de swaps de incumplimiento de crédito para créditos europeos sin categoría de inversión. Este es un modo de obtener una exposición a los mercados más rápida y rentable que comprar o vender bonos de efectivo. Esta exposición indirecta se consigue mediante el uso de Derivados con fines de inversión. A medida que se producen cambios en los mercados, la Gestora de inversiones utiliza el Índice de Swaps de incumplimiento de crédito indicado con posterioridad (consulte el apartado «Índices financieros») para ajustar la cartera en su totalidad de forma que pueda mantener un valor de beta de 1 en relación con el Índice de referencia.
La Gestora de inversiones intentará utilizar estrategias de rotación eficientes para gestionar la cartera de un modo rentable. Por ejemplo, la Gestora de inversiones puede mantener Valores de Deuda o Relacionados con la Deuda que ya no estén incluidos en el Índice de referencia, pero cuya venta suponga incurrir en costes de negociación innecesarios. La Gestora de inversiones trata de ofrecer una rentabilidad que refleje la del Índice de referencia a medio o largo plazo, aunque no tiene previsto realizar un seguimiento diario del Índice de referencia. Esto significa que la Gestora de inversiones no se centra en el error de seguimiento del Subfondo en comparación con el Índice de referencia ni toma ninguna medida con el objetivo de minimizar el error de seguimiento. En lugar de eso, al combinar estrategias para corregir las ineficiencias del Índice de referencia, la Gestora de inversiones intenta ofrecer una solución de inversión con una beta eficiente a los inversores (tal como se describe de forma más detallada posteriormente en el apartado «Índices financieros»).

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
«Debido al objetivo de inversión de este Subfondo, la Gestora de inversiones tiene una potestad limitada a la hora de desviarse de las características y exposiciones del Índice de referencia. Esta potestad permite a la
Gestora de inversiones, por ejemplo, invertir en valores no incluidos en el Índice de referencia cuando dichos valores cumplan los requisitos del Índice de referencia y se espere que se incluyan en el Índice de referencia en el futuro, y seguir manteniendo valores incluidos en el Índice de referencia en el momento de la compra, aunque se eliminen posteriormente del Índice de referencia. El Índice de referencia no tiene en cuenta los factores ASG ni los riesgos asociados a la sostenibilidad. En consecuencia, la Gestora de inversiones no integra los riesgos asociados a la sostenibilidad (que se definen como un evento o condición ASG que, de producirse, podría causar un impacto negativo real o potencial en el valor de la inversión correspondiente (un «Evento ASG») en sus decisiones de inversión. No obstante, debido a la naturaleza diversificada del Subfondo, la Gestora de inversiones ha determinado que el riesgo asociado a la sostenibilidad al que se enfrenta el Subfondo es mínimo.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros sobre bonos |
| --- | --- |
| Swaps | Swaps de incumplimiento de crédito (denominación única e índice (CDS)) |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no pueda acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Markit iTraxx (Europe) Crossover |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Apéndice IX – Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo
a las OFV supere el 15% de su Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases de Acciones no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 EUR, 1 USD, 1 GBP, 1 CHF, 10 DKK, 10 SEK, 10 NOK o 1 CAD , en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estas comisiones y gastos han sido estimadas en un importe no superior a 30.000 EUR y serán sufragadas por el Subfondo y se amortizarán en un periodo de hasta 3 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Future Earth Fund

### SUPLEMENTO 56 DE 31 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.

Además de los Subfondos indicados en el Folleto, se han añadido el siguiente Subfondo en la fecha de emisión del presente Suplemento:
- BNY Mellon Sustainable Global Emerging Markets Fund (consulte el suplemento 62 para obtener más información).


#### La Gestora de inversiones
Newton Investment Management Limited

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Newton Investment Management North America LLC (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD A (Acum.) | USD | 5.000 | 5% | 1,85% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,85% | 0% |
| Euro A (Acum.) | EUR | 5.000 | 5% | 1,85% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 1,85% | 0% |
| CHF A (Acum.) | CHF | 5.000 | 5% | 1,85% | 0% |
| CHF A (Reparto) | CHF | 5.000 | 5% | 1,85% | 0% |
| Euro H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,85% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,85% | 0% |
| DKK H (Acum.) (con cobertura) | DKK | 50.000 | 5% | 1,85% | 0% |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 1,85% | 0% |
| NOK H (Acum.) (con cobertura) | NOK | 50.000 | 5% | 1,85% | 0% |

| Acciones «B» y Acciones «J (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD B (Acum.) | USD | 10.000 | 5% | 1,40% | 0% |
| USD B (Reparto) | USD | 10.000 | 5% | 1,40% | 0% |
| SGD J (Acum.) (con cobertura) | SGD | 10.000 | 5% | 1,40% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,90% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,90% | 0% |
| Euro C (Acum.) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,90% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,70% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,70% | 0% |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,70% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,70% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,70% | 0% |
| CHF W (Reparto) | CHF | 15.000.000 | 5% | 0,70% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,70% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,70% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,70% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,70% | 0% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,70% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,40% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Euro E (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Euro E (Reparto) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| CHF E (Acum.) | CHF | Tal y como se ha acordado | 5% | 0,40% | 0% |
| CHF E (Reparto) | CHF | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Euro E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Euro E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,40% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo pretende conseguir una revalorización del capital a largo plazo y tiene un objetivo de inversión sostenible.
Concretamente, el Subfondo pretende contribuir a un objetivo ambiental mediante la inversión en valores de empresas de todo el mundo que ofrezcan productos, servicios y soluciones que contribuyan a reducir las presiones sobre nuestro planeta en relación con el medio ambiente y los recursos naturales.

##### Política de inversión
El Subfondo invierte al menos un 75% de su Valor de inventario neto en una cartera concentrada de valores de renta variable y relacionados con la renta variable de empresas que contribuyen al objetivo ambiental de reducir las presiones ambientales y sobre los recursos naturales del planeta, que constituyen Inversiones Sostenibles con arreglo al SFDR (según se define a
continuación) y cumplen los criterios vinculantes en materia ambiental, social y de gobernanza («ASG») y de sostenibilidad de la Gestora de inversiones.
Todas las inversiones del Subfondo, salvo las destinadas a fines concretos, como la cobertura y la liquidez, cumplirán la definición de Inversiones sostenibles con arreglo al SFDR.
Por Inversiones sostenibles con arreglo al SFDR se entiende aquellas inversiones que contribuyen a un objetivo medioambiental o a uno social, siempre y cuando dichas inversiones no perjudiquen ninguno de estos objetivos y que las empresas participadas apliquen buenas prácticas de gobierno.
Las inversiones deben cumplir los criterios vinculantes en materia ambiental, social y de gobernanza («ASG») y de sostenibilidad de la Gestora de inversiones. Además de tener un impacto demostrable en el alivio de las presiones ambientales o la provisión de soluciones vinculadas con el uso de los recursos naturales, lo que puede incluir hacer una contribución a uno o varios de
los Objetivos de Desarrollo Sostenible de las Naciones Unidas, entre los que se incluyen la acción por el clima,
la energía asequible y limpia, y el consumo y la producción responsables, la Gestora de inversiones también tratará de:
- identificar y evitar empresas que participen en áreas de actividad específicas que la Gestora de inversiones considere perjudiciales desde una perspectiva ambiental y / o social. Todas las empresas en las que se invierte siguen unas buenas prácticas de gobierno, tal como se establece en los principios del Pacto Mundial de las Naciones Unidas. Quedan excluidas las empresas que incumplen los principios del Pacto Mundial de las Naciones Unidas, que engloban aquellos relacionados con los derechos humanos, el trabajo, el medio ambiente y la lucha contra la corrupción; e
- identificar e invertir en empresas que busquen de manera proactiva una correcta gestión de los factores ambientales y / o sociales, lo que a su vez debería favorecer la obtención de rentabilidades financieras a largo plazo. Entre dichas empresas también figurarán aquellas que contribuyan al desarrollo de soluciones que ayuden a abordar cuestiones ambientales, como, por ejemplo, un uso más eficiente o reducido de los recursos naturales.

Las empresas en las que invierte el Subfondo están sujetas a los elementos vinculantes antes citados en el marco de los criterios ASG y de sostenibilidad de la Gestora de inversiones para alcanzar el objetivo de inversión sostenible del Subfondo.
Los valores de renta variable y relacionados con la renta variable en los que puede invertir el Subfondo son, entre otros, acciones ordinarias y preferentes, resguardos estadounidenses y mundiales de depósito de valores, valores convertibles o canjeables en estas acciones (como acciones preferentes convertibles, pagarés participativos («P-Notes»), incluidas opciones con un precio de ejercicio bajo («OPEP») y warrants con un precio de ejercicio bajo («WPEB»), sociedades anónimas cotizadas de inversión inmobiliaria («SOCIMI») y otros fondos de capital fijo negociados, incluidos fideicomisos de inversión cotizados, warrants (hasta un límite del 10% del Valor de inventario neto del Subfondo, en el caso de los warrants), derechos de compra de acciones y Derivados relacionados con renta variable (que aparecen enumerados más adelante en el apartado «Uso de Derivados»), en lo sucesivo, «Valores de renta variable y relacionados con la renta variable».
El Subfondo podrá invertir hasta un 10% de su Valor de inventario neto en total en organismos de inversión colectiva de tipo abierto («OIC»), incluidos los fondos de capital variable negociados en bolsa («ETF») y los fondos del mercado monetario. Los OIC podrán incluir otro Subfondo o Subfondos de la Sociedad u otros fondos recomendados por la Gestora de inversiones. Toda inversión en OIC de capital fijo que constituyan valores mobiliarios se realizará con arreglo a los criterios y los límites de inversión en valores mobiliarios, tal como se describe bajo el epígrafe «La Sociedad - Límites de inversión y de endeudamiento» del Folleto.
El Subfondo podrá mantener activos disponibles, realizables o prácticamente disponibles en determinadas circunstancias, que incluyen aquellos casos en los que la Gestora de inversiones considere que los mercados están sobrevalorados, aquellos en los que las condiciones del
mercado requieran una estrategia de inversión defensiva, o en las situaciones descritas más adelante en el apartado «Gestión del efectivo y de las garantías».
Con la excepción de la inversión permitida en valores mobiliarios no cotizados e instrumentos del mercado monetario autorizados, las inversiones del Subfondo serán valores cotizados o negociados en Mercados admisibles. En el Apéndice II del Folleto se recoge una lista de los Mercados admisibles.
El Subfondo tiene previsto invertir en todo el mundo; no obstante, en ocasiones, el Subfondo podrá concentrarse en sectores industriales o regiones geográficas concretos, incluido Estados Unidos, en función de donde vea oportunidades de inversión la Gestora de inversiones.
El Subfondo podrá invertir más del 20% de su Valor de inventario neto en mercados emergentes, incluidos Rusia, China e India. El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en valores rusos cotizados o negociados en la Bolsa de Moscú.
Entre los métodos para obtener exposición a valores chinos figuran la compra de acciones chinas de la clase H cotizadas o negociadas en la Bolsa Hong Kong, acciones chinas de la clase B cotizadas o negociadas en la Bolsa de Shanghái o la Bolsa de Shenzhen, o acciones chinas de la clase A a través del canal Stock Connect. El Subfondo podrá invertir hasta el 20% de su Valor de inventario neto en acciones chinas de la clase A a través del canal Stock Connect. En el Apéndice V de este Folleto se incluyen más detalles sobre el canal Stock Connect.
Si bien la moneda de cuenta del Subfondo es el USD, puede invertir en activos no denominados en USD. Dichos activos no estarán necesariamente cubiertos frente al USD. Además, el Subfondo podrá adoptar posiciones en divisas activas en monedas distintas del USD, con el fin de expresar la opinión de la Gestora de inversiones sobre divisas para ayudar al Subfondo a incrementar su capital. A tales efectos, podrá recurrirse a Derivados como contratos a plazo sobre divisas, futuros sobre divisas u opciones de futuros sobre divisas. Por lo tanto, si bien las posiciones en divisas activas no formarán parte central de la estrategia de inversión del Subfondo, la
rentabilidad de este podría verse fuertemente influida por las oscilaciones de los tipos de cambio, por cuanto las posiciones en divisas del Subfondo podrían no corresponderse con las posiciones en valores que mantenga en cartera.

##### Gestión de tesorería y de las garantías
El Subfondo tendrá efectivo y activos realizables o prácticamente disponibles en ciertas circunstancias como atender los reembolsos, facilitar los pagos, tener efectivo en depósito a la espera de la reinversión y para proporcionar liquidez, así como respaldar la exposición a Derivados.
Los activos prácticamente disponibles pueden incluir instrumentos del mercado monetario, como letras del Tesoro de EE. UU. y otros bonos del Estado y depósitos bancarios. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
MSCI AC World NR Index (el «Índice de referencia»).
El Índice de referencia es un indicador exhaustivo del comportamiento del mercado de renta variable global, que captura una muestra de empresas de capitalización bursátil alta y media de mercados desarrollados y de países emergentes. Formado por casi 3.000 componentes, comprende aproximadamente el 85% del conjunto de oportunidades de renta variable mundial disponible para la inversión (a fecha de agosto de 2021). El Índice de referencia aplica un enfoque integral y coherente a su elaboración, lo que permite obtener perspectivas globales significativas y comparaciones interregionales en todos los segmentos y combinaciones de tamaño de capitalización bursátil, sector y estilo. Esta metodología pretende dar una cobertura exhaustiva de la oportunidad de inversión, con especial atención a la liquidez, la potencial rentabilidad y la capacidad de seguir el índice. El Índice de referencia se revisa trimestralmente para reflejar los cambios producidos en los mercados de renta variable subyacentes, a la vez que se limita la rotación indebida del índice.
Se puede obtener más información acerca del Índice de Referencia en www.msci.com/acwi.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del Índice de referencia, la selección de las inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.
El Índice de Referencia de este Subfondo es un índice de referencia de mercado amplio que no tiene en cuenta factores ASG. El Índice de Referencia no se utiliza para determinar si las inversiones son Inversiones Sostenibles con arreglo al SFDR ni para evaluar la manera en que el Subfondo alcanzará sus objetivos ambientales. En su lugar, la Gestora de inversiones tratará de evaluar en qué medida las empresas en las que invierte el Subfondo tienen un impacto demostrable en el alivio de las presiones ambientales o la provisión de soluciones vinculadas con el uso de los recursos naturales, a fin de determinar si se han cumplido los objetivos ambientales del Subfondo, incluidos, en su caso, los ODS de las Naciones Unidas.

##### Estrategia de inversión
El Subfondo es una cartera de inversión global temática sin límites en cuanto al ámbito geográfico. Aplica un enfoque de inversión basado en las mejores ideas que da lugar a una cartera de gran convicción que, en ocasiones, podría estar concentrada. La Gestora de inversiones tiene la convicción de que ninguna sociedad, mercado o economía pueden considerarse de manera aislada; todos ellos deben entenderse en un contexto global. La Gestora de inversiones cree que los acontecimientos que se suceden alrededor del mundo influyen en todos los mercados financieros, y que, por lo tanto, el éxito de las inversiones en valores con una diversificación internacional depende de un conocimiento en profundidad del mundo en su conjunto.
El proceso de inversión en empresas de la Gestora de inversiones estudia en su conjunto los temas de inversión, el análisis fundamental y la valoración de valores. En cuanto a los temas, se trata de identificar las principales áreas de cambios estructurales del mundo.
Los cambios estructurales abarcan numerosos cambios, como ambientales, económicos, tecnológicos y demográficos, que proporcionan un contexto al análisis de inversiones y la toma de decisiones, lo que ayuda a la Gestora de inversiones a determinar las áreas con oportunidades potenciales y los riesgos, tanto en la clase de activos como en lo concerniente a los valores. El análisis fundamental y el estudio de las valoraciones de los valores realizados por la Gestora de inversiones ayudan posteriormente a establecer las áreas con posibles inversiones para el Subfondo. El cambio ambiental constituye un ámbito importante de cambio estructural para el Subfondo.
La valoración de los valores incluye un análisis detallado basado en una amplia serie de indicadores y estudios financieros. Lo que incluye tener en cuenta los riesgos, oportunidades y cuestiones relacionados con los factores ASG. A la hora de invertir en valores, el gestor de la cartera tendrá en cuenta el impacto de dichas inversiones en la constitución general del Subfondo: las exposiciones a las clases de activos, el tamaño de la posición de cada valor y las características del riesgo de la inversión de los propios valores. No hay limitaciones en cuanto al tamaño (capitalización bursátil) de las empresas en las que puede invertir el Subfondo.
A la hora de identificar oportunidades y de seleccionar inversiones para el Subfondo, la Gestora de inversiones aplicará determinados criterios relacionados con «La Tierra Importa», uno de los temas que ha definido. La temática «cuestiones del planeta» pretende encontrar empresas que contribuyan de manera activa a lograr un cambio radical hacia un modelo operativo que ayude a proteger el medio ambiente y los recursos naturales del planeta. La Gestora de inversiones considera que el aumento de la actividad económica ha generado importantes tensiones sobre el medio ambiente y los recursos naturales de la Tierra, y aborda cuestiones que tienen que ver con cambios estructurales relacionados con el medio ambiente.
A la hora de determinar si una empresa cumple los criterios ASG y de sostenibilidad de la Gestora de inversiones y constituye una Inversión Sostenible con arreglo al SFDR (incluida la aplicación de buenas prácticas de gobierno), la Gestora de inversiones examina si dicha empresa: (i) sigue prácticas empresariales sostenibles en un sentido económico (por ejemplo, si la estrategia, las operaciones y la situación financiera de la empresa son estables y duraderas); (ii) toma medidas adecuadas para gestionar las repercusiones materiales o el impacto de sus políticas y operaciones en relación con cuestiones ASG (por ejemplo, la huella ambiental, las normas laborales y la estructura directiva de la empresa), y (iii) contribuye, a través de sus operaciones empresariales actuales, y (en su caso) tiene planes creíbles para seguir contribuyendo a largo plazo, a aliviar las presiones ambientales o proveer de soluciones vinculadas con el uso de recursos naturales, lo que puede incluir promover uno o varios Objetivos de Desarrollo Sostenible de las Naciones Unidas de una forma demostrable.
Entre dichas empresas también pueden figurar aquellas cuyas actividades de negocio se consideren en transición, de manera que tengan un impacto positivo en el medio ambiente y / o la sociedad. La participación en actividades potencialmente perjudiciales desde una perspectiva ambiental o social puede producirse con ciertas empresas cuyas actividades u operaciones, por lo general, debido a una mezcla de negocios heredados, hayan generado históricamente malos resultados ambientales o sociales, pero que ahora inviertan y se adapten positivamente a las necesidades futuras. Por ejemplo, puede tratarse de empresas de generación de energía que construyan instalaciones para aprovechar recursos renovables a fin de impulsar una economía de bajas emisiones de carbono y que se han comprometido
a desmantelar centrales de carbón. Para evitar dudas, dichas inversiones serán Inversiones Sostenibles con arreglo al SFDR en el momento de su adquisición.
De manera similar, en determinados casos, el Subfondo podrá invertir en una empresa cuya información ASG vigente, así como los datos proporcionados por proveedores de calificación ASG externos sobre dicha empresa, no reflejen plenamente las iniciativas ambientales o sociales positivas de esta, a juicio de la Gestora de inversiones.
La Gestora de inversiones espera que, mediante el uso de estos criterios, al menos el 20% de los componentes del Índice de referencia queden excluidos del universo de inversión del Subfondo.
Asimismo, al menos el 90% del Valor de inventario neto del Subfondo (una vez deducida su exposición a efectivo y activos líquidos asimilables a tesorería, fondos del mercado monetario y Derivados relacionados con divisas («Activos no ASG»)) debe cumplir dichos criterios en el momento de la compra y de forma continua. Para evitar dudas, el cumplimiento de dichos criterios no es obligatorio para los Activos no ASG. No se realizará ninguna inversión en un valor cuando se considere que presenta problemas ambientales, sociales y de gobernanza importantes que no puedan solucionarse.
A la hora de determinar si una empresa cumple los criterios ASG y de sostenibilidad de la Gestora de inversiones, esta emplea una combinación de datos, estudios y calificaciones, externos e internos, tanto de carácter cuantitativo como cualitativo.
La Gestora de inversiones depende de la información y los datos proporcionados por terceros (que pueden incluir proveedores de estudios, informes, evaluaciones, calificaciones y / o análisis, como proveedores de índices y consultores). Dicha información o datos pueden ser incompletos, inexactos o incoherentes.
Las inversiones del Subfondo deben seguir cumpliendo los criterios ASG y de sostenibilidad de la Gestora de inversiones de forma continua tras la compra inicial, y la Gestora de inversiones evaluará el nivel de riesgo de sostenibilidad al que puede estar sujeta una empresa de la misma manera que se evaluaría antes de la compra inicial.
El Subfondo invertirá principalmente en Valores de renta variable y relacionados con la renta variable, aunque también podrá invertir en efectivo y activos líquidos asimilables a tesorería con fines de cobertura o de liquidez cuando la Gestora de inversiones lo considere oportuno. Si bien el Subfondo tiene la posibilidad de recurrir a Derivados, estos no constituyen una parte fundamental de la estrategia de inversión. Los Derivados
se utilizarán probablemente de manera puntual, en caso de que la Gestora de inversiones considere que son una forma más adecuada de lograr el objetivo de inversión del Subfondo que las inversiones directas. El uso de Derivados con fines de inversión solo estará permitido en la medida en que ello facilite a la Gestora de inversiones alcanzar el objetivo ambiental del Subfondo.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
El Subfondo integra el riesgo de sostenibilidad en sus decisiones de inversión y tiene por objetivo las inversiones sostenibles a los efectos del artículo 9 del SFDR.
La consideración del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones tiene acceso a una serie de puntos de datos relacionados con los factores ASG proporcionados por proveedores de datos externos que ayudan a identificar posibles problemas relacionados con los factores ASG a los que puede enfrentarse un emisor. Esto incluye, entre otros aspectos, la exposición a actividades que puedan considerarse perjudiciales para el ambiente o la sociedad. Estos datos, junto con los datos procedentes de los recursos propios de investigación sobre inversión responsable de la Gestora de inversiones, constituyen una parte fundamental de la consideración y evaluación del nivel de riesgo asociado a la sostenibilidad al que puede estar sujeta una inversión. Esta evaluación está integrada en el proceso de investigación del nivel de seguridad, que se basa en el análisis fundamental de las oportunidades de inversión individuales a través de una serie de factores diversos, entre los que se incluyen:
- Características económicas o financieras fundamentales
- Valoración
- Perfil de riesgo/beneficio
- Las características ASG del emisor, lo que incluye comprender cómo pueden afectar dichas consideraciones a la rentabilidad económica.

La Gestora de inversiones tendrá en cuenta la información recopilada del análisis fundamental llevado a cabo será a la hora de decidir si adquirir o no una posición en un emisor, o de seguir manteniéndola.
En caso de que el riesgo asociado a la sostenibilidad para una inversión concreta aumente más allá de un nivel con el que la Gestora de inversiones se sienta cómoda, teniendo en cuenta el objetivo y la estrategia de inversión del Subfondo, la Gestora de inversiones considerará la posibilidad de vender o reducir la exposición del Fondo a la inversión correspondiente, teniendo en cuenta los intereses de los Accionistas del Fondo.
Como se ha explicado anteriormente, la evaluación y la gestión de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir
el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Aunque este Subfondo tiene la categoría de fondo del Artículo 9 con arreglo al SFDR y trata de contribuir a objetivos ambientales, en la fecha de emisión del presente Suplemento las inversiones subyacentes del Subfondo no tenían en cuenta los Criterios aplicables a las Actividades económicas medioambientalmente sostenibles de la UE, con independencia de que determinadas inversiones del Subfondo puedan contribuir a los objetivos ambientales de Mitigación del cambio climático y / o Adaptación al cambio climático. Esta situación se revisará de forma activa y podría reexaminarse cuando se disponga de más datos suficientes, fiables, oportunos y verificables sobre las inversiones del Subfondo.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.

#### Uso de Derivados
| Futuros | Futuros sobre divisas Futuros de índices de renta variable Futuros sobre renta variable Futuros de índices |
| --- | --- |
| Opciones | Opciones sobre acciones (denominación única, índice, sector, cesta personalizada) OPEB y WPEB Opciones sobre índices Opciones sobre futuros de renta variable Opciones sobre divisas Opciones de futuros sobre divisas |

El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| --- | --- |
| Valores con Derivados/apa- lancamiento in- tegrados | Warrants Pagarés negociados en bolsa («ETN») Derechos de compra de acciones |
|  | Acciones preferentes convertibles |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

##### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de renta variable para proporcionar exposición a mercados regionales y globales de renta variable de una manera más rentable o eficiente que mediante la compra de los valores físicos. | ASX 200 Index Dax 30 Index Euro Stoxx 50 Index FTSE 100 Index FTSE All Share Index FTSE World Index |
|  | Hang Seng Index |
|  | KOSPI Index |
|  | MSCI AC World NR Index |
|  | MSCI Emerging Markets Index |
|  | Nasdaq Composite Index |
|  | Nikkei 225 Index |
|  | Russell 2000 Index S&P/TSX Composite Index S&P 500 Index Stoxx Europe 600 Index |

Normalmente, todos los índices financieros se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá utilizar también contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de préstamo de valores
Este Subfondo no realizará operaciones de préstamos de valores y, por lo tanto, puede renunciar a rentabilidades adicionales que se podrían producir a través de estas actividades.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto.

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 30 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases de Acciones no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF,
10 DKK, 10 SEK, 10 NOK o 1 SGD, en función de la
moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estas comisiones y gastos han sido estimados en un importe no superior a 35.000 EUR y serán sufragados por el Subfondo en el ejercicio en el que se incurran y se amortizarán en un periodo de hasta 3 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Future Food Fund

### SUPLEMENTO 57 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Newton Investment Management Limited

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Newton Investment Management North America LLC (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD A (Acum.) | USD | 5.000 | 5% | 1,85% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,85% | 0% |
| Euro A (Acum.) | EUR | 5.000 | 5% | 1,85% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 1,85% | 0% |
| CHF A (Acum.) | CHF | 5.000 | 5% | 1,85% | 0% |
| CHF A (Reparto) | CHF | 5.000 | 5% | 1,85% | 0% |
| Euro H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,85% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,85% | 0% |
| DKK H (Acum.) (con cobertura) | DKK | 50.000 | 5% | 1,85% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 1,85% | 0% |
| NOK H (Acum.) (con cobertura) | NOK | 50.000 | 5% | 1,85% | 0% |

| Acciones «B» y Acciones «J (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD B (Acum.) | USD | 10.000 | 5% | 1,40% | 0% |
| USD B (Reparto) | USD | 10.000 | 5% | 1,40% | 0% |
| SGD J (Acum.) (con cobertura) | SGD | 10.000 | 5% | 1,40% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,90% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,90% | 0% |
| Euro C (Acum.) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,90% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,70% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,70% | 0% |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,70% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,70% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,70% | 0% |
| CHF W (Reparto) | CHF | 15.000.000 | 5% | 0,70% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,70% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,70% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,70% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,70% | 0% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,70% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,40% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Euro E (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Euro E (Reparto) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| CHF E (Acum.) | CHF | Tal y como se ha acordado | 5% | 0,40% | 0% |
| CHF E (Reparto) | CHF | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Euro E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Euro E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,40% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo pretende conseguir un incremento a largo plazo del capital, principalmente adquiriendo exposición a empresas situadas en todo el mundo que estén en situación de aprovechar las oportunidades de inversión relacionadas con la demanda de nuevos alimentos y de innovaciones tecnológicas agrícolas en toda la cadena alimentaria global.

##### Política de inversión
El Subfondo invierte principalmente (es decir, al menos el 75% de su Valor de inventario neto) en valores de renta variable y relacionados con la renta variable, como acciones ordinarias y preferentes, resguardos estadounidenses y mundiales de depósito de valores, valores convertibles o canjeables en estas acciones (como acciones preferentes convertibles, pagarés participativos («P-Notes»), incluidas opciones con un precio de ejercicio bajo («OPEP») y warrants con un precio de ejercicio bajo («WPEB»)), sociedades anónimas
cotizadas de inversión inmobiliaria («SOCIMI») y otros fondos de capital fijo negociados, incluidos fideicomisos de inversión cotizados, warrants (hasta un límite del 10% del Valor de inventario neto del Subfondo, en el caso de los warrants), derechos de compra de acciones e Derivados relacionados con renta variable (que aparecen enumerados más adelante en el apartado «Uso de Derivados»), en adelante, «Valores de renta variable y relacionados con la renta variable».
El Subfondo podrá invertir además hasta el 25% de su Valor de inventario neto en valores de deuda pública de tipo fijo y variable, bonos con cupón cero, pagarés negociados en bolsa («ETN») e Derivados relacionados con dichos pagarés (que aparecen enumerados más adelante en el apartado «Uso de Derivados»), en adelante, «Valores de deuda y relacionados con la deuda».
Los Valores de deuda y relacionados con la deuda tendrán calificación de grado de inversión (es decir, serán instrumentos con una calificación BBB- o superior (o equivalente) según la calificación de una Agencia de calificación crediticia reconocida en el momento de la adquisición. En caso de calificación dividida, se tendrá en
cuenta la calificación más alta. Si un instrumento carece de calificación, deberá ser de calidad equivalente a la citada de acuerdo con la Gestora de inversiones.
El Subfondo podrá invertir hasta un 10% de su Valor de inventario neto en total en organismos de inversión colectiva de tipo abierto («OIC»), incluidos los fondos de capital variable negociados en bolsa («ETF») y los fondos del mercado monetario. Los OIC podrán incluir otro Subfondo o Subfondos de la Sociedad u otros fondos recomendados por la Gestora de inversiones. Toda inversión en OIC de capital fijo que constituyan valores mobiliarios se realizará con arreglo a los criterios y los límites de inversión en valores mobiliarios, tal como se describe bajo el epígrafe «La Sociedad - Límites de inversión y de endeudamiento» del Folleto.
El Subfondo podrá mantener activos disponibles, realizables o prácticamente disponibles en determinadas circunstancias, que incluyen aquellos casos en los que la Gestora de inversiones considere que los mercados están sobrevalorados, aquellos en los que las condiciones del mercado requieran una estrategia de inversión defensiva, o en las situaciones descritas más adelante en el apartado «Gestión del efectivo y de las garantías»
Con la excepción de la inversión permitida en valores mobiliarios no cotizados e instrumentos del mercado monetario autorizados, las inversiones del Subfondo serán valores cotizados o negociados en Mercados admisibles. En el Apéndice II del Folleto se recoge una lista de los Mercados admisibles.
El Subfondo tiene previsto invertir en todo el mundo; no obstante, en ocasiones, el Subfondo podrá concentrarse en sectores industriales o regiones geográficas concretos, incluido Estados Unidos, en función de donde vea una oportunidad de inversión la Gestora de inversiones.
El Subfondo podrá invertir más del 20% de su Valor de inventario neto en mercados emergentes, incluidos Rusia, China e India. El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en valores rusos cotizados o negociados en la Bolsa de Moscú.
El Subfondo podrá tener igualmente acceso a acciones chinas de la clase A cotizadas en la Bolsa de Valores de Shanghái e invertir en ellas a través del canal Shanghai- Hong Kong Stock Connect (como se describe detalladamente en el Apéndice V «Stock Connect» del Folleto). La exposición a acciones chinas de la clase A a través del canal Shanghai-Hong Kong Stock Connect no será superior al 10% del Valor de inventario neto del Subfondo.
Si bien la moneda de cuenta del Subfondo es el USD, puede invertir en activos no denominados en USD. Dichos activos no estarán necesariamente cubiertos frente al USD. Además, el Subfondo podrá adoptar posiciones en divisas activas en monedas distintas del USD, con el fin de expresar la opinión de la Gestora de inversiones sobre divisas para ayudar al Subfondo a incrementar su capital. A tales efectos, podrá recurrirse a Derivados como contratos a plazo sobre divisas, futuros sobre divisas u opciones de futuros sobre divisas. Por lo tanto, si bien las posiciones en divisas activas no formarán parte central de la estrategia de inversión del Subfondo, la
rentabilidad de este podría verse fuertemente influida por las oscilaciones de los tipos de cambio, por cuanto las posiciones en divisas del Subfondo podrían no
corresponderse con las posiciones en valores que mantenga en cartera y no todos los activos podrían estar cubiertos respecto a la moneda de cuenta.

##### Gestión de tesorería y de las garantías
El Subfondo tendrá efectivo y activos realizables o prácticamente disponibles en ciertas circunstancias como atender los reembolsos, facilitar los pagos, tener efectivo en depósito a la espera de la reinversión y para proporcionar liquidez, así como respaldar la exposición a Derivados.
Los activos prácticamente disponibles pueden incluir instrumentos del mercado monetario, como letras del Tesoro de EE. UU. y otros bonos del Estado y depósitos bancarios. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
MSCI AC World NR Index (el «Índice de referencia»).
El Índice de referencia es un indicador exhaustivo del comportamiento del mercado de renta variable global, que captura una muestra de empresas de capitalización bursátil alta y media de mercados desarrollados y de países emergentes. Formado por más de 2000 componentes, cubre aproximadamente el 85% del conjunto de oportunidades de renta variable mundial disponible para la inversión. El Índice de referencia aplica un enfoque integral y coherente a su elaboración, lo que permite obtener perspectivas globales significativas y comparaciones interregionales en todos los segmentos y combinaciones de tamaño de capitalización bursátil, sector y estilo. Esta metodología pretende dar una cobertura exhaustiva de la oportunidad de inversión, con especial atención a la liquidez, la potencial rentabilidad y la capacidad de seguir el índice. El Índice de referencia se revisa trimestralmente para reflejar los cambios producidos en los mercados de renta variable subyacentes, a la vez que se limita la rotación indebida del índice.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del Índice de referencia, la selección de las inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
El proceso de inversión en empresas de la Gestora de inversiones estudia en su conjunto los temas de inversión, el análisis fundamental y la valoración de valores. En cuanto a los temas, se trata de identificar las principales áreas de cambios estructurales del mundo.
Los cambios estructurales abarcan numerosos cambios, como ambientales, económicos, tecnológicos y demográficos, que proporcionan un contexto al análisis
de inversiones y la toma de decisiones, lo que ayuda a la Gestora de inversiones a determinar las áreas con oportunidades potenciales y los riesgos, tanto en la clase de activos como en lo concerniente a los valores. En el caso de este Subfondo, algunos ámbitos importantes en cuanto a cambios estructurales se refiere son los cambios tecnológicos y los cambios demográficos globales. El análisis fundamental y el estudio de las valoraciones de los valores realizados por la Gestora de inversiones ayudan posteriormente a establecer una lista de posibles inversiones para el Subfondo. La valoración de los valores incluye un análisis detallado basado en una amplia serie de indicadores y estudios financieros.
Lo que incluye tener en cuenta los riesgos, oportunidades y cuestiones relacionados con los factores ambientales, sociales y de gobernanza («ASG»). Por ejemplo, una sociedad con un mal historial de gobierno o que dispense un trato inadecuado a sus empleados podría presentar un riesgo de litigios adicional. Y ello podría influir considerablemente en la credibilidad y el precio de la acción de la empresa, por lo que se la podría excluir de
la cartera por dichos motivos, si la Gestora de inversiones lo considerase oportuno. No hay, sin embargo, restricciones ASG específicas aplicables a las decisiones que tome la Gestora de inversiones, lo que coincide con el objetivo de inversión del Subfondo. A la hora de invertir en valores, el gestor de la cartera tendrá en cuenta el impacto de dichas inversiones en la constitución general del Subfondo: las exposiciones a las clases de activos, el tamaño de la posición de cada valor y las características del riesgo de la inversión de los propios valores.
La estrategia de inversión de este Subfondo sigue un enfoque de inversión basado en las mejores ideas, que da lugar a una cartera de gran convicción que puede, en ocasiones, estar concentrada. Pretende proporcionar a los inversores rentabilidades positivas adquiriendo exposición a empresas situadas en todo el mundo que estén en situación de aprovechar las oportunidades de inversión relacionadas con la demanda de nuevos alimentos y de innovaciones tecnológicas agrícolas en toda la cadena alimentaria global.
La Gestora de inversiones tiene en cuenta diversas temáticas de inversión subyacentes, como el aumento de la población, cambios en las demandas de los consumidores o amenazas bien conocidas para nuestro entorno natural que, según la opinión de la Gestora de inversiones, impulsarán en los años venideros una demanda sin precedentes de nuevos alimentos e innovaciones tecnológicas agrícolas en toda la cadena alimentaria global. El Subfondo pretende aprovechar las oportunidades a largo plazo que ofrecen las industrias alimentaria y agrícola. La Gestora de inversiones tiene la intención de buscar empresas cotizadas en bolsa que estén a la vanguardia de la innovación agrícola y alimentaria global, los servicios y los problemas tecnológicos, en pro de la mejora de los sistemas agrícolas y alimentarios. Las empresas candidatas podrían ser empresas de producción de ingredientes con sólidos presupuestos dedicados a la investigación y el desarrollo, que permitan a los productores de alimentos crear productos alimenticios inteligentes o alternativos que satisfagan la creciente demanda de los consumidores, o empresas que reduzcan la huella de carbono mediante la producción de alternativas vegetales a la carne. Las empresas que tendrían las de perder podrían ser aquellas dedicadas a la distribución alimentaria cuyos modelos de explotación están a punto
de quedarse anticuados y de ser incapaces de responder al aumento de demandas logísticas, como mantener los alimentos frescos, o los cada vez más diversos requisitos de la distribución internacional.
El Subfondo invertirá principalmente en Valores de renta variable y relacionados con la renta variable, aunque también podrá invertir en Valores de deuda y relacionados con la deuda, por lo general, como alternativa al mantenimiento de efectivo, siempre que la Gestora de inversiones lo considere oportuno. Si bien el Subfondo tiene la posibilidad de recurrir a Derivados, lo que incluye la adopción tanto de posiciones largas como de posiciones cortas sintéticas, los Derivados no son parte central de la estrategia de inversión. Los Derivados se utilizarán probablemente de manera puntual, en caso de que la Gestora de inversiones considere que son una forma más adecuada de lograr el objetivo de inversión. Un ejemplo de posición corta sintética sería la compra de una opción de venta o la suscripción de un contrato de futuros a corto plazo centrado en un único valor o índice sectorial de renta variable que haya sido identificado como empresa/sector con pérdidas en el contexto del objetivo y la estrategia de inversión del Subfondo. Un ejemplo de la estrategia a largo plazo sería la adquisición de una opción de compra o la suscripción de un contrato de futuros a largo plazo centrado en un valor o índice sectorial de renta variable identificado como empresa/ sector con ganancias.
El Subfondo no tiene restricciones en lo que respecta a la capitalización bursátil (el valor total de todas las acciones de una empresa) y, por lo tanto, podrá tener mayor exposición a empresas de pequeña capitalización que el Índice de referencia. Además, el Subfondo está considerablemente más concentrado que el Índice de referencia, ya que tiene exposición a muchas menos empresas.
El Subfondo es una cartera de inversión global temática sin límites en cuanto al ámbito geográfico. La Gestora de inversiones tiene la convicción de que ninguna sociedad, mercado o economía pueden considerarse de manera aislada; todos ellos deben entenderse en un contexto global. La Gestora de inversiones cree que los acontecimientos que se suceden alrededor del mundo influyen en todos los mercados financieros, y que, por lo tanto, el éxito de las inversiones en valores con una diversificación internacional depende de un conocimiento en profundidad del mundo en su conjunto.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La consideración del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones tiene acceso a una serie de puntos de datos relacionados con los factores ASG proporcionados por datos de terceros que ayudan a identificar posibles problemas relacionados con los factores ASG a los que puede enfrentarse un emisor. Esto incluye, entre otros aspectos, la exposición a actividades que puedan considerarse perjudiciales para el ambiente o la sociedad. Estos datos, junto con los datos procedentes
de los recursos propios de investigación sobre inversión responsable de la Gestora de inversiones, constituyen una parte fundamental de la consideración y evaluación del nivel de riesgo asociado a la sostenibilidad al que puede estar sujeta una inversión.
Esta evaluación está integrada en el proceso de investigación del nivel de seguridad, que se basa en el análisis fundamental de las oportunidades de inversión individuales a través de una serie de factores diversos, entre los que se incluyen:
- Características económicas o financieras fundamentales
- Valoración
- Perfil de riesgo/beneficio
- Las características ASG del emisor, lo que incluye comprender cómo pueden afectar dichas consideraciones a la rentabilidad económica.

La Gestora de inversiones tendrá en cuenta la información recopilada del análisis fundamental llevado a cabo será a la hora de decidir si adquirir o no una posición en un emisor, o de seguir manteniéndola.
Como se ha explicado anteriormente, la evaluación y la gestión de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros de divisas Futuros de índices de renta variable Futuros de renta variable Futuros de índices |
| --- | --- |
| Opciones | Opciones sobre acciones (denominación única, índice, sector, cesta personalizada) LEPO y LEPW Opciones sobre índices Opciones sobre futuros de renta variable Opciones sobre divisas Opciones sobre futuros de divisas |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| Valores con Derivados/apa- lancamiento in- tegrados | Warrants Pagarés cotizados (ETN) Derechos de compra de acciones Acciones preferentes convertibles |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de renta variable para | Índice ASX 200 |
| proporcionar exposición a | Índice Dax 30 |
| mercados regionales y globales | Índice Euro Stoxx 50 |
| de renta variable de una | Índice FTSE 100 |
| manera más rentable o | Índice FTSE All Share |
| eficiente que mediante la | Índice FTSE World |
| compra de los valores físicos. | Índice Hang Seng |
|  | Índice KOSPI |
|  | Índice MSCI AC World NR |
|  | Índice MSCI Emerging Markets |
|  | Índice Nasdaq Composite |
|  | Índice Nikkei 225 |
|  | Índice Russell 2000 |
|  | Índice S&P/TSX Composite |
|  | Índice S&P 500 |
|  | Índice Stoxx Europe 600 |

Normalmente, todos los índices financieros se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga neta total (una vez tenida en cuenta la cobertura) a través de Derivados no superará el 100% del Valor de inventario neto del Subfondo y la exposición corta neta total no superará el 100% del Valor de inventario neto del Subfondo (aplicando el enfoque de compromiso).
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases de Acciones no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF,
10 DKK, 10 SEK, 10 NOK o 1 SGD, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estas comisiones y gastos han sido estimados en un importe no superior a 30.000 EUR y serán sufragados por el Subfondo en el ejercicio en el que se incurran y se amortizarán en un periodo de hasta 3 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Future Life Fund

### SUPLEMENTO 58 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Newton Investment Management Limited

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Newton Investment Management North America LLC (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD A (Acum.) | USD | 5.000 | 5% | 1,85% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,85% | 0% |
| Euro A (Acum.) | EUR | 5.000 | 5% | 1,85% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 1,85% | 0% |
| CHF A (Acum.) | CHF | 5.000 | 5% | 1,85% | 0% |
| CHF A (Reparto) | CHF | 5.000 | 5% | 1,85% | 0% |
| Euro H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,85% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,85% | 0% |
| DKK H (Acum.) (con cobertura) | DKK | 50.000 | 5% | 1,85% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 1,85% | 0% |
| NOK H (Acum.) (con cobertura) | NOK | 50.000 | 5% | 1,85% | 0% |

| Acciones «B» y Acciones «J (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD B (Acum.) | USD | 10.000 | 5% | 1,40% | 0% |
| USD B (Reparto) | USD | 10.000 | 5% | 1,40% | 0% |
| SGD J (Acum.) (con cobertura) | SGD | 10.000 | 5% | 1,40% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,90% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,90% | 0% |
| Euro C (Acum.) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 0,90% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,90% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,70% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,70% | 0% |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,70% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,70% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,70% | 0% |
| CHF W (Reparto) | CHF | 15.000.000 | 5% | 0,70% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,70% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,70% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,70% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,70% | 0% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,70% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,40% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Euro E (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Euro E (Reparto) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| CHF E (Acum.) | CHF | Tal y como se ha acordado | 5% | 0,40% | 0% |
| CHF E (Reparto) | CHF | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Euro E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Euro E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,40% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo pretende lograr una revalorización del capital a largo plazo mediante una exposición predominante a empresas ubicadas en todo el mundo que se espera que se beneficien de las oportunidades de inversión asociadas al envejecimiento de la población global y de los cambios que esto impulsará en la demanda de productos y servicios por parte de los consumidores.

##### Política de inversión
El Subfondo invierte principalmente (es decir, al menos el 75% de su Valor de inventario neto) en valores de renta variable y relacionados con la renta variable, como acciones ordinarias y preferentes, resguardos estadounidenses y mundiales de depósito de valores, valores convertibles o canjeables en estas acciones (como acciones preferentes convertibles, pagarés participativos («P-Notes»), incluidas opciones con un precio de ejercicio bajo («OPEP») y warrants con un precio de ejercicio bajo («WPEB»)), sociedades anónimas cotizadas de inversión inmobiliaria («SOCIMI») cotizados y otros fondos de capital fijo negociados, incluidos fideicomisos de inversión cotizados, warrants (hasta un límite del 10% del Valor de inventario neto del Subfondo,
en el caso de los warrants), derechos de compra de acciones e Derivados relacionados con renta variable (que aparecen enumerados más adelante en el apartado
«Uso de Derivados»), en adelante, «Valores de renta variable y asimilados a renta variable».
El Subfondo podrá invertir además hasta el 25% de su Valor de inventario neto en valores de deuda pública de tipo fijo y variable, bonos con cupón cero, pagarés negociados en bolsa («ETN») e Derivados relacionados con dichos pagarés (que aparecen enumerados más adelante en el apartado «Uso de Derivados»), en adelante, «Valores de deuda y relacionados con la deuda».
Los Valores de deuda y relacionados con la deuda tendrán calificación de grado de inversión (es decir, serán instrumentos con una calificación BBB- o superior (o equivalente) según la calificación de una Agencia de calificación crediticia reconocida en el momento de la adquisición. En caso de calificación dividida, se tendrá en cuenta la calificación más alta. Si un instrumento carece de calificación, deberá ser de calidad equivalente a la citada de acuerdo con la Gestora de inversiones.
El Subfondo podrá invertir hasta un 10% de su Valor de inventario neto en total en organismos de inversión colectiva de tipo abierto («OIC»), incluidos los fondos de capital variable negociados en bolsa («ETF») y los fondos del mercado monetario. Los OIC podrán incluir otro
Subfondo o Subfondos de la Sociedad u otros fondos recomendados por la Gestora de inversiones. Toda inversión en OIC de capital fijo que constituyan valores mobiliarios se realizará con arreglo a los criterios y los límites de inversión en valores mobiliarios, tal como se describe bajo el epígrafe «La Sociedad - Límites de inversión y de endeudamiento» del Folleto.
El Subfondo podrá mantener activos disponibles, realizables o prácticamente disponibles en determinadas circunstancias, que incluyen aquellos casos en los que la Gestora de inversiones considere que los mercados están sobrevalorados, aquellos en los que las condiciones del mercado requieran una estrategia de inversión defensiva, o en las situaciones descritas más adelante en el apartado «Gestión del efectivo y de las garantías»
Con la excepción de la inversión permitida en valores mobiliarios no cotizados e instrumentos del mercado monetario autorizados, las inversiones del Subfondo serán valores cotizados o negociados en Mercados admisibles. En el Apéndice II del Folleto se recoge una lista de los Mercados admisibles.
El Subfondo tiene previsto invertir en todo el mundo; no obstante, en ocasiones, el Subfondo podrá concentrarse en sectores industriales o regiones geográficas concretos, incluido Estados Unidos, en función de donde vea una oportunidad de inversión la Gestora de inversiones.
El Subfondo podrá invertir más del 20% de su Valor de inventario neto en mercados emergentes, incluidos Rusia, China e India. El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en valores rusos cotizados o negociados en la Bolsa de Moscú.
El Subfondo podrá tener igualmente acceso a acciones chinas de la clase A cotizadas en la Bolsa de Valores de Shanghái e invertir en ellas a través del canal Shanghai- Hong Kong Stock Connect (como se describe detalladamente en el Apéndice V «Stock Connect» del Folleto). La exposición a acciones chinas de la clase A a través del canal Shanghai-Hong Kong Stock Connect no será superior al 10% del Valor de inventario neto del Subfondo.
Si bien la moneda de cuenta del Subfondo es el USD, puede invertir en activos no denominados en USD. Dichos activos no estarán necesariamente cubiertos frente al USD. Además, el Subfondo podrá adoptar posiciones en divisas activas en monedas distintas del USD, con el fin de expresar la opinión de la Gestora de inversiones sobre divisas para ayudar al Subfondo a incrementar su capital. A tales efectos, podrá recurrirse a Derivados como contratos a plazo sobre divisas, futuros sobre divisas u opciones de futuros sobre divisas. Por lo tanto, si bien las posiciones en divisas activas no formarán parte central de la estrategia de inversión del Subfondo, la
rentabilidad de este podría verse fuertemente influida por las oscilaciones de los tipos de cambio, por cuanto las posiciones en divisas del Subfondo podrían no corresponderse con las posiciones en valores que mantenga en cartera y no todos los activos podrían estar cubiertos respecto a la moneda de cuenta.

##### Gestión de tesorería y de las garantías
El Subfondo tendrá efectivo y activos realizables o prácticamente disponibles en ciertas circunstancias como atender los reembolsos, facilitar los pagos, tener
efectivo en depósito a la espera de la reinversión y para proporcionar liquidez, así como respaldar la exposición a Derivados.
Los activos prácticamente disponibles pueden incluir instrumentos del mercado monetario, como letras del Tesoro de EE. UU. y otros bonos del Estado y depósitos bancarios. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
MSCI AC World NR Index (el «Índice de referencia»).
El Índice de referencia es un indicador exhaustivo del comportamiento del mercado de renta variable global, que captura una muestra de empresas de capitalización bursátil alta y media de mercados desarrollados y de países emergentes. Formado por más de 2000 componentes, cubre aproximadamente el 85% del conjunto de oportunidades de renta variable mundial disponible para la inversión. El Índice de referencia aplica un enfoque integral y coherente a su elaboración, lo que permite obtener perspectivas globales significativas y comparaciones interregionales en todos los segmentos y combinaciones de tamaño de capitalización bursátil, sector y estilo. Esta metodología pretende dar una cobertura exhaustiva de la oportunidad de inversión, con especial atención a la liquidez, la potencial rentabilidad y la capacidad de seguir el índice. El Índice de referencia se revisa trimestralmente para reflejar los cambios producidos en los mercados de renta variable subyacentes, a la vez que se limita la rotación indebida del índice.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del Índice de referencia, la selección de las inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.

##### Estrategia de inversión
El proceso de inversión en empresas de la Gestora de inversiones estudia en su conjunto los temas de inversión, el análisis fundamental y la valoración de valores (por el que nos referimos al proceso de determinación del valor de un título en relación con un índice de mercado). En cuanto a los temas, se trata de identificar las principales áreas de cambios estructurales del mundo. Los cambios estructurales abarcan numerosos cambios, como ambientales, económicos, tecnológicos y demográficos, que proporcionan un contexto al análisis de inversiones y la toma de decisiones, lo que ayuda a la Gestora de inversiones a determinar las áreas con oportunidades potenciales y los riesgos, tanto en la clase de activos como en lo concerniente a los valores. En el caso de este Subfondo, un ámbito importante en cuanto a cambios estructurales hace referencia a los cambios demográficos globales. El
análisis fundamental y el estudio de las valoraciones de los valores realizados por la Gestora de inversiones ayudan posteriormente a establecer una lista de posibles inversiones para el Subfondo. La valoración de los valores incluye un análisis detallado basado en una amplia serie de indicadores y estudios financieros.
Lo que incluye tener en cuenta los riesgos, oportunidades y cuestiones relacionados con los factores ambientales, sociales y de gobernanza («ASG»). Por ejemplo, una sociedad con un mal historial de gobierno o que dispense un trato inadecuado a sus empleados podría presentar un riesgo de litigios adicional. Y ello podría influir considerablemente en la credibilidad y el precio de la acción de la empresa, por lo que se la podría excluir de
la cartera por dichos motivos, si la Gestora de inversiones lo considerase oportuno. No hay, sin embargo, restricciones ASG específicas aplicables a las decisiones que tome la Gestora de inversiones, lo que coincide con el objetivo de inversión del Subfondo. A la hora de invertir en valores, el gestor de la cartera tendrá en cuenta el impacto de dichas inversiones en la constitución general del Subfondo: las exposiciones a las clases de activos, el tamaño de la posición de cada valor y las características del riesgo de la inversión de los propios valores.
La estrategia de inversión de este Subfondo sigue un enfoque de inversión basado en las mejores ideas, que da lugar a una cartera de gran convicción que puede, en ocasiones, estar concentrada. Su objetivo es proporcionar a los accionistas una rentabilidad de su inversión al invertir en empresas de las que se espera que se beneficien de las oportunidades de inversión asociadas al envejecimiento de la población global y de los cambios que esto impulsará en la demanda de los consumidores.
La Gestora de inversiones evaluará las oportunidades presentadas por esta demanda cambiante y explorará los riesgos y oportunidades que esto conlleva para los inversores mediante el uso de su proceso de inversión, tal como se ha descrito anteriormente. La Gestora de inversiones prevé que las empresas ofrecerán soluciones innovadoras en áreas como la sanidad, el ocio, los servicios financieros, la vivienda y los viajes, y cree que las empresas públicas (es decir, cotizadas en bolsa) que operan en estos sectores o están vinculadas a ellos presentarán importantes oportunidades de inversión en los próximos años. Las empresas ganadoras podrían incluir aquellas que desarrollen soluciones sanitarias o de planificación financiera personalizadas o asequibles, o productos de consumo exigidos por poblaciones envejecidas. Algunos ejemplos de estos productos podrían ser las aplicaciones para teléfonos inteligentes y los dispositivos periféricos que llevan a cabo un seguimiento de los datos relativos a la salud de una persona o la administración de medicamentos.
Las empresas perdedoras podrían incluir empresas establecidas que no hayan sido capaces de adaptar sus modelos de negocio para satisfacer las necesidades de una población de mayor edad, como comerciantes tradicionales o empresas de consumo con productos o servicios que no están posicionados para cubrir los perfiles de demanda cambiantes en áreas como la nutrición, el bienestar y el ocio.
El Subfondo invertirá principalmente en Valores de renta variable y relacionados con la renta variable, aunque también podrá invertir en Valores de deuda y relacionados con la deuda, por lo general, como alternativa al mantenimiento de efectivo, siempre que la
Gestora de inversiones lo considere oportuno. Si bien el Subfondo tiene la posibilidad de recurrir a Derivados, lo que incluye la adopción tanto de posiciones largas como de posiciones cortas sintéticas, los Derivados no son parte central de la estrategia de inversión. Los Derivados se utilizarán probablemente de manera puntual, en caso de que la Gestora de inversiones considere que son una forma más adecuada de lograr el objetivo de inversión. Un ejemplo de posición corta sintética sería la compra de una opción de venta o la suscripción de un contrato de futuros a corto plazo centrado en un único valor o índice sectorial de renta variable que haya sido identificado como empresa/sector con pérdidas en el contexto del objetivo y la estrategia de inversión del Subfondo. Un ejemplo de la estrategia a largo plazo sería la adquisición de una opción de compra o la suscripción de un contrato de futuros a largo plazo centrado en un valor o índice sectorial de renta variable identificado como empresa/ sector con ganancias.
El Subfondo no tiene restricciones en lo que respecta a la capitalización bursátil (el valor total de todas las acciones de una empresa) y, por lo tanto, podrá tener mayor exposición a empresas de pequeña capitalización que el Índice de referencia. Además, el Subfondo está considerablemente más concentrado que el Índice de referencia, ya que tiene exposición a muchas menos empresas.
El Subfondo es una cartera de inversión global temática sin límites en cuanto al ámbito geográfico. La Gestora de inversiones tiene la convicción de que ninguna sociedad, mercado o economía pueden considerarse de manera aislada; todos ellos deben entenderse en un contexto global. La Gestora de inversiones cree que los acontecimientos que se suceden alrededor del mundo influyen en todos los mercados financieros, y que, por lo tanto, el éxito de las inversiones en valores con una diversificación internacional depende de un conocimiento en profundidad del mundo en su conjunto.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
La consideración del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones tiene acceso a una serie de puntos de datos relacionados con los factores ASG proporcionados por datos de terceros que ayudan a identificar posibles problemas relacionados con los factores ASG a los que puede enfrentarse un emisor. Esto incluye, entre otros aspectos, la exposición a actividades que puedan considerarse perjudiciales para el ambiente o la sociedad. Estos datos, junto con los datos procedentes de los recursos propios de investigación sobre inversión responsable de la Gestora de inversiones, constituyen una parte fundamental de la consideración y evaluación del nivel de riesgo asociado a la sostenibilidad al que puede estar sujeta una inversión.
Esta evaluación está integrada en el proceso de investigación del nivel de seguridad, que se basa en el análisis fundamental de las oportunidades de inversión individuales a través de una serie de factores diversos, entre los que se incluyen:
- Características económicas o financieras fundamentales
- Valoración
- Perfil de riesgo/beneficio
- Las características ASG del emisor, lo que incluye comprender cómo pueden afectar dichas consideraciones a la rentabilidad económica.

La Gestora de inversiones tendrá en cuenta la información recopilada del análisis fundamental llevado a cabo será a la hora de decidir si adquirir o no una posición en un emisor, o de seguir manteniéndola.
Como se ha explicado anteriormente, la evaluación y la gestión de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros de divisas Futuros de índices de renta variable Futuros de renta variable Futuros de índices |
| --- | --- |
| Opciones | Opciones sobre acciones (denominación única, índice, sector, cesta personalizada) LEPO y LEPW Opciones sobre índices Opciones sobre futuros de renta variable Opciones sobre divisas Opciones sobre futuros de divisas |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| Valores con Derivados/apa- lancamiento in- tegrados | Warrants Pagarés cotizados (ETN) Derechos de compra de acciones Acciones preferentes convertibles |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de renta variable para | Índice ASX 200 |
| proporcionar exposición a | Índice Dax 30 |
| mercados regionales y globales | Índice Euro Stoxx 50 |
| de renta variable de una | Índice FTSE 100 |
| manera más rentable o | Índice FTSE All Share |
| eficiente que mediante la | Índice FTSE World |
| compra de los valores físicos. | Índice Hang Seng |
|  | Índice KOSPI |
|  | Índice MSCI AC World NR |
|  | Índice MSCI Emerging Markets |
|  | Índice Nasdaq Composite |
|  | Índice Nikkei 225 |
|  | Índice Russell 2000 |
|  | Índice S&P/TSX Composite |
|  | Índice S&P 500 |
|  | Índice Stoxx Europe 600 |

Normalmente, todos los índices financieros se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo de inversión. Según lo previsto, la exposición larga neta total (una vez tenida en cuenta la cobertura) a través de Derivados no superará el 100% del Valor de inventario neto del Subfondo y la exposición corta neta total no superará el 100% del Valor de inventario neto del Subfondo (aplicando el enfoque de compromiso).
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe
«Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto.
Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 3 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases de Acciones no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 GBP, 1 EUR, 1 CHF,
10 DKK, 10 SEK, 10 NOK o 1 SGD, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estas comisiones y gastos han sido estimadas en un importe no superior a 30.000 EUR y serán sufragadas por el Subfondo y se amortizarán en un periodo de hasta 3 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Smart Cures Innovation Fund

### SUPLEMENTO 59 DE 31 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado«Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.

Además de los Subfondos indicados en el Folleto, se han añadido el siguiente Subfondo en la fecha de emisión del presente Suplemento:
- BNY Mellon Sustainable Global Emerging Markets Fund (consulte el suplemento 62 para obtener más información).


#### La Gestora de inversiones
Newton Investment Management North America LLC

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Newton Investment Management Limited (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD A (Acum.) | USD | 5.000 | 5% | 1,85% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,85% | 0% |
| CHF A (Acum.) | CHF | 5.000 | 5% | 1,85% | 0% |
| Euro H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,85% | 0% |

| Acciones «B» y Acciones «J (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD B (Acum.) | USD | 10.000 | 5% | 1,40% | 0% |
| USD B (Reparto) | USD | 10.000 | 5% | 1,40% | 0% |
| SGD B (Acum.) | SGD | 10.000 | 5% | 1,40% | 0% |
| HKD B (Acum.) | HKD | 100.000 | 5% | 1,40% | 0% |
| SGD J (Acum.) (con cobertura) | SGD | 10.000 | 5% | 1,40% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,90% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,90% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 0,90% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,70% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,70% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,70% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,70% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,40% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Euro E (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Sterling E (Acum.) | GBP | Tal y como se ha acordado | 5% | 0,40% | 0% |
| CHF E (Acum.) | CHF | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Euro E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,40% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,40% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo pretende conseguir una revalorización del capital a largo plazo y tiene un objetivo de inversión sostenible.
Concretamente, el Subfondo pretende contribuir a un objetivo social mediante la inversión en valores de empresas de todo el mundo que contribuyen a mejorar la idoneidad y la eficiencia de los sistemas de salud mediante la innovación en biotecnología y atención sanitaria.

##### Política de inversión
El Subfondo invierte al menos un 80% de su Valor de inventario neto en una cartera de valores de renta variable y relacionados con la renta variable de empresas que contribuyen a objetivos sociales mejorando la idoneidad y la eficiencia de los sistemas de salud mediante la innovación en biotecnología y atención sanitaria («Empresas de innovación médica y sanitaria»), que son Inversiones Sostenibles con arreglo alSFDR (según se define a continuación) y cumplen los criterios vinculantes en materia ambiental, social y de gobernanza (ASG) y de sostenibilidad de la Gestora de inversiones.
Las Empresas de innovación médica y sanitaria desarrollan tratamientos médicos para enfermedades, o desempeñan un papel de apoyo, centrándose en los fundamentos genéticos que impulsan esas enfermedades.
Todas las inversiones del Subfondo, salvo las destinadas a fines concretos, como la cobertura y la liquidez, cumplirán la definición de Inversiones sostenibles con arreglo al SFDR.
Por Inversiones sostenibles con arreglo al SFDR se entiende aquellas inversiones que contribuyen a un objetivo medioambiental o a uno social, siempre y cuando dichas inversiones no perjudiquen ninguno de estos objetivos y que las empresas participadas apliquen buenas prácticas de gobierno.
Las inversiones deben cumplir los criterios vinculantes en materia ambiental, social y de gobernanza («ASG») y de sostenibilidad de la Gestora de inversiones. Además de contribuir a objetivos sociales identificando e invirtiendo en empresas que se espera tengan un impacto demostrable en la mejora de la idoneidad y la eficiencia de los sistemas de salud, la Gestora de inversiones también tratará de:
- identificar y evitar empresas que participen en áreas de actividad específicas que la Gestora de inversiones considere perjudiciales desde una perspectiva ambiental y / o social. Todas las empresas en las que se invierte siguen unas buenas prácticas de gobierno, tal como se establece en los principios del Pacto Mundial de las Naciones Unidas. Quedan excluidas las empresas que incumplen los principios del Pacto Mundial de las Naciones Unidas, que engloban aquellos relacionados con los derechos humanos, el trabajo, el medio ambiente y la lucha contra la corrupción; e
- identificar e invertir en empresas que busquen de manera proactiva una correcta gestión de los factores ambientales y / o sociales, lo que a su vezdebería favorecer la obtención de rentabilidades financieras a largo plazo. Entre dichas empresas también figurarán aquellas que contribuyan al desarrollo de soluciones que ayuden a abordar cuestiones ambientales y / o sociales, como, por ejemplo, un uso más eficiente o reducido de los recursos naturales o el acceso a la atención sanitaria.

Las empresas en las que invierte el Subfondo están sujetas a los elementos vinculantes antes citados en el marco de los criterios ASG y de sostenibilidad de la Gestora de inversiones para alcanzar el objetivo de inversión sostenible del Subfondo.
Los valores de renta variable y relacionados con la renta variable en los que puede invertir el Subfondo son, entre otros, acciones ordinarias y preferentes, resguardos estadounidenses y mundiales de depósito de valores, valores convertibles o canjeables en estas acciones (como acciones preferentes convertibles, pagarés participativos («P-Notes»), incluidas opciones con un precio de ejercicio bajo («OPEP») y warrants con un precio de ejercicio bajo («WPEB»), sociedades anónimas cotizadas de inversión inmobiliaria («SOCIMI») y otros fondos de capital fijo negociados, incluidos fideicomisos de inversión cotizados, warrants (hasta un límite del 10% del Valor de inventario neto del Subfondo, en el caso de los warrants), derechos de compra de acciones y Derivados relacionados con renta variable, en adelante,
«Valores de renta variable y relacionados con la renta
variable».
El Subfondo podrá invertir hasta un 10% de su Valor de inventario neto en total en organismos de inversión colectiva de tipo abierto («OIC»), incluidos los fondos de capital variable negociados en bolsa («ETF») y los fondos del mercado monetario. Los OIC podrán incluir otro Subfondo o Subfondos de la Sociedad u otros fondos recomendados por la Gestora de inversiones. Toda inversión en OIC de capital fijo que constituyan valores mobiliarios se realizará con arreglo a los criterios y los límites de inversión en valores mobiliarios, tal como se describe bajo el epígrafe «La Sociedad - Límites de inversión y de endeudamiento» del Folleto.
El Subfondo podrá mantener activos disponibles, realizables o prácticamente disponibles en determinadas circunstancias, que incluyen aquellos casos en los que la Gestora de inversiones considere que los mercados están sobrevalorados, aquellos en los que las condiciones del mercado requieran una estrategia de inversión defensiva, o en las situaciones descritas más adelante en el apartado «Gestión del efectivo y de las garantías».
Con la excepción de la inversión permitida en valores mobiliarios no cotizados e instrumentos del mercado monetario autorizados, las inversiones del Subfondo serán valores cotizados o negociados en Mercados admisibles. En el Apéndice II del Folleto se recoge una lista de los Mercados admisibles.
El Subfondo tiene previsto invertir en todo el mundo; no obstante, en ocasiones, el Subfondo podrá concentrarse en sectores industriales o regiones geográficas concretos, incluido Estados Unidos, en función de donde vea oportunidades de inversión la Gestora de inversiones.
El Subfondo podrá invertir hasta el 20 % de su Valor de inventario neto en mercados emergentes, incluidos, entre otros, China e India.
Entre los métodos para obtener exposición a valores chinos figuran la compra de acciones chinas de la clase H cotizadas o negociadas en la Bolsa de Hong Kong, acciones chinas de la clase B cotizadas o negociadas en la Bolsa de Shanghái o la Bolsa de Shenzhen, o acciones chinas de la clase A a través del canal Stock Connect o de Resguardos de depósito. El Subfondo podrá invertir hasta el 20% de su Valor de inventario neto en acciones chinas de la clase A a través del canal Stock Connect. En el Apéndice V de este Folleto se incluyen más detalles sobre el canal Stock Connect. El Subfondo podrá obtener exposición a India directamente o a través de Resguardos de depósito.
Si bien la moneda de cuenta del Subfondo es el USD, puede invertir en activos no denominados en USD. Dichos activos no estarán necesariamente cubiertos frente al USD. Por consiguiente, la rentabilidad del Subfondo podría verse fuertemente influida por las oscilaciones de los tipos de cambio.

##### Gestión de tesorería y de las garantías
El Subfondo tendrá efectivo y activos realizables o prácticamente disponibles en ciertas circunstancias como atender los reembolsos, facilitar los pagos, tener efectivo en depósito a la espera de la reinversión y para proporcionar liquidez, así como respaldar la exposición a Derivados.
Los activos prácticamente disponibles pueden incluir instrumentos del mercado monetario, como letras del Tesoro de EE. UU. y otros bonos del Estado y depósitos bancarios. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
MSCI AC World NR Index (el «Índice de referencia»).
El Índice de referencia es un indicador exhaustivo del comportamiento del mercado de renta variable global, que captura una muestra de empresas de capitalización bursátil alta y media de mercados desarrollados y de países emergentes. Formado por casi 3.000 componentes, comprende aproximadamente el 85% del conjunto de oportunidades de renta variable mundial disponible para la inversión (a fecha de agosto de 2021). El Índice de referencia aplica un enfoque integral y coherente a su elaboración, lo que permite obtener perspectivas globales significativas y comparaciones interregionales en todos los segmentos y combinaciones de tamaño de capitalización bursátil, sector y estilo. Esta metodología pretende dar una cobertura exhaustiva de la oportunidad de inversión, con especial atención a la liquidez, la potencial rentabilidad y la capacidad de seguir el índice. El Índice de referencia se revisa trimestralmente para reflejar los cambios producidos en los mercados de renta variable subyacentes, a la vez que se limita la rotación indebida del índice.
Se puede obtener más información acerca del Índice de Referencia en www.msci.com/acwi.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del Índice de referencia, la selección de las inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.
El Índice de Referencia de este Subfondo es un índice de referencia de mercado amplio que no tiene en cuenta factores ASG. El Índice de Referencia no se utiliza para determinar si las inversiones son Inversiones Sostenibles con arreglo al SFDR o para evaluar la manera en que el Subfondo alcanzará sus objetivos sociales. En su lugar, la Gestora de inversiones tratará de evaluar en qué medida las empresas en las que invierte el Subfondo tienen un impacto demostrable en la mejora de la idoneidad y la eficiencia de los sistemas de salud a fin de determinar si se han cumplido los objetivos sociales del Subfondo.

##### Estrategia de inversión
El Subfondo pretende lograr una revalorización del capital a largo plazo y contribuir al cumplimiento de los objetivos sociales mediante la inversión en valores de empresas que mejoran la idoneidad y la eficiencia de los sistemas de salud mediante la innovación en biotecnología y atención sanitaria. En determinados momentos, el Subfondo podrá mantener una elevada concentración.
Determinación del universo de inversión
En su proceso de identificación y selección de las empresas que incluirá en la cartera, la Gestora de inversiones busca principalmente «pioneras en el ámbito clínico» o «auxiliares».
- Las empresas pioneras en materia clínica intentan demostrar la evidencia clínica de un tratamiento que añade o modifica el contenido genético de una persona con el fin de tratar una enfermedad concreta. Estas empresas adoptan diferentes enfoques, incluyendo las terapias génicas, la edición de los genes y la modulación de los genes.
- Entre las empresas de apoyo se incluyen organizaciones de investigación y / o fabricación por contrato con conocimientos específicos en el ámbito de las terapias genéticas. Esto también incluye empresas que crean herramientas de diagnóstico para la secuenciación de genomas, así como empresas de suministro especializadas que se benefician del crecimiento de los avances y de los procesos generados en el campo de las terapias genéticas.

La Gestora de inversiones cuenta con unas bases de conocimientos especializados en los sectores de biotecnología, farmacéutica, herramientas para las ciencias de la vida y proveedores de servicios sanitarios, además de contar con experiencia relevante en laboratorios profesionales y académicos.
La amplia experiencia de la Gestora de inversiones tanto en la investigación de estos tratamientos como en los sectores biotecnológico y sanitario que se centran en estos tratamientos, le permite evaluar si estas empresas proporcionarán remedios funcionales para muchas
enfermedades. En concreto, la Gestora de inversiones se beneficia de la experiencia relevante en laboratorio de los miembros del equipo de inversión.
La Gestora de inversiones podría seleccionar una proporción importante (más del 80%) de los valores del Subfondo, de sectores del mercado relevantes dentro del Índice de referencia. Dichos sectores incluyen, entre otros, biotecnología, productos farmacéuticos y herramientas para las ciencias de la vida. El Subfondo invertirá directamente en componentes seleccionados de esos sectores.
La lista de sectores del mercado relevantes del Índice de referencia y sus componentes se revisará periódicamente. Cualquier cambio pertinente para el Índice de referencia será estudiado y analizado por la Gestora de inversiones, que decidirá si reflejar o no dicho cambio en el universo de inversión.
La Gestora de inversiones también obtiene exposición a empresas que no forman parte del Índice de Referencia y que cumplen los criterios de la Gestora de inversiones para Empresas de innovación médica y sanitaria, incluidos los criterios ASG y de sostenibilidad definidos por esta.
Selección de inversiones
La Gestora de inversiones selecciona inversiones del universo de inversión utilizando un análisis fundamental para comprobar la capacidad y la voluntad de la dirección de las empresas en cuestión para mantener y, si fuera posible, aumentar el valor. El análisis fundamental mide el valor intrínseco de una empresa mediante la valoración los factores económicos y financieros relacionados, incluido el estado de la economía, las condiciones del sector, la eficacia de la gestión de la empresa, la solidez del balance, el panorama competitivo, las valoraciones de los precios de las acciones, la liquidez y el entorno normativo. El análisis fundamental permite a la Gestora de inversiones determinar si una sociedad está infravalorada o sobrevalorada.
Además, la Gestora de inversiones, utilizando su experiencia mencionada anteriormente y los datos externos disponibles, evaluará el progreso de una empresa relevante en relación con los ensayos clínicos y determinará las probabilidades de éxito. Los datos externos considerados incluyen ensayos clínicos previos realizados por la empresa, ensayos clínicos de competidores, ensayos con criterios de valoración similares o ensayos en una población de pacientes similar. En estos momentos, los criterios ASG y de sostenibilidad de la Gestora de inversiones se aplican utilizando un análisis fundamental basado en sólidas capacidades cuantitativas para evaluar los factores ambientales, sociales y de gobernanza de cada inversión de la cartera.
A la hora de determinar si una empresa cumple los criterios ASG y de sostenibilidad de la Gestora de inversiones y constituye una Inversión Sostenible con arreglo al SFDR (incluida la aplicación de buenas prácticas de gobierno), la Gestora de inversiones examina si dicha empresa: (i) sigue prácticas empresariales sostenibles en el sentido económico (por ejemplo, si la estrategia, las operaciones y la situación financiera de la empresa son estables y duraderas); (ii) toma medidas adecuadas para gestionar las repercusiones materiales o el impacto de sus políticas y operaciones en relación con
cuestiones ASG (por ejemplo, la huella ambiental, las normas laborales y la estructura directiva de la empresa) y (iii) contribuye, a través de sus operaciones empresariales actuales, o a largo plazo, a mejorar la idoneidad y / o la eficiencia de los sistemas de salud de una forma que se pueda demostrar.
Entre dichas empresas también pueden figurar Empresas de innovación médica y sanitaria cuyas actividades de negocio se consideren en transición, de manera que tengan un impacto positivo en el medio ambiente y / o la sociedad a pesar de contar con un historial de participación en actividades potencialmente perjudiciales desde una perspectiva medioambiental o social. Por ejemplo, podrían ser grandes empresas farmacéuticas con un historial de tratamientos prolongados y costosos para controlar síntomas que ahora realizan fuertes inversiones en tecnología génica para desarrollar curas de enfermedades mediante una sola dosis. Para evitar dudas, dichas inversiones serán Inversiones Sostenibles con arreglo al SFDR en el momento de su adquisición. De manera similar, en determinados casos, el Subfondo podrá invertir en una empresa cuya información ASG vigente, así como los datos proporcionados por proveedores de calificaciones ASG externos sobre dicha empresa, no reflejen plenamente sus iniciativas ambientales positivas, a juicio de la Gestora de inversiones.
La Gestora de inversiones prevé que, en su búsqueda de empresas que contribuyan a objetivos sociales mejorando la idoneidad y la eficiencia de los sistemas de salud mediante la innovación en biotecnología y atención sanitaria, compatibles con los criterios ASG y de sostenibilidad de la Gestora de inversiones, al menos el 20% de los componentes del Índice de Referencia quedarán excluidos del universo de inversión del Subfondo.
Asimismo, al menos el 90% del Valor de inventario neto del Subfondo (una vez deducida su exposición a efectivo y activos líquidos asimilables a tesorería, fondos del mercado monetario y Derivados relacionados con divisas («Activos no ASG»)) debe cumplir los criterios ASG y de sostenibilidad de la Gestora de inversiones en el momento de la adquisición y de forma continua. Para evitar dudas, el cumplimiento de dichos criterios no es obligatorio para los Activos no ASG. No se realizará ninguna inversión en un valor cuando se considere que presenta problemas ambientales, sociales y de gobernanza importantes que no puedan solucionarse.
A la hora de determinar si una empresa cumple los criterios ASG y de sostenibilidad de la Gestora de inversiones, esta emplea una combinación de datos, estudios y calificaciones, externos e internos, tanto de carácter cuantitativo como cualitativo.
La Gestora de inversiones depende de la información y los datos de terceros (que pueden incluir proveedores de estudios, informes, evaluaciones, calificaciones y / o análisis, como proveedores de índices y consultores).
Dicha información o datos pueden ser incompletos, inexactos o incoherentes.
Las inversiones del Subfondo deben seguir cumpliendo los criterios ASG y de sostenibilidad de la Gestora de inversiones de forma continua tras la compra inicial, y la Gestora de inversiones evaluará el nivel de riesgo de sostenibilidad al que puede estar sujeta una empresa de la misma manera que se evaluaría antes de la compra inicial.
Disciplina de venta
La Gestora de inversiones lleva a cabo revisiones periódicas del rendimiento de cada inversión, lo que puede incluir comprometerse directamente en la gestión de la empresa correspondiente. Las revisiones periódicas incluyen una evaluación de la rentabilidad de una inversión en comparación con su grupo de iguales, así como con el Índice de referencia. La Gestora de inversiones considerará la venta de valores cuando se constate que su potencial de crecimiento es limitado o nulo, cuando se prevé una caída de su valor, o cuando hay opciones de inversión más prometedoras disponibles, especialmente, si la probabilidad de éxito en los ensayos de fármacos específicos se considera arriesgada.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
El Subfondo integra el riesgo de sostenibilidad en sus decisiones de inversión y tiene por objetivo las inversiones sostenibles a los efectos del artículo 9 del SFDR.
La consideración del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones tiene acceso a una serie de puntos de datos relacionados con los factores ASG proporcionados por proveedores de datos externos que ayudan a identificar posibles problemas relacionados con los factores ASG a los que puede enfrentarse un emisor. Esto incluye, entre otros aspectos, la exposición a actividades que puedan considerarse perjudiciales para el ambiente o la sociedad. Estos datos, junto con los datos procedentes de los recursos propios de investigación sobre inversión responsable de la Gestora de inversiones, constituyen una parte fundamental de la consideración y evaluación del nivel de riesgo asociado a la sostenibilidad al que puede estar sujeta una inversión.
Esta evaluación está integrada en el proceso de investigación del nivel de seguridad, que se basa en el análisis fundamental de las oportunidades de inversión individuales a través de una serie de factores diversos, entre los que se incluyen:
- Características económicas o financieras fundamentales
- Valoración
- Perfil de riesgo/beneficio
- Las características ASG del emisor, lo que incluye comprender cómo pueden afectar dichas consideraciones a la rentabilidad económica.

La Gestora de inversiones tendrá en cuenta la información recopilada del análisis fundamental llevado a cabo será a la hora de decidir si adquirir o no una posición en un emisor, o de seguir manteniéndola.
En caso de que el riesgo asociado a la sostenibilidad para una inversión concreta aumente más allá de un nivel con el que la Gestora de inversiones se sienta cómoda, teniendo en cuenta el objetivo y la estrategia de inversión del Subfondo, la Gestora de inversiones considerará la
posibilidad de vender o reducir la exposición del Fondo a la inversión correspondiente, teniendo en cuenta los intereses de los Accionistas del Fondo.
Como se ha explicado anteriormente, la evaluación y la gestión de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Aunque este Subfondo tiene la categoría de fondo del artículo 9 con arreglo al SFDR porque trata de contribuir a objetivos sociales, no pretende contribuir a objetivos ambientales. Por consiguiente, las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Registro en Alemania
El Subfondo está registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps y contratos a plazo. Para obtener una gestión eficiente de la cartera, el Subfondo
podrá utilizar también contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central.
Cuando utilice Derivados para lograr una gestión eficiente de la cartera, el Subfondo puede adquirir exposición indirecta a índices financieros.
Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de préstamo de valores
Este Subfondo no realizará operaciones de préstamos de valores y, por lo tanto, puede renunciar a rentabilidades adicionales que se podrían producir a través de estas actividades.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto.

#### Cobertura de la Clase de Acciones
Este Subfondo ofrece clases de acciones con cobertura. Estas se identifican con la indicación «(con cobertura)». Véase el apartado «Cobertura de las clases de Acciones» del Folleto para obtener información adicional sobre el funcionamiento y el impacto de las clases de acciones clases de acciones con cobertura.

#### Emisión de Acciones
El Periodo de oferta inicial para todas las clases de acciones lanzadas del Subfondo se ha cerrado ya. El periodo de oferta inicial para las clases de Acciones no lanzadas continuará hasta el 30 de noviembre de 2022 o una fecha anterior o posterior en la que se emitan las primeras Acciones de la clase de Acciones, momento en que el periodo de oferta inicial de dichas clases de Acciones se cerrará automáticamente. Se puede obtener información detallada acerca de las clases de Acciones emitidas en el Subfondo en el siguiente sitio web: www. bnymellonim.com.
Las Acciones de las clases de Acciones no emitidas disponibles se emitirán durante sus Periodos de oferta iniciales respectivos, con su precio de oferta inicial por Acción correspondiente de 1 USD, 1 EUR, 1 GBP, 1 CHF, 10 KD o 1 SGD, en función de la moneda de la clase que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estas comisiones y gastos han sido estimados en un importe no superior a 30.000 EUR y serán sufragados por el Subfondo en el ejercicio en el que se incurran y se amortizarán en un periodo de hasta 3 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto y, en particular, sobre el apartado «Riesgo de concentración».

## Responsible Horizons Euro Impact Bond Fund

### SUPLEMENTO 60 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.


#### La Gestora de inversiones
Insight Investment Management (Global) Limited

#### Divisa Base
Euro

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro A (Acum.) | EUR | 5.000 | 5% | 0,40% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 0,40% | 0% |
| USD H (Acum.) (con cobertura) | USD | 5.000 | 5% | 0,40% | 0% |
| USD H (Reparto) (con cobertura) | USD | 5.000 | 5% | 0,40% | 0% |
| DKK H (Acum.) (con cobertura) | DKK | 50.000 | 5% | 0,40% | 0% |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 0,40% | 0% |
| NOK H (Acum.) (con cobertura) | NOK | 50.000 | 5% | 0,40% | 0% |

| Acciones «G» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro G (Acum.) | EUR | 5.000 | 5% | 0,20% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 0,20% | 0% |

| Acciones «C» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro C (Acum.) | EUR | 5.000.000 | 5% | 0,20% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 0,20% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,15% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,15% | 0% |
| USD W (Acum.) (con cobertura) | USD | 15.000.000 | 5% | 0,15% | 0% |
| USD W (Reparto) (con cobertura) | USD | 15.000.000 | 5% | 0,15% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,15% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,15% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,15% | 0% |
| DKK W (Acum.) (con cobertura) | DKK | 150.000.000 | 5% | 0,15% | 0% |
| SEK W (Acum.) (con cobertura) | SEK | 150.000.000 | 5% | 0,15% | 0% |
| NOK W (Acum.) | NOK | 150.000.000 | 5% | 0,15% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro E (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,08% | 0% |
| Euro E (Reparto) | EUR | Tal y como se ha acordado | 5% | 0,08% | 0% |
| USD E (Acum.) (con cobertura) | USD | Tal y como se ha acordado | 5% | 0,08% | 0% |
| USD E (Reparto) (con cobertura) | USD | Tal y como se ha acordado | 5% | 0,08% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,08% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,08% | 0% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,08% | 0% |
| DKK E (Acum.) (con cobertura) | DKK | Tal y como se ha acordado | 5% | 0,08% | 0% |
| SEK E (Acum.) (con cobertura) | SEK | Tal y como se ha acordado | 5% | 0,08% | 0% |
| NOK E (Acc.) | NOK | Tal y como se ha acordado | 5% | 0,08% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| USD X (Acum.) (con cobertura) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) (con cobertura) | USD | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |
| CAD X (Acum.) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo trata de lograr un impacto medioambiental y
/ o social positivo, al tiempo que se genera una rentabilidad total, compuesta de rentas y crecimiento del capital, invirtiendo en una amplia gama de valores de deuda y relacionados con la deuda denominados en euros, y en Derivados relacionados.

##### Política de inversión
Todas las inversiones del Subfondo, salvo las destinadas a fines concretos, como la cobertura y la liquidez, cumplirán la definición de Inversiones sostenibles con arreglo al SFDR.
Por Inversiones sostenibles con arreglo al SFDR se entiende aquellas inversiones que contribuyen a un objetivo medioambiental o a uno social, siempre y cuando dichas inversiones no perjudiquen ninguno de estos objetivos y que las empresas participadas apliquen buenas prácticas de gobierno.
El Subfondo invertirá en dos tipos de inversiones:
- Bonos de impacto cuyos beneficios se reinvierten: valores de deuda y relacionados con la deuda de tipo fijo o variable, incluidos Derivados asociados cuyos ingresos se destinarán únicamente a la financiación o a la refinanciación parcial o total de proyectos con un impacto ambiental («verde») y / o social positivo, y /o se definan como «actividades económicas medioambientalmente sostenibles» en el Reglamento de taxonomía de la UE.
- Emisores de impacto: valores de deuda y relacionados con la deuda de tipo fijo o variable de emisores de los que al menos el 50% de sus flujos de ingresos están relacionados con impactos medioambientales y / o sociales positivos que emplean los Objetivos de Desarrollo Sostenible de las Naciones Unidas como guía a efectos de sus metas ambientales o sociales, o de los que al menos el 50% de sus actividades económicas se definen como«actividades económicas medioambientalmente sostenibles» en el Reglamento de taxonomía de la UE.

El Subfondo invertirá al menos el 75% de su Valor de inventario neto en «Bonos de impacto cuyos beneficios se reinvierten» con grado de inversión.
El Subfondo invertirá al menos el 70% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda denominados en euros.
El Subfondo puede invertir hasta el 30% de su Valor de inventario neto en Valores de deuda y relacionados con la deuda de tipo fijo o de tipo variable.
Los Valores de deuda y relacionados con la deuda en los que podrá invertir el Subfondo incluyen: pagarés de empresa de tipo fijo y de tipo variable, colocaciones privadas (como bonos de la Norma S y bonos de la Norma 144A), bonos de empresa híbridos, bonos ascendentes, bonos garantizados, obligaciones, bonos con opción de reventa, bonos con opción de recompra, bonos con cupón cero, warrants, así como eurobonos y bonos con vencimiento único, obligaciones de organismos supranacionales y otros organismos, obligaciones del Estado de tipo fijo y de tipo variable, obligaciones municipales, obligaciones indexadas y obligaciones vinculadas a la inflación («ILB») e instrumentos del mercado monetario (como certificados de depósito, papel comercial y depósitos a la vista), y Derivados relacionados (véase la lista más adelante en el apartado
«Uso de Derivados»), en lo sucesivo, «Valores de deuda y
relacionados con la deuda».
El Subfondo puede invertir hasta un 5% de su Valor de inventario neto en total en colocaciones privadas (como algunos valores de la Norma S y determinados valores de la Norma 144A).
El Subfondo podrá invertir hasta el 5% de su Valor de inventario neto en warrants.
El Subfondo invertirá en Valores de deuda y relacionados con la deuda con grado de inversión según lo establecido por una Agencia de calificación crediticia reconocida. Los Valores de deuda y relacionados con la deuda se clasifican como valores con categoría de inversión si en el momento de la compra, la calificación media del valor es superior a Ba1/BB+/BB+. Además, el Subfondo podrá invertir hasta el 20% en Valores de deuda y relacionados con la deuda grado inferior al grado de inversión.
El Subfondo no invertirá en Valores de deuda y relacionados con la deuda que en el momento de la compra tengan una calificación inferior a B- (o su equivalente), otorgada por una Agencia de calificación
crediticia reconocida. Para evitar cualquier duda, el Subfondo no invertirá en valores respaldados por activos, valores con garantía hipotecaria u otras inversiones vinculadas al riesgo crediticio. El Subfondo podrá invertir en Valores de deuda y relacionados con la deuda siempre que la Gestora de inversiones los considere de calidad equivalente a los enumerados más arriba. En caso de calificación dividida (es decir, dos o más agencias de calificación otorgan diferentes calificaciones), se tendrá en cuenta la menor de las dos. En caso de que cualesquiera Valores de deuda y relacionados con la deuda que mantenga el Subfondo vean rebajada posteriormente su calificación por debajo de los límites antes mencionados, la Gestora de inversiones podrá mantener una exposición máxima del 3% del Valor de inventario neto del Subfondo a dichos valores cuya calificación se ha visto rebajada. Cuando el valor total de esos valores o instrumentos supere el 3% del Patrimonio neto del Subfondo, todos aquellos cuya calificación no haya sido revisada al alza en un plazo de seis meses deberán venderse. Las exposiciones derivadas de los activos subyacentes de organismos de inversión colectiva («OIC») se tendrán en cuenta a la hora de aplicar las restricciones establecidas en este apartado.
El Subfondo podrá invertir hasta un 10% de su Valor de inventario neto total en OIC de capital variable, incluidos los fondos de capital variable negociados en bolsa («ETF») y los fondos del mercado monetario. Los OIC podrán incluir otro Subfondo o Subfondos de la Sociedad u otros fondos recomendados por la Gestora de inversiones. Toda inversión en ETF de capital fijo que constituyan valores mobiliarios se realizará con arreglo a los criterios y los límites de inversión en valores mobiliarios, tal como se describe bajo el epígrafe «La Sociedad - Límites de inversión y de endeudamiento» del Folleto.
El Subfondo podrá mantener también niveles elevados de efectivo e instrumentos del mercado monetario en determinadas circunstancias. Para obtener información más detallada, véase el apartado «Gestión de tesorería y de las garantías» a continuación.
El Subfondo tiene previsto invertir en todo el mundo sin centrarse en ningún sector o industria en particular; no obstante, en ocasiones, el Subfondo podrá concentrarse en industrias o sectores geográficos concretos, en función de donde vea una oportunidad de inversión la Gestora de inversiones.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en mercados emergentes y hasta el 10% en valores rusos cotizados o negociados en la Bolsa de Moscú.
El Subfondo podrá invertir hasta un 10% de su Valor de inventario neto en total en valores mobiliarios (es decir, Valores de deuda y relacionados con la deuda) que no estén admitidos o negociados en un Mercado admisible de conformidad con el Reglamento OICVM. Con la excepción de la inversión permitida en valores mobiliarios no cotizados e instrumentos del mercado monetario autorizados, las inversiones del Subfondo serán valores cotizados o negociados en Mercados admisibles. En el Apéndice II del Folleto se recoge una lista de los Mercados admisibles.
Si bien la Moneda de cuenta del Subfondo es el euro, el Subfondo podrá invertir en activos no denominados en euros que generalmente tendrán cobertura respecto de esta moneda utilizando derivados relacionados con
divisas. Los Derivados relacionados con divisas que pueda utilizar el Subfondo con fines de cobertura se describen con más detalle en el apartado «Técnicas e instrumentos financieros derivados» del Folleto.

##### Gestión de tesorería y de las garantías
El Subfondo tendrá efectivo y activos realizables o prácticamente disponibles en ciertas circunstancias como atender los reembolsos, facilitar los pagos, tener efectivo en depósito a la espera de la reinversión y para proporcionar liquidez, así como respaldar la exposición a Derivados. En circunstancias excepcionales, el Subfondo podrá además mantener temporalmente niveles elevados de efectivo y activos realizables o prácticamente disponibles (es decir hasta el 100% del Valor de inventario neto del Subfondo) cuando las condiciones de mercado puedan requerir una estrategia de inversión defensiva (por ejemplo colapso bursátil o una gran crisis).
Los activos prácticamente disponibles pueden incluir instrumentos del mercado monetario y depósitos bancarios. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente. Los activos líquidos no tendrán que ser Bonos de impacto cuyos beneficios se reinvierten ni reflejar o promover de otro modo impactos sociales y / o ambientales positivos.

##### Índice de referencia
Bloomberg Barclays MSCI Euro Corporate Green Bond Index (el «Índice de referencia»).
El Índice de referencia incluye bonos de empresa verdes de tipo fijo denominados en euros y con categoría de inversión. La inclusión en el índice depende de la divisa de emisión y no del domicilio del emisor.
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de manera activa, lo que implica que la Gestora de inversiones tiene la facultad de invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Sin embargo, dado que el Índice de referencia abarca una proporción considerable del universo de inversión, la mayoría de las posiciones del Subfondo serán componentes del Índice de referencia y las ponderaciones en la cartera podrán ser similares a las del Índice de referencia. La estrategia de inversión limitará el grado en el que las posiciones de la cartera pueden desviarse del Índice de referencia y, por consiguiente, el grado en el que el Subfondo puede superar la rentabilidad del Índice de referencia.
El Índice de referencia solo incluye bonos de empresa verdes denominados en euros, de tipo fijo y con categoría de inversión, que son un subconjunto del mercado general de bonos de empresa. El Índice de referencia está alineado con el objetivo de la inversión sostenible, ya que el uso de los ingresos generados por estos bonos está vinculado a la financiación de proyectos específicos con un objetivo ambiental positivo. Esto se diferencia de un índice de mercado amplio que no tiene las mismas credenciales o composición de carácter ecológico. Aquí
puede encontrarse información adicional sobre el Índice de referencia, incluida información sobre la metodología empleada para su cálculo:
https://www.msci.com/our-solutions/indexes/bloomberg- msci-esg-fixed-income-indexes

##### Estrategia de inversión
El principal universo de inversión del Subfondo reflejará sobre todo el Índice de referencia, que se compone únicamente de Bonos de impacto cuyos beneficios se reinvierten, pero también incluirá Emisores de impacto y Bonos de impacto cuyos beneficios se reinvierten no verdes, por ejemplo, bonos cuyos beneficios se destinarán a financiar o refinanciar parcial o totalmente proyectos sociales. Como se detalla más adelante, posteriormente la Gestora de inversiones criba y excluye todos los emisores empleando criterios ASG para crear un universo de inversión ASG reducido y optimizado.
Dentro de ese universo de inversión, la Gestora de inversiones aplica un enfoque temático para identificar aquellos valores y emisores que espera que alcancen tanto los objetivos de sostenibilidad como de rentabilidad del Subfondo, asignando sus inversiones positivamente a los valores y emisores con una puntuación más alta (los mejores del universo de inversión). La Gestora de inversiones emplea los Objetivos de Desarrollo Sostenible de las Naciones Unidas como guía de sus metas medioambientales o sociales como parte de su enfoque temático. Esto se describe con más detalle a continuación.
La Gestora de inversiones emplea sus propias investigaciones y su análisis crediticio para invertir en los Bonos de impacto cuyos beneficios se reinvierten, y empleará varios criterios para evaluar una inversión. El marco tendrá en cuenta, entre otros, la transparencia relativa a cómo se asignan los ingresos obtenidos de la emisión y la capacidad de medición de cualquier impacto que se logre, y también tendrá en cuenta la adaptación más amplia a la sostenibilidad del emisor en cuestión.
Los valores tienen una calificación de verde oscuro (mejor de su clase), verde claro (cierta debilidad de los criterios de sostenibilidad) o rojo (no invertir). Los valores con calificación de rojo se excluirán del universo de inversión.
Además de los Bonos de impacto cuyos beneficios se reinvierten, la Gestora de inversiones puede tratar de invertir en Emisores de impacto. El proceso de análisis de los flujos de ingresos de los Emisores de impacto puede emplear una combinación de datos externos (incluido de Bloomberg, MSCI, Sustainalytics, Vigeo Eiris y otros) e internos para hacer esta valoración. Podrán emplearse más datos para atender su continua idoneidad, incluidos análisis de la compatibilidad del emisor con una economía de bajas emisiones de carbono.
Con relación tanto a los Bonos de impacto cuyos beneficios se reinvierten como a los Emisores de impacto, la Gestora de inversiones podrá emplear una combinación de datos externos e internos para determinar si las actividades son «actividades económicas medioambientalmente sostenibles» con arreglo a lo definido en el Reglamento de taxonomía de la UE.
El Principio de no causar daño significativo se aplicará a todas las inversiones.
Con relación a todas las inversiones, quedarán excluidos los emisores cuyos impactos se consideren negativos (por ejemplo, como consecuencia de un elevado riesgo de
emisión de carbono y / o que presente incumplimientos graves y manifiestos de las normas internacionalmente aceptadas, por ejemplo, en materia de sobornos, derechos laborales o impacto ambiental). También puede excluirse a emisores cuando sus ingresos o su modelo de negocio se deriven en gran parte de productos o procesos considerados inadecuados para el Subfondo en función de sus objetivos de sostenibilidad (por ejemplo, tabaco, armamento y juego).
Los instrumentos que no sigan cumpliendo estos criterios tras su compra se venderán. Por otra parte, el Subfondo podrá seguir manteniendo el instrumento mientras la Gestora de inversiones trata de colaborar con el emisor a fin de resolver el problema que genera inquietud. Si el emisor no ha adoptado medidas razonables para resolver el problema en el plazo de 12 meses, la Gestora de inversiones venderá el instrumento.
En relación con los datos externos, la Gestora de inversiones depende de la información y los datos proporcionados por terceros (que pueden incluir proveedores de estudios, informes, evaluaciones, calificaciones y / o análisis, como proveedores de índices y consultores). Dicha información o datos pueden ser incompletos, inexactos o incoherentes.
Para evaluar si una inversión que cumple los criterios de sostenibilidad de la Gestora de inversiones también cumple su objetivo de rentabilidad, la Gestora de inversiones utilizará principalmente un análisis de solvencia «ascendente» (bottom-up) para su selección de valores. Esto conlleva una evaluación de la solvencia del emisor que incorpora un análisis de indicadores crediticios claves, como el apalancamiento y el flujo de tesorería. Asimismo, puede llevarse a cabo una
valoración relativa de los Valores de deuda y relacionados con la deuda del emisor en relación con Valores de deuda y relacionados con la deuda comparables a fin de complementar el estudio y análisis crediticio. Este enfoque está pensado para identificar, a nivel mundial y sin ningún interés geográfico o sectorial específico, Valores de deuda y relacionados con la deuda que puedan generar buenos rendimientos totales.
Al menos el 90% de los instrumentos incluidos en el Subfondo debe cumplir los criterios de sostenibilidad descritos anteriormente en el momento de la compra y de forma continua, y no se realizará ninguna inversión en un instrumento cuando se considere que presenta problemas ambientales importantes irresolubles.
Las posiciones cortas sintéticas se utilizan normalmente para cubrir el riesgo de crédito o de tipos de interés a nivel general en la cartera con fines de gestión de riesgos, por ejemplo, cuando la Gestora de inversiones desea reducir el riesgo de crédito de un bono de empresa concreto, pero quizás no pueda vender el bono a un precio atractivo, la Gestora de inversiones adoptará una posición corta sintética en dicho bono. No se recurrirá a posiciones cortas para contribuir a que el Subfondo alcance su objetivo de inversión.
El gobierno corporativo es un factor de riesgo clave asociado a la sostenibilidad que forma parte de las calificaciones de riesgo ASG propias de la Gestora de inversiones para todos los emisores a los que tiene exposición el Subfondo. La evaluación del gobierno corporativo por parte de la Gestora de inversiones incluye la evaluación de las prácticas y el comportamiento del consejo directivo, la remuneración, el control y la responsabilidad, y la ética o las controversias. La Gestora
de inversiones aplica los conocimientos de las calificaciones ASG junto con su propio conocimiento de las estructuras de gobierno de los emisores para establecer prioridades de interacción con los emisores. La Gestora de inversiones considera conjuntamente estos riesgos para decidir si los los bonos compensan razonablemente al Subfondo por los riesgos asociados a la sostenibilidad a largo y corto plazo.
Los controles internos garantizan que los criterios de sostenibilidad se apliquen continuamente al Subfondo. Las restricciones ASG se establecen para evitar o permitir la inversión en valores que cumplan características relacionadas con la sostenibilidad. Estos controles están codificados con respecto al Subfondo y se actualizan a medida que se obtiene nueva información.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
El Subfondo integra el riesgo de sostenibilidad en sus decisiones de inversión y tiene por objetivo las inversiones sostenibles a los efectos del artículo 9 del SFDR.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
Los riesgos asociados a la sostenibilidad se gestionan garantizando que los responsables principales de la toma de decisiones estén informados e incluidos en el programa de inversión responsable de la Gestora de inversiones, y estableciendo procedimientos eficaces de responsabilidad, transparencia e implementación. Cuando el riesgo asociado a la sostenibilidad se considere importante para los resultados de la inversión, se incorporará a los procesos de diligencia debida. Esto puede incluir la evaluación de valores individuales y / o la interacción con emisores o participantes en el mercado. Los controles internos garantizan que los criterios de sostenibilidad se apliquen continuamente. Las restricciones ASG, que incluyen calificaciones ASG propias y datos de terceros, se establecen para evitar o permitir la inversión en valores que cumplan características relacionadas con la sostenibilidad. Estos controles están codificados y se actualizan a medida que se obtiene nueva información. Un proceso de investigación y / o compromiso ASG pretende ayudar a la Gestora de inversiones a alcanzar los objetivos de inversión y los objetivos relacionados con la sostenibilidad del Subfondo.
Como se describe más detalladamente en el apartado
«Estrategia de inversión», el gobierno corporativo es un factor de riesgo clave para la sostenibilidad que forma parte de las calificaciones de riesgo ASG propias para todos los emisores.
En términos de factores sociales y ambientales, la metodología de calificación ASG propia de la Gestora de inversiones proporciona información específica del sector y de los emisores sobre cuestiones clave. Este modelo ayuda a la Gestora de inversiones a identificar los riesgos clave a los que se puede enfrentar un sector o emisor específico.
Dado que el Subfondo tiene como objetivo la inversión sostenible, la Gestora de inversiones puede renunciar deliberadamente a oportunidades para que el Subfondo
obtenga exposición a determinados emisores y puede optar por vender un valor en un momento considerado como desfavorable. En su lugar, el Subfondo podrá centrarse en inversiones en emisores que demuestren el cumplimiento de los requisitos de inversión sostenible. Por consiguiente, el universo de inversiones del Subfondo es menor que el de otros fondos, lo que puede afectar a la rentabilidad, y existe el riesgo de que el valor del Subfondo pueda verse afectado negativamente por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Los criterios técnicos de selección del Reglamento de taxonomía de la UE («CTS») exigirán que se disponga de múltiples datos específicos en relación con cada inversión. A la fecha del presente documento, no se dispone de suficientes datos fiables, oportunos y constatables para que la Sociedad Gestora pueda valorar las inversiones del Subfondo con arreglo a los CTS.
Por otra parte, las normas técnicas de regulación del SFDR que definen la metodología de cálculo del grado de armonización con la taxonomía de la UE de productos financieros como el Subfondo y los modelos para la divulgación de información requerida todavía no son definitivos. En la fecha del presente documento, la Sociedad Gestora no puede ofrecer divulgaciones de información normalizadas ni comparables sobre la armonización de las inversiones de los Subfondos con el Reglamento de taxonomía de la UE.
A pesar de que el Subfondo mantiene inversiones en actividades económicas que contribuyen a un objetivo medioambiental y se podrían valorar con arreglo a los CTS, en estos momentos la Sociedad Gestora no está en condiciones de describir:
- El grado en que el Subfondo mantiene inversiones en Actividades medioambientalmente sostenibles;
- La proporción de inversiones —expresada como porcentaje de la cartera del Subfondo— en Actividades económicas medioambientalmente sostenibles; o
- La proporción —expresada como porcentaje de la cartera del Subfondo— de Actividades facilitadoras y Actividades de transición del Reglamento de taxonomía de la UE.

La Sociedad Gestora revisa de forma activa esta situación y, cuando disponga de suficientes datos fiables, oportunos y constatables sobre las inversiones del Subfondo, facilitará las descripciones anteriormente mencionadas, en cuyo caso se procederá a la actualización de este Folleto o del correspondiente Suplemento.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Futuros | Futuros de tipos de interés (incluidos Futuros de tipos de interés a corto plazo) Futuros de deuda pública Futuros sobre bonos |
| --- | --- |
| Swaps | Swaps de incumplimiento de crédito Índice/cesta de swaps de incumplimiento de crédito Swaps de tipos de interés Swaps de rentabilidad total (TRS) (denominación única, crédito, índice y cesta personalizada) |
| Valores con De- rivados/ apalan- camiento integra- dos | Bonos con opción de reventa y con opción de recompra Warrants |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no pueda acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito (CDS) para proporcionar exposición a mercados de renta fija de una forma más rentable o eficiente que adquiriendo los valores físicos. | Markit iTraxx Europe Main 5yr Markit iTraxx Europe Crossover 5yr Markit iTraxx Europe Senior Financials 5yr Markit iTraxx Europe Subordinated Financials 5yr |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Apéndice IX – Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá utilizar también contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de préstamo de valores
Este Subfondo no realizará operaciones de préstamos de valores y, por lo tanto, puede renunciar a rentabilidades adicionales que se podrían producir a través de estas actividades.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 30% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 20% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 30% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de
recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto

#### Emisión de Acciones
Las Acciones de la clase de acciones no emitidas disponibles se ofrecerán durante un Periodo de oferta inicial que comenzará a las 9:00 horas del 4 de mayo de 2022 y que finalizará a las 17:00 horas del 3 de noviembre de 2022, en un periodo de oferta inicial a un precio de oferta inicial por Acción de 1 EUR, 1 USD,
1 GBP, 1 CHF, 10 DKK, 10 SEK, 10 NOK o 1 CAD, en función
de la moneda de la clase de que se trate (más la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), generalmente, se declararán dividendos cada trimestre a 31 de diciembre, 31 de marzo, 30 de junio y 30 de septiembre. En lo que respecta a los titulares de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán los días 11 de febrero, 11 de mayo, 11 de agosto y 11 de noviembre respectivamente, o antes de estas fechas. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estas comisiones y gastos han sido estimadas en un importe no superior a 30.000 EUR y serán sufragadas por el Subfondo y se amortizarán en un periodo de hasta 3 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Dynamic Factor Premia V10 Fund

### SUPLEMENTO 61 DE 3 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo invertirá principalmente en instrumentos financieros derivados («Derivados») y utilizará tales Derivados con fines de inversión, cobertura y gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado«Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Newton Investment Management North America LLC

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Newton Investment Management Limited (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín y los Estados Unidos.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 22:00 horas (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD A (Acum.) | USD | 5.000 | 5% | 1,50% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 1,50% | 0% |
| Euro H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,50% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,50% | 0% |
| DKK H (Acum.) (con cobertura) | DKK | 50.000 | 5% | 1,50% | 0% |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 1,50% | 0% |
| NOK H (Acum.) (con cobertura) | NOK | 50.000 | 5% | 1,50% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD C (Acum.) | USD | 5.000.000 | 5% | 0,75% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 0,75% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 0,75% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 0,75% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,55% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,55% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,55% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,55% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,55% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,55% | 0% |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,55% | 0% |
| DKK W (Acum.) (con cobertura) | DKK | 150.000.000 | 5% | 0,55% | 0% |
| SEK W (Acum.) (con cobertura) | SEK | 150.000.000 | 5% | 0,55% | 0% |
| NOK W (Acum.) (con cobertura) | NOK | 150.000.000 | 5% | 0,55% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,30% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,30% | 0% |
| Euro E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,30% | 0% |
| Euro E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,30% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,30% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,30% | 0% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,30% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Euro X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Sterling X (Acum.) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| Sterling X (Reparto) (con cobertura) | GBP | Ninguna | 0% | 0% | 0% |
| CHF X (Acum.) (con cobertura) | CHF | Ninguna | 0% | 0% | 0% |
| CAD X (Acum.) (con cobertura) | CAD | Ninguna | 0% | 0% | 0% |
| AUD X (Acum.) (con cobertura) | AUD | Ninguna | 0% | 0% | 0% |
| AUD X (Reparto) (con cobertura) | AUD | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo pretende lograr una rentabilidad total por encima de un índice de referencia basado en el efectivo (tal y como se describe más adelante) en un horizonte de inversión de 3 a 5 años, con una volatilidad objetivo del 10% mediante un enfoque de activos múltiples respecto a la asignación de activos y la selección de valores. Sin embargo, no existe garantía de que se pueda alcanzar el objetivo en ese periodo de tiempo ni en cualquier otro.

##### Política de inversión
El Subfondo pretende invertir en un conjunto diverso de primas de riesgo o factores de riesgo entre renta variable, renta fija, divisas y volatilidad de la renta variable con escasa correlación con los activos de riesgo tradicionales, de forma transparente, líquida y rentable, sobre todo mediante la inversión en Derivados (tal como se detalla en la sección «Uso de Derivados»). Puede encontrar información adicional sobre las primas de riesgo más adelante en la sección «Estrategia de inversión».
La referencia a «V10» en la denominación del Subfondo alude al objetivo de inversión de perseguir una volatilidad total o un riesgo del 10% en un horizonte temporal de 3 a 5 años. La volatilidad o el riesgo pueden definirse como el grado de variabilidad de la rentabilidad anualizada del Subfondo en un periodo de 3 a 5 años. Una mayor variabilidad indica más volatilidad. No existen garantías de que la volatilidad materializada del Subfondo o su riesgo sean del 10% en este periodo ni en ningún otro.
El Subfondo puede invertir en valores de deuda y relacionados con la deuda corporativa y pública de tipo fijo y variable, incluidos bonos, bonos de agencias gubernamentales, Valores respaldados por activos («ABS»), Pagarés vinculados a créditos («CLN»), Bonos híbridos de empresa, Eurobonos, Pagarés cotizados, Pagarés de tipo variable, obligaciones indexadas, obligaciones vinculadas a la inflación, bonos solo con intereses, Bonos convertibles, Obligaciones municipales, Bonos de la Norma S, Bonos 144A, Pagarés estructurados, Bonos con cupón cero e instrumentos del mercado monetario (certificados de depósito, papel
comercial, depósitos a plazo, letras del Tesoro) y Derivados relacionados con la deuda (en adelante,
«Valores de deuda y relacionados con la deuda»). Los Derivados figuran a continuación bajo el epígrafe «Uso de Derivados».
- Las obligaciones vinculadas a la inflación son valores de deuda cuyo pago de intereses por el principal está vinculado a un índice de precios concreto, normalmente el Índice de Precios al Consumo. Se brinda así protección a los inversores al blindarlos frente a los cambios del índice subyacente. Los flujos de tesorería de la obligación se ajustan para garantizar que el titular de la obligación recibe un tipo conocido real de rentabilidad.
- Mientras que los Pagarés cotizados se negocian en bolsa, los Pagarés estructurados se adquieren en el mercado extrabursátil mediante un acuerdo bilateral con una contraparte.

El Subfondo podrá invertir hasta el 5% de su Valor de inventario neto en ABS.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en bonos de la Norma S y bonos 144A.
El Subfondo podrá invertir hasta el 5% de su Valor de inventario neto en Pagarés Estructurados.
El Subfondo no invertirá en CoCo.
Pueden emplearse Pagarés cotizados para proporcionar exposición especializada a determinados sectores del mercado, como un subsector del sector inmobiliario, por ejemplo, bienes inmuebles en EE. UU. u otros activos relacionados con hipotecas en ese país.
Consulte el «Directorio de instrumentos de deuda», incluido en el cuerpo del Folleto, a fin de obtener descripciones de los Valores de deuda y relacionados con la deuda distintos a Obligaciones indexadas.
El Subfondo podrá invertir en valores con grado de inversión (es decir, BBB- o superior) y hasta un 30% de su Valor de inventario neto en valores con una calificación inferior a la de grado de inversión (es decir, BB+ o inferior) otorgada por una Agencia de calificación crediticia reconocida, en el momento de la compra.
El Subfondo también podrá invertir en valores de renta variable, entre los que se incluyen sociedades anónimas cotizadas de inversión inmobiliaria («SOCIMI»), sociedades de gestión inmobiliaria («REOC»), acciones preferentes convertibles, resguardos estadounidenses de depósito de valores («ADR»), resguardos mundiales de depósito de valores («GDR») y derechos de compra de acciones y Derivados relacionados con renta variable (en lo sucesivo «Valores de renta variable y asimilados a renta variable»). Los Derivados figuran a continuación bajo el epígrafe «Uso de Derivados».
El Subfondo puede invertir hasta el 35% de su Valor de inventario neto en materias primas a través de una combinación de valores cotizados o negociados en Mercados admisibles, como Valores de renta variable y asimilados a renta variable, Valores de deuda y relacionados con la deuda y Derivados. El Subfondo no invertirá directamente en materias primas. Los Derivados figuran a continuación bajo el epígrafe «Uso de Derivados».
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto total en OIC de capital variable, incluidos los fondos del mercado monetario y los fondos cotizados («ETF») de capital variable y los ETF sintéticos. Todos los ETF en los que invierte el Subfondo serán OICVM.
En determinadas circunstancias, el Subfondo podrá mantener niveles elevados de tesorería y activos líquidos asimilables a tesorería. Para obtener información más detallada, véase el apartado «Gestión de tesorería y de las garantías» a continuación.
El Subfondo pretende invertir a nivel mundial en Valores de deuda y relacionados con la deuda y Valores de renta variable y asimilados a renta variable tanto denominados como no denominados en dólares estadounidenses de sociedades o emisores de mercados desarrollados y emergentes, sin centrarse en ninguna industria o sector específicos. No obstante, en ocasiones, el Subfondo podrá concentrarse en una industria o sector concretos en función de dónde detecte oportunidades de inversión la Gestora de inversiones.
El Subfondo podrá invertir hasta el 40% de su Valor de inventario neto en mercados emergentes, lo que incluye hasta el 10% en China, hasta el 10% en India y hasta el 5% en valores rusos cotizados o negociados en la Bolsa de Moscú. El Subfondo obtendrá exposición a China e India mediante exposición directa a los correspondientes índices financieros.
El Subfondo podrá invertir hasta un 10% de su Valor de inventario neto total en valores mobiliarios que no estén admitidos o negociados en un Mercado admisible de conformidad con el Reglamento OICVM. Con la excepción de las inversiones autorizadas en OIC de capital variable, las inversiones del Subfondo deberán cotizarse o negociarse en los Mercados admisibles enumerados en el Apéndice II del Folleto.
Si bien la moneda de cuenta del Subfondo es el dólar estadounidense, puede invertir en activos no denominados en esta moneda. Dichos activos no estarán necesariamente cubiertos frente al dólar estadounidense. Además, el Subfondo podrá adoptar posiciones activas en divisas mediante contratos de divisas a plazo, a fin de aplicar una posición, como la adopción de una posición larga en euros y una posición corta en dólares estadounidenses, con miras a expresar la opinión de la Gestora de inversiones con respecto a divisas distintas al dólar estadounidense. Por lo tanto, la rentabilidad de un
Subfondo podría verse fuertemente influida por las oscilaciones de los tipos de cambio, por cuanto las posiciones en divisas del Subfondo podrían no corresponderse con las posiciones en valores que mantenga en cartera y no todos los activos podrían estar cubiertos respecto a la moneda de cuenta.

##### Gestión de tesorería y de las garantías
El Subfondo tendrá efectivo y activos realizables o prácticamente disponibles en ciertas circunstancias como atender los reembolsos, facilitar los pagos, tener efectivo en depósito a la espera de la reinversión y para proporcionar liquidez, así como respaldar la exposición a Derivados. En circunstancias excepcionales, el Subfondo podrá además mantener temporalmente niveles elevados de efectivo y activos realizables o prácticamente disponibles (es decir hasta el 100% del Valor de inventario neto del Subfondo) cuando las condiciones de mercado puedan requerir una estrategia de inversión defensiva (por ejemplo colapso bursátil o una gran crisis).
Los activos prácticamente disponibles pueden incluir instrumentos del mercado monetario, como letras del Tesoro de EE. UU., certificados de depósito, papel comercial, depósitos a plazo fijo y depósitos bancarios. Se pretende que los emisores y / o garantes de tales valores, instrumentos u obligaciones tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
Índice FTSE 3 Month US T Bill (el «Índice de referencia basado en el efectivo»).
El índice FTSE 3 Month US T Bill hace un seguimiento diario de la rentabilidad de las letras del Tesoro estadounidense a 3 meses.
El Subfondo utiliza el Índice de referencia basado en el efectivo como objetivo respecto del cual medir su rentabilidad en periodos continuos anualizados de 3 años, antes de comisiones. El Subfondo pretende ser neutro al mercado. Esto significa que trata de equilibrar la exposición larga al mercado agregada con una exposición corta al mercado agregada similar, de manera que, con el tiempo, la exposición larga y corta al mercado sea próxima a cero. Con arreglo a esto, el efectivo se considera un objetivo adecuado con respecto al que medir la rentabilidad del Subfondo.
El Subfondo se gestiona de forma activa, lo que implica que la Gestora de inversiones tendrá potestad sobre la selección de inversiones, siempre que se respeten el objetivo y la política de inversión.

##### Estrategia de inversión
El Subfondo emplea una estrategia global de activos múltiples dinámica que trata de captar primas de riesgo defensivas, neutras y genuinas en las exposiciones de renta variable, renta fija, divisas, materias primas y volatilidad, principalmente mediante la inversión en Derivados. Dinámica hace referencia a la forma en que la Gestora de inversiones hará las asignaciones entre las clases de activos y los valores que se describen más arriba en la sección «Políticas de inversión», y cómo ajustará dicha asignación de acuerdo con la estrategia de
inversión. La Gestora de inversiones calculará la rentabilidad y el riesgo asociados con cada prima dentro de cada clase de activos. La Gestora de inversiones actualiza estos cálculos a diario, y reequilibra y ajusta la cartera regularmente con arreglo a los cálculos actualizados. La cartera de estas primas de riesgo se construye minuciosamente, de forma que el Subfondo pueda aprovechar la rentabilidad atribuida a dichas primas de riesgo, al tiempo que mantiene un conjunto de exposiciones diverso que mitiga los riesgos de descenso con una escasa correlación con las clases de activos tradicionales, como son las acciones y los bonos.
Además, la Gestora de inversiones pretende crear una cartera con un objetivo de volatilidad o riesgo total del 10% en un horizonte temporal de 3 a 5 años. La Gestora de inversiones persigue una volatilidad de cartera del 10% como parte de su proceso de construcción de cartera. Este proceso implica una técnica de optimización de cartera que persigue equilibrar las rentabilidades previstas y el riesgo esperado para cada prima de riesgo, a fin de crear una combinación óptima que maximice las rentabilidades ajustadas al riesgo. La
Gestora de inversiones limita esta combinación óptima de forma que prevé una volatilidad de cartera del 10%.
Las primas defensivas, como Equity Trend (tendencia de renta variable), suelen tener un mejor comportamiento ante los descensos de los mercados. Las primas neutras, como Equity Momentum (momentum de renta variable), no guardan relación con las condiciones del mercado. Las verdaderas primas, como Equity Value (valor de renta variable), suelen comportarse mejor tanto ante las subidas como las bajadas de los mercados.
Se define prima de riesgo como la rentabilidad o recompensa que obtiene un inversor por asumir ese riesgo. Por ejemplo, la prima más común es la prima de riesgo de renta variable. Se trata de la rentabilidad de la renta variable menos el tipo de efectivo o el tipo libre de riesgo. La diferencia entre estas dos rentabilidades (p. ej., la renta variable menos el efectivo) constituye la prima de riesgo de renta variable. Los mercados financieros pueden considerarse un conjunto de componentes o primas de cada una de las clases de activos. El Subfondo trata de emplear estos componentes como base para generar un flujo de rendimientos diverso, con una escasa correlación con los activos tradicionales, transparente, líquido y rentable.
Estas primas de riesgo son: valor, «momentum», tendencia, «carry», calidad y volatilidad.
- Valor es una estrategia que implica la selección de títulos que parecen negociarse por debajo de su valor intrínseco o contable.
- «Momentum» es una estrategia que implica seleccionar valores que han experimentado un incremento positivo de su precio en un periodo reciente, como 50 días.
- Tendencia es una estrategia que implica seleccionar valores que muestran una tendencia positiva de su precio en un periodo prolongado.
- «Carry» es una estrategia que implica seleccionar valores que presentan una mayor rentabilidad o un rendimiento superior al de activos comparables.
- Calidad es una estrategia que implica seleccionar valores que parecen tener más calidad que un activo comparable.

Volatilidad es una estrategia que implica una posición larga o corta en la volatilidad de varias clases de activos.
La exposición a cada una de estas primas puede ser tanto larga (p. ej., momentum de renta variable largo) como corta (p. ej., momentum de renta variable corto). Cada una de las primas de riesgo puede ganarse de forma simultánea en varias clases de activos, como momentum de renta variable largo o momentum de divisas largo. Otro ejemplo es la volatilidad de renta variable, que puede tratarse de volatilidad de renta variable larga o volatilidad de renta variable corta. Por ejemplo, si un inversor está largo en volatilidad de renta variable y el nivel de volatilidad aumenta, este se verá beneficiado. Esta prima de riesgo por volatilidad de la renta variable no está relacionada en modo alguno con el objetivo general de volatilidad del Subfondo. La primera es una prima de riesgo, mientras que la última tiene que ver con la dispersión de los rendimientos del Subfondo. El objeto de las posiciones largas y cortas es mejorar la generación de rentabilidad de las primas, al tiempo que controla la exposición a la clase de activo subyacente. A fin de tratar de beneficiarse de la volatilidad del mercado de renta variable, la Gestora de inversiones podrá adoptar una posición larga mediante la adquisición de una opción de compra sobre un índice de renta variable. Si la volatilidad del mercado de renta variable hace que el valor del índice de renta variable aumente, el valor de la opción de compra aumentará e incidirá positivamente en el Valor de inventario neto del Subfondo. Sin embargo, si la volatilidad del mercado de renta variable hace que
el valor del índice de renta variable descienda, el valor de
la opción de compra disminuirá e incidirá negativamente en el Valor de inventario neto del Subfondo. La Gestora de inversiones podrá comprar y vender opciones de compra sobre índices de renta variable a fin de expresar sus puntos de vista sobre la volatilidad del mercado de renta variable.
La Gestora de inversiones podrá recurrir a swaps de varianza para obtener exposición a la volatilidad de la renta variable. Podrán emplearse swaps de inflación con el fin de gestionar la inflación entre los tipos de inflación de distintos países.
La Gestora de inversiones empleará posiciones cortas sintéticas, apalancamiento y opciones para gestionar la exposición general del mercado y el perfil de riesgo del Subfondo. La Gestora de inversiones empleará posiciones cortas sintéticas a fin de proporcionar eficazmente las primas arriba descritas. La Gestora de inversiones adoptará posiciones cortas sintéticas en empresas, emisores o mercados en aquellos casos en los que considere que las empresas muestran una debilidad relativa en comparación con otras empresas, mercados o emisores que permitan a la Gestora de inversiones reducir el riesgo del Subfondo. Sin embargo, el Subfondo adoptará una posición larga neta en las primas arriba descritas. También puede recurrirse al apalancamiento con fines de gestión del riesgo. Un ejemplo sería utilizarlo para adoptar posiciones largas en activos de cobertura, como los bonos soberanos. Dado que estos activos de cobertura no guardan una correlación con los activos arriesgados o incluso presentan una correlación negativa, el efecto general sería una reducción del riesgo del Subfondo. Del mismo modo, el Subfondo podría adquirir una opción de venta para reducir el riesgo y conservar el capital en un contexto de caídas del mercado.
El Subfondo no recurrirá a préstamos para lograr su apalancamiento, sino que empleará Derivados para este fin. La mayoría de las posiciones del Subfondo se aplicarán mediante Derivados, como Futuros sobre índices y Contratos a plazo sobre divisas. Los Índices financieros se emplean para adquirir exposición a distintos mercados. Por ejemplo, la Gestora de inversiones puede adquirir futuros sobre un índice financiero como el FTSE China 150 a fin de ganar exposición a China. Puede emplearse la exposición a una combinación de índices financieros con el fin de captar las primas de riesgo.

##### El Reglamento sobre transparencia en materia de finanzas sostenibles
Debido al objetivo, la política y la estrategia de inversión del Subfondo, la Gestora de inversiones no integra los riesgos asociados a la sostenibilidad, que se definen como un evento o condición ASG que, de producirse, podría causar un impacto negativo real o potencial en el valor de la inversión correspondiente (un «Evento ASG»), en sus decisiones de inversión. No obstante, debido a la naturaleza diversificada del Subfondo, la Gestora de inversiones ha determinado que el riesgo asociado a la sostenibilidad al que se enfrenta el Subfondo es mínimo.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

##### El Reglamento de taxonomía de la UE
Las inversiones subyacentes de este Subfondo no tienen en cuenta los Criterios aplicables a las actividades económicas medioambientalmente sostenibles de la UE.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados cotizados y extrabursátiles con fines de inversión:
| Opciones | Opciones sobre acciones (denominación única, índice, sector, cesta personalizada) Opciones sobre índices Opciones sobre futuros de tipos de interés Opciones sobre bonos Opciones sobre futuros de bonos Opciones sobre futuros de deuda pública Opciones sobre tipos de interés Opciones sobre futuros de tipos de interés Opciones sobre fondos cotizados (ETF) Opciones sobre futuros de renta variable Opciones sobre futuros de divisas Opciones sobre índices de volatilidad Opciones sobre swaps de incumplimiento de crédito Opciones sobre dividendos Opciones sobre futuros de dividendos Opciones de divisas (incluidas las opciones con barrera) |
| --- | --- |
| Swaps | Swaps de incumplimiento de crédito Indice/cesta de swaps de incumplimiento de crédito Swaps de tipos de interés Swaps de divisas Swaps de divisas cruzadas Swaps de materias primas Swaps de dividendos Swaps de renta variable (incluido denominación única, índice y sector) Swaps de inflación Swaps de varianza Swaps de índice Swaps de rentabilidad total (TRS) (incluido denominación única, crédito, índice y cesta a medida) Swaps de sector Swaps de volatilidad |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| Valores con Derivados/apa- lancamiento integrados | Bonos convertibles Valores respaldados por activos (ABS) Pagarés vinculados a créditos (CLN) Pagarés estructurados ETF sintéticos Pagarés cotizados Derechos de compra de acciones Acciones preferentes convertibles |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

##### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Futuros | Futuros sobre divisas Futuros de tipos de interés (incluidos Futuros de tipos de interés a corto plazo) Futuros sobre bonos Futuros sobre índices, incluidos Futuros sobre índices de renta variable y Futuros sobre índices de volatilidad Futuros del mercado monetario Futuros de renta variable |
| --- | --- |

| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de swaps de incumplimiento de crédito para proporcionar exposición a mercados de renta fija globales de forma más rentable que adquiriendo los valores físicos. | CDX North American Investment Grade CDX North American Investment Grade High Volatility CDX North American High Yield CDX North American High Yield High Beta CDX Emerging Markets CDX Emerging Markets Diversified |
| Índices de renta variable para proporcionar exposición a mercados regionales y globales de renta variable de una manera más rentable o eficiente que mediante la compra de los valores físicos. | Índice AEX Índice ASX SPI Índice ASX 200 Índice Bovespa Índice CAC- 40 Índice DAX 30 Índice Hang Seng Índice HSCEI Índice IBEX 35 Índice FTSE 100 Índice FTSE China 150 Índice FTSE MIB Índice FTSE Taiwan Índice FTSE/JSE Top 40 Índice Kospi 200 Índice MSCI Singapore Índice Nasdaq 100 EMINI Índice Russell 2000 Índice S&P 500 Índice S&P CNX Nifty Índice S&P Midcap 400 Índice S&P/TSX 60 Índice S&P Toronto 60 Índice S&P Emerging Markets Índice Stockholm OMX Índice Swiss Markit Índice TOPIX |
| Los índices de volatilidad expresan la opinión de la Gestora de inversiones acerca de la volatilidad de un mercado o divisa concretos de una manera más rentable o eficiente que si se compraran valores físicos. | CBOE Volatility Index |

Las ponderaciones de los componentes de los índices de CDS se determinan a discreción de IHS Markit y normalmente no se revisarán de forma regular.
Normalmente, todos los índices financieros restantes se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.

##### Posiciones largas y cortas
El Subfondo puede emplear exposiciones largas y cortas sintéticas en cada una de las clases de activos recogidas en las Políticas de Inversión para conseguir su objetivo
de inversión. La exposición larga bruta total a través de Derivados no superará el 2000% del Valor de inventario neto del Subfondo y la exposición corta bruta total no superará el 2000% del Valor de inventario neto del Subfondo.

#### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Absoluto
Límite de VaR Absoluto: 20% del Valor de inventario neto del Subfondo (utilizando un periodo de tenencia de
20 Día hábil)
Se espera que el apalancamiento bruto varíe entre: el 0% y el 2000% del Valor de inventario neto. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Absoluto y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps y contratos a plazo. Para obtener una gestión eficiente de la cartera, el Subfondo podrá formalizar acuerdos de préstamo de valores y contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de financiación de valores
El Subfondo podrá participar en swaps de rentabilidad total («TRS»), como se describe bajo el epígrafe «Uso de Derivados», y podrá realizar OFV, es decir, operaciones de préstamo de valores y contratos con pacto de recompra o recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con los swaps de rentabilidad total será del 100% de su Valor de inventario neto, y en relación con las operaciones de financiación de valores (OFV), será del 100% de dicho Valor de inventario neto. Sin embargo, no se prevé que la exposición del Subfondo a las TRS supere el 30% de su Valor de inventario neto ni que, en relación con las OFV, la exposición supere el 15% de dicho Valor de inventario neto. Los tipos de activos que podrán ser objeto de TRS y de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las TRS y las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III – Operaciones de financiación de valores», «Apéndice III – Gestión de garantías», «Apéndice III – Uso de contratos de recompra/de recompra inversa y de préstamo de valores», «Gestión eficiente de cartera» y «Factores de riesgo» del Folleto.

#### Emisión de Acciones
Las Acciones de la clase de acciones no emitidas disponibles se ofrecerán durante un Periodo de oferta inicial que comenzará a las 9:00 horas del 4 de mayo de
2022 y que finalizará a las 17:00 horas del 3 de noviembre de 2022, en un periodo de oferta inicial a un precio de oferta inicial por Acción de 1 USD, 1 EUR,
1 GBP, 1 CHF, 10 DKK, 10 SEK, 10 NOK, 1 CAD o 1 AUD, en
función de la moneda de la clase de que se trate (más la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, se puede obtener información adicional bajo el epígrafe «La Sociedad – Política de reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento se indican bajo el subapartado «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estas comisiones y gastos han sido estimadas en un importe no superior a 30.000 EUR y serán sufragadas por el Subfondo y se amortizarán en un periodo de hasta 3 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.

## BNY Mellon Sustainable Global Emerging Markets Fund

### SUPLEMENTO 62 DE 31 DE MAYO DE 2022 DEL FOLLETO DE 3 DE MAYO DE 2022 RELATIVO A BNY MELLON GLOBAL FUNDS, PLC
- El presente Suplemento forma parte y deberá leerse a la luz del Folleto con fecha del 3 de mayo de 2022 correspondiente a la Sociedad.
- El Subfondo podrá utilizar Derivados con fines de inversión, para obtener cobertura y para una gestión eficiente de la cartera. En lo que concierne al efecto de apalancamiento del uso de Derivados, véase más adelante el apartado «Exposición global y apalancamiento». Pueden consultarse más detalles sobre los riesgos asociados al uso de Derivados en el epígrafe «Factores de riesgo – Riesgos asociados a valores mobiliarios, Derivados y otras técnicas de inversión» del Folleto.
- El Valor de inventario neto del Subfondo podrá tener una volatilidad elevada debido a su política de inversión.
- Una inversión en el Subfondo no debería constituir una parte sustancial de una cartera de inversión, y es posible que no sea apropiada para todos los inversores.


#### La Gestora de inversiones
Newton Investment Management Limited

#### Gestora delegada de inversiones
La Gestora de inversiones podrá delegar la totalidad o parte de sus funciones de gestión de inversiones con respecto a este Subfondo en Newton Investment Management North America LLC (la «Gestora delegada de inversiones»). En el apartado del Folleto titulado «Las Gestoras delegadas de inversiones» se incluyen detalles del Acuerdo de Gestión Delegada de Inversiones suscrito entre la Gestora de inversiones y la Gestora delegada de inversiones.

#### Divisa Base
Dólares estadounidenses

#### Día hábil
Todo día que sea un día hábil a efectos bancarios en Dublín.

#### Día de valoración
Cada Día hábil o cualesquiera otros días que los Consejeros puedan establecer, siempre que se comuniquen con antelación a todos los Accionistas y bien entendido que deberá haber, al menos, un Día de valoración en cada semana.

#### Momento de valoración
Las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración o cualquier otra hora que los Consejeros oportunamente establezcan, siempre que dicha hora sea en todo caso posterior a la Hora límite de contratación y se comunique con antelación a los Accionistas.

#### Hora límite de contratación
La hora límite de contratación para recibir solicitudes de suscripción, reembolso y canje son las 12:00 horas de la mañana (hora de Dublín) de un Día de valoración.

#### Perfil del inversor tipo
El inversor tipo es aquel con un horizonte de inversión a medio o a largo plazo.

#### Clases de Acciones
Las clases de Acciones del Subfondo que están disponibles para los inversores se establecen en las tablas de clases de acciones que aparecen a continuación y se diferencian por la moneda en la que están denominadas, los requisitos de suscripción inicial mínima y los niveles de comisiones y gastos aplicados según se indica a continuación. Bajo el epígrafe «La Sociedad Estructura» del Folleto se incluye una descripción de las diferentes categorías de inversores a las que va dirigida cada clase de Acciones.
| Acciones «A» y Acciones «H (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD A (Acum.) | USD | 5.000 | 5% | 2,00% | 0% |
| USD A (Reparto) | USD | 5.000 | 5% | 2,00% | 0% |
| Euro A (Acum.) | EUR | 5.000 | 5% | 2,00% | 0% |
| Euro A (Reparto) | EUR | 5.000 | 5% | 2,00% | 0% |
| CHF A (Acum.) | CHF | 5.000 | 5% | 2,00% | 0% |
| CHF A (Reparto) | CHF | 5.000 | 5% | 2,00% | 0% |
| Euro H (Acum.) (con cobertura) | EUR | 5.000 | 5% | 2,00% | 0% |
| Euro H (Reparto) (con cobertura) | EUR | 5.000 | 5% | 2,00% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| CHF H (Acum.) (con cobertura) | CHF | 5.000 | 5% | 2,00% | 0% |
| CHF H (Reparto) (con cobertura) | CHF | 5.000 | 5% | 2,00% | 0% |
| DKK H (Acum.) (con cobertura) | DKK | 50.000 | 5% | 2,00% | 0% |
| SEK H (Acum.) (con cobertura) | SEK | 50.000 | 5% | 2,00% | 0% |
| NOK H (Acum.) (con cobertura) | NOK | 50.000 | 5% | 2,00% | 0% |

| Acciones «B» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD B (Acum.) | USD | 10.000 | 5% | 1,50% | 0% |
| USD B (Reparto) | USD | 10.000 | 5% | 1,50% | 0% |

| Acciones «C» y Acciones «I (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD C (Acum.) | USD | 5.000.000 | 5% | 1,00% | 0% |
| USD C (Reparto) | USD | 5.000.000 | 5% | 1,00% | 0% |
| Euro C (Acum.) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro C (Reparto) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (Acum.) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |
| Euro I (Reparto) (con cobertura) | EUR | 5.000.000 | 5% | 1,00% | 0% |

| Acciones «G» y Acciones «G (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD G (Acum.) | USD | 5.000 | 5% | 1,00% | 0% |
| USD G (Reparto) | USD | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) | EUR | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Acum.) | GBP | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Reparto) | GBP | 5.000 | 5% | 1,00% | 0% |
| CHF G (Acum.) | CHF | 5.000 | 5% | 1,00% | 0% |
| CHF G (Reparto) | CHF | 5.000 | 5% | 1,00% | 0% |
| USD G (Acum.) (con cobertura) | USD | 5.000 | 5% | 1,00% | 0% |
| USD G (Reparto) (con cobertura) | USD | 5.000 | 5% | 1,00% | 0% |
| Euro G (Acum.) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro G (Reparto) (con cobertura) | EUR | 5.000 | 5% | 1,00% | 0% |
| Sterling G (Acum.) (con cobertura) | GBP | 5.000 | 5% | 1,00% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| Sterling G (Reparto) (con cobertura) | GBP | 5.000 | 5% | 1,00% | 0% |
| CHF G (Acum.) (con cobertura) | CHF | 5.000 | 5% | 1,00% | 0% |
| CHF G (Reparto) (con cobertura) | CHF | 5.000 | 5% | 1,00% | 0% |

| Acciones «E» y Acciones «E (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD E (Acum.) | USD | Tal y como se ha acordado | 5% | 0,45% | 0% |
| USD E (Reparto) | USD | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Euro E (Acum.) | EUR | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Euro E (Reparto) | EUR | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Sterling E (Acum.) | GBP | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Sterling E (Reparto) | GBP | Tal y como se ha acordado | 5% | 0,45% | 0% |
| CHF E (Acum.) | CHF | Tal y como se ha acordado | 5% | 0,45% | 0% |
| CHF E (Reparto) | CHF | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Euro E (Acum.) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Euro E (Reparto) (con cobertura) | EUR | Tal y como se ha acordado | 5% | 0,45% | 0% |
| CHF E (Acum.) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,45% | 0% |
| CHF E (Reparto) (con cobertura) | CHF | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Sterling E (Acum.) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,45% | 0% |
| Sterling E (Reparto) (con cobertura) | GBP | Tal y como se ha acordado | 5% | 0,45% | 0% |

| Acciones «W» y Acciones «W (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD W (Acum.) | USD | 15.000.000 | 5% | 0,75% | 0% |
| USD W (Reparto) | USD | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Acum.) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Reparto) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Acum.) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Reparto) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Acum.) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Reparto) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Acum.) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |
| Euro W (Reparto) (con cobertura) | EUR | 15.000.000 | 5% | 0,75% | 0% |

| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| --- | --- | --- | --- | --- | --- |
| CHF W (Acum.) (con cobertura) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| CHF W (Reparto) (con cobertura) | CHF | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Acum.) (con cobertura) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| Sterling W (Reparto) (con cobertura) | GBP | 15.000.000 | 5% | 0,75% | 0% |
| SGD W (Acum.) (con cobertura) | SGD | 15.000.000 | 5% | 0,75% | 0% |

| Acciones «X» y Acciones «X (con cobertura)» |
| --- |
| Clase | Moneda | Inversión inicial mínima en la divisa de las clases de acciones | Comisión de suscripción inicial máxima (hasta) | Comisión de gestión anual | Comisión de reembolso |
| USD X (Acum.) | USD | Ninguna | 0% | 0% | 0% |
| USD X (Reparto) | USD | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Acum.) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |
| Euro X (Reparto) (con cobertura) | EUR | Ninguna | 0% | 0% | 0% |


#### Objetivo de inversión, política de inversión e información adicional

##### Objetivo de inversión
El Subfondo pretende conseguir una revalorización del capital a largo plazo y tiene un objetivo de inversión sostenible.
En concreto, el Subfondo trata de contribuir a objetivos sociales y ambientales invirtiendo en valores de empresas de mercados emergentes que demuestren atributos de inversión atractivos y fomenten un desarrollo sostenible.

##### Política de inversión
El Subfondo invertirá al menos un 75% de su Valor de inventario neto en empresas cotizadas, negociadas, ubicadas o que obtengan al menos la mitad de sus ingresos o beneficios en países de mercados emergentes, incluidos Rusia, China e India.
El Subfondo invertirá al menos el 75% de su Valor de inventario neto en renta variable y valores relacionados con renta variable de empresas de mercados emergentes que promueven objetivos sociales o ambientales al promover el desarrollo sostenible, contribuyendo a uno o varios Objetivos de Desarrollo Sostenible («ODS») de las Naciones Unidas. Entre los ejemplos de ODS se incluyen acción por el clima, energía asequible y limpia, ciudades y comunidades sostenibles, consumo y producción responsables, salud y bienestar, educación de calidad y hambre cero.
Todas las inversiones del Subfondo, salvo las destinadas a fines concretos, como la cobertura y la liquidez, cumplirán la definición de Inversiones sostenibles con arreglo al SFDR.
Por Inversiones sostenibles con arreglo al SFDR se entiende aquellas inversiones que contribuyen a un objetivo medioambiental o a uno social, siempre y cuando dichas inversiones no perjudiquen ninguno de estos objetivos y que las empresas participadas apliquen buenas prácticas de gobierno.
Las inversiones deben cumplir los criterios vinculantes en materia ambiental, social y de gobernanza («ASG») y de sostenibilidad de la Gestora de inversiones. Además de promover objetivos sociales o ambientales contribuyendo a uno o varios ODS, la Gestora de inversiones también tratará de:
identificar y evitar empresas que participen en áreas de actividad específicas que la Gestora de inversiones considere perjudiciales desde una perspectiva ambiental y / o social. Todas las empresas en las que se invierte siguen unas buenas prácticas de gobierno, tal como se establece en los principios del Pacto Mundial de las Naciones Unidas. Quedan excluidas las empresas que incumplen los principios del Pacto Mundial de las Naciones Unidas, que engloban aquellos relacionados con los derechos humanos, el trabajo, el medio ambiente y la lucha contra la corrupción; e
identificar e invertir en empresas que busquen de manera proactiva una correcta gestión de los factores ambientales y / o sociales, lo que a su vez debería favorecer la obtención de rentabilidades financieras a largo plazo. Entre dichas empresas también figurarán aquellas que contribuyan al desarrollo de soluciones que ayuden a abordar cuestiones ambientales y / o sociales, como, por ejemplo, un uso más eficiente o reducido de los recursos naturales o el acceso a la atención sanitaria.
Las empresas en las que invierte el Subfondo están sujetas a los elementos vinculantes antes citados en el marco de los criterios ASG y de sostenibilidad de la Gestora de inversiones para alcanzar el objetivo de inversión sostenible del Subfondo.
Los valores de renta variable y relacionados con la renta variable en los que puede invertir el Subfondo son, entre otros, acciones ordinarias y preferentes, resguardos estadounidenses y mundiales de depósito de valores, valores convertibles o canjeables en estas acciones (como acciones preferentes convertibles, pagarés participativos («P-Notes»), incluidas opciones con un precio de ejercicio bajo («OPEP») y warrants con un precio de ejercicio bajo («WPEB»), sociedades anónimas cotizadas de inversión inmobiliaria («SOCIMI»), sociedades de gestión inmobiliaria (REOC) y otros fondos de capital fijo negociados, incluidos fideicomisos de inversión cotizados, warrants (hasta un límite del 10% del Valor de inventario neto del Subfondo, en el caso de los warrants), derechos de compra de acciones y Derivados relacionados con renta variable, en adelante, «Valores de renta variable y relacionados con la renta variable».
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en SOCIMI cotizadas y hasta el 10% de su Valor de inventario neto en REOC cotizadas. Las SOCIMI y las REOC en las que puede invertir el Subfondo podrían contribuir al cumplimiento de objetivos sociales mediante la financiación de vivienda social, hospitales o infraestructuras esenciales.
El Subfondo podrá invertir hasta un 10% de su Valor de inventario neto en total en organismos de inversión colectiva de capital variable («OIC»), tales como fondos cotizados basados en índices de renta variable («ETF») y fondos del mercado monetario. La selección de OIC para el Subfondo se hará en función de si se espera que contribuyan a que este cumpla su objetivo de inversión (y constituyen Inversiones Sostenibles con arreglo al SFDR) o de que su uso se considere adecuado para fines de gestión de la liquidez o de cobertura. Los OIC podrán incluir otro Subfondo o Subfondos de la Sociedad u otros fondos recomendados por la Gestora de inversiones. Toda inversión en OIC de capital fijo que constituyan valores mobiliarios se realizará con arreglo a los criterios y los límites de inversión en valores mobiliarios, tal como se describe bajo el epígrafe «La Sociedad - Límites de inversión y de endeudamiento» del Folleto.
El Subfondo podrá mantener activos disponibles, realizables o prácticamente disponibles en determinadas circunstancias, que incluyen aquellos casos en los que la Gestora de inversiones considere que los mercados están sobrevalorados, aquellos en los que las condiciones del mercado requieran una estrategia de inversión defensiva, o en las situaciones descritas más adelante en el apartado «Gestión del efectivo y de las garantías».
Con la excepción de la inversión permitida en valores mobiliarios no cotizados e instrumentos del mercado monetario autorizados, las inversiones del Subfondo serán valores cotizados o negociados en Mercados admisibles. En el Apéndice II del Folleto se recoge una lista de los Mercados admisibles.
El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en valores rusos cotizados o negociados en la Bolsa de Moscú.
Entre los métodos para obtener exposición a valores chinos figuran la compra de acciones chinas de la clase H cotizadas o negociadas en la Bolsa Hong Kong,
acciones chinas de la clase B cotizadas o negociadas en la Bolsa de Shanghái o la Bolsa de Shenzhen, o acciones chinas de la clase A a través del canal Stock Connect. El Subfondo podrá invertir hasta el 10% de su Valor de inventario neto en acciones chinas de la clase A a través del canal Stock Connect. En el Apéndice V de este Folleto se incluyen más detalles sobre el canal Stock Connect.
Si bien la moneda de cuenta del Subfondo es el USD, puede invertir en activos no denominados en USD. Dichos activos no estarán necesariamente cubiertos frente al USD. Además, el Subfondo podrá adoptar posiciones en divisas activas en monedas distintas del USD, con el fin de expresar la opinión de la Gestora de inversiones sobre divisas para ayudar al Subfondo a incrementar su capital. A tales efectos, podrá recurrirse a Derivados como contratos a plazo sobre divisas, futuros sobre divisas u opciones de futuros sobre divisas. Por lo tanto, si bien las posiciones en divisas activas no formarán parte central de la estrategia de inversión del Subfondo, la
rentabilidad de este podría verse fuertemente influida por las oscilaciones de los tipos de cambio, por cuanto las posiciones en divisas del Subfondo podrían no corresponderse con las posiciones en valores que mantenga en cartera.

##### Gestión de tesorería y de las garantías
El Subfondo tendrá efectivo y activos realizables o prácticamente disponibles en ciertas circunstancias como atender los reembolsos, facilitar los pagos, tener efectivo en depósito a la espera de la reinversión y para proporcionar liquidez, así como respaldar la exposición a Derivados.
Los activos prácticamente disponibles pueden incluir instrumentos del mercado monetario (como letras del Tesoro de EE. UU., certificados de depósito, papel comercial y depósitos a plazo fijo) y depósitos bancarios. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.

##### Índice de referencia
Índice MSCI Emerging Markets NR (el «Índice de referencia»).
Se trata de un Índice de referencia capitalización bursátil de flotación ajustada diseñado para medir el comportamiento de los valores cotizados de capitalización bursátil alta y media en los mercados emergentes mundiales. El Índice de referencia comprende aproximadamente el 85% de la capitalización bursátil de flotación ajustada libre en todos los países en los que opera, incluidos: Argentina, Brasil, Chile, China, Colombia, República Checa, Egipto, Grecia, Hungría, India, Indonesia, Corea del Sur, Kuwait, Malasia, México, Pakistán, Perú, Filipinas, Catar, Rusia, Arabia Saudita, Sudáfrica, Taiwán, Tailandia, Turquía y Emiratos Árabes Unidos (a fecha de septiembre de 2021).
Se puede obtener más información acerca del Índice de Referencia en https://www.msci.com/our-solutions/ indexes/emerging-markets
El Subfondo medirá su rentabilidad comparándola con el Índice de referencia.
El Subfondo se gestiona de una manera activa, lo que implica que la Gestora de inversiones tiene potestad absoluta para invertir fuera del Índice de referencia en función del objetivo y la política de inversión. Si bien las posiciones del Subfondo podrán incluir componentes del Índice de referencia, la selección de las inversiones y sus ponderaciones en la cartera no se verán influidas por el Índice de referencia. La estrategia de inversión no limita el grado en el que la Gestora de inversiones puede desviarse del Índice de referencia.
El Índice de Referencia de este Subfondo es un índice de referencia de mercado amplio que no tiene en cuenta factores ASG. El Índice de Referencia no se utiliza para determinar si las inversiones son Inversiones Sostenibles con arreglo al SFDR ni para evaluar la manera en que el Subfondo alcanzará sus objetivos ambientales y sociales. En su lugar, la Gestora de inversiones tratará de evaluar en qué medida las empresas en las que invierte el Subfondo contribuyen a los ODS a fin de determinar si se han cumplido los objetivos sociales del Subfondo.

##### Estrategia de inversión
El proceso de inversión en empresas de la Gestora de inversiones estudia en su conjunto los temas de inversión, el análisis fundamental y la valoración de valores. En cuanto a los temas, se trata de identificar las principales áreas de cambios estructurales del mundo.
Los cambios estructurales abarcan numerosos cambios, como ambientales, económicos, tecnológicos y demográficos, que proporcionan un contexto al análisis de inversiones y la toma de decisiones, lo que ayuda a la Gestora de inversiones a determinar las áreas con oportunidades potenciales y los riesgos, tanto en la clase de activos como en lo concerniente a los valores. El análisis fundamental y el estudio de las valoraciones de los valores realizados por la Gestora de inversiones ayudan posteriormente a establecer las áreas con posibles inversiones para el Subfondo.
La valoración de los valores incluye un análisis detallado basado en una amplia serie de indicadores y estudios financieros. Lo que incluye tener en cuenta los riesgos, oportunidades y cuestiones relacionados con los factores ASG. A la hora de invertir en valores, el gestor de la cartera tendrá en cuenta el impacto de dichas inversiones en la constitución general del Subfondo: las exposiciones a las clases de activos, el tamaño de la posición de cada valor y las características del riesgo de la inversión de los propios valores. No hay limitaciones en cuanto al tamaño (capitalización bursátil) de las empresas en las que puede invertir el Subfondo. Además, este está considerablemente más concentrado que el Índice de Referencia, ya que tiene exposición a muchas
menos empresas. El enfoque de la Gestora de inversiones se centra en tratar de invertir en acciones con valoraciones atractivas de sociedades con buenas perspectivas y fundamentales vigorosos. La Gestora de inversiones busca particularmente unos balances sólidos, unos rendimientos del capital sostenibles y unos equipos gestores que insistan en los intereses de los accionistas.
A la hora de determinar si una empresa cumple los criterios ASG y de sostenibilidad de la Gestora de inversiones y constituye una Inversión Sostenible SFDR (incluida la aplicación de buenas prácticas de gobierno), la Gestora de inversiones examina si dicha empresa: (i) sigue prácticas empresariales sostenibles en un sentido económico (por ejemplo, si la estrategia, las operaciones y la situación financiera de la empresa son estables y
duraderas); (ii) toma medidas adecuadas para gestionar las repercusiones materiales o el impacto de sus políticas y operaciones en relación con cuestiones ASG (por ejemplo, la huella ambiental, las normas laborales y la estructura general de la empresa); y (iii) contribuye, a través de sus operaciones empresariales actuales, y tiene planes creíbles para seguir contribuyendo a largo plazo (en su caso), a uno o varios de los Objetivos de Desarrollo Sostenible de las Naciones Unidas de una forma demostrable.
Entre dichas empresas pueden figurar aquellas cuyas actividades de negocio se consideren en transición, de manera que tengan un impacto positivo en el medio ambiente y / o la sociedad. La participación en actividades potencialmente perjudiciales desde una perspectiva ambiental o social puede producirse con ciertas empresas cuyas actividades u operaciones, por lo general, debido a una mezcla de negocios heredados, hayan generado históricamente malos resultados ambientales o sociales, pero que ahora inviertan y se adapten positivamente a las necesidades futuras. Por ejemplo, puede tratarse de empresas de generación de energía que construyan instalaciones para aprovechar recursos renovables a fin de impulsar una economía de bajas emisiones de carbono y que se han comprometido a desmantelar centrales de carbón. Para evitar dudas, dichas inversiones serán Inversiones Sostenibles con arreglo al SFDR en el momento de su adquisición.
De manera similar, en determinados casos, el Subfondo podrá invertir en una empresa cuya información ASG vigente, así como los datos proporcionados por proveedores de calificación ASG externos sobre dicha empresa, no reflejen plenamente las iniciativas ambientales o sociales positivas de esta, a juicio de la Gestora de inversiones.
Asimismo, al menos el 90% del Valor de inventario neto del Subfondo (una vez deducida su exposición a efectivo y activos líquidos asimilables a tesorería, fondos del mercado monetario y Derivados relacionados con divisas («Activos no ASG»)) debe cumplir los criterios ASG y de sostenibilidad de la Gestora de inversiones en el momento de la adquisición y de forma continua. Para evitar dudas, el cumplimiento de dichos criterios no es obligatorio para los Activos no ASG. No se realizará ninguna inversión en un valor cuando se considere que presenta problemas ambientales, sociales y de gobernanza importantes que no puedan solucionarse. A la hora de determinar si una empresa cumple los criterios ASG y de sostenibilidad de la Gestora de inversiones, esta emplea una combinación de datos, estudios y calificaciones, externos e internos, tanto de carácter cuantitativo como cualitativo.
La Gestora de inversiones depende de la información y los datos de terceros (que pueden incluir proveedores de estudios, informes, evaluaciones, calificaciones y / o análisis, como proveedores de índices y consultores).
Dicha información o datos pueden ser incompletos, inexactos o incoherentes.
Las inversiones del Subfondo deben seguir cumpliendo los criterios ASG y de sostenibilidad de la Gestora de inversiones de forma continua tras la compra inicial, y la Gestora de inversiones evaluará el nivel de riesgo de sostenibilidad al que puede estar sujeta una empresa de la misma manera que se evaluaría antes de la compra inicial.
El Subfondo invertirá principalmente en Valores de renta variable y relacionados con la renta variable, aunque también podrá invertir en efectivo y activos líquidos asimilables a tesorería con fines de cobertura o de liquidez cuando la Gestora de inversiones lo considere oportuno. Si bien el Subfondo tiene la posibilidad de recurrir a Derivados, estos no constituyen una parte fundamental de la estrategia de inversión. Los Derivados se utilizarán probablemente de manera puntual, en caso de que la Gestora de inversiones considere que son una forma más adecuada de lograr el objetivo de inversión del Subfondo que las inversiones directas. El uso de Derivados con fines de inversión solo estará permitido en la medida en que ello facilite a la Gestora de inversiones el cumplimiento de los objetivos ambientales y sociales del Subfondo.

#### Reglamento sobre transparencia en materia de finanzas sostenibles
El Subfondo integra el riesgo de sostenibilidad en sus decisiones de inversión y tiene por objetivo las inversiones sostenibles a los efectos del artículo 9 del SFDR.
La consideración del riesgo asociado a la sostenibilidad es una parte importante del proceso de diligencia debida implementado por la Gestora de inversiones.
A la hora de evaluar el riesgo de sostenibilidad asociado a las inversiones subyacentes, la Gestora de inversiones evaluará el riesgo de que el valor de dichas inversiones subyacentes pueda verse afectado negativamente por un acontecimiento o condición ASG («Acontecimiento ASG»).
La Gestora de inversiones tiene acceso a una serie de puntos de datos relacionados con los factores ASG proporcionados por proveedores de datos externos que ayudan a identificar posibles problemas relacionados con los factores ASG a los que puede enfrentarse un emisor. Esto incluye, entre otros aspectos, la exposición a actividades que puedan considerarse perjudiciales para el ambiente o la sociedad. Estos datos, junto con los datos procedentes de los recursos propios de investigación sobre inversión responsable de la Gestora de inversiones, constituyen una parte fundamental de la consideración y evaluación del nivel de riesgo asociado a la sostenibilidad al que puede estar sujeta una inversión.
Esta evaluación está integrada en el proceso de investigación del nivel de seguridad, que se basa en el análisis fundamental de las oportunidades de inversión individuales a través de una serie de factores diversos, entre los que se incluyen:
- Características económicas o financieras fundamentales
- Valoración
- Perfil de riesgo/beneficio
- Las características ASG del emisor, lo que incluye comprender cómo pueden afectar dichas consideraciones a la rentabilidad económica.

La Gestora de inversiones tendrá en cuenta la información recopilada del análisis fundamental llevado a cabo será a la hora de decidir si adquirir o no una posición en un emisor, o de seguir manteniéndola.
En caso de que el riesgo asociado a la sostenibilidad para una inversión concreta aumente más allá de un nivel con el que la Gestora de inversiones se sienta cómoda,
teniendo en cuenta el objetivo y la estrategia de inversión del Subfondo, la Gestora de inversiones considerará la posibilidad de vender o reducir la exposición del Fondo a la inversión correspondiente, teniendo en cuenta los intereses de los Accionistas del Fondo.
Como se ha explicado anteriormente, la evaluación y la gestión de los riesgos asociados a la sostenibilidad forman una parte importante del proceso de diligencia debida de la Gestora de inversiones, aunque puede existir el riesgo de que el valor del Subfondo pueda verse afectado negativamente de forma significativa por un Evento ASG.
La Sociedad gestora ha evaluado cuidadosamente los requisitos del régimen de consideración de las principales incidencias adversas incluido en el artículo 4 del SFDR (el «régimen PAI»). La Sociedad gestora respalda los objetivos políticos del régimen PAI, para mejorar la transparencia para los inversores y el mercado, en cuanto a la forma en que los participantes del mercado financiero integran la consideración de los efectos adversos de sus decisiones de inversión en los factores de sostenibilidad. No obstante, la Sociedad gestora no tiene en cuenta actualmente los efectos adversos de las decisiones de inversión sobre los factores de sostenibilidad en consonancia con el régimen PAI en el caso del Subfondo, debido a la falta de datos de fácil acceso necesarios para cumplir con muchos de los requisitos de información técnica establecidos en el régimen. La Sociedad gestora sigue analizando los datos disponibles que serían necesarios para cumplir con estos requisitos de información técnica y para evaluar sus obligaciones en virtud del régimen PAI junto con la Gestora de inversiones, y mantendrá su decisión de no cumplir con el régimen PAI manteniendo una revisión periódica.

#### El Reglamento de taxonomía de la UE
Aunque este Subfondo tiene la categoría de fondo según el artículo 9 del SFDR y trata de contribuir a objetivos ambientales, en la fecha de emisión del presente Suplemento las inversiones subyacentes del Subfondo no tienen en cuenta los Criterios aplicables a las Actividades económicas medioambientalmente sostenibles de la UE, con independencia de que determinadas inversiones en las que invierte el Subfondo puedan contribuir circunstancialmente a los objetivos ambientales de Mitigación del cambio climático y / o Adaptación al cambio climático. Esta situación se revisará de forma activa y podría reexaminarse cuando se disponga de más datos suficientes, fiables, oportunos y verificables sobre las inversiones del Subfondo.

#### Registro en Alemania
Está previsto que el Subfondo esté registrado para su venta en Alemania. El Subfondo está clasificado como un Equity Fund a efectos de impuestos en Alemania y como tal invertirá de forma permanente más del 50% de sus activos en valores de renta variables tal como se definen en el artículo 2 párrafo 8 de la Ley Tributaria de Inversiones de Alemania.

#### Uso de Derivados
El Subfondo podrá invertir en los siguientes Derivados negociados en bolsa y extrabursátiles con fines de inversión:
| Futuros | Futuros sobre divisas Futuros de índices de renta variable Futuros sobre renta variable Futuros de índices |
| --- | --- |
| Opciones | Opciones sobre acciones (denominación única, índice, sector, cesta personalizada) OPEB y WPEB Opciones sobre índices Opciones sobre futuros de renta variable Opciones sobre divisas Opciones de futuros sobre divisas |
| Contratos a plazo sobre divisas | Contratos a plazo sobre divisas |
| Valores con Derivados/apa- lancamiento in- tegrados | Warrants Derechos de compra de acciones Acciones preferentes convertibles |

En el apartado «La Sociedad – Técnicas e instrumentos financieros derivados» del Folleto se incluyen más detalles relativos al uso de Derivados con fines de inversión, cobertura y gestión eficiente de la cartera, incluido su objetivo comercial.

#### Índices financieros
El Subfondo podrá adquirir exposición indirecta a índices financieros, mediante el uso de Derivados, tanto con fines de gestión eficiente de la cartera como con fines de inversión. El Subfondo utilizará los siguientes índices financieros con fines de inversión siempre que resulte
más eficiente hacerlo, o en aquellas circunstancias en las que el Subfondo no puede acceder directamente a las inversiones.
| Tipo de índices financieros | Nombre de los índices financieros |
| --- | --- |
| Índices de renta variable para proporcionar exposición a mercados regionales y globales de renta variable de una manera más rentable o eficiente que mediante la compra de los valores físicos | MSCI Emerging Markets Index MSCI India Index MSCI China Index |

Normalmente, todos los índices financieros se ajustarán periódicamente. No obstante, dado que el Subfondo no pretende reproducir ni seguir ningún índice financiero, no se verá directamente afectado por ningún ajuste, por los costes que este ajuste conlleve ni por una ponderación de los activos de un índice financiero que supere las restricciones de inversión permitidas.
En el «Anexo IX: Información adicional sobre los índices financieros utilizados con fines de inversión» del Folleto se proporciona información detallada acerca de dónde encontrar información adicional sobre los índices financieros mencionados anteriormente.
Si el Subfondo obtiene exposición a un índice financiero con fines de inversión no incluido en la lista anterior, los detalles del mismo, incluido el mercado al que representa y el lugar donde se puede encontrar información adicional, aparecerán indicados en las cuentas semestrales y anuales de la Sociedad.
Exposición global y apalancamiento 
Metodología para el cálculo de la exposición global: Enfoque de compromiso
Apalancamiento máximo: 100% del Valor de Inventario Neto
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.

#### Gestión eficiente de la cartera
El Subfondo podrá utilizar los siguientes tipos de Derivados con fines de gestión eficiente de la cartera: - futuros, opciones, swaps, contratos a plazo y warrants. Para obtener una gestión eficiente de la cartera, el Subfondo podrá utilizar también contratos de recompra y recompra inversa, sujetos a las condiciones y los límites establecidos en el Reglamento OICVM del Banco Central. Para obtener más información sobre los tipos de técnicas e Derivados que puede utilizar el Subfondo con fines de gestión eficiente de la cartera, consulte el apartado «La Sociedad – Gestión eficiente de la cartera» del folleto.

#### Operaciones de préstamo de valores
Este Subfondo no realizará actividades de préstamos de valores y, por lo tanto, puede renunciar a rentabilidades adicionales que se podrían producir a través de estas actividades.

#### Operaciones de financiación de valores
El Subfondo podrá realizar OFV, es decir, contratos de recompra y recompra inversa, en los términos descritos bajo el epígrafe «Gestión eficiente de cartera» del Folleto.
La exposición máxima del Subfondo en relación con OFV será el 100% del Valor de inventario neto del Subfondo. Sin embargo, no se prevé que la exposición del Subfondo a las OFV exceda el 15% del Valor de inventario neto. Los tipos de activos que podrán ser objeto de OFV serán valores cuyo tipo se ajuste a las políticas de inversión del Subfondo.
Encontrará más detalles sobre las OFV, incluidas las garantías aceptadas y el procedimiento con contraparte, bajo los epígrafes del Folleto «Apéndice III: Operaciones de financiación de valores», «Apéndice III: Gestión de garantías», «Apéndice III: Uso de contratos con pacto de recompra o recompra inversa y contratos de préstamo de valores», «Gestión eficiente de la cartera» y «Factores de riesgo» del Folleto.

#### Emisión de Acciones
Las Acciones de las clases de Acciones no emitidas disponibles se ofrecerán durante un periodo de oferta inicial que comenzará a las 9:00 horas del 1 de junio de 2022 y que finalizará a las 17:00 horas del 30 de noviembre de 2022 (el «Periodo de Oferta Inicial»), con un precio de oferta inicial por Acción de 1 USD, 1 EUR,
1 GBP, 1 CHF, 10 DKK, 10 SEK, 10 NOK o 1 SGD, en
función de la moneda de la clase de que se trate (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Los Consejeros podrán ampliar o acortar el respectivo periodo de oferta inicial. El Banco Central deberá ser informado por anticipado, si se hubieran recibido solicitudes de suscripción de Acciones o, en todo caso, con carácter anual.
Con posterioridad a las respectivas ofertas iniciales, las Acciones de cada una de las clases se adjudicarán en cada Día de valoración en el Momento de valoración. El Precio de suscripción será igual al Valor liquidativo de la acción de esa clase calculado en el Momento de valoración (incrementado en la comisión de suscripción aplicable, en su caso, a la clase de que se trate).
Todas las solicitudes para la emisión de acciones deberán recibirse antes de la Hora límite de contratación siguiendo el procedimiento expuesto en el Folleto.

#### Política de reparto
En el caso de las clases de Acciones que generan rendimientos («Reparto») y de acumulación («Acum.»), normalmente se declararán dividendos anualmente el 31 de diciembre. En el caso de las clases de Acciones que generan rendimientos, los dividendos declarados normalmente se pagarán el 11 de febrero o antes de esta fecha. A este respecto, puede obtenerse información adicional bajo el epígrafe «La Sociedad – Política de Reparto» del Folleto.

#### Comisiones
Los honorarios y gastos de los Consejeros, la Gestora de inversiones, el Agente administrativo, el Depositario y los gastos de primer establecimiento son los indicados bajo el epígrafe «Dirección y administración de la Sociedad – Comisiones y gastos» del Folleto. La comisión de gestión anual pagadera a la Sociedad gestora se indica bajo el epígrafe «Clases de Acciones» anterior.
El Subfondo soportará todos los comisiones y gastos relacionados con su establecimiento y constitución, incluidos los honorarios de asesores profesionales del Subfondo. Estas comisiones y gastos han sido estimados en un importe no superior a 35.000 EUR y serán sufragados por el Subfondo en el ejercicio en el que se incurran y se amortizarán en un periodo de hasta 3 años desde la fecha de lanzamiento del Subfondo.

#### Factores de riesgo
Llamamos la atención de los inversores sobre el apartado
«Factores de riesgo» incluido en el Folleto.